AI需求拉动存储芯片暴涨，超级周期下，中国存储芯片公司在二级市场受到追捧。 其中，A股上市公司兆易创新（603986.SH）近一年股价涨幅超过115%，截至2025年12月31日，兆易创新市值已达1430.87亿元，是A股存储行 业屈指可数的千亿市值企业之一。 如今，兆易创新不仅是半导体板块的"压舱石"，更因其在全球NOR Flash（代码型闪存芯片）、SLC NAND Flash（单层单元闪存）、利基型 DRAM（动态随机存取内存）和微控制器（MCU）赛道的竞争力，成为国内存储芯片龙头企业。公开资料显示，兆易创新是全球排名第一的 无晶圆厂Flash供应商，以及中国品牌排名第一的Arm通用型MCU供应商。 朱一明的故事始于一个近乎偏执的想法。 1994年，朱一明从清华大学物理系本科毕业，随后留校取得硕士学位。那是全球半导体的黄金时代，硅谷的每一个角落都跳动着创新的脉搏。 毕业后，朱一明远赴美国纽约州立大学攻读电子工程硕士，随后进入硅谷，并在Monolithic System Technologies等公司任职。 在硅谷的日子里，他发现了一个不合理的现象：在庞大的半导体版图中，存储芯片是消耗量最大、标准化程度最 ...

记者｜彭新 编辑丨张伟贤 AI需求拉动存储芯片暴涨，超级周期下，中国存储芯片公司在二级市场受到追捧。 其中，A股上市公司兆易创新（603986.SH）近一年股价涨幅超过115%，截至2025年12月31日，兆易创新市值已达1430.87亿元，是A股存储行业屈指可数的 千亿市值企业之一。 如今，兆易创新不仅是半导体板块的"压舱石"，更因其在全球NOR Flash（代码型闪存芯片）、SLC NAND Flash（单层单元闪存）、利基型DRAM（动态随 机存取内存）和微控制器（MCU）赛道的竞争力，成为国内存储芯片龙头企业。公开资料显示，兆易创新是全球排名第一的无晶圆厂Flash供应商，以及中 国品牌排名第一的Arm通用型MCU供应商。 兆易创新由朱一明于2005年4月创立，2016年8月18日在主板挂牌上市，A股IPO发行价23.26元/股，募资总额约为5.82亿元。随后，兆易创新开启资本扩张， 不断壮大市场版图。2025年12月30日，兆易创新在港交所公告，拟全球发售2891.58万股H股，预期将于2026年1月13日开始在香港联交所买卖。此外，兆易 创新还通过设立基金入股行业明星项目长鑫科技。截至目前，朱一明 ...

记者｜彭新 编辑丨张伟贤 朱一明的故事始于一个近乎偏执的想法。 AI需求拉动存储芯片暴涨，超级周期下，中国存储芯片公司在二级市场受到追捧。 其中，A股上市公司兆易创新（603986.SH） 近一年股价涨幅超过115% ，截至2025年12月31日， 兆易创新市值已达1430.87亿元，是A股存 储行业屈指可数的千亿市值企业之一。 如今，兆易创新不仅是半导体板块的"压舱石"，更因其在全球NOR Flash（代码型闪存芯片）、SLC NAND Flash（单层单元闪存）、利基型 DRAM（动态随机存取内存）和微控制器（MCU）赛道的竞争力，成为国内存储芯片龙头企业。公开资料显示， 兆易创新是全球排名第一的 无晶圆厂Flash供应商，以及中国品牌排名第一的Arm通用型MCU供应商。 兆易创新由朱一明于2005年4月创立，2016年8月18日在主板挂牌上市，A股IPO发行价23.26元/股，募资总额约为5.82亿元。随后，兆易创新 开启资本扩张，不断壮大市场版图。2025年12月30日，兆易创新在港交所公告，拟全球发售2891.58万股H股，预期将于2026年1月13日开始在 香港联交所买卖。此外，兆易创新还通过设立 ...

AI需求拉动存储芯片暴涨，超级周期下，中国存储芯片公司在二级市场受到追捧。 其中，A股上市公司兆易创新（603986.SH）近一年股价涨幅超过115%，截至2025年12月31日，兆易创 新市值已达1430.87亿元，是A股存储行业屈指可数的千亿市值企业之一。 如今，兆易创新不仅是半导体板块的"压舱石"，更因其在全球NOR Flash（代码型闪存芯片）、SLC NAND Flash（单层单元闪存）、利基型DRAM（动态随机存取内存）和微控制器（MCU）赛道的竞争 力，成为国内存储芯片龙头企业。公开资料显示，兆易创新是全球排名第一的无晶圆厂Flash供应商， 以及中国品牌排名第一的Arm通用型MCU供应商。 兆易创新由朱一明于2005年4月创立，2016年8月18日在主板挂牌上市，A股IPO发行价23.26元/股，募资 总额约为5.82亿元。随后，兆易创新开启资本扩张，不断壮大市场版图。2025年12月30日，兆易创新在 港交所公告，拟全球发售2891.58万股H股，预期将于2026年1月13日开始在香港联交所买卖。此外，兆 易创新还通过设立基金入股行业明星项目长鑫科技。截至目前，朱一明同时担任兆易创新和长鑫科 ...

中国内存芯片企业表示预计今年盈利20亿元以上，而此前三季度亏损近60亿，这意味着仅是四季度就将 取得80亿元以上的盈利，而这一切是因为美韩芯片联合抬价所致，这恐怕是美韩芯片所没有想到的。 为了走出自己的路，以及另一家存储芯片企业的教训，中国的NAND flash存储芯片企业可谓煞费苦 心，从最低端的32层NAND flash芯片做起，积累自己的技术和专利，直到做出了128层NAND flash存储 芯片才大规模量产，后来更曾率先量产232层NAND flash存储芯片。自然另一家DRAM内存芯片同样重 视自研技术和专利。 眼见着中国存储芯片取得技术领先优势，美国联合日本和荷兰阻止对中国存储芯片供应先进的芯片设备 和材料，导致中国的存储芯片技术研发一度停滞，中国存储芯片因此耗费了近两年时间建设自主研发的 生产线，完全采用国产化设备。 中国存储芯片因此遭受波折也导致迟迟无法盈利，据悉前后仅是内存芯片中国可能投资的资金就高达 460亿元，付出了不小的代价，然而如今中国的存储芯片行业终于取得了回报，不仅让中国摆脱了对外 国存储芯片的依赖，还摆脱了亏损。 占据优势的美韩芯片多年来其实一直都有搞存储芯片的价格，在他们的联 ...

转自：智通财经 文 | 智通财经 王碧微 国产DRAM（动态随机存取存储器）龙头冲刺A股迎来关键节点。 12月30日晚间，上交所官网显示，长鑫科技集团股份有限公司（以下简称"长鑫科技"）科创板IPO申请 正式获受理，保荐机构为中金公司和中信建投。 值得注意的是，这是监管层发布"科创成长层"政策后，首单落地的"预先审阅"项目。 招股书显示，长鑫科技此前已在11月完成了两轮问询回复，此次受理意味着其审核流程被大幅压缩，预 先审阅制度旨在保护关键核心技术攻关企业的信息与技术安全，减少上市过程中的"曝光"时间。 据招股书申报稿，长鑫科技此次拟募资295亿元，若足额发行，将成为科创板史上排名前列的IPO项 目，有市场知名机构此前在参与其融资时，曾给出约1400亿元的投前估值。 营收倍增与巨额研发支出 作为中国大陆DRAM产业的"独苗"，长鑫科技的财务数据呈现出高增长与高亏损并存的典型硬科技企业 特征。 招股书显示，长鑫科技2025年1-9月实现营收320.84亿元，拉长时间维度看，公司营收爆发性显著，根 据公开数据，2022年至2024年，长鑫科技主营业务收入复合增长率达72.04%，这一增速远超行业平均 水平。 根据 ...

Core Viewpoint - The company, as a supplier of semiconductor electroplating solutions and photoresists, is positioned to benefit from the expansion of storage chip production capacity, which will increase material procurement volumes [1] Group 1 - The company's products are directly used in the electroplating and lithography processes of storage chip manufacturing [1] - The acceleration of domestic storage chip localization will further enhance the company's integration within the supply chain of domestic storage chip manufacturers through a dual-process collaboration of "electroplating + lithography" [1]

1. Report Industry Investment Rating - No relevant content found 2. Core View of the Report - The market opportunity window is open, and the company's performance elasticity is expected to be realized due to the rapid development of Chinese local memory chip manufacturers, the urgent demand for supply - chain security, and the technology and capacity restrictions from certain countries [25][26] - The company's performance shows "growth" characteristics, with the gross margin of the main business remaining stable, the proportion of the growing silicon component business in total revenue exceeding that of large - diameter silicon materials, and the integration advantage of "from silicon materials to silicon components" gradually emerging [27] 3. Summary According to the Directory 3.1 Research Basic Situation - The research object is Shenggong Co., Ltd., belonging to the semiconductor industry. The reception time was September 26, 2025, and the listed company's reception personnel were the board secretary and the chief financial officer, Chang Liang [16] 3.2 Detailed Research Institutions - The research institutions include fund management companies such as HSBC Jintrust Fund, E Fund Management Co., Ltd., etc.; other financial companies like Nanyin Wealth Management; investment companies such as Fenghuo Investment and Chongyang Investment; securities companies like Guotai Haitong Securities and Guoxin Securities; and asset management companies such as Guotai Haitong Asset Management and Origin Asset [17][18] 3.3 Research Institutions Proportion - No relevant content found 3.4 Main Content Information - **Relationship between Company Performance and Memory Chip Industry**: The company's silicon component products are made from large - diameter silicon materials and are core consumables in the plasma etching process of memory chip manufacturers. The replacement frequency is related to the production line's operating rate and etching intensity. With the rapid development of Chinese local memory chip manufacturers, the progress of domestic chip manufacturing, and the restrictions from certain countries, the company's performance elasticity is expected to be realized [25][26] - **Trend Changes in Company Performance**: In the first half of 2025, the gross margin of the company's main business, large - diameter silicon materials, remained stable. The silicon component business, a growing business, accounted for more than large - diameter silicon materials in total revenue, with a stable and rising gross margin. The integration advantage of "from silicon materials to silicon components" is emerging, highlighting the company's "growth" characteristics [27] - **Industry Changes**: Japanese manufacturers with global competitive advantages in the 8 - inch lightly doped polished silicon wafer field are shifting more production capacity to 12 - inch lightly doped polished silicon wafers. Considering the potential market demand for 8 - inch lightly doped silicon wafers in China, the company, with relevant technology and production capacity, is expected to optimize variable costs and improve its competitive position [28][29] - **Expansion Progress of Silicon Component Business**: The company will expand production based on downstream customer orders, maintain the yield rate and gross margin, and keep a high - end product sales structure. In the first half of the year, the expansion policy of "stability" achieved good results [31][32][33]

Investment Rating - The report assigns a rating of "Accumulate" to the company, indicating a positive outlook for the stock price in the near term [4]. Core Insights - The company has shown continuous improvement in profitability, with Q2 revenue reaching a record high for a single quarter, achieving 154 million yuan, a year-on-year increase of 35.29% [1][2]. - The overall gross margin for the first half of 2025 was 25.02%, reflecting a slight year-on-year increase, while the net margin was -2.02%, also showing improvement [2]. - The company is focusing on high-end integrated circuit testing capacity to meet the demands of existing and potential customers, with a strong emphasis on R&D to maintain its competitive edge [2][8]. Financial Performance Summary - For the first half of 2025, the company reported revenue of 284 million yuan, a year-on-year increase of 23.09%, and a net profit attributable to shareholders of -0.07 million yuan, an increase of 16.38% year-on-year [1]. - The projected revenue for 2025 is estimated at 604 million yuan, with a growth rate of 23.8% year-on-year [1]. - The company is expected to achieve a net profit of 22 million yuan by 2027, with a significant increase in EPS from -0.09 yuan in 2025 to 0.11 yuan in 2027 [1][9]. Business Strategy and Market Position - The company is implementing a "one body, two wings" strategy, focusing on wafer processing and intelligent sensing technology to enhance its core competitiveness in the integrated circuit field [3][9]. - The revenue from the wafer thinning business increased by 111.61% year-on-year, indicating a significant improvement in production efficiency and product yield [3]. - The company is actively developing testing solutions for various applications, including industrial control, high-performance computing, automotive electronics, and AI, positioning itself to benefit from trends in AI computing and automotive intelligence [8][9].

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The domestic storage giants, CXMT and YMTC, have both achieved quarterly revenues exceeding 1 billion USD in Q1 2025, marking a significant milestone in breaking the long-standing international monopoly in the storage market [3][12] - The global storage market is expected to reach a scale of 167 billion USD in 2024, with a projected growth of 12% for NAND Flash and 15% for DRAM Bit capacity in 2025, driven by the acceleration of AI server deployments and growth in consumer electronics [18][27] - CXMT is expected to increase its DRAM production capacity by nearly 50% this year, with market share projected to rise from 6% to 8% by year-end [4][20] Summary by Sections Market Performance Review - During the week of June 16 to June 20, 2025, the Shanghai Composite Index fell by 0.57%, while the Shenzhen Component Index and the ChiNext Index decreased by 0.46% and 0.88%, respectively. The semiconductor sector, represented by the Shenwan Electronics Index, saw a decline of 2.17% [3][29] - The best-performing sector was LED with a decline of 0.46%, while integrated circuit packaging and testing showed a weaker performance with a drop of 3.5% [29] Key Developments in the Industry - CXMT is transitioning its production from DDR4/LPDDR4 to DDR5/LPDDR5, with market shares for DDR5/LPDDR5 expected to rise from approximately 1% to 7% and 9%, respectively [20] - YMTC has successfully achieved mass production of 294-layer 3D NAND and is advancing towards 300-layer NAND development, enhancing its competitive edge in the global market [5][13] Company-Specific Insights - CXMT has become a leader in the domestic DRAM industry, with its production base in Hefei continuously increasing capacity and improving technology to align with international standards [12][19] - The successful emergence of CXMT and YMTC is expected to inspire other domestic storage companies, leading to technological upgrades and development across the entire industry [4][19]