LongXin Technologies (中国长鑫), China's domestic DRAM/memory producer, debuts on Shanghai stock exchange with 465% first-day gain; market cap 3.31 trillion yuan. Ends reliance on Samsung/SK Hynix/Micron imports.

Behind Changxin Technology's strong debut on its listing day, public mutual funds that participated in offline allocation emerged as major beneficiaries. Based on the closing price on the listing day, public mutual funds achieved total floating gains exceeding 50 billion yuan from the Changxin IPO. The fund company receiving the largest allocation posted floating gains exceeding 6.8 billion yuan. From an individual fund perspective, Changxin is expected to contribute returns exceeding 1% to 24 funds, with the highest contribution potentially exceeding 3%.

Kong Xuebing, fund manager at Jinxin Fund, noted that the smooth market debuts of major storage manufacturers signal an end to recent market concerns about liquidity pressures and sector rotation headwinds. Guotai Fund stated that as China's leading domestic storage manufacturer, Changxin's capital expenditure is expected to accelerate following its listing, potentially driving sustained demand for upstream equipment and materials and becoming an important "catalyst" for the sector.

Global AI computing expansion is currently driving dual growth in both advanced process nodes and memory capacity. The global wafer equipment market continues to accelerate, and coupled with domestic substitution tailwinds, Chinese equipment manufacturers face broad growth prospects. Over the medium to long term, AI industry fundamentals remain solid, with semiconductor equipment—as a core infrastructure component for computing power—displaying strong growth certainty. Near-term sector volatility may persist; investors should consider phased entry and careful positioning. (Securities Times)