A股终于等到了近几年最重磅的IPO！ 格隆汇获悉，长鑫科技集团股份有限公司（简称"长鑫科技"）于12月30日公开了科创板招股书，由中金 公司、中信建投证券担任保荐人。 01 千亿存储巨头冲击科创板IPO 长鑫科技此次IPO拟募集资金295亿元，有望成为科创板创立以来募资规模第二大的IPO，仅次于2020年 上市的中芯国际募资532.3亿元。 公司此次募集资金主要用于存储器晶圆制造量产线技术升级改造项目、DRAM存储器技术升级项目、动 态随机存取存储器前瞻技术研究与开发项目。 | 府号 | 项目名称 | 项目投资总额 | 拟使用募集资 金金额 | 实施主体 | | --- | --- | --- | --- | --- | | 1 | 存储器晶圆制造量产线技术升级改造项目 | 75.00 | 75.00 | 发行人子公司 | | 2 | DRAM存储器技术升级项目 | 180.00 | | 130.00 发行人子公司 | | ਤੇ | 动态随机存取存储器前瞻技术研究与开发项 目 | 90.00 | 90.00 | 发行人 | | | 合计 | 345.00 | 295.00 | 早簡屋 | 募集资金用途，来源： ...

国内DRAM龙头——长鑫科技集团股份有限公司科创板IPO申请12月30日获上交所受理，拟募资295亿元。这家成立于2016年的存储芯片企业有望成为A 股"存储芯片第一股"，标志着中国存储芯片产业在资本市场迈出关键一步。 长鑫科技此次IPO具有特殊意义，它是科创板试点IPO预先审阅机制实行后的首单获受理项目。上交所官网同步披露了该公司首轮和第二轮审核问询函回 复，显示公司已完成两轮预先审阅。这一机制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"曝光"时间，同时压缩审核周期。 根据招股书，长鑫科技今年前九个月营收达320.84亿元，2022年至2024年主营业务收入复合增长率达72.04%。根据Omdia数据，按出货量统计，公司已成 为中国第一、全球第四的DRAM厂商。公司产品覆盖DDR4、DDR5、LPDDR4X、LPDDR5/5X等主流系列，广泛应用于服务器、移动设备、个人电脑、 智能汽车等领域。 长鑫科技在招股书中透露，IPO拟发行不超过106.22259999亿股股票；扣除发行费用后，募集资金中的75亿元计划用于"存储器晶圆制造量产线技术升级改 造项目"，130亿元用于"DRAM存储器技术升级项 ...

IT之家 12 月 30 日消息，长鑫科技申请科创板 IPO，拟发行不超过 106.22259999 亿股股票。 上交所官网显示，长鑫科技集团股份有限公司科创板 IPO 申请于 12 月 30 日获受理，融资金额为 295 亿元。 | 公司全称 | 长鑫科技集团股份有限公司(已预先审阅) | 受理日期 | 2025-12-30 | | --- | --- | --- | --- | | 公司简称 | 长鲁科技 | 融资金额(亿元) | 295.00 | | 审核状态 | 已受理 | 更新日期 | 2025-12-30 | | 保存机构 | 中国国际金融股份有限公司 中信建投证券股份有限公司 | 保存代表人 | 魏先勇,田桂宁, 革军峰,廖小龙 | | 会计师事务所 | 德勤华永会计师事务所(特殊普通合伙) | 签字会计师 | 步君葛永亮 | | 律师事务所 | 上海市锦天城律师事务所 | 签字律师 | 杨继伟,卢晴川,吴莎,陈乐淙 | | 评估机构 | 中水致远资产评估有限公司 | 签字评估师 | 陈大海,许佳佳 | IT之家从招股书获悉，长鑫科技宣称是我国"规模最大、技术最先进、布局最全"的 DRAM 研发 ...

2020年，通过资本运作从爱普科技手中收购Zentel Japan的控股权，快速切入芯片市场5年后，59岁的应伟带着浙江力积存储科技股份有限公司（简称：力 积存储）再次出现在港交所排队名单中。 成熟的存储芯片技术与团队，让力积存储业务不断起量，但毛利率持续低于行业平均水平，利润连亏下，经营现金流入持续收窄。如何在"规模扩 张"和"稳定盈利"之间找到平衡，成为力积存储IPO路上必须直面的核心命题。 目前，力积存储由应伟通过多层股权架构完成控制，公开资料显示，应伟曾长期任职于华润纺织集团，2009年期加入鼎晖投资任执行事务合伙人。而应伟 的投资人身份，也让力积存储充满了资本色彩。 值得一提的是，在力积存储首次递表港交所的5月份，地方国资低价提前离场，鼎晖投资卡点入股，引发市场对其股权结构调整意图的关注。 此外，在业绩亏损的2023年，力积存储曾大手笔股权奖励管理层，发生股份支付1.51亿元，应伟一人获得过半奖励，也引发了市场对其激励合理性的关 注。 01 文/瑞财经 程孟瑶 Zentel Japan两次卖身 创始股东力晶创投吃上回头草 力积存储成立于2020年3月，由天津灏鑫和龙芯中科分别出资950万元和50万元 ...

Core Insights - ASML Holding N.V. is recognized as a significant player in the semiconductor equipment market, particularly in the context of AI stocks, with a maintained Buy rating and a price target of €986.00 from BofA Securities following a meeting with company leadership [1] Industry Summary - Demand in the DRAM market is currently exceeding supply, with expectations for strong orders in the upcoming quarters, particularly for 2027 capacity additions [2][6] - The development of 2nm logic capacity is projected to continue through 2026-2027, indicating ongoing advancements in semiconductor technology [2][6] - High-NA technology is progressing, although some stitching-related issues remain unresolved; volume orders are anticipated to begin in late 2026 or early 2027, with revenue recognition expected in 2028-2029 [2][6] Company Summary - ASML anticipates a significant decline in sales in China for 2026, projecting a 14% year-over-year decrease, despite foundry and memory fabrication plants operating at full capacity [3][6] - Recovery potential in the Chinese market is expected in 2027, as both memory and logic manufacturers may initiate new fabrication projects [3][6] - The company develops and sells advanced semiconductor equipment, including lithography, metrology, and inspection systems for chip manufacturing [3]

Group 1 - Changxin Storage showcased its latest DDR5 and LPDDR5X product lines at the 22nd China International Semiconductor Expo, with DDR5 products achieving speeds up to 8000Mbps and capacities of 24Gb [1] - The company plans to cover various market segments with seven types of modules, including UDIMM, SODIMM, and RDIMM, targeting high-end markets in servers, workstations, and personal computers [1] - According to Trendforce, Changxin Storage's production capacity is expected to reach 300,000 wafers per month by the end of 2025, marking a nearly 50% year-on-year increase [1] Group 2 - According to predictions, Changxin Storage's market share for DDR5 is expected to rise from 1% at the beginning of the year to 7% by year-end, while LPDDR5's share is projected to increase from 0.5% in Q1 2025 to 9% by year-end [1] - Zhaoyi Innovation has invested 2.3 billion in Changxin Technology, acquiring a 1.88% stake, and is making progress in custom storage solutions across various sectors, anticipating a scale-up period by 2026 [2] - Shangluo Electronics has been collaborating with leading domestic storage brands for over five years and has recently secured agency qualifications for Kioxia storage, serving clients in servers, mobile phones, and various consumer IoT fields [2]

RT Financelot (@FinanceLancelot)Sam Altman is either the worst CEO in history or he's lying through his teeth. Let me explain...Last month he said Stargate will consume 40% of global DRAM supply. Since then prices have rocketed 3x out of shortage fearsHe hasn't secured funding, supply & it now costs 3x more https://t.co/8UQFWpfdAK ...

Core Viewpoint - The semiconductor sector is experiencing volatility, influenced by major tech companies' earnings reports and new product launches in the AI chip market [3][4]. Group 1: Market Performance - As of October 31, 2025, the Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index fell by 3.70%, with mixed performance among constituent stocks [3]. - Notable gainers included Peak Technology (+1.98%), Aiwei Electronics (+1.90%), and Lexin Technology (+1.36%), while Lanqi Technology (-9.30%), Yandong Micro (-7.61%), and Shengmei Shanghai (-7.06%) led the declines [3]. - The Bosera Sci-Tech Chip ETF (588990) decreased by 3.77%, with a latest price of 2.48 yuan, but saw a 4.80% increase over the past week, ranking 2nd among comparable funds [3]. Group 2: Liquidity and Fund Flows - The Bosera Sci-Tech Chip ETF recorded a turnover of 9.18% during the trading session, with a transaction volume of 63.18 million yuan [3]. - Over the past month, the ETF averaged daily transactions of 133 million yuan [3]. - In the last two weeks, the ETF's scale increased by 31.92 million yuan, ranking 3rd among comparable funds [4]. - However, there was a net outflow of 5.20 million yuan recently, with a total inflow of 53.12 million yuan over the last 16 trading days [4]. Group 3: Industry Insights - Longjiang Securities anticipates that as AI inference applications materialize, demand for DDR5 and eSSD storage will rise, driven by KV Cache transitioning from HBM to DRAM and SSD [4]. - Hynix projects a more than 20% growth in DRAM bit demand by 2026, with NAND Flash demand also expected to increase significantly [4]. - CITIC Securities forecasts that domestic wafer fabs could increase their global market share from 10% to 30%, indicating substantial expansion potential [4]. - The semiconductor equipment sector may experience a new growth cycle as leading storage manufacturers initiate new projects and advanced logic manufacturers ramp up production [4]. Group 4: Index Composition - The Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index includes companies involved in semiconductor materials, equipment, design, manufacturing, packaging, and testing [5]. - As of September 30, 2025, the top ten weighted stocks in the index accounted for 59.69% of the total index, including companies like Haiguang Information, Lanqi Technology, and SMIC [5].

Core Viewpoint - ASML expects that total net sales in 2026 will not be lower than in 2025, driven by growth in EUV business due to demand for advanced DRAM and cutting-edge logic chips, while DUV business is expected to decline due to dynamics with Chinese customers [1][3] Financial Guidance - The company projects total net sales of approximately €32.5 billion for 2025, with a gross margin of about 52% [1] - The long-term financial target for 2030 is set between €44 billion and €60 billion, with a gross margin target of 56% to 60% [2] Market Dynamics - AI's positive momentum is expanding to more logic and DRAM customers, which not only broadens the customer base but also ensures capacity to meet future market demand [1][3] - The company has been preparing for growth for several quarters and is closely monitoring market dynamics to ensure it can meet demand [1][9] Customer Insights - The visibility regarding the Chinese market for 2026 is expected to return to more reasonable business levels after an unusually high cycle in the past 2-3 years [4] - The company acknowledges that while recent positive news has reduced uncertainty, it is still too early to draw definitive conclusions about the specific impact on 2026 [3][7] Order Trends - Recent months have seen strong order intake, but the distribution of orders is not linear, and it is premature to discuss expectations for 2027 [5][6] - A significant portion of the backlog orders is expected to be delivered after 2026, which complicates predictions for that year [9] Production Capacity - The company is confident in its ability to meet future EUV demand, having prepared for growth and planned long-term capacity [9][10] - The transition from 6F² to 4F² in DRAM architecture is not expected to negatively impact EUV layer counts, as more complex structures will require additional lithography layers [6][7] Gross Margin Insights - The gross margin guidance is influenced by high sales volumes and product mix, with expectations for improvements in the fourth quarter [8][15] - The company anticipates that the growth in EUV and low NA EUV will positively impact gross margins, despite some dilution from High NA tools [16][22] AI and Technology Developments - The increasing involvement of AI applications is expected to drive demand for advanced logic and DRAM, although the full impact may not be realized until after 2026 [18][25] - The company is optimistic about the potential of its new XT:260 product, which supports 3D integration and is expected to significantly enhance productivity [14] Operational Efficiency - The company is focused on improving organizational efficiency and managing R&D expenses effectively to enhance value [23][24] - Inventory levels have increased due to the long lead times associated with High NA systems, but efforts are being made to shorten cycle times to reduce working capital [26]

Financial Data and Key Metrics Changes - Net sales for Q3 2025 were €7.5 billion, including €2 billion from installed base revenue and the recognition of one High NA system [1] - Gross margin for the quarter was 51.6%, aligning with guidance [1] - Net income for the quarter was CHF 2.1 billion, with net bookings of CHF 5.4 billion, including CHF 3.6 billion for EUV [1] Business Line Data and Key Metrics Changes - For Q4 2025, revenue is expected to be between €9.2 billion and €9.8 billion, with installed base revenue projected at approximately €2.1 billion [2][3] - Full year 2025 net sales are anticipated to be around €32.5 billion, with a gross margin around 52% [3] Market Data and Key Metrics Changes - The demand from Chinese customers is expected to significantly decrease in 2026 compared to 2024 and 2025, where strong business was recorded [6] - Despite the anticipated decline in China, net sales for 2026 are expected to not fall below 2025 levels [7] Company Strategy and Development Direction - The company is focusing on AI-driven investments in advanced logic and DRAM, which are expected to benefit a larger part of the customer base [5] - A strategic partnership with Mistral AI has been established to enhance software capabilities within ASML's systems, improving product development speed and performance [9][11] - The company is pursuing opportunities in 3D integration, which is seen as a way to drive Moore's Law and meet increasing customer requirements [16][18] Management's Comments on Operating Environment and Future Outlook - Management noted a flow of positive news regarding AI commitments, which is expected to drive investments in advanced semiconductor applications [5] - The company anticipates that AI will create significant value in its products moving forward, with long-term revenue opportunities projected between €44 billion and €60 billion by 2030 [20] Other Important Information - The company has shipped its first advanced packaging product, the XT260, which supports advanced packaging and offers up to 4x productivity compared to existing products [15] - The collaboration with Mistral AI includes an 11% share acquisition and a seat on their strategic committee, emphasizing the importance of AI in ASML's future [12] Q&A Session Summary Question: What is the outlook for ASML in 2026? - Management expects the impact of market dynamics to be partially effective in 2026, with net sales not expected to be below 2025 levels [7] Question: Can you elaborate on the collaboration with Mistral AI? - The partnership aims to enhance software content in ASML's systems, improve product development speed, and leverage AI for better performance [9][11] Question: What are the long-term opportunities for ASML? - The company sees AI driving advanced applications in semiconductors and expects significant revenue opportunities by 2030 [20]