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Changxin's stock price rose 466% on its first day of listing, and WeChat Moments were full of screenshots. At the same time, SK Hynix released its Q2 financial report—revenue hit a record high, and they said DRAM supply tightness will continue until 2028. Putting these two things together is interesting. On one side, the banner of China's memory chips has finally gone public, securing 295 billion RMB in ammunition. On the other side, the Koreans are telling you: sorry, DRAM will still be insufficient for the next three years. CXMT currently accounts for about 5% of global DRAM capacity, mainly producing DDR4 and LPDDR4. But the market is moving towards DDR5 and HBM3E—these two categories have gross margins two to three times that of DDR4. SK Hynix's Q2 HBM revenue increased nearly 200% year-over-year, and Micron has just doubled its HBM capacity plans. CXMT's 295 billion will mainly be invested in advanced process technology and HBM production lines. But memory chips are not something you can catch up on just by having money—equipment embargoes, talent shortages, and yield ramp-up, every hurdle is tough. In the short term, the stock price has a concept premium; in the mid to long term, it depends on whether HBM can be shipped. The real validation point is in 2027—whether it can enter Nvidia's supply chain. Next, watch CXMT's R&D expenditure ratio and capital expenditure direction in the next financial report. SK Hynix's supply tightness warning is both a ceiling and a floor for CXMT—if it can't catch up, it will be locked in the low end; if it catches up, it will be the world's fourth largest player.