估值1600亿！长江存储完成股改！

Core Viewpoint - The article emphasizes the significant advancements and growth potential of the domestic semiconductor industry in China, particularly highlighting the achievements of Yangtze Memory Technologies Co., Ltd. (YMTC) and its role in the global market [2][4]. Group 1: Company Developments - On September 25, Yangtze Memory Technologies held its inaugural shareholders' meeting, marking the completion of its shareholding reform [2]. - YMTC has become a key player in the domestic semiconductor industry, with its wholly-owned subsidiary, Yangtze Storage, being the only 3D NAND manufacturer in China, boasting a registered capital of approximately 124.6 billion RMB [4]. - The company’s self-developed architecture, Xtacking®, has won the FMS award three times, with the latest version, Xtacking® 4.0, receiving the "Most Innovative Storage Technology Award" in the 2025 3D NAND category [4]. Group 2: Market Trends - The ongoing AI computing boom is driving demand for storage chips, leading to a new growth cycle in the industry [4][5]. - According to QYResearch, the global storage chip market is projected to reach 1,584 billion RMB by 2031, with a compound annual growth rate (CAGR) of 9.3% from 2025 to 2031 [4][5]. Group 3: Investment and Valuation - On September 5, Yangtze Storage and Hubei Changsheng jointly invested 20.72 billion RMB to establish Changsheng Phase III (Wuhan) Integrated Circuit Co., Ltd., with Yangtze Storage holding a 50.1931% stake [4]. - Yangtze Storage has entered the Hurun Research Institute's "2025 Global Unicorn List" with a valuation of 160 billion RMB, ranking 9th among China's top ten unicorns and 21st globally, making it the highest-valued new unicorn in the semiconductor sector [5].