Changxin’s trillion-level trading triggers wild hype

The whole internet is arguing—so is it a leading player of the era or a short-term bubble?
In the first hour after opening, trading volume broke 100 billion yuan.
In the A-share history record of 90 billion yuan by Oriental Wealth in October 2024—Changxin shattered it in just one hour.
Half-day turnover rate is 58%, and by the full day it’s very likely to exceed 70%.
This number tells one thing: the long/short disagreement has reached the extreme. Bulls rush in with real money, while bears also smash it with real money.
No matter which side you stand on, everyone agrees on one premise: this stock is worth investing capital to play the game.
But trillion-level volume also brings a side effect: draining liquidity.
This morning, the entire ChiNext board’s cumulative trading volume was only a bit over 300 billion yuan, yet one single stock—Changxin—sucked up one-third of the market’s attention and funds.
Many other stocks have lost their retail base and simply can’t hold up.
A bunch of people are shouting that it’s a cyclical stock, that it’s cutting retail investors—yet market capital’s vote is different from opinions on Zhihu. In the stock market, it doesn’t debate opinions, it only cares about execution. Going short is also fine—use your money to short, don’t just talk big.
Changxin’s scarcity in A-shares is real. There were storage design companies and packaging and testing firms, but never has a DRAM IDM that integrates design-manufacturing-packaging and testing existed.
Changxin is China’s largest and most advanced DRAM R&D design-and-manufacturing integrated enterprise, with a global DRAM market share of 7.67%.
Fourth globally, first in China—directly benchmarking the three oligopolists: Samsung, SK hynix, and Micron.

A-shares have always lacked a storage giant that can truly capture global AI profits.
Previously, it was mostly possible to boost sentiment via peripheral plays like fiber optics and storage modules—never the core “meat” of storage. Changxin is the first A-share company qualified to sit at the main table.
But one thing must be said: in the high-pumping hype stage for new stocks, it is the most dangerous for retail investors.
The more wild the trading, the faster the chip (positions) is exchanging, and the higher the probability of a near-term top.
Changxin’s long-term value can be watched gradually—but this price and this turnover rate are not for building a position; they’re for risk control.
Wait until the wind passes before talking.