[Shenwan Hongyuan Electronics] 20260727 ChangXin Officially Lists on STAR Market, a Milestone for China's DRAM Industry

English summary

# China's first, global fourth; ChangXin's DRAM bit shipment market share is expected to exceed 10% in 2026. The company has completed capacity layout in Hefei, Beijing and Shanghai: Hefei base as main line continues expanding, Beijing base expands product categories, and with Shanghai super factory construction advancing, all three bases will initiate large-scale expansion after 2027, further scaling up domestic memory. # Back to industry investment main line: The market worries about IPO liquidity impact and memory cycle peak, but we maintain that the two industrial transformation logics brought by China's top tech companies represented by ChangXin Technology remain unchanged. 1) New technology upgrades and process platforms are expected to greatly boost supply chain localization; 2) Excellent companies have begun internal cash generation, and medium-to-long-term capex space may rise, with upstream chains facing continuous catalysts. # High-end memory prosperity remains strong: Although consumer memory price increase expectations have slowed, AI-driven HBM and high-end server DDR prosperity continues; cannot be generalized. ...