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Changxin Technology's opening today has indeed awakened the entire A-share market. The issue price was 8.66 yuan, and the opening price directly surged to around 49.5 yuan, with an increase of over 470%, and the opening market value once reached 3.3 trillion yuan. Many people's first reaction is: Is that too much? Why did a storage company soar to the top tier of A-share market value as soon as it went public? My understanding is that there are three layers of logic. The first level is the new stock sentiment. Changxin itself is a leading domestic DRAM player and a scarce target on the Science and Technology Innovation Board, making it easy for the market to offer high premiums. There were no such pure DRAM manufacturing companies in the A-share market before, and there were not many options for funds to buy "domestic storage main lines". So the first-day surge is partly due to fundamentals, partly due to scarcity and emotional premiums. second layer is an industrial location. Changxin is not an ordinary chip company, it is the storage track. AI servers cannot be separated from HBM, DRAM, and SSD. Mobile phones, PCs, cars, and data centers all rely on storage. In the past, the global DRAM landscape was mainly dominated by Samsung, SK Hynix, and Micron. Although Changxin's global market share is not yet high, it represents that China has truly begun to have its own core player in the DRAM field. That's why the market is willing to give stories. Because what it buys is not how much money it earns this year, but whether China's storage industry can continue to rise in the future. The third level is performance explosion. The storage period is different. In the past, the market focused on storage, and more on mobile phones, PCs, and consumer electronics. Now there's a big variable: AI. AI training, inference, and data center expansion are all driving up memory and storage requirements. Changxin's significant growth in revenue and profit this year is essentially a step into this round of storage prosperity. But the brothers also need to be calm. The opening ma