Investment Rating - The industry investment rating is maintained as "Positive" [3] Core Viewpoints - Changxin Technology's planned IPO is expected to benefit the entire semiconductor industry chain, particularly the upstream semiconductor equipment materials and storage sectors [2][6] - The advanced storage and logic capacity expansion continues, with domestic storage leader Changxin Technology expected to increase its capacity by nearly 50% year-on-year in 2025 [6] - The demand for storage is recovering, and some storage price increases have been ongoing for several months, indicating a positive outlook for niche DRAM manufacturers in mainland China [6] Summary by Sections Industry Overview - Changxin Technology, a core enterprise in the DRAM industry chain in mainland China, is undergoing IPO preparations, which is expected to facilitate business expansion through financing [6] - The company's product range includes DDR4/DDR5 and LPDDR4/LPDDR5 series, with plans to deliver HBM3 samples by the end of 2025 and to start mass production in 2026 [6] Market Dynamics - Changxin's market share in terms of bit shipments is projected to increase from 6% in Q1 to 8% by the end of the year, with DDR5/LPDDR5 market shares expected to rise significantly [6] - The supply gap for DDR4 and LPDDR4 continues to exist, benefiting domestic storage manufacturers and niche storage design companies [6] Investment Recommendations - Recommended stocks in the semiconductor equipment and materials sector include Northern Huachuang, Shengmei Shanghai, and Zhongwei Company [6] - In the storage industry chain, recommended stocks include Zhaoyi Innovation and Beijing Junzheng [6]