Memory chip concept stocks are leading the market decline. As of press time, Montage Technology (06809) dropped 7.76% to trade at HK$306.8, while Gigadevice (03986) fell 5.28% to HK$538.

On the news front, on July 27, CXMT (Changxin Memory Technologies) officially debuted on the STAR Market (科创板). As of midday trading, the stock's half-day turnover reached a staggering RMB 122.103 billion, ranking first among all A-shares. This makes it the first individual A-share stock to achieve a single-day turnover exceeding RMB 100 billion.

According to data from Omdia, CXMT now ranks first in China and fourth globally by both shipment volume and sales revenue, and is accelerating its entry into the camp of global mainstream manufacturers. The successful listing of CXMT signifies that the Chinese market finally has a genuine pure-play memory player.

However, some market voices are concerned that CXMT's listing could create a short-term "siphoning effect" on liquidity within the AI sector. Guotai Junan Securities believes that the memory industry has transformed from a beneficiary of AI computing power investment into a key bottleneck constraining AI infrastructure. The structural shortage driven by AI demand runs through the entire supply chain, and the supply-demand gap continues to deepen.

On the pricing front, the slowdown in the growth of contract prices in the third quarter of 2026 is not a signal of a cyclical peak. The broker expects the upward pricing trend to extend into 2027. Long-term agreements are not meant to cap the upside for price increases, but rather to make the price trend more predictable, trading short-term price elasticity for long-term visibility in profitability and cash flow.