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北京时间·🕒 发布 07-27 14:22:44时区推断·待核·⟳ 抓取 07-27 14:22:14回填·⚡ 决策 07-29 11:50:53·90.2 天前
长鑫存储上海科创板首日暴涨约466%-472%，成为A股市值最高公司
长鑫存储IPO本身是中国DRAM国产替代与AI存储需求的强确认，但交易时点已是上市首日暴涨后约45小时，核心重定价已经发生。
📄 原文The Information↗ 原文
China Memory Chipmaker CXMT Soars 472% in Shanghai Debut
ChangXin Memory Technologies, China’s leading memory chipmaker, jumped 472% in its Shanghai trading debut on Monday, as…
不做 长鑫存储（CXMT.SH）
IPO首日已涨约466%-472%且成交额极高，事件距今45小时并已全球扩散；此时追买没有剩余edge，等待回落或新硬催化。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
消息传播链
- FT线索称Apple正在测试CXMT内存芯片并寻求美国许可，说明供应商替代叙事并非7月27日首次出现。
- SCMP报道CXMT科创板上市首日涨472%，市值约3.31万亿元，事件已在开盘后快速广泛传播。市场反应:CXMT开盘49.50元，对8.66元发行价大幅跳涨。
- 新华社报道CXMT首日收49元、涨465.82%、成交额超1400亿元，确认首日巨量换手与高位定价。市场反应:首日收盘市值超过3.2万亿元。
- AP继续报道CXMT IPO及美国安全担忧，显示事件已进入全球主流媒体扩散阶段。
关键理由
- 长鑫存储IPO本身是中国DRAM国产替代与AI存储需求的强确认，但交易时点已是上市首日暴涨后约45小时，核心重定价已经发生。
- 公司首日收盘较8.66元发行价上涨约465.82%，成交额超过1400亿元，短线已进入高扩散、高换手、情绪兑现阶段。
- Apple测试CXMT芯片的线索早在7月上旬已被FT/Reuters链路传播，本条不是全新增量。
主要风险
- 科创板新股前5日无涨跌幅限制，暴涨后波动和高开低走风险极高。
- CXMT被美国国防部列入中国军方相关企业名单，后续美国限制可能压制海外客户导入。
反向证据
- 做多前查反向 · 来源 web · 日期 2026-07-27 · 影响 weakens
首日已巨幅上涨并伴随美国监管风险扩散，削弱上市后追多的风险收益比。
检索:CXMT IPO first day 466% turnover 140 billion valuation risk US lawmakers 原文 ↗
原文全文
展开原文 · 1,399 字
ChangXin Memory Technologies, China’s leading memory chipmaker, jumped 472% in its Shanghai trading debut on Monday, as investors bet the Chinese memory chipmaker will benefit from growing demand for AI.
The opening price valued CXMT at about 3.3 trillion yuan ($487 billion), making it the largest company listed in mainland China, and the stock climbed as much as 535% in morning trading. CXMT’s listing, the largest onshore initial public offering in China, raised up to 66.6 billion yuan.
Apple is considering CXMT as an alternative supplier as memory-chip prices rise, but the plan faces political resistance in Washington, [according to the Financial Times.](https://www.ft.com/content/d72a25e2-7bde-4aa9-bd8d-0c4f3d6cb2cb?syn-25a6b1a6=1) The Pentagon has previously designated CXMT as a Chinese military company, and some U.S. lawmakers want the Trump administration to consider tougher restrictions on the chipmaker.
CXMT makes Dynamic Random Access Memory, which helps phones, computers and servers quickly retrieve data while running programs. The company has quickly become the biggest challenger to Samsung Electronics, SK Hynix and Micron, the three companies that dominate the memory-chip industry. Its share of global DRAM sales rose to 8% in the first quarter from 3% a year earlier, making it the world’s fourth-largest supplier, according to research firm Counterpoint Research.
The opening price valued CXMT at about 3.3 trillion yuan ($487 billion), making it the largest company listed in mainland China, and the stock climbed as much as 535% in morning trading. CXMT’s listing, the largest onshore initial public offering in China, raised up to 66.6 billion yuan.
Apple is considering CXMT as an alternative supplier as memory-chip prices rise, but the plan faces political resistance in Washington, [according to the Financial Times.](https://www.ft.com/content/d72a25e2-7bde-4aa9-bd8d-0c4f3d6cb2cb?syn-25a6b1a6=1) The Pentagon has previously designated CXMT as a Chinese military company, and some U.S. lawmakers want the Trump administration to consider tougher restrictions on the chipmaker.
CXMT makes Dynamic Random Access Memory, which helps phones, computers and servers quickly retrieve data while running programs. The company has quickly become the biggest challenger to Samsung Electronics, SK Hynix and Micron, the three companies that dominate the memory-chip industry. Its share of global DRAM sales rose to 8% in the first quarter from 3% a year earlier, making it the world’s fourth-largest supplier, according to research firm Counterpoint Research.
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