On May 18, the A-share market opened lower, surged, then retraced in early trading. The four major indices briefly turned positive collectively during the session. By the midday close, the Shanghai Composite Index was down 0.22%, the Shenzhen Component Index fell 0.31%, the ChiNext Index declined 0.5%, while the STAR Market Composite Index rose 1.09%. The combined half-day turnover for the Shanghai and Shenzhen markets was 19.3 trillion yuan, a reduction of 242 billion yuan compared to the previous trading day, with over 3,500 stocks declining across the market.
Specifically, the memory chip concept saw a strong rally. Tongyou Technology surged by the 20% daily limit. GIGADEVICE touched the daily limit, with its share price continuing to set a new historical high. The total market capitalization of its A+H shares once exceeded 290 billion yuan. Multiple stocks related to the ChangXin Memory concept surged significantly. Hefei Urban Construction, Hefei Department Store Group, and Shangfeng Cement hit the "one-word" daily limit, while Baicheng Co., Ltd. also rose by the daily limit. On the news front, ChangXin Technology has restarted its IPO. Its latest financial data shows the company achieved a historic breakthrough in its performance for the first quarter of 2026.
Oil and gas stocks strengthened during the session. Guizhou Gas closed at the daily limit, Tongyuan Petroleum rose over 10%, while Shouhua Gas and Keli Co., Ltd. gained nearly 10%. The CPO concept remained active, with Huagong Technology reversing to a daily limit and Huilv Ecology touching the daily limit.
On the downside, the sports industry collectively adjusted. China Sports Industry, Shuhua Sports, and Gongchuang Lawn fell by the daily limit. Today, Lianxun Instrument once surged over 16% during the session, with its share price surpassing that of Kweichow Moutai to become the A-share market's "new stock king." The stock is currently up over 15 times from its issue price.
Regarding the Hong Kong market, the Hang Seng Tech Index saw its losses widen to 2%. Automobile stocks generally declined, with Li Auto falling over 14%, Leapmotor dropping over 10%, NIO down over 4%, and BYD Company shares decreasing over 3%. The performance of the AI large model "twin giants" diverged, with Zhipu AI rising over 9% and MINIMAX down 0.38%.
Guosheng Securities believes that ChangXin's core products and process technology have currently reached internationally advanced levels, with its DDR5 products ramping up rapidly. By Q2 2025, the company's global DRAM market share had reached 3.97%. With the implementation of the projects funded by this IPO, production capacity will be further expanded. The company's capacity utilization rate has steadily increased since 2022, reaching 94.63% in H1 2025. On the supply chain front, the push for independent control shows a clear progression. The company will increase verification and procurement of domestic raw materials. Semiconductor equipment and core components, as prerequisites for capacity expansion, will directly benefit. In the long term, post-listing, the company is expected to accelerate capacity expansion. Related enterprises in the supply chain will gradually receive orders and realize their performance.