"逼一下，就闯出来了。" 新晋中国科学院院士尹周平，常把这句话挂在嘴边。12月18日，面对长江日报记者，他再次这样说道。话语朴素，背后却是23年心无 旁骛的攻关。 2002年，他博士后出站，一头扎进芯片制造装备的"无人区"。路在何方？不知道。他只管埋头，一寸寸地凿。 2025年，他牵头研发的核心装备，在武汉新芯集成电路股份有限公司（以下简称武汉新芯）产线上稳定运行。下一站，是长江存储科 技有限责任公司（以下简称长江存储）——这家曾经历断供考验的企业，如今已凭独创技术，反向授权国际巨头。 关键核心技术是要不来、买不来、讨不来的。12月10日，习近平总书记在中央经济工作会议上指出，"实践证明，对我们'卡脖子'是卡 不住的"。 从实验室微光到产业高地，武汉在全球科技前沿的陡峭山壁上，蹚出了一条自主创新的中国"芯"路。 （一） 一条属于中国的闪存新路 8月6日，长江存储官方微信公众号发布年内首条推送，也是近5年来，除必要声明外的首次主动更新。 内容虽简，分量却很重：其独创的晶栈®Xtacking®4.0架构，在全球内存与存储行业顶级盛会上荣获"最具创新存储技术奖"。 中国架构，赢得了全球业界的认可。 时间拨回到201 ...

2025年12月30日，上交所官网显示，长鑫科技集团股份有限公司（简称：长鑫科技）科创板IPO申请获受理，保荐机构为中国国际金融股份有限公司、中 信建投证券股份有限公司，审计机构为德勤华永会计师事务所（特殊普通合伙），律师事务所为上海市锦天城律师事务所。 | 发行上市 > 审核项目动态 > | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 长鑫科技集团股份有限公司（已预先审阅） | | 科创板IPO | | | | | | | 已受理 2025-12-30 | | 已问询 | 上市委会议 | | | 提交注册 | 注册结果 | | 项目基本信息 | | | | | | | | | 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 | 长鑫科技 | | | 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 ...

12月30日，上海证券交易所正式受理了长鑫科技集团股份有限公司（简称"长鑫科技"）的科创板上市申请。作为我国规模最 大、技术最先进、布局最全的DRAM（动态随机存取存储器）研发设计制造一体化企业，长鑫科技此次IPO拟募集资金高达295 亿元，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，以及动态随机存取存储器前瞻技术研 究与开发项目，标志着国产DRAM产业发展进入新的关键阶段。 目前，长鑫科技在合肥、北京两地拥有3座12英寸DRAM晶圆厂，产能规模位居中国第一。公司高度重视研发创新，截至2025年 6月30日，已在全球范围内拥有超过5500项专利，其中境内发明专利2348项。根据世界知识产权组织数据，公司2023年国际专利 申请公开数量位列全球第22位，展现出强劲的技术创新实力。 在产业链协同方面，公司已与阿里云、字节跳动、腾讯、小米、荣耀、OPPO、vivo等众多行业头部客户建立深度合作，并积极 联动半导体设备、材料、设计及模组等上下游企业，共同推动国产DRAM产业生态的完善与安全可控。 本次IPO募集资金将重点投向制造技术升级、DRAM技术迭代及前沿技术研发等领域。长鑫科技表示 ...

Core Viewpoint - The storage industry is experiencing a "super cycle" driven by explosive AI demand and supply-side contraction, leading to significant price increases and a surge in capital activities among major companies [1][2]. Group 1: Industry Trends - The storage industry has historically shown strong cyclical characteristics, with the current cycle, defined as a "super cycle," expected to last until at least the end of 2026, potentially extending into 2027 [2]. - AI's structural demand explosion is the core engine driving this super cycle, with AI servers requiring 8 times more DRAM and 3 times more NAND Flash compared to traditional servers [2]. - Major storage manufacturers, including Samsung, SK Hynix, and Micron, are adopting cautious expansion strategies, further exacerbating supply shortages [3]. Group 2: Price Trends - The average selling prices (ASP) of DRAM and NAND Flash are on the rise, with suppliers seeing increased profits, although capital expenditures for 2026 may not significantly boost output growth [3]. - The spot market reflects rising prices, with Kingston raising DRAM prices and NAND Flash showing bullish sentiment due to expected contract price increases [5]. Group 3: Capitalization Trends - The ongoing industry boom has ignited a wave of IPO activities among storage companies, with multiple firms accelerating their listing processes across various segments [7]. - Shenzhen Dapu Microelectronics has successfully passed the IPO review for the ChiNext board, marking a significant milestone in the current IPO wave [8]. - Dapu Micro focuses on enterprise-level SSDs and has developed a comprehensive technology stack, positioning itself uniquely in the market [10][13]. Group 4: Global Capitalization Efforts - Companies like Nanya Technology and Montage Technology are pursuing IPOs in Hong Kong to leverage global financing advantages [15]. - Nanya Technology is targeting the niche DRAM market and plans to achieve mass production of advanced DRAM products by Q3 2027 [19]. - Montage Technology aims to provide interconnect solutions for cloud computing and AI infrastructure, with plans for an overseas listing [22]. Group 5: A-Share Market Preparations - Several storage firms are preparing for A-share listings, focusing on governance and business structure to strengthen their capital foundation [23]. - Shenzhen Shichuangyi has initiated IPO counseling, marking a critical phase in its listing preparation [24][26]. - The company has developed a full-chain capability in storage products, covering various applications in consumer electronics and IoT [26]. Group 6: Future Outlook - The capital market is expected to see significant contributions from companies like Changxin Memory and Dapu Micro if they successfully list, addressing gaps in the market from storage media to enterprise-level solutions [30]. - The current capital wave in the storage industry is a result of cyclical benefits and accelerated domestic substitution, with a strong focus on long-term profitability [30].

文：韦亚军 0的突破，还是DeepSeek供应商。 一个硬科技样本。 近日，深交所上市委公告信息显示，深圳大普微电子股份有限公司（简称：大普微）首发事项获审议通过，成为创业板历史上第一家尚未盈利即过会的企 业。 据PE星球了解，大普微采用了创业板第二套上市标准。 "0的突破" 采用创业板第二套上市标准 招股书（注册稿）显示，本次IPO，大普微拟公开发行不超过4362.16万股，募集资金18.78亿元。 所募资金将投向三大项目：1、下一代主控芯片及企业级SSD 研发与产业化（9.58亿元，占比51%）；2、企业级SSD 模组量产测试基地（2.20亿元，占比 12%）；3、补充流动资金（7.00亿元，占比37%）。 大普微采用了创业板第二套上市标准——"预计市值不低于50亿元，且最近一年营业收入不低于5亿元"，同时设置了"特别表决权"架构：控股股东大普海 德所持股份表决权与普通股比例为10:1，使其实际控制人杨亚飞在发行前控制了66.7%的表决权。 已开始对DeepSeek批量出货 资料显示，大普微成立于2016年，主要从事数据中心企业级SSD产品的研发和销售业务，是业内领先、国内极少数具备企业级SSD"主控芯片 ...

美光FY26Q1财报交出亮眼答卷：单季营收136.4亿美元，远超122-128亿美元指引区间，比市场预期多 赚近7亿；调整后EPS4.78美元，大幅超越3.95美元的市场预期。 公司更是加码押注，将FY26资本开支从180亿美元上调至200亿，FY27还将继续增加。另一边，韩国双 雄来势汹汹，三星记忆体部门与SK海力士Q4毛利率预计达63%-67%，有望七年来首次超越台积电的 60%。 AI驱动下，存储行业强势复苏，HBM和数据中心SSD成增长核心。这场狂欢是短期炒作还是长期红 利？全球半导体格局又将如何重塑？ 01 业绩拆解：AI驱动的"量价齐升+利润爆炸" 美光FY26Q1业绩全面超预期，营收到利润、产品结构到现金流，均彰显AI存储的火爆。 1.营收与盈利：碾压式超预期，现金流创纪录 单季营收136.4亿美元，同比大增57%，环比上涨21%，增速刷新近五年新高。 收入增长并非"以价换量"，主要由价格上涨驱动，比特出货量仅小幅增长。调整后EPS4.78美元，远超 市场预期的3.95美元，较上一季度直接跳级。 非GAAP毛利率飙升至56.8%，同比暴涨17.3个百分点，环比提升11.1个百分点，远超50.5% ...

Core Viewpoint - Shenzhen Dapu Microelectronics Co., Ltd. has recently passed its IPO review and is preparing to list on the Shenzhen Stock Exchange's Growth Enterprise Market [1][15]. Group 1: IPO and Fundraising - Dapu Micro plans to raise 1.878 billion yuan, with 958 million yuan allocated for the next-generation main control chip and enterprise-level SSD R&D and industrialization project, 220 million yuan for the enterprise-level SSD module mass production testing base project, and 700 million yuan for working capital [2][16]. - The company is primarily engaged in the R&D and sales of enterprise-level SSD products for data centers, possessing full-stack self-research capabilities in "main control chip + firmware algorithm + module" and achieving mass shipments [17]. Group 2: Financial Performance - In the first nine months, Dapu Micro reported revenue of 1.26 billion yuan and a net loss of 440 million yuan [2][21]. - The company's revenue for 2022, 2023, and 2024 is projected to be 557 million, 519 million, and 962 million yuan, respectively, with net losses of 534 million, 617 million, and 191 million yuan [5][19]. - For the first half of 2025, the company expects revenue of 748 million yuan and a net loss of 354 million yuan [20]. Group 3: Market Position and Product Offering - Dapu Micro focuses on enterprise-level SSDs, covering product generations from PCIe 3.0 to 5.0, meeting diverse customer needs. During the reporting period, the cumulative shipment of enterprise-level SSDs exceeded 4,900 PB, with over 75% of shipments featuring self-developed main control chips [3][17]. Group 4: Shareholding Structure - Yang Yafei controls 66.74% of the voting rights in the company, making him the actual controller. Dapu Haide holds 13.72% of the shares and has special voting rights, giving it 54.78% of the voting rights [8][22][9]. - Post-IPO, Dapu Haide's shareholding will decrease to 12.35%, while other significant shareholders include Shenzhen Guozhong (9.39%) and Nanjing Qilin (4.66%) [12][26].

本报（chinatimes.net.cn）记者张玫 北京报道 "未盈利"不再是一道不可逾越的门槛。12月25日，圣诞节当天，深圳大普微电子股份有限公司（下 称"大普微"）创业板IPO过会。根据相关规定，下一步，大普微IPO还需提交证监会注册，等待注册结 果。 大普微作为创业板第三套上市标准首位闯关者，其IPO进程备受市场关注。 根据招股书，该公司2024年营收9.62亿元，同比增长85.21%，但归母净利润为-1.91亿元，未弥补亏损 9.45亿元。凭借"预计市值≥50亿元+最近一年营收≥5亿元"的第三套上市标准，大普微成为创业板首家获 受理并走到上会环节的未盈利企业，标志着中国资本市场对硬科技"长期资本"的容忍度再上新台阶。 《华夏时报》记者12月22日向大普微发送采访函询问相关情况，截至发稿未收到回复。 拟募资约19亿元 公开资料显示，大普微是国内极少数具备企业级SSD"主控芯片+固件算法+模组"全栈自研能力并实现批 量出货的半导体存储企业，也是创业板首家受理的未盈利企业。 根据IDC数据，2024年该公司在中国企业级SSD出货量排名第四，市场份额6.4%，仅次于三星、SK海力 士（Solidigm）、忆 ...

Core Viewpoint - The successful IPO approval of Shenzhen Dapuwi Electronics Co., Ltd. marks the first unprofitable company to be accepted for listing on the ChiNext board, highlighting the market's growing acceptance of high-quality unprofitable tech firms [1][3]. Group 1: Company Overview - Dapuwi, established in 2016, has become one of the few domestic semiconductor storage product providers capable of mass production, focusing on enterprise-level SSDs for data centers [1][2]. - The company has developed a complete product matrix covering PCIe 3.0 to 5.0, catering to diverse needs across various industries such as internet, cloud computing, finance, and energy [1]. Group 2: Market Position and Performance - Dapuwi's cumulative shipment of enterprise-level SSDs has surpassed 4,900 PB, with over 75% of products featuring self-developed controller chips, indicating strong market recognition for domestic storage products [2]. - The company has maintained a leading market share in the domestic enterprise-level SSD sector, despite over 90% of the global market being dominated by international brands like Samsung and SK Hynix [2]. Group 3: Future Prospects and Funding - Dapuwi plans to raise 1.878 billion yuan for R&D and industrialization of next-generation controller chips and enterprise-level SSDs, as well as for building a mass production testing base [3]. - The enterprise-level SSD market is expected to experience a compound annual growth rate of 24.75% from 2022 to 2027 in China, providing Dapuwi with significant growth opportunities [3]. Group 4: Strategic Importance - The approval of Dapuwi's IPO is seen as a significant step towards enhancing national data security and supply chain resilience through domestic production of critical information infrastructure components [4]. - The company has established a strong customer base, including major internet firms and server manufacturers, and has passed tests from leading global AI companies, laying the groundwork for international expansion [4].

2025年12月25日，深圳大普微电子股份有限公司(以下简称"大普微")IPO申请顺利通过深交所创业板上 市委会议。 据了解，大普微主营数据中心企业级SSD产品的研发销售，是业内领先、国内极少数具备企业级 SSD"主控芯片+固件算法+模组"全栈自研能力并实现批量出货的半导体存储产品提供商，对我国数据处 理的安全性、可靠性和高效性提升具有战略意义。 创业板支持高成长、高质量研发型企业 创业板自设立以来，始终坚守支持创新成长企业的战略定位。随着资本市场制度规则的包容性与适应性 不断提升，其服务高新技术企业的深度与广度持续优化。这种制度环境的完善，有效缓解了处于核心技 术突破期企业的融资难题，推动资本市场更加侧重"技术含金量"与"成长性导向"，为战略性新兴产业的 创新加速注入了持久动力。 当前，我国创新驱动发展战略引领的产业变革正加速演进。与之相适应，资本市场结构性改革持续深 化，不同板块分工明确、错位发展，共同构建起多层次的科技金融支持体系。创业板通过多元化的评价 体系，精准直击高新技术产业和战略性新兴企业在快速扩张期的融资痛点，为具备核心竞争力和高成长 潜力的研发型企业进一步拓宽了资本通道，实现了金融资源与科技 ...