Core Viewpoint - The article discusses the potential listing wave in the semiconductor industry, particularly focusing on Changxin Memory Technologies (CXMT) and its advancements in DRAM and HBM production, highlighting the positive outlook from both domestic and international analysts [1]. Group 1: Company Developments - CXMT has initiated its listing guidance, indicating a potential trend of IPOs in the semiconductor sector [1]. - The company plans to start mass production of HBM2E in the first half of 2026, with small-scale production expected by mid-2025 [2]. - CXMT aims to deliver HBM3 samples by the end of 2025 and to begin full-scale production in 2026, with a long-term goal of developing HBM3E by 2027 [2]. Group 2: Production Capacity - According to Morgan Stanley, CXMT's HBM production capacity is projected to reach approximately 10,000 wpm by the end of 2026 and expand to 40,000 wpm by the end of 2028, responding to the growing demand in the AI market [4]. - In the DRAM sector, CXMT plans to increase its DDR5/LPDDR5 capacity to 110,000 wpm by the end of 2025, capturing 6% of the global DRAM capacity [5]. - The company’s DRAM chip production is expected to account for about 14% of the global market by 2025, although actual market share may drop to 10% due to yield issues [6]. Group 3: Technological Advancements - CXMT faces significant challenges in developing the D1 node without EUV lithography, particularly in yield improvement and chip size [7]. - The company has successfully manufactured DDR5 chips at the 1z nm node, although the chip size remains larger compared to competitors [7]. - CXMT has introduced a 16nm node 16Gb DDR5 chip, which is approximately 20% smaller than its previous 18nm third-generation DRAM [7]. Group 4: Market Position - CXMT's current production capabilities are still behind major international competitors, which utilize processes below 15nm [10]. - The company is actively participating in the DDR4 market while beginning to supply DDR5 samples to customers [10].