存储头部兆易创新本月多次跌停，较高位回撤近60%

GigaDevice, a leading player in the storage chip sector, has hit the daily down-limit multiple times this month, with its share price slumping nearly 60% from its recent high.

【环球网财经综合报道】7月29日，截至午间收盘，存储芯片头部企业兆易创新（603986.SH）股票再度跌停，股价报351.57元/股，较6月30日高位已回撤近60%，总市值回落至2473亿元。该股自2025年以来股价一路走强，截至今年6月29日已涨近7倍。本月内兆易创新已5次收盘跌停。截至发稿，午后开盘，兆易创新跌停板打开，股价震荡回升。

【Huanqiu Finance Comprehensive Report】As of the midday close on July 29, GigaDevice (603986.SH), a leading storage chip firm, once again hit the daily down-limit. Its stock price stood at 351.57 yuan per share, retreating nearly 60% from its peak on June 30, with total market value falling to 247.3 billion yuan. The stock had been on a strong rally since 2025, surging nearly sevenfold by June 29 this year. GigaDevice has closed at the daily down-limit five times this month. As of press time, the stock lifted from its down-limit after the afternoon opening and rebounded amid fluctuations.

消息面上，长鑫科技7月27日正式挂牌上市，上市首日大涨465%，总市值居A股第一，而当天兆易创新一度触及跌停。长鑫科技的重磅登场，引发炒作“长鑫影子股”概念的资金切换。公开资料显示，两家公司的创始人均为朱一明。

On the news front, Changxin Technology made its official IPO debut on July 27, surging 465% on its first trading day and claiming the largest market capitalization among all A-share listed firms. On the same day, GigaDevice briefly touched the daily down-limit. Changxin Technology’s high-profile listing triggered capital rotation toward the “Changxin concept stocks” theme. Public information shows that both companies were founded by Zhu Yiming.

除“影子股”逻辑消退外，存储价格上行叙事也迎来挑战。摩根士丹利亚洲及欧洲科技研究主管Shawn Kim发布报告称，AI驱动的存储行业狂欢正接近拐点，内存合同价格预计将于第四季度见顶。市场对存储制造商盈利上调率已从92%的峰值回落至77%。SK海力士市净率回落至2.5倍，三星降至1.7倍。

Adding to the unwinding of the Changxin concept trade, the bull case for climbing memory prices is under pressure. Morgan Stanley’s Head of Asia and Europe Technology Research Shawn Kim said the AI-driven storage boom is approaching an inflection point, with memory contract prices set to peak in Q4. The share of upward earnings revisions for storage makers has eased from a 92% high to 77%. SK Hynix trades at 2.5 times book value and Samsung at 1.7 times.

不过，兆易创新上半年业绩依旧强劲，预计归母净利润约69亿元，同比增长约1099%。报告期内，存储芯片行业供给紧张，公司存储芯片产品量价齐升，存储业务盈利水平提升。微控制器产品受益于工业、消费及汽车等领域的需求拉动，出货规模亦实现较好增长。公司收入规模与盈利质量同步提升，带动整体经营业绩实现大幅增长。（由铮）

Still, GigaDevice posted strong H1 results, forecasting attributable net profit of about 6.9 billion yuan, up around 1099% year on year. Amid tight supply in the memory chip market, its memory products enjoyed volume and price upside, boosting storage-segment profitability. MCU shipments grew well on demand from industrial, consumer and automotive markets. Revenue and earnings quality improved in tandem, fuelling a substantial jump in overall performance.(by You Zheng)