Goldman Sachs can't sit still as ChangXin goes public! Emergency expert meeting convened: China's DRAM expansion is unstoppable.

FastTech reported on July 27 that ChangXin Memory Technologies (CXMT), China's leading DRAM manufacturer, officially listed on the STAR Market of the Shanghai Stock Exchange today. On its debut day, it set multiple A-share records, becoming the first tech stock in A-share history to have an opening market value exceeding 3 trillion yuan, topping the A-share market value list.

The listing of ChangXin Memory Technologies has drawn strong attention from the capital market. According to media reports, just three days before CXMT's listing, Goldman Sachs urgently convened an expert conference call focusing on China's storage industry.

The meeting invited a seasoned industry insider who previously served as a senior director at CXMT and worked at Samsung Electronics for 18 years. The discussion centered on three major aspects: the pace of China's DRAM capacity expansion, product technology progress, and global storage price trends.

The core judgment of the Goldman Sachs meeting was that the trend of China's DRAM capacity expansion is irreversible; domestic equipment localization is the most certain investment direction, with local equipment suppliers such as NAURA Technology, AMEC, and ACM Research directly benefiting.

Goldman Sachs predicts that by 2030, CXMT's annual production capacity is expected to more than double compared to current levels. Currently, CXMT's capacity layout spans three major production bases in Hefei, Shanghai, and Beijing, all expected to be fully operational by 2028. Another larger-scale production base is also set to contribute capacity after 2028.

Notably, in addition to procuring international equipment, the new capacity is increasingly incorporating domestic equipment. In some factory areas, except for lithography machines which still rely on imports, other processes have largely switched to domestic equipment, opening up unprecedented penetration opportunities for local equipment makers. The domestic equipment localization rate is steadily rising.

On the technology front, experts pointed out that CXMT's process nodes are continuously being updated, with key performance indicators such as read/write speeds showing significant improvement compared to last year. Mass production of HBM3 and HBM3E is a clear goal for CXMT in 2026.