按2025年第二季度DRAM销售额计算，长鑫科技在全球DRAM市场中的份额为3.97%。 12月30日晚间，上交所官网显示，长鑫科技科创板IPO申请获受理，拟首发募资295亿元。长鑫科技同日披露了招股书。 长鑫科技称，2022年及2023年是行业下行周期，DRAM销售价格大幅下滑，在这轮周期内，业内企业出现普遍性亏损。 长鑫科技主要的DRAM产品在2023年、2024年的销售单价变动幅度分别为-43.54%和55.08%。 今年存储需求在AI的带动下明显增长，一些存储原厂为将产能给AI数据中心常用的先进制程产品，决定将停产DDR4产 品，进而影响消费类电子存储产品的供应，促成多类存储产品缺货涨价。长鑫科技表示，今年第三季度，公司营收同比 增长148.8%，综合毛利率有所上升，是受到了DRAM产品市场价格上涨、公司产销规模提升等的带动。 随着这种周期变动持续，长鑫科技未来的盈利状况也受到影响。 目前两类主要的存储芯片DRAM（动态随机存取存储器）和NAND Flash（NAND 闪存）都由海外厂商占据大部分市场。 作为国内最大的DRAM存储芯片厂商，长鑫科技的业绩和市占率情况备受外界关注，此次招股书披露了一些数 ...

A股开盘，三大指数集体高开，沪指涨0.09%报3968.73点，深证成指涨0.17%，创业板指涨0.15%。盘面 上，教育、存储芯片概念高开，影视院线、跨境支付板块小幅回调。光通信领域"小巨人"蘅东光上市首 日高开近1008%，报350元。 ...

Core Viewpoint - Changxin Technology is applying for an IPO on the Sci-Tech Innovation Board, aiming to raise 29.5 billion yuan for various technology upgrade projects, with a total investment of 34.5 billion yuan [3][4]. Group 1: Company Overview - Established in 2016, Changxin Technology is the largest and most advanced DRAM manufacturer in China, utilizing an IDM (Integrated Device Manufacturing) business model [5]. - According to Omdia, Changxin Technology ranks first in China and fourth globally in DRAM production capacity and shipment volume [6]. Group 2: Financial Performance - For the first nine months of 2025, the company reported revenue of 32.084 billion yuan, with cumulative revenue from 2022 to September 2025 reaching 73.636 billion yuan. The compound annual growth rate (CAGR) of main business revenue from 2022 to 2024 is 72.04% [6]. - In 2024, Changxin Technology is expected to incur a net loss of 9 billion yuan, but it anticipates turning a profit in 2025, with projected net profits ranging from 2 billion to 3.5 billion yuan [6][8]. - The company expects a significant increase in revenue for 2025, with estimates between 55 billion to 58 billion yuan, representing a year-on-year growth of 127.48% to 139% [8]. Group 3: Investment Projects - The funds raised will be allocated to three main projects: 1. Technology upgrades for the memory wafer manufacturing line (75 billion yuan) 2. DRAM technology upgrades (180 billion yuan, with 130 billion yuan from the IPO) 3. Research and development of advanced DRAM technologies (90 billion yuan) [4]. Group 4: Market Position and Product Offering - Changxin Technology offers a diverse range of DRAM products, including DRAM wafers, chips, and modules, covering mainstream series such as DDR and LPDDR, with completed iterations from DDR4 to DDR5 [6]. - The company has a total of 5,589 patents, ranking 42nd globally in U.S. patent grants, and employs over 4,653 R&D personnel, accounting for more than 30% of its workforce [9]. Group 5: Shareholder Structure - The company has no controlling shareholder, with major stakeholders including Qinghui Jidian (21.67%), Changxin Integrated (11.71%), and several other notable investors such as Alibaba and Tencent [10][11].

Core Viewpoint - Changxin Technology Group Co., Ltd. has submitted its IPO application to the Sci-Tech Innovation Board, aiming to raise 29.5 billion yuan for various technology upgrade projects in DRAM production [1][10]. Group 1: IPO Application and Fundraising - The company plans to raise 29.5 billion yuan for projects including the upgrade of its memory wafer manufacturing line, DRAM technology upgrades, and advanced research and development in dynamic random-access memory [1][10]. - The total investment for these projects is estimated at 34.5 billion yuan [1][10]. - Changxin Technology is the first company to adopt the pre-review mechanism for IPO applications following the recent reforms in the Sci-Tech Innovation Board [2][10]. Group 2: Company Overview - Established in 2016, Changxin Technology is the largest and most advanced DRAM manufacturer in China, utilizing an IDM (Integrated Device Manufacturing) business model [3][12]. - According to Omdia, the company ranks first in China and fourth globally in terms of DRAM production capacity and shipment volume [4][13]. Group 3: Financial Performance - For the first nine months of 2025, the company reported revenue of 32.084 billion yuan, with cumulative revenue from 2022 to September 2025 reaching 73.636 billion yuan [4][13]. - The compound annual growth rate of the main business revenue from 2022 to 2024 is projected to be 72.04% [4][13]. - Despite a projected net loss of 9 billion yuan in 2024, the company anticipates turning a profit in 2025, with expected net profits ranging from 2 billion to 3.5 billion yuan [4][13]. Group 4: Shareholding Structure - Changxin Technology has no controlling shareholder or actual controller, with major shareholders including Qinghui Jidian, Changxin Integration, and the Big Fund II, holding 21.67%, 11.71%, and 8.73% of shares respectively [7][16]. - Other notable shareholders include Alibaba, Tencent, and Xiaomi, among others [7][16]. Group 5: Research and Development - The company holds a total of 5,589 patents, ranking 42nd globally in U.S. patent grants as of 2024, and fourth among Chinese companies [6][15]. - Changxin Technology employs over 4,653 R&D personnel, accounting for more than 30% of its total workforce [6][15].

Core Viewpoint - Changxin Technology Group Co., Ltd. has received approval for its IPO application on the Sci-Tech Innovation Board, aiming to raise 29.5 billion yuan, marking a significant step for China's memory chip industry in the capital market [1][3]. Group 1: IPO Details - The IPO is the first project accepted under the pre-review mechanism for IPOs on the Sci-Tech Innovation Board, designed to protect sensitive information and reduce the listing exposure time [3][7]. - The company plans to issue no more than 10.622259999 billion shares, with 7.5 billion yuan allocated for upgrading manufacturing lines, 13 billion yuan for DRAM technology upgrades, and 9 billion yuan for advanced R&D projects [3][4]. Group 2: Financial Performance - In the first nine months of this year, the company reported revenue of 32.084 billion yuan, with a compound annual growth rate (CAGR) of 72.04% in main business revenue from 2022 to 2024 [3][10]. - Revenue for 2022, 2023, and 2024 is projected at 8.084 billion yuan, 9.063 billion yuan, and 23.929 billion yuan, respectively, with 15.224 billion yuan in the first half of 2025 [10]. Group 3: Market Position - Changxin Technology has become the largest DRAM manufacturer in China and the fourth globally, with a diverse product range including DDR4, DDR5, LPDDR4X, and LPDDR5/5X [3][9][13]. - The company has established a strong customer base, collaborating with major industry players such as Alibaba, Tencent, and Xiaomi, and has no single customer accounting for over 50% of its revenue [9][10]. Group 4: R&D Investment - The company has invested significantly in R&D, with a total of 18.867 billion yuan from 2022 to the first half of 2025, representing 33.11% of cumulative revenue [11][12]. - The R&D investment for 2024 is projected at 6.341 billion yuan, a 35.77% increase from 2023 [11]. Group 5: Future Outlook - Market analysts predict that Changxin Technology will achieve nearly 50% capacity growth by 2025, with market share by bit shipments expected to rise from 6% to 8% [13]. - The company aims to leverage storage technology to empower the information society and become a leading semiconductor storage enterprise [13].

近日，某存储企业（公司）通过特定对象调研及电话会议形式，接待了来自中泰证券、博普资产、摩根 士丹利、易方达基金等35家机构的调研。公司副总经理、董事会秘书许刚翎，投资者关系经理黄琦，投 资者关系资深主管苏阳春参与接待，就行业趋势、产品布局、供应链管理及技术研发等核心议题与机构 投资者进行深入交流。 投资者关系活动类别 特定对象调研、电话会议 时间 2025年12月23日（周二）10:00-11:00、16:00- 17:30；2025年12月26日（周五）10:00-11:30、14:00-15:30 地点 深圳市前海深港合作区南山街道听海大 道5059号鸿荣源前海金融中心二期B座2301 参与机构 中泰证券、博普资产、创金合信、混沌投资、前 海再保险、安信基金、泰达宏利、国源信达、摩根士丹利、国信自营、富荣基金、鹏华基金、橡果资 管、方正证券、恒越基金、易方达、前海人寿、远望角投资、开源资管、中盈蓝景、西部证券、华夏基 金、东吴证券、万家基金、盘京投资、国寿资产、弘毅远方、中信保诚基金、中邮基金、天弘基金、泰 康基金、大家资产、交银施罗德、平安基金、中海基金等35家 接待人员 副总经理、董事会秘书许刚 翎， ...

Core Viewpoint - The storage chip sector is experiencing a significant rally, with several companies seeing substantial stock price increases due to rising prices of HBM3E memory chips announced by major suppliers [1] Group 1: Company Performance - Dongxin Co., Ltd. saw its stock price increase by over 11% [1] - Baiwei Storage and Canxin Co., Ltd. both experienced stock price increases of over 7% [1] - Other companies such as Xiangnong Chip, Jiangbolong, Shenkong Co., Ltd., Purain Co., Ltd., and Kaipu Cloud also followed the upward trend [1] Group 2: Market Dynamics - Major storage suppliers, including Samsung Electronics and SK Hynix, have raised the prices of HBM3E memory chips by nearly 20% for the upcoming year [1]

Core Viewpoint - The A-share market in 2025 experienced a significant upward trend after a rapid decline in early April, culminating in a clear focus on "new productive forces" driven by policy, events, and industry developments, leading to a fast-paced and concentrated trading environment [1][23]. AI Hardware and Chip Sector - The launch of the DeepSeek-R1 model in January 2025, with a training cost of approximately $294,000, disrupted the belief that top models required tens of millions of dollars, leading to a surge in domestic AI hardware stocks [3][25]. - The performance of computing chip stocks was notable, with Tianpu Co. achieving a maximum annual increase of over 1300%, while Dongxin Co. and Xinyuan Co. both exceeded 300% [3][27]. Storage Chip Sector - The demand for storage chips surged, with prices for DRAM and NAND Flash increasing by over 300% since September 2025, driven by major companies focusing on HBM and DDR5 [8][29]. - The top performers in the storage chip sector included Xiangnan Chip, which saw an annual increase of over 600%, and several others exceeding 200% [8][31]. Precious Metals and Commodities - The precious metals market experienced a historic bull run, with gold prices rising over 70% and silver over 170% due to global liquidity and demand from emerging industries [10][31]. - The industrial metal sector also thrived, with copper prices increasing over 40%, and several companies in the sector achieving annual increases exceeding 200% [10][31]. Commercial Aerospace Sector - The commercial aerospace sector saw significant growth in Q4 2025, with multiple successful rocket launches and a notable IPO plan from SpaceX, valued at approximately $1.5 trillion [12][34]. - Key stocks in this sector, such as Shunhao Co. and Feiwo Technology, recorded annual increases exceeding 450% [12][34]. Energy Storage and Lithium Battery Sector - The global energy storage demand is projected to grow significantly, with a target of 180 million kilowatts of new storage capacity by the end of 2027, leading to a resurgence in the lithium battery industry [15][36]. - Major players in the lithium battery sector, such as Ningde Times, saw their market value exceed 1.8 trillion yuan, with several companies achieving annual increases over 560% [15][36]. Regional Policy Impact - The Fujian and Hainan regions experienced significant market activity due to new policies, with Fujian's stock performance showing increases over 500% for some companies [19][40]. - Hainan's free trade port officially launched, leading to strong growth in related stocks, with some companies achieving annual increases over 180% [19][42].

Group 1 - The company has established a multi-dimensional layout in the storage chip sector [1] - The company's etching equipment components have entered the supply chain of certain storage customers, with certification for Yangtze Memory Technologies Corporation (YMTC) actively progressing [1] - The company's subsidiary, Shandong Youyan Aisi, has achieved bulk supply of 12-inch silicon wafers to YMTC [1] Group 2 - The company is also supplying component products to TSMC through its controlling shareholder's subsidiary [1]

格隆汇12月29日丨北方华创(002371.SZ)在互动平台表示，随着存储市场需求增长及HBM技术加速渗 透，相关工艺设备需求持续提升。公司在存储芯片制造领域可提供刻蚀、薄膜沉积、清洗、热处理、离 子注入、涂胶显影等核心工艺设备，覆盖DRAM、NAND等主流存储品类；在HBM领域，可提供TSV 刻蚀、去胶、湿法清洗、ALD、PVD、电镀、退火等多款核心设备及工艺解决方案。目前，公司相关 产品已批量交付主流存储及HBM客户，多款产品成为客户生产线的量产基线机台。 ...