cxmt

China's largest DRAM manufacturer Changxin Storage (CXMT) has recently launched a bidding for equipment from partners for its new factory in Shanghai and is advancing capacity expansion in multiple locations. CXMT is currently mass-producing DRAM in Hefei Phase II and Beijing Phase I, with an estimated capacity of about 200,000 wafers per month, which may exceed 300,000 wafers per month by the end of the year.CXMT plans to open the new factory in Shanghai in the fourth quarter of this year, and the related equipment bidding has already started. Semiconductor equipment industry insiders say that the factory is planned to be expanded in two phases, with capacity significantly exceeding 100,000 wafers per month. Subsequently, there are plans to open a new factory in Hefei in the first half of next year and the earliest new factory in Beijing in the second half of next year, with another new factory in Hefei opening in the first half of the year after next.Equipment industry insiders say that CXMT has communicated with multiple parties regarding the timing of building factories in various locations. If all plans are realized, CXMT could add at least 70,000 to 80,000 wafers of capacity per month each year from this year until 2028, with a long-term goal of exceeding 600,000 wafers per month. Samsung Electronics and SK Hynix's DRAM capacities are estimated at about 700,000 wafers and 600,000 wafers per month, respectively.

Researcher Schulz_Research stated that China's storage advancement is no longer a story of a single company, but rather a division of labor among three companies: CXMT is responsible for DRAM wafers, YMTC is responsible for NAND and has added DRAM in its latest factory, and the foundry controlled by YMTC, XMC, is responsible for stacking products from both. This division corresponds to the rules set by Beijing since late December last year, which state that new factory approvals must show that at least half of the equipment is domestically sourced, with exemptions only granted when there are no domestic options available. YMTC's Wuhan Phase III is the first advanced storage project to pass this rule and is set to begin production later this year.CXMT operates three 300mm DRAM factories, each producing about 100,000 wafers per month; models indicate it will reach 350,000 wafers by the end of 2026, and if all announced projects are completed, the total will exceed 600,000 wafers. YMTC's first two factories in Wuhan have a combined capacity of 200,000 wafers, with Phase III expected to reach 50,000 wafers by 2027 and full production of 100,000 wafers, along with plans to build two more factories of similar scale. XMC has two 12-inch factories, each with about 30,000 wafers, and an HBM packaging line producing about 3,000 wafers per month. China supplies about 10% of the global DRAM bits, with YMTC accounting for 14% of NAND bit shipments in the second quarter, and China consumes about 30% of global storage.CXMT has begun mass production of DDR5 and LPDDR5 and plans to start mass production of HBM3 this year, having already sent samples to domestic AI hardware developers. XMC has spent two years building HBM packaging based on hybrid bonding and YMTC's stacking IP, and is still advancing TSV technology.

According to on-chain analyst Yu Jin's monitoring, as Changxin Technology (CXMT) surged 5% to reach a market value of 4 trillion yuan, the largest short seller who shorted the day before Changxin's listing has incurred losses of up to 10.82 million dollars.This whale has held the position for a month, shorting 2.9 million shares of $CXMT at 6.5 dollars, which is now at 8.6 dollars. The price loss is 6.3 million dollars, and the funding fees already paid amount to 4.52 million dollars.

According to Gate data, Changxin Storage (CXMT) is currently priced at $8.256, with a 24-hour increase of 0.78%. According to CoinGlass data, Gate Changxin Storage (CXMT) has a position volume of $6.6283 million, ranking first among centralized exchanges.

Analysis indicates that China's major DRAM manufacturer CXMT's monthly wafer output has reached a peak of approximately 240,000 pieces by the end of 2025, and is expected to remain flat in 2026. Due to the tightening of U.S. export controls on advanced semiconductor equipment, especially EUV lithography machines, its capacity for expansion is limited, and substantial expansion will not occur until at least 2027, depending on the progress of the domestic equipment supply chain. According to Goldman Sachs data, CXMT's coverage of domestic DRAM demand is only about 41% in 2026 and about 50% in 2028, reflecting a structural bottleneck for many years.TrendForce data shows that traditional DRAM contract prices are expected to surge by 90%-95% quarter-on-quarter in the first quarter of 2026, followed by another increase of 58%-63% in the second quarter. Jefferies predicts that prices will continue to rise by 40%-50% and 30%-40% in the third and fourth quarters, respectively. The price increase for server DRAM is even steeper, with Samsung and SK Hynix proposing price hikes of 60%-70% to clients like Microsoft and Google in the first quarter. S&P Global expects Samsung's traditional DRAM revenue per bit to rise by 116% year-on-year to $0.79 in 2026, while Micron's ASP will increase by 54% to $1.06; Bernstein predicts that SK Hynix's DRAM gross margin could reach 92.7% in the fourth quarter of 2026.Multiple forecasts suggest that effective supply relief may not occur until the end of 2027 or even 2028.

According to Hyperliquid News, a whale has maintained its position for 24 days since opening on July 26, with its CXMT holdings increasing from 2.3909 million to 2.9006 million, valued at approximately 24.52 million USD.Currently, the unrealized profit and loss for this position is 5.65 million USD, with approximately 4.044 million USD paid in funding fees. This wallet holds 37.2% of the open contracts for this trading pair, and it is still far from liquidation.

According to the official announcement, Bitget's stock perpetual contracts have been launched for CXMT (Changxin Storage). The contract is settled in USDT, supports up to 20 times leverage, and allows trading 24/7. So far, Bitget supports a total of 273 stock perpetual contract underlying assets.

According to monitoring by Hyperinsight, the current hourly funding rate for Changxin has dropped to -0.2430%. A negative rate means that shorts pay longs; based on the current rate, the simple annualized return is approximately 2129%.Calculating with a position of $10,000, shorts need to pay about $24.3 per hour, while longs receive an equivalent income; if the rate is maintained for 24 hours, the corresponding funding fee is about $583.3.The largest long position starting with 0x9a8 is the main beneficiary of this round of negative rates. Records show that since the morning of July 15, it has completed 183 funding fee settlements for CXMT, with a cumulative net income of about $991,400, achieving a return rate of about 45.9% on the initial capital.This whale currently holds a leveraged long position of 1,633,200 CXMT at 5 times, with a position value of about $12,742,000 and an average entry price of $6.6156. CXMT is currently priced at $7.80, with an unrealized profit of about $1,938,000 (89.7%), and the liquidation price is only $0.507.Based on the current position and a static rate of -0.2430%, this whale can earn about $31,000 in funding fees in the next hour; if maintained for 24 hours, this corresponds to about $743,000.This whale currently still has 7 buy orders not labeled as "only reducing positions" between $6.01 and $6.41, planning to continue buying 98,000 CXMT, with a nominal amount of about $609,000, and has not chosen to cash out the existing long position.

According to the official announcement, Websea has officially launched the perpetual contract trading related to Changxin Technology in the Tradfi section today at 18:00 (UTC+8). As a digital asset trading platform for global users, Websea continues to enrich the selection of popular market targets and derivative trading options.This launch will provide users who are interested in the domestic storage chip sector and related market trends with a more flexible two-way trading entry. In the future, Websea will also continue to pay attention to global hot asset dynamics and continuously expand more high-quality trading targets to meet users' diversified trading needs.

According to the official announcement, Gate ETF will launch the trading pairs CXMT3L/USDT (buying means 3 times long on Changxin Storage), CXMT3S/USDT (buying means 3 times short on Changxin Storage), MSFT3L/USDT (buying means 3 times long on Microsoft), and MSFT3S/USDT (buying means 3 times short on Microsoft) on July 28 at 15:00 (UTC+8). Gate ETF currently supports trading of 378 types of tokens.In addition, Gate ETF will hold an ETF new trading challenge from July 28 at 15:00 to August 6 at 15:00 (UTC+8). Users participating in CXMT3L/3S and MSFT3L/3S trading can share a reward of 60,000 USDT. Daily trading volume of ≥1,000 USDT can randomly receive 20--100 USDT, with a maximum cumulative reward of 1,000 USDT; if the total trading volume reaches ≥10,000 USDT, users can also share a reward of 30,000 USDT based on their trading volume proportion, with a maximum of 200 USDT per person. Additionally, inviting friends to participate in trading can win a blind box reward of up to 500 USDT.

According to the official page, Gate has launched the CXMTUSDT perpetual contract, supporting 1-50 times leverage, providing global users with trading tools related to Changxin Storage (CXMT). This contract references the price of Changxin Storage-related stock assets, allowing investors to participate in related market trading through the digital asset trading platform.It is reported that Changxin Storage has today listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with the opening price surging over 470% at one point. As the listing process of domestic semiconductor leading enterprises advances, market attention towards related assets continues to rise.In addition, Gate will launch the CXMT (Changxin Storage) contract hot coin airdrop event from July 27 at 11:00 to August 5 at 11:00 (UTC+8), with a total prize pool of 50,000 USDT. The event features triple benefits, with a maximum of 240 USDT available for a single participant.

According to monitoring by Lookonchain, due to the sudden surge in CXMT prices, trader 0x517b's short position of 272,505 CXMT (1.8 million USD) was completely liquidated, resulting in a loss of 249,000 USD.

The wallet completed the deposit in two transactions, amounting to 8 million USDC and 2 million USDC, respectively. Currently, the address holds 2.128 million CXMT short positions, valued at approximately 13.1 million dollars, with an unrealized profit of about 618,000 dollars.The historical cumulative profit and loss for this address is +792,800 dollars.

According to on-chain analyst @ai_9684xtpa's monitoring, the largest short address for Changxin Storage (CXMT) is still increasing its position. Two hours ago, this address added 2 million USDC in margin to Hyperliquid and continued to place limit sell orders through TWAP.Currently, this address holds a 1x leveraged short position of 2.072 million CXMT, with a nominal value of approximately 12.78 million USD, an average opening price of 6.4434 USD, and an unrealized profit of about 563,000 USD. In addition, there are still 435,677.8 CXMT limit sell orders at 6.11 USD that have not been executed, with a total value of approximately 2.66 million USD.

According to monitoring by Onchain Lens, a smart trading wallet with a size of approximately 15 million USD deposited 5 million USD into Hyperliquid today, and then opened a short position of 634,000 CXMT, valued at approximately 432,000 USD.Data shows that this address is positioning itself for a bearish trade on CXMT.

According to monitoring by Hyperliquid News, a new wallet previously held a short position in CXMT worth 3.8 million dollars, and has now reduced its position to 44,168 CXMT, approximately 300,000 dollars, closing most trades and making a profit of 197,800 dollars.Its current largest position is a long position worth 3.25 million dollars, with an unrealized loss of 123,000 dollars. The wallet's first on-chain transaction date was June 5, and it has deposited 30 million dollars into HyperCore, with multiple buy orders placed below the current price to accumulate more CXMT.

According to on-chain analysis platform Lookonchain, a newly created wallet address deposited $10 million USDC into Hyperliquid and then established a short position on CXMT, with the specific holdings as follows:• Opened position: 1x short of 514,357 CXMT, valued at approximately $3.8 million • Pending order for additional position: limit short order of 490,000 CXMT (approximately $4.17 million), with the trigger price range set between $8 and $9.

According to on-chain analyst Onchain Lens (@OnchainLens), wallet address 0xf29 deposited 5 million USDC into Hyperliquid and placed a TWAP order to open a $CXMT short position with 1x leverage, which is currently increasing.

On the X platform, on-chain analyst Ai Yi stated that there is a buy order for Changxin Storage (CXMT) of 6.824 million dollars at the 6 dollar position on the Hyperliquid order book.At the current price of 6 dollars, the market value of Changxin Storage is approximately 2.72 trillion RMB, totaling 66.88 billion shares, surpassing the current market value leader, Industrial and Commercial Bank of China, at 2.66 trillion RMB.