Zongxin’s IPO countdown! Who is the real “hidden winner”?

Recently, Shiyuan has been digging deep into the industrial logic behind it and found some very hardcore signals! This time, China’s semiconductor industry is truly moving from “telling stories” to “delivering performance.” Here are 4 key takeaways. Save this first and then watch: 👇

1️⃣ Profit turns around dramatically—no longer relying on “burning money”
In the past, I always felt that domestic DRAM was still grinding through hard times, but the latest data is too impressive! Historical losses have basically been absorbed, and its profit ramp-up speed is among the best worldwide peers. Gross margin is also getting close to the international top-tier group. After only ten years since its founding, this growth rate is truly insane!

2️⃣ AI reshapes supply and demand—this rally is steady
This round is not just a simple price rebound. AI’s explosive demand for HBM squeezes out the traditional DRAM production capacity of the three overseas giants, and domestic players are perfectly positioned to take over this gap. Plus, more long-term procurement contract orders are coming in, so the tight supply-demand pattern will likely persist for a long time. The underlying logic is very solid. 🤖

3️⃣ Upstream and downstream resonate—real recovery is underway
The whole domestic semiconductor chain is pushing hard in sync: on the equipment side (etching, thin-film deposition), first-quarter performance surged dramatically; on the materials side, leading segmented players remain steady as ever; and the module side is also repairing. This is no longer single-point hype, but a real breakthrough across the entire industrial chain! 🔥

4️⃣ Blackboard highlight: upstream materials and equipment are the “golden pit”
Zongxin’s growth has made me confident that, compared with downstream wafer fabs, the demand for domestic substitution in upstream materials and equipment is the strongest and has the most resilience!
💡 Practical advice for beginners: the full industrial chain is too complex and easy to get lost—better to directly focus on the “Semiconductor Materials & Equipment Index.” The logic is simple, the direction is clear. Treat it like a “thermometer” for observing domestic substitution—very beginner-friendly! 🌡️

To sum up:
China’s semiconductor industry’s real breakthrough has already begun. With upstream materials and equipment as the core bottleneck, they are absolutely the most worthwhile long-term direction to keep fighting for! $BTC $ETH