以下文章来源于投资界 ，作者杨继云 王露 投资界 . 清科控股旗下创业与投资资讯平台 我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 长鑫科技的故事，始于兆易创新及合肥。 2005年，在海外半导体摸爬滚打多年的朱一明回国创业，这位清华校友一头扎进当时国内尚属空 白的存储芯片领域，兆易创新应运而生。彼时海外巨头牢牢把控了全球存储芯片江湖，兆易创新凭 借一己之力撕开了一道口子。 2016年，兆易创新在上交所IPO，至今缔造千亿市值。 一个史诗级IPO浮出水面。 近日，长鑫科技集团股份有限公司（下称"长鑫科技"）申报科创板IPO获交易所受理。这一次IPO 拟募资295亿元，位列科创板融资额历史第二。 市值有望破万亿？创投圈翘首以盼。 说起来，长鑫科技背后是大佬朱一明，曾创立千亿市值半导体公司兆易创新。2016年，他孤注一 掷，在合肥创办长鑫科技，主攻彼时国内几近空白的DRAM存储芯片。十年磨一剑，即将叩响科创 板大门。 2026年，一个IPO大年正在来临。 01 朱一明掌舵 合肥巨无霸IPO来了 02 上 ...

兆易创新（603986）科技集团股份有限公司市值1430.87亿元。 扬子晚报网1月4日讯(记者范晓林薄云峰)近日，长鑫科技集团股份有限公司(下称"长鑫科技")申报科创板IPO获交易所受理。这一次IPO拟募资295亿元，位 列科创板融资额历史第二，万亿市值并非遥不可及。 | 兆易创新 603986 沪圖V | | | | | | + Q 14 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 214.25 | | -5.97 -2.71% | | | | | | | 行业 > | | 半导体 -1.25% | 基金 | | 信创ETF富国 -0.72% > | | | | ミチ | 228.01 | 最高 | 228.88 | 成交额 | | | 77.41亿 | | 昨收 | 220.22 | 最低 | 212.58 | 市净率 | | | 7.86 | | 市值1 | 1430.87亿 换手 | | 5.31% | 下 /25 IVI | | | 105.70 | | 分时 周K | モ日 | 日K | | 月K | | 眉里 | | | 叠加 ...

IPO大年。 作者/杨继云 王露 报道/投资界PEdaily 一个史诗级I PO浮出水面。 近日，长鑫科技集团股份有限公司（下称"长鑫科技"）申报科创板I PO获交易所受理。 这一次I PO拟募资2 9 5亿元，位列科创板融资额历史第二。 2 0 1 6年，兆易创新在上交所I PO，至今缔造千亿市值。 但朱一明并没有停下脚步。兆易创新试图开拓DRAM市场，这是存储市场最重要的存储 芯片类型，也是芯片国产化的兵家必争之地。朱一明先是打算收购北京矽成，但并未成 功，于是转而决定自主建厂——这是一个耗资巨大的工程。 此 时 ， 合 肥 伸 出 了 橄 榄 枝 。 那 时 的 合 肥 已 提 出 打 造 " IC 之 都 " 的 战 略 目 标 ， 从 市 场 需 求 出发谋划补芯，当得知兆易创新的需求后，火速与其签下共建协议——合肥政府出钱， 企业出人出力，双方一拍即合。 就这样，2 0 1 6年6月，长鑫科技（曾用名睿力集成）正式诞生。 市值有望破万亿？创投圈翘首以盼。 说 起 来 ， 长 鑫 科 技 背 后 是 大 佬 朱 一 明 ， 曾 创 立 千 亿 市 值 半 导 体 公 司 兆 易 创 新 。 2 0 ...

中经记者 李正豪 北京报道 2025年12月30日，长鑫科技集团股份有限公司（以下简称"长鑫科技"）正式向上海证券交易所递交招股 书，拟在科创板挂牌上市。 2025年上半年长鑫科技研发费用率达23.71%，超过同期行业平均值10.37%，也明显高于国际DRAM巨 头三星电子、SK海力士、美光同期的研发费用率11.74%、7.39%、10.66%。 截至2025年6月30日，长鑫科技共拥有5589项专利，其中3116项境内专利及2473项境外专利。根据世界 知识产权组织统计数据，长鑫科技2023年国际专利申请公开数量排名全球第22位；根据美国权威专利服 务机构IFI公布数据，长鑫科技2024年美国专利授权排名全球第42位，在所有上榜的中国企业中排名第 四。研发团队方面，长鑫科技拥有4653名研发人员，占公司员工总数的比例超过30%。 在招股书所披露的长鑫科技股权架构中，大基金二期、安徽省投、阿里、腾讯、招银国际、人保资本、 建信金融、国调基金、君联资本、小米产投等均位列其股东行列。 长鑫科技此次计划募资295亿元，满足该公司在DRAM行业进一步提升核心竞争力的需要。 （编辑：张靖超 审核：孙吉正 校对：颜京宁） ...

强劲的技术实力得益于持续高额的研发投入。2022年至2025年上半年，长鑫科技累计研发投入为188.67 亿元，占累计营业收入的33.11%。今年上半年研发费用率达23.71%，远超同期行业平均值。 此外，长鑫科技的产能端也在稳步扩张，目前已在合肥、北京共建有3座12英寸的晶圆厂并投产，这三 座晶圆厂将于2026年实现达产。截至今年第二季度，长鑫科技的12英寸晶圆月产能已达20万片。根据 Omdia数据，长鑫科技已成为中国第一、全球第四的DRAM厂商。 出货量的提升也直接带动了营收规模的扩大。数据显示，2022年至2025年前三季度，长鑫科技营收分别 为82.87亿元、90.87亿元、241.78亿元、320.84亿元，今年前三季度的营收已接近过去两年总和。同期归 母净利润分别为-83.28亿元、-163.40亿元、-71.45亿元和-59.80亿元。 12月30日晚间，据上交所官网显示，长鑫存储的运营主体长鑫科技已正式递交招股书，拟在科创板挂牌 上市。IPO审核状态更新为已受理。这也是科创板IPO预先审阅机制试点后的首家获受理企业。 招股书显示，长鑫科技本次IPO计划发行股份数量不超过106.22亿股，募资 ...

12月30日，上海证券交易所官网披露国内存储芯片龙头企业长鑫科技招股说明书。根据招股书，长鑫科 技提供DRAM 晶圆、DRAM 芯片、DRAM 模组等多元化产品方案，产品主要覆盖DDR、LPDDR两大 主流系列，目前已完成从DDR4、LPDDR4X到DDR5、LPDDR5/5X的产品覆盖和迭代，产品广泛应用于 服务器、移动设备、个人电脑、智能汽车等市场领域。2022年至2025年9月累计营收达736.36亿元， 2022至2024年主营业务收入复合增长率达72.04%。2022年至2025年上半年，长鑫科技累计研发投入为 188.67亿元，占累计营业收入的33.11%，显著高于行业平均水平。 ...

ab 11 December 2025 Global Research Memory Semis Monthly December '25 Edition: Going into overdrive 4Q25 and 1Q26 DDR contract pricing could be much stronger than expected With 4Q25 memory contract pricing negotiations now completed, we revise up our forecast for DDR contract pricing to +35% QoQ (was +21%), and for NAND +20% (was +15%). We believe customers are trying to secure 1Q26 contract pricing in earnest, with further potential upside. We now forecast blended 1Q26 DDR contract pricing to increase 30% ...

Core Insights - The storage industry is facing unprecedented supply-demand tension, with DRAM supply shortages expected to last until Q1 2027 and NAND shortages until Q3 2026 [1][2][3] - Significant price increases are anticipated, with DDR contract prices expected to rise by 35% quarter-on-quarter in Q4 and NAND prices by 20%, exceeding previous expectations [2][3] - Long-term supply agreements are being locked in by customers, particularly large cloud service providers extending orders to 2028, indicating strong actual demand rather than speculative hoarding [2][9] DRAM and NAND Market Dynamics - DRAM demand is projected to grow by 20.7%, outpacing supply growth of 18.6%, leading to a sustained supply shortage [3] - NAND shortages are expected to continue until Q3 2026, contributing to the strongest price increase cycle in nearly 30 years [2][4] - Server shipments are expected to increase by 12.9% in 2026, with a notable rise in AI server storage capacity [3] Customer Behavior and Inventory Levels - Customers are actively securing long-term supply contracts to mitigate procurement risks, with cloud service providers having more bargaining power compared to traditional OEMs [9] - Current inventory levels are low, with server DDR inventory at approximately 11 weeks, PC and mobile DRAM at 9 weeks, and SSD at 8 weeks, reflecting strong actual demand [9] Competitive Landscape and Future Outlook - The HBM market is expected to see stable competition, with SK Hynix projected to maintain a 70% market share in HBM4, becoming a primary supplier for major clients like Google [11] - Major storage manufacturers have had their target prices significantly raised, indicating positive market sentiment and expected growth in traditional server demand [11]

Core Insights - The storage industry is experiencing unprecedented supply-demand tension, with DRAM shortages expected to last until Q1 2027 and NAND shortages until Q3 2026, driven by a significant increase in demand, particularly from AI servers [1][2][6]. Group 1: Supply and Demand Dynamics - DRAM demand is projected to grow by 20.7%, significantly outpacing supply growth of 18.6% [2]. - The supply of DDR contracts is expected to rise by 35% quarter-over-quarter in Q4 2023, with NAND prices increasing by 20% [1]. - Customers are actively securing long-term supply agreements, with major cloud service providers extending pre-purchase orders to 2028 [1][7]. Group 2: Market Trends and Pricing - The current price increases are attributed to genuine demand rather than speculative hoarding, as inventory levels remain low across various customer segments [7]. - Server DDR inventory is approximately 11 weeks, while PC and mobile DRAM inventories are around 9 weeks, and SSD inventories are at 8 weeks [7]. - The HBM (High Bandwidth Memory) market is expected to see a 59.9% year-over-year increase in demand by 2026, reaching 276.7 billion Gb [2]. Group 3: Competitive Landscape - SK Hynix is anticipated to maintain a dominant position in the HBM4 market, expected to capture about 70% of the market share [9]. - UBS has raised target prices for major storage manufacturers, including SK Hynix and Samsung, reflecting positive market sentiment [9].

Summary of Cadence Design Systems FY Conference Call Company Overview - **Company**: Cadence Design Systems (NasdaqGS:CDNS) - **Industry**: Semiconductor and Electronic Design Automation (EDA) - **Core Products**: Software products for chip and electronic system design, including EDA tools, IP, and hardware solutions - **Customer Base**: 45% system companies (e.g., phone, car, hyperscalers) and 55% semiconductor companies [5][6] Key Insights AI Integration and Market Trends - Cadence is heavily involved in AI chip design, with its software being utilized in the development of AI technologies [6] - The semiconductor revenue is projected to exceed $1 trillion, while system revenue is around $3 trillion and growing faster [7][8] - Cadence aims to leverage AI to enhance its products, achieving 5-10X efficiency improvements and 10%-20% better performance metrics [6][9] Financial Performance - Operating margin is approximately 44.5%, with a revenue growth of 14% last year [9][11] - Stock-based compensation (SBC) is around 8.5%, impacting real margins [11] - The company expects to achieve a revenue of $5.2-$5.3 billion, with EDA contributing about 70%, IP about 15%, and systems about 15% [13] IP Business Insights - The IP segment is expected to grow faster than the average growth rate of Cadence, focusing on advanced nodes and high-performance computing (HPC) [16] - Key IP offerings include UCIe, HBM memory, DDR memory, PCIe, and SerDes, with a strong emphasis on TSMC's advanced nodes [14][15] - The acquisition strategy includes strategic M&A to enhance the IP portfolio, with past acquisitions including Artisan from ARM and Secure IC [16] China Market Dynamics - China is showing growth, contrary to earlier expectations of flat performance, contributing approximately 11%-12% of revenue [21][22] - Major Chinese companies, including Alibaba and several automotive manufacturers, are actively designing chips, indicating a stable market environment [23] M&A Strategy - The acquisition of Hexagon is seen as a strategic move to enhance capabilities in physical AI applications [25][30] - Focus areas post-acquisition include 3D IC and physical AI, with expectations of crossing a billion run rate in systems [25][26] Collaboration and Partnerships - Cadence maintains a strong partnership with NVIDIA, with ongoing collaborations in EDA and bio drug discovery [35] - Discussions with Intel are ongoing, particularly regarding their focus on advanced technology nodes [38] Subscription Model Transition - Transitioning to annual subscriptions in the SDA business may create short-term margin pressure, but is expected to yield long-term benefits [40][41] - Incremental margins are projected to remain above 50%, with a focus on maintaining a robust financial model despite M&A activities [42] Additional Considerations - The company is well-positioned to adapt to the evolving landscape of AI and semiconductor design, with a clear strategy for growth and profitability [9][11][16] - The integration of simulation capabilities from Hexagon is anticipated to enhance Cadence's offerings in physical AI, reinforcing its competitive edge in the market [30][32]