#长鑫今日上市成交901亿 Logic and hidden concerns behind the $90.1 billion trading volume

On July 27, 2026, China’s homegrown DRAM leader Changxin Technology (688825) listed on the STAR Market. It opened at 49.5 yuan per share, up 471.59% from the发行价 of 8.66 yuan, and its market cap surpassed 3.31 trillion yuan. During the session, trading volume reached 90.1 billion yuan, beating the previous record of 90.0 billion yuan set by 东方财富, and setting the historical high for a single A-share stock’s intraday trading value.

The 90.1 billion yuan trading volume is first driven by an extreme supply-and-demand structure. After the issuance, Changxin Technology’s total share capital is 33.1k shares, but in the early listing stage, the unrestricted tradable shares were only 66.88B shares, accounting for just 6.73% of the total share capital. Such an extremely low float met the market’s frenzy for the “No. 1 domestic DRAM” label. The price discovery mechanism was amplified, allowing relatively small amounts of capital to drive massive turnover.

More deeply, this reflects the market’s reassessment of industrial logic. Changxin Technology is the largest DRAM maker in China and the fourth largest globally; in 2025, its global market share reached 7.67%. Driven by the AI compute boom, the company expects revenue of 110 billion to 120 billion yuan in the first half of 2026, with net profit of 50 billion to 57 billion yuan. Memory chips are shifting from a strong-cyclical industry toward a growth-oriented track, and the valuation premium the market grants essentially prices in the strategic value of “independent and controllable China’s storage industry.”

However, the 90.1 billion yuan celebration also needs a cool, sober look. The DRAM industry follows a strong-cycle pattern of 3 to 4 years. How long the current high price level can be sustained remains uncertain. A trillion-yuan market cap is both a milestone and a sign that the company must face multiple tests at once: technical catch-up, capacity expansion, and cyclical fluctuations. Capital enthusiasm can ignite the moment, but the industry’s long-term value ultimately must be supported by sustained technological breakthroughs and performance兑现.