Hong Kong stock concept tracking | Changjiang Storage initiates IPO guidance. Institutions are optimistic about investment opportunities in the storage industry chain (with concept stocks).

According to the official website of the China Securities Regulatory Commission, Yangtze Memory Technologies Co., Ltd. has issued its first public offering of shares and filed for guidance for its listing process. The IPO process of Yangtze Memory has attracted widespread attention from the market. Its wholly-owned subsidiary, Yangtze Memory Technology, was valued at 160 billion yuan and was included in the "2025 Global Unicorn List" by Hurun Research Institute for the first time, ranking 9th in China and 21st globally, becoming the highest valued new unicorn in the semiconductor industry. On April 16th, media reporters learned from the industry chain that since the fourth quarter of last year, Changxin Storage and Yangtze Memory have experienced a phenomenon of "rushing to buy goods" that is still ongoing. Specifically, downstream customers need to make payments to distributors first. Once the funds are received, the distributors then enter the production system queue and notify customers when the goods are available for pickup. Industry insiders stated that the above changes are basically in sync with the current trend of increasing storage chip prices. On May 15th, Semiconductor Manufacturing International Corporation stated during its earnings conference that they have not seen any loosening in the storage market. This could be due to the rapid development of the AI industry surpassing the company's forecasts from the previous quarter. There is also a possibility that the inventory in the hands of the middlemen has not been released yet, which could further increase stock levels. However, this is speculative and not supported by much data. China Securities Co., Ltd. research report mentioned that NVIDIA Rubin has entered mass production, and the next generation Feynman further boosts the demand for computing power hardware. The server architecture is shifting from training-focused to training-inference balanced, from GPU dominated to GPU+LPU architecture. They are also introducing storage racks, CPU racks, LPX racks, etc., to further optimize system solutions. ASICs from companies like Google/AWS/Meta are also undergoing accelerated iterations. The demand for computing power chips continues to grow strongly, with advanced processes, advanced storage, advanced packaging, PCB, optical communication, etc., being the hardware segments with the most significant demand increase and technological innovation. TSMC, Samsung, Intel, etc., are developing and expanding production of 2nm advanced processes. HBM has evolved to HBM4 and has led to custom chip designs. Advanced packaging forms like CoPoS, CoWoP are emerging, and there is also a gradual shortage in the supply and demand of CPUs and traditional memory. According to the prospectus issued by Changxin Technology on May 17th, benefiting from the continuous growth in demand for computing power and the price increase of DRAM products, it is estimated that Changxin Technology will achieve a net profit attributable to the mother of 50-57 billion yuan in the first half of 2026. The storage industry is growing rapidly, and Huatai believes that upstream materials will also benefit. With the expansion of wafer factories, storage companies, etc., as well as the development of chips towards new storage technologies, advanced processes, advanced packaging, the global semiconductor materials market is expected to experience rapid growth. The overall domestication rate of semiconductor materials in China is still relatively low. With the increasing demand for independent and controllable materials and the enhancement of the competitive strength of domestic companies, the domestication rate is expected to increase. Stocks related to the storage sector in the industry chain include Semiconductor Manufacturing International Corporation (00981), HUA HONG SEMI (01347), GigaDevice Semiconductor Inc. (03986), Montage Technology (06809).