China's largest memory chipmaker made a blockbuster debut on the Shanghai Stock Exchange's STAR Market on Monday as experts pointed to growing signs of a structural bull run in the A-share market.
国内规模最大的存储芯片企业周一在上交所科创板重磅上市，业内专家表示，A 股市场结构性牛市信号愈发清晰。
In the Chinese mainland's biggest initial public stock offering in recent years, shares of ChangXin Memory Technologies, or CXMT, surged 465.82 percent to close at 49 yuan per share, propelling its market value to more than 3 trillion yuan ($443 billion) and making it the most valuable company on the A-share market on its first trading day.
此次上市为内地近年来规模最大的首次公开发行。长鑫存储技术有限公司（简称长鑫存储）股价暴涨 465.82%，收盘报 49 元每股，总市值突破 3 万亿元人民币（折合 4430 亿美元），上市首日登顶 A 股市值第一。
CXMT not only overtook the United States peer Intel in market value, but also dethroned the Industrial and Commercial Bank of China as the domestic market's top-weighted company.
长鑫存储市值不仅超越美国同行英特尔，还取代中国工商银行，成为 A 股市值权重最高企业。
The company raised at least $8.6 billion with the offering, priced at 8.66 yuan per share.
本次发行定价 8.66 元 / 股，企业募资规模至少 86 亿美元。
The feverish trading was underscored by a record-shattering 140-billion yuan single-day turnover, reflecting a strong investor appetite for high-tech domestic champions as China presses ahead with its push for technological self-reliance.
该股单日成交额高达 1400 亿元，创下历史新高，交易热度空前。当前我国持续推进科技自立自强，投资者对国产高科技龙头企业投资意愿强烈。
Wu Hao, a portfolio manager at Founder Fubon Fund, said that CXMT's IPO completes the most critical piece of a puzzle for the A-share market's memory sector.
方正富邦基金组合经理吴昊表示，长鑫存储登陆 A 股，补齐了 A 股存储板块最核心的一块短板。
"It gives China its first homegrown DRAM powerhouse with global heft, sharpening the investment case across the memory value chain," he said.
“长鑫存储打造出我国首家具备全球竞争力的本土动态随机存取存储龙头，整条存储产业链的投资价值都得到提升。” 他说道。
From equipment and materials to design, manufacturing and packaging, the story of CXMT is now shifting from concept validation to earnings realization, he added.
他补充道，从设备材料、芯片设计、晶圆制造到封装测试，长鑫存储的发展逻辑已从技术验证阶段转向盈利兑现阶段。
DRAM, or dynamic random access memory, is the main type of memory that computers and servers use to run programs and process data in real time.
DRAM 即动态随机存取存储器，是电脑、服务器实时运行程序、处理数据的主流存储芯片。
With artificial intelligence-driven demand on the rise, the market is at the starting point of a new memory cycle in which the demand for memory chips will be substantially boosted given the rollout of more AI models and applications, said experts at Sinolink Securities.
国金证券专家表示，人工智能拉动存储需求持续攀升，存储行业正式开启新一轮上行周期；随着各类人工智能模型与应用落地，存储芯片需求将大幅增长。
Analysts at Huaxi Securities estimated that CXMT's market cap may stabilize at 2 to 3 trillion yuan in a base-case scenario, with upside to 4 trillion yuan under bullish assumptions.
华西证券分析师测算，中性预期下，长鑫存储总市值有望稳定在 2 万亿至 3 万亿元；乐观情景下，市值有望冲击 4 万亿元。
But the real significance lies beyond the numbers. By filling the long-missing gap of a homegrown DRAM manufacturing heavyweight, the listing is set to upend the skewed valuation framework of the A-share memory segment and, in the long run, reshape the entire semiconductor sector's pricing logic, they said.
分析师表示，此次上市的深层意义远不止市值数据。长鑫存储填补了我国长期缺失的本土 DRAM 制造龙头空白，将重构 A 股存储板块失衡的估值体系，长期来看重塑整个半导体行业估值定价逻辑。
Donnie Teng, a semiconductor and tech research analyst at Nomura, gave CXMT a buy rating and a 116-yuan target, projecting its global DRAM market share to rise from about 10 percent at present to 18 percent by the end of 2028.
野村证券半导体科技行业分析师滕栋尼给予长鑫存储 “买入” 评级，目标价 116 元。其预测，2028 年末，长鑫存储全球 DRAM 市场份额将从当前约 10% 提升至 18%。
CXMT's annual output growth is estimated at between 40 and 45 percent as AI will drive a sevenfold surge in global memory demand by 2030.
机构预测，长鑫存储年产量增速将维持在 40% 至 45%；到 2030 年，人工智能将推动全球存储芯片需求增长 7 倍。
Lu Zhe, chief economist at Soochow Securities, said that A-share investors' appetite for tech companies may pick up after CXMT's IPO.
东吴证券首席经济学家陆哲表示，长鑫存储上市后，A 股市场资金对科技企业的投资热情或将回暖。
Combined with the fact that a growing number of companies have recently announced their buyback plans, investors should adopt a more optimistic outlook on the A-share market.
叠加近期多家上市公司发布股份回购计划，投资者对 A 股后市可保持更为乐观的判断。
Though market volatility may be unavoidable, the odds of a market rebound are steadily rising, he said.
他表示，市场短期波动虽难以避免，但整体反弹的概率正在持续提升。
In a separate development, Fang Xinghai, a former vice-chairman of the China Securities Regulatory Commission, is under investigation for suspected serious violations of Party discipline and the law, China's top anti-graft authorities said on Friday.
国家纪检监察机关周五通报，中国证券监督管理委员会原副主席方星海涉嫌严重违纪违法，目前正接受审查调查。
Experts broadly read the move as a signal that the financial anti-corruption drive is entering a deeper phase, aimed at protecting the country's financial assets while upholding market integrity and stability.
业内专家普遍认为，此次查处释放信号，金融领域反腐败工作持续向纵深推进，在维护资本市场公平稳定的同时，守护国家金融资产安全。
Lian Ping, chairman of the China Chief Economist Forum, said that a new long-term stabilizing mechanism is taking shape in the Chinese capital market, featuring broader participation, early capital entry, institutional fine-tuning and long-term confidence stabilization.
中国首席经济学家论坛理事长连平表示，我国资本市场全新长效稳定机制正在逐步成型，核心特征包括市场参与主体多元化、长期资金前置入市、机构体系优化调整、市场长期信心稳固。
The A-share market has entered a structural bull run with the optimizing of the market governance mechanism. With more supportive policies and capital anticipated, investors should have faith in the A-share market, as the valuation of technology companies will return to a reasonable level, said Lian.
连平称，随着资本市场治理机制持续完善，A 股已步入结构性牛市。后续利好政策与增量资金有望持续落地，科技企业估值将回归合理区间，投资者应当对 A 股市场保持信心。
"New quality productive forces and technological innovation, which play pivotal roles in China's economic restructuring, need the empowerment of equity financing. This is the fundamental reason underpinning the sustained upward trajectory of the A-share market over the long run," he said.
他表示：“新质生产力与科技创新是我国经济结构转型的核心抓手，二者离不开股权融资的赋能支撑。这也是 A 股市场长期具备上行基础的根本原因。”
semiconductor /ˌsemikənˈdʌktə(r)/n. 半导体
valuation /ˌvæljuˈeɪʃn/n. 估值；估价
structural /ˈstrʌktʃərəl/adj. 结构性的
innovation /ˌɪnəˈveɪʃn/n. 创新；革新
