长鑫科技于2026年7月27日登陆科创板，开盘涨幅超过450%，盘中总市值一度突破3万亿元[1]。作为这一成果的核心推手，合肥国资体系持有的约33%股权账面价值超过一万亿元[1]。
合肥的成功源于制度创新。市政府对天使投资基金设定了高达40%的总体风险容忍度，单项目最高允许100%亏损[1]，这种容错机制为长期的产业投资创造了制度空间。长鑫存储曾累计亏损超过360亿元，长达八年时间内合肥持续追加投资[1]。即便在2023年长鑫存储归母净亏损高达163.4亿元的困难时期，合肥也选择逆势加码[1]。
随着长鑫产线利用率从85.45%提升到94.63%[1]，整个产业也实现了快速增长。2025年合肥集成电路产业产值突破1514亿元，相比2016年的约180亿元，增长约7.4倍[1]。目前合肥已集聚超过450家集成电路上下游企业[1]，形成了完整的产业生态。合肥全市2025年一般公共预算收入尚不足千亿元[1]，这说明这笔资产增值对城市经济的重要意义。
Hefei state-owned enterprises have achieved a remarkable investment triumph with the July 27, 2026 Shanghai Stock Exchange listing of Hefei Changxin Technology Co., Ltd.[1] The company's opening saw share prices surge more than 450%, with market capitalization briefly exceeding 3 trillion yuan during intraday trading.[1] Hefei's state asset system holds approximately 33% of Changxin's equity, with a book value exceeding 1 trillion yuan.[1] This gain is particularly notable given that Hefei's total general public budget revenue for 2025 fell short of 1 billion yuan.[1]
The breakthrough reflects Hefei's deliberate institutional framework rather than market fortune. The city established an angel investment fund with a remarkably high 40% overall risk tolerance threshold, permitting individual projects to sustain losses up to 100%.[1] Changxin Storage accumulated losses exceeding 360 billion yuan over eight years, during which Hefei maintained continuous capital injections.[1] Even when Changxin Storage posted a net loss attributable to parent company shareholders of 163.4 billion yuan in 2023, Hefei doubled down on investment rather than retreat.[1] This persistence proved pivotal as production line utilization rates subsequently climbed from 85.45% to 94.63%.[1]
Hefei's long-term commitment has catalyzed broader industrial development. The city's integrated circuit industry output reached 1,514 billion yuan in 2025, representing approximately 7.4 times growth compared to roughly 180 billion yuan in 2016.[1] The region has now accumulated over 450 integrated circuit upstream and downstream enterprises.[1]