长鑫存储科创板上市首日暴涨，成A股市值之王

长鑫存储于7月27日在科创板上市，开盘价49.50元，较发行价8.66元暴涨472%[1]，收盘价49元，市值达3.28万亿至3.31万亿元[3][5]，一举成为A股市值最高的上市公司[3]。这是科创板开板以来市值最高的公司，也首次刷新A股单日成交额破千亿纪录[3]。

作为全球第四大DRAM厂商，长鑫存储的上市打破了三星、SK海力士和美光的市场垄断格局。2026年一季度，公司营业收入达508亿元人民币，同比增长719%；归属母公司净利润247.62亿元，同比增长1688%[3]。当前长鑫在全球DRAM市场占有率约8%，仅次于三星（36%）、SK海力士（29%）和美光（24%）[1]。公司预计2026年上半年营业收入达1100亿至1200亿元，归属母公司净利润达500亿至570亿元[3]。

长鑫存储的上市引发美股存储芯片板块大幅震荡。美光股价下跌5%[1]，闪迪暴跌11%以上[3]，SK海力士美股ADR下跌8.5%[1]，阿斯麦、超威半导体和英伟达等也跌幅超5%[3]。

长鑫存储此次IPO募资295亿元，创科创板历史纪录[1]。公司创始人、董事长朱一明做出罕见的个人让利承诺，将其持有的15.36亿股中的50%（7.68亿股）分配给员工作为激励，对应市值超340亿元，且该方案不稀释外部股东权益[2]。激励分两个五年周期落地：前五年完成3.84亿股分配，剩余3.84亿股在第六至第十年分批发放[2]。员工若在股份完整兑现前离职，未归属的剩余股份将被收回[2]。

朱一明同时承诺上市后第一个十年不转让所持股份，第二个十年每年最多减持20%[2]。长鑫存储十年来员工规模从几百人增长到近2万，其中研发人员6259人，占比32.43%[2]。上市前股权激励覆盖6760人次，人均可分得超三千万元[5]。

上市首日，合肥国资、国家集成电路产业投资基金二期、阿里、腾讯等主要股东获得巨额账面浮盈。其中，合肥国资10年累计投入约248亿元，账面浮盈达约万亿元[5]；大基金二期上市当日持股市值达2578亿元[5]；阿里系上市当日持股市值约1469亿元，浮盈约1400亿元[5]。小米全资子公司壹捌壹零通过战略配售获得1824.48万股，投入1.58亿元，按首日股价计算浮盈约7.17亿元[6]。

尽管长鑫存储成绩斐然，但仍面临技术瓶颈。公司无法获得ASML的EUV光刻设备，在高端AI存储HBM领域落后两个技术世代[1]。此外，长鑫已被列入美国国防部1260H名单，面临出口管制限制[1]。

Changxin Storage completed its listing on Shanghai's STAR Market on July 27, 2026, with opening price of 49.50 yuan per share, representing a 472% surge from the issue price of 8.66 yuan [1]. The company's market capitalization reached 3.31 trillion yuan at opening, making it the most valuable company ever listed on the STAR Market [1]. The IPO raised 29.5 billion yuan, setting a record for the STAR Market [1]. At the day's close, the stock price settled at 49 yuan per share with a market value of approximately 3.28 trillion yuan [3]. First-day trading volume reached 141.187 billion yuan, marking the first time any single A-share stock exceeded 100 billion yuan in daily turnover [6].

Changxin's rapid ascent reflects its commanding position in the global memory market. As of the first quarter of 2026, the company held 8% of the global DRAM market share, ranking fourth worldwide after Samsung at 36%, SK Hynix at 29%, and Micron at 24% [1]. The company reported first-quarter 2026 revenue of 50.8 billion yuan, up 719% year-over-year, with net profit attributable to shareholders reaching 24.762 billion yuan, a 1,688% increase [3]. Nomura Securities projects Changxin's global DRAM production capacity share will expand from 10% to 18% by 2028 [1].

The IPO reverberated sharply through U.S. memory chip equities. Micron fell 5%, while SanDisk declined more than 11% on the day [1][3]. SK Hynix's American Depositary Receipts dropped more than 7%, closing at 143.02 dollars, below its July 10 issue price [3]. The broader semiconductor sector also faced pressure, with ASML, Advanced Micro Devices, and NVIDIA each declining more than 5% [3].

Major Chinese investors captured substantial unrealized gains from the listing. Hefei state-owned enterprises, which invested approximately 24.8 billion yuan cumulatively over a decade, recorded unrealized gains exceeding 1 trillion yuan [5]. Alibaba's combined holdings generated over 160 billion yuan in paper gains on a cumulative investment of approximately 7.6 billion yuan, representing a return multiple exceeding 20 times [6]. Nio invested 158 million yuan and realized approximately 740 million yuan in paper gains, a return rate surpassing 465% [6]. Xiaomi's wholly-owned subsidiary 181010 acquired 18.244 million shares through strategic allocation for approximately 158 million yuan, with first-day paper gains of approximately 717 million yuan [6].

Founder and Chairman Zhu Yiming pledged to distribute 50% of his 1.536 billion shares—7.68 billion shares valued at over 340 billion yuan—to employees across two five-year cycles [2]. Under the incentive plan, the company will distribute 3.84 billion shares in the first five years, with the remaining 3.84 billion shares distributed between years six and ten [2]. Employees who depart before full vesting forfeit unvested shares [2]. Zhu committed to holding his remaining shares for the first decade post-listing, with maximum annual reductions of 20% permitted in the second decade [2].

Changxin faces material technical limitations in advanced memory segments. The company remains unable to access ASML's EUV lithography equipment, positioning it two technology generations behind competitors in the high-bandwidth memory (HBM) field [1]. Additionally, Changxin appears on the U.S. Department of Defense's 1260H list, subjecting it to export control restrictions [1]. Nevertheless, Apple has begun testing Changxin DRAM chips for potential deployment in devices sold in the Chinese market [1].