On May 27, ChangXin Technology, a frontrunner among China’s domestic memory enterprises, successfully navigated the IPO review process on the STAR Market, with ambitions to raise 29.5 billion yuan—a record-breaking sum for fundraising on this platform. The scene at its Hefei factory is bustling, with construction vehicles in constant motion, amidst a densely packed cluster of semiconductor industry chain enterprises. Presently, the memory industry is experiencing a super cycle, characterized by an inversion in profit margins for memory products. Notably, the profit margins of general-purpose DDR products have surged past those of high-end HBM offerings. Micron Technology, a key player in the field, has already restarted DDR4 memory production. Memory is increasingly recognized as a cornerstone of AI computing infrastructure, prompting foreign institutions to reevaluate international memory giants through the lens of growth stock criteria. This shift could potentially trigger a reconfiguration of valuation logic within the industry.