The accelerated IPOs of Changxin Technology and Yangtze Memory Technologies have pushed the heat of domestic semiconductor equipment to a new peak. On May 21, several leading equipment companies surged at the opening, with Northern Huachuang briefly hitting the limit up, while companies like Zhongwei, Chipone, Tuojing Technology, and Changchuan Technology saw their stocks rise over 6% to reach new highs, but they all fell back as lunchtime approached.
In terms of ETFs, the Semiconductor Equipment ETF from China Merchants (561980) once rose over 4%, hitting a new high for the 19th time this year during intraday trading. As of 11:05, the increase fell back to 1.43%, with the daily K-line aiming for five consecutive positive days.
It is noteworthy that this ETF saw a significant net inflow of over 100 million in the previous trading day, with the fund size reaching a new high since its listing. Data shows that this ETF tracks the CSI Semiconductor Index, with the top ten weights including Northern Huachuang and Zhongwei accounting for a total of 28%, Cambrian and Haiguang Information together accounting for 15%, and SMIC accounting for 5%. Compared to a single equipment index, it has additionally allocated 20% to CPU/GPU and advanced process manufacturing, which is expected to capture more opportunities for industry chain explosions.
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Data source: CSI Index official website, as of May 20
1. What do the listings of Changxin and Yangtze Memory mean?
The main catalyst for the recent sector surge comes from the accelerated IPO processes of the two domestic storage giants, Changxin Technology and Yangtze Memory Technologies.
On May 20, according to the Shanghai Stock Exchange website, Changxin Technology's Sci-Tech Innovation Board IPO will be reviewed on May 27, next Wednesday, with plans to raise 29.5 billion yuan. According to Guosheng Securities, Changxin is currently the largest DRAM manufacturer in China and the fourth largest in the world, and after its listing, it is expected to become the second largest IPO project in terms of fundraising since the Sci-Tech Innovation Board was established, with a high probability of being listed in the second half of the year.
As global cloud service tech giants invest heavily in the construction of artificial intelligence data centers, the high demand for DRAM is driving rapid growth in Changxin's revenue and net profit. It is expected that in the first half of 2026, the company will achieve operating revenue of 110-120 billion yuan, a year-on-year increase of 612.53%-677.31%; and a net profit attributable to the parent company of 50-57 billion yuan, a year-on-year increase of 2244.03%-2544.19%.
According to Changxin's prospectus, the company's capacity utilization rates for 2023/2024/2025 are as high as 87.06%/92.46%/95.73%, showing a steady upward trend. Therefore, many institutions in the industry expect that after Changxin's IPO fundraising, a new round of expansion cycle is likely to begin, which will directly provide solid order support for upstream equipment and materials.
In addition, according to the official website of the China Securities Regulatory Commission, Yangtze Memory Technologies also completed its IPO counseling filing this week. Dongguan Securities pointed out that as the only 3D NAND chip manufacturer in China, Yangtze Memory currently holds about 8% of the global NAND Flash market share, with significant room for expansion compared to overseas giants
China Merchants Securities believes that considering the resumption of the IPO review for Changxin Technology, the continuous improvement in profits and cash flow, and the production capacity will boost equipment demand and market space. Currently, Changxin's single DRAM production line investment exceeds USD 10 billion, and with the upgrade of the manufacturing process, equipment investment is expected to further increase, which will drive a continuous rise in equipment opening support. The acceleration of capacity expansion is expected to promote continuous breakthroughs in domestic equipment technology levels, and the localization rate will continue to improve, with a clear growth trend in orders for advanced packaging equipment in both front-end and back-end processes.
II. [High Position Risks in Semiconductor Equipment, Which Sectors Are Likely to Resonance?]
Although domestic semiconductor equipment has strong beta + localization + solid fundamental support from broad demand, considering that leading manufacturers such as Northern Huachuang, Zhongwei Company, and TuoJing Technology have high stock prices, there may be certain volatility risks in the sector going forward.
Funding data shows that in the previous trading day, the semiconductor equipment ETF from China Merchants (561980) experienced a significant net inflow of over 100 million yuan, possibly related to its index layout.
The ETF's underlying index, the CSI Semiconductor Equipment Index, has about 80% exposure to &#34;equipment + materials,&#34; and also includes leading CPU/GPU and wafer manufacturing companies such as Cambricon, Haiguang Information, and SMIC, which together account for nearly 20%, benefiting simultaneously from the threefold support of autonomy, computing power explosion, and storage expansion.
Guojin Securities points out that as large models evolve from Chatbot to Agent, the focus of computational load is shifting. The deployment ratio of AI data center CPU/GPU is gradually evolving from the traditional HGX era of 1:4, 1:8 to 1:2, 1:1, or even higher. The rigid demand for CPUs by Agents is bringing CPUs back to a core position. This institution believes that with the explosion of CPU demand brought by Agentic AI and the deepening trend of autonomy, domestic CPUs are expected to welcome large-scale replacement and a reassessment of their industrial status.
At the same time, overnight, NVIDIA announced its first-quarter results, with revenue and profit exceeding expectations. The quarterly revenue from its data center business reached USD 75.2 billion, nearly doubling year-on-year, and the outlook for the second quarter is better than expected, indicating high demand and growth expectations for computing power chips.
The semiconductor equipment ETF from China Merchants (561980) comprehensively lays out core beneficiaries of AI, including equipment, materials, CPU/GPU, and advanced process upgrades, showing more significant high elasticity characteristics compared to similar indices. Data shows that since 2020, it has accumulated a rise of over 447%, ranking first among similar indices in the fields of innovative chips and semiconductor materials and equipment

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Changxin Technology and Yangtze Memory Technologies' accelerated IPOs are driving up the enthusiasm for domestic semiconductor equipment. Several leading equipment stocks rose at the opening but then retreated. Changxin Technology plans to raise 29.5 billion yuan and is expected to become the second-largest IPO project on the STAR Market, with significant growth in future revenue and net profit. This ETF has also attracted a large inflow of funds, indicating market confidence in the semiconductor industry

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Multiple stocks retreat? Institutions: Changxin's IPO fundraising initiates a new round of expansion, with a clear upward trend in semiconductor equipment orders