Core Viewpoint - Changxin Storage has initiated its IPO counseling, marking a significant milestone for the company and highlighting the investment potential in China's semiconductor industry [1][5]. Company Overview - Changxin Technology Group Co., Ltd. (Changxin Storage) was established in 2016 and specializes in the design, research, production, and sales of DRAM memory chips, which are used in smartphones and PCs [4]. - The company has a registered capital of 601.9 billion RMB and currently has no controlling shareholder, with the largest shareholder being Hefei Qinghui Electric Enterprise Management Partnership, holding 21.67% of the shares [4]. Financing History - Since its angel round financing in 2018, Changxin Storage has completed seven rounds of financing, attracting significant investments from various venture capital firms and insurance institutions, with total financing amounting to hundreds of billions of RMB and a post-investment valuation reaching 140 billion RMB [5][6]. - The latest strategic financing round in March 2024 raised 10.8 billion RMB, marking it as the largest financing event of the year [6]. Market Position and Growth - Changxin Storage has rapidly gained market share, with its DDR4 products accounting for approximately 5% of the global DRAM market as of 2024. Projections indicate that this share could increase to 8% by the end of 2025 [7]. - The company launched its LPDDR5 series DRAM products in November 2023, including a 12GB LPDDR5 chip, which has been validated in models from domestic brands like Xiaomi [7]. Strategic Partnerships and Government Support - The Hefei government has played a crucial role in supporting Changxin Storage, contributing three-quarters of the initial investment of 18 billion RMB for the first phase of the project [11]. - The company has received backing from major investment entities, including the National Integrated Circuit Industry Investment Fund, which is one of its significant shareholders [12][14]. Future Outlook - According to industry forecasts, Changxin Storage's DRAM wafer production is expected to increase significantly, with a projected output of 2.73 million wafers in 2025, a 68% increase from 2024 [13]. - The company aims to continue expanding its production capacity, particularly in DDR4 and DDR5 segments, to challenge established global players in the semiconductor market [13].

以下文章来源于创业板观察 ，作者闫军 创业板观察 . 债券基金新发上，10只科创债ETF的发行备受关注，其中7只仅售一天。此外，华夏、创金合信各有一只REIT今日发行。 创业板观察致力于发布深交所创业板的市场发展、政策变化、监管导向、上市企业动态等的及时信息，提供有价值的市场资讯。 随着市场行情升温，基金公司也积极备战下半年发行市场"开门红"。 7月7日至11日当周，全市场再迎来39只基金面市， 仅7月7日（本周一）就有31只基金迎来发行。 新发基金类型众多，涵盖主动权益、ETF 以及联接基金、量化基金、债券ETF、纯债基金以及REITs等。其中权益基金依然是主角，仅7月7日来看，权益基金新发数量最多，为17 只，ETF及联接基金为11只，主动权益发行回暖，大成、鹏扬、摩根资管等6家公司新发产品。 今年以来，在AI、半导体、创新药等科技板块轮动走强的背景下，成长风格产品发行也愈发积极，从布局风格来看，红利主题基金、机器 人、航天航空、科创芯片均获有产品新发。 权益基金依然是发行的主角，成长风格占优 发行市场上，权益依然是最大的战场，7月7日新发基金来看，17只权益基金，其中6只为主动权益，11只为ETF及相关 ...

【导读】长鑫存储启动上市辅导，"最牛风投城市"又火了 中国基金报记者 安曼 7月7日，证监会官网显示，国产DRAM内存芯片大厂长鑫科技集团股份有限公司（以下简称 长鑫存储）启动首次上市辅导，中金公司、中信建投担任辅导机构。 成立9年 2024年，其DDR4产品已占据全球DRAM市场约5%的份额。市场分析机构Counterpoint预 测，2025年底长鑫存储的DRAM全球市场份额将从一季度的6%提升至8%，DDR5和 LPDDR5产品占比分别增至7%和9%，成为全球增长最快的存储芯片厂商。 估值高达1400亿元 公开资料显示，长鑫存储成立于2016年，作为国产DRAM存储芯片企业，主要从事DRAM存 储芯片的设计、研发、生产和销售，其产品应用于智能手机、PC等场景。 股权关系方面，长鑫存储注册资本高达601.9亿元，目前无控股股东，其第一大股东为合肥清 辉集电企业管理合伙企业（有限合伙），直接持有公司21.67%股份。 天眼查显示，自2018年启动天使轮融资，长鑫存储的融资历程持续吸引各路资本涌入。截至 2024年3月，公司已完成7轮融资，吸引了包括合肥产投、兆易创新、小米科技、美的、阿里 巴巴等多家明星创投 ...

点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 证券研究报告 | 行业深度报告 2025 年 07 月 07 日 代工/设备/材料等板块自主可控提速,存储/SoC 等领域持续复苏 半导体行业深度跟踪 进入 25Q2 以采,海外对国内半导体先进制程代工、第力芯片等出口管制仍趋 严,但在此背景下国内先进制程产能和庭率持续提升,国内沐曦和摩尔线程招 股书均强调国内先进代工、HBM和 2.5D 封装等供应链自主可控提速,部分半 导体设备/材料等厂商 25Q2 签单和业绩增长趋势向好。周时,国内半导体其他 环节如存储/模拟/MCU 等细分领域景气度持续回暖,部分 SoC 厂商指引下游需 求依然旺盛。建议关注国内自主可控提速的半导体代工/设备/材料/零部件/算力 芯片等领域、景气周期边际复苏叠加创新加速的存储/SoC/模拟/材料等板块, 同时建议关注各科创指数和半导体指数核心成分股。 □6月A股半导体指数跑输中国台湾半导体指数及赞城半导体指数。6月,半 导体（SW）行业指数+5.96%,同期电子(SW）行业指数+8.86%,费城半 导体指数/中国台湾半导体指数+16. ...

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 7月7日消息，据证监会最新披露，长鑫科技集团股份有限公司已披露上市辅导备案，正式启动IPO进 程！ 长鑫存储由长鑫科技集团股份有限公司100%持股。官方网站介绍，长鑫存储是一家一体化存储器制造 公司，专注于动态随机存取存储芯片（DRAM）的设计、研发、生产和销售，创立于2016年。 长鑫科技集团股份有限公司位于安徽合肥，公司注册资本达601.9亿元，无控股股东，第一大股东为国 企控股的合肥清辉集电企业管理合伙企业（有限合伙），直接持有该公司21.67%股份。 2024年3月底，长鑫科技集团股份有限公司刚以接近1400亿元的投前估值，拿下了年内国内市场最大一 笔股权融资——108亿元人民币。此次投资方既有老股东兆易创新，也有合肥国资背景的合肥产投壹 号、建信金融资产等机构持续押注。参考胡润全球独角兽榜单，1400亿的估值足以让长鑫跻身中国前十 大独角兽。 据备案信息披露，长鑫科技成立于2016年，注册资本达601.9亿元，公司无控股股东，第一大股东合肥 清辉集电企业管理合伙企业（有限合伙），直接持有公 ...

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7月7日，中国证监会官网显示，长鑫科技集团股份有限公司（简称"长鑫存储"）启动上市辅导，中金公司、中信建投担任辅导机构。 据公司官网，长鑫存储是一家一体化存储器制造公司，专注于动态随机存取存储芯片（DRAM）的设计、研发、生产和销售。创立于2016年，长鑫存储总部 位于安徽合肥，在国内外拥有多个研发中心和分支机构。长鑫存储的技术团队拥有丰富的技术研发经验和创新能力，已推出多款DRAM商用产品，广泛应用于 移动终端、电脑、服务器、虚拟现实和物联网等领域。 长鑫存储首席执行官为曹堪宇博士。 据介绍，曹堪宇于2017年加入长鑫存储，在担任产品研发执行副总裁以及技术研发执行副总裁期间，制定公司研发战略 及设计路线，完成了多款产品的开发和量产应用，实现了DRAM从无到有的转变，并兼任过技术研究与开发、市场及战略等多个领域的管理工作。2023年4月 起，他开始担任长鑫存储首席执行官。 加入长鑫存储前，曹堪宇曾担任兆易创新战略市场副总裁。他曾在北京凡达讯科技有限公司任首席执行官，并于2005 年联合创立了昆天科微电子技术有限公司，担任中国区总经理。曹堪宇在半导体行业从业20余年，深度参与和推动了中国DRAM产业发展，拥有2 ...

Group 1 - Longxin Technology has officially initiated its IPO process by disclosing its listing counseling record on July 7, marking a significant step towards its public offering [1][2] - The company was established in 2016 with a registered capital of 60.19 billion yuan and has no controlling shareholder, with the largest shareholder holding 21.67% of the shares [1] - Longxin Technology specializes in the research, design, production, and sales of Dynamic Random Access Memory (DRAM) products, which are widely used in mobile terminals, computers, servers, virtual reality, and the Internet of Things [1] Group 2 - The company has received substantial investments from various sources, including the National Integrated Circuit Industry Investment Fund, which holds a 9.8% stake, and Anhui Investment Group, which holds 8.8761% [1] - Other notable investors include Alibaba, Zhaoyi Innovation, China Life Investment, and several others, indicating strong market confidence in Longxin Technology [1] - As of March 2024, the company's latest financing round has achieved a valuation of 150.8 billion yuan [1]

Core Viewpoint - The semiconductor industry in China is experiencing a recovery in various segments despite tightening export controls from overseas, with a focus on self-sufficiency and innovation in advanced processes, equipment, and materials [1][18]. Group 1: Industry Overview - Since Q2 2025, export controls on advanced semiconductor processes and computing chips from overseas have intensified, yet domestic production capacity and yield continue to improve [1]. - The semiconductor index in June 2025 increased by 5.96%, lagging behind the Philadelphia semiconductor index and Taiwan semiconductor index, which rose by 16.54% and 8.15% respectively [27]. Group 2: Demand Side - The demand for consumer electronics is recovering, with global smartphone shipments in Q1 2025 increasing by 1.5% year-on-year, and China's shipments rising by 3.3% [3]. - AI applications are driving innovation in various sectors, including automotive and wearable devices, with global AI glasses shipments soaring by 216% year-on-year in Q1 2025 [3]. - The automotive market in China remains strong, with significant orders for new models like Xiaomi's YU7 [3]. Group 3: Inventory Trends - The smartphone supply chain remains stable, while the PC supply chain shows slight improvement in inventory levels [4]. - Global inventory levels for major smartphone chip manufacturers decreased slightly in Q1 2025, while PC chip manufacturers saw a minor increase [4]. Group 4: Supply Side - TSMC is increasing its capital expenditure for advanced process lines in the U.S., with a projected investment of $100 billion [5]. - Major memory manufacturers are focusing their capital expenditures on high-end memory products, with Micron's revenue in FY25Q3 exceeding guidance [6][10]. Group 5: Price Trends - Prices for memory products, particularly DDR4, have seen a significant increase, with an approximate 50% rise since late May 2025 [6]. - The prices of high-capacity NAND products are also on the rise, indicating a recovery in consumer product prices [6]. Group 6: Sales Performance - Global semiconductor sales reached $57 billion in April 2025, marking a 22.7% year-on-year increase and the first month of sequential growth in 2025 [7]. Group 7: Industry Chain Tracking - The semiconductor industry chain is showing signs of marginal improvement, with a focus on companies benefiting from self-sufficiency and recovery in demand [8]. - Domestic companies in the semiconductor design and manufacturing sectors are expanding their product offerings and customer bases, with notable IPOs from companies like Muxi and Moer Thread [9]. Group 8: Investment Recommendations - The focus on self-sufficiency in the semiconductor supply chain is expected to accelerate, with positive trends in orders and revenue for domestic equipment and material manufacturers [16][18].

Group 1 - The report highlights the focus on "anti-involution" policies, which aim to reduce ineffective supply and promote industrial upgrades, shifting from total stimulus to targeted measures [3][13] - The A-share market experienced fluctuations with the CSI 300 index rising by 1.54% and the CSI 1000 index increasing by 0.56% during the week of June 30 to July 4, 2025 [12] - Traditional cyclical industries such as steel, coal, and construction materials led the market rally, influenced by the recent policy announcements [12][13] Group 2 - The deep-sea technology sector is identified as a multidisciplinary industry with potential for growth as policies are released, covering a wide range of activities from raw materials to deep-sea resource development [14] - The semiconductor sector is experiencing a shift with the easing of restrictions on EDA tool exports to China, highlighting the importance of domestic EDA tool development and the need for a complete industrial chain [14] - The launch of the Beijing Stock Exchange's specialized index reflects a growing focus on high-quality, specialized small and medium enterprises, which may enhance market activity [15][17] Group 3 - The report provides performance statistics for various equity fund indices, indicating that the medical stock fund index rose by 6.88% last week, while the growth stock fund index increased by 1.15% [18] - The active equity fund indices are categorized by investment style, with the balanced stock fund index showing a weekly increase of 1.85% and the value stock fund index rising by 0.56% [18] - The report emphasizes the importance of evaluating fund performance based on various metrics, including relative benchmark performance and overall competitiveness [30][31]