This year, the two giants of A-shares are coming! YMTC and CXMT are both domestic storage chip "twin giants" established in 2016, and are expected to undergo IPOs in the second half of 2026, making them one of the most anticipated projects for listing in the second half of the year. Yangtze Memory Corporation (YMTC) is a leading domestic NAND flash storage enterprise, specializing in the field of data storage. Its core products include SSD solid-state drives, USB drives, etc. Its characteristic is that it does not lose data during power outages, such as "data warehouses/computer hard drives". Mass production of 3D NAND with 232 or more layers has been achieved, using Xstacking ® Core technology, ranked among the top five globally, with a market share of approximately 11%. In Q1 2026, the estimated valuation is about 160 billion yuan, with revenue exceeding 20 billion yuan, doubling year-on-year growth. Currently in the IPO counseling stage. Changxin Memory (CXMT) is a representative enterprise of DRAM memory in China, specializing in the field of data operation. Its core products are DDR and LPDDR memory, which are characterized by high-speed computing but power failure reset, like "data desktop/running memory". We have surpassed DDR5+LPDDR5 technology and ranked fourth globally, with a market share of approximately 7.67%. In Q1 2026, the revenue was 50.8 billion yuan, with a daily profit of about 360 million yuan (expected net profit of 50-57 billion yuan in the first half of the year). The IPO has entered the inquiry stage and is regarded by the market as the "next trillion yuan market value potential stock". Core comparison between the two: Changjiang Storage focuses on long-term data storage (hard disk class), while Changxin Storage focuses on high-speed data operation (memory class). The two complement each other and jointly solve China's autonomous and controllable problems in the two core areas of storage chips and operational memory. One sentence summary: Changjiang Storage=Data Storage (Hard Disk), Changxin Storage=Data Operation (Memory). Compared with international giants Samsung and Hynix, the global storage market is still dominated by the three giants Samsung, SK Hynix (plus Micron). Samsung is the dominant player in both NAND and DRAM, with DRAM accounting for about 36% of the market and NAND accounting for about 37%. Its technology is the most advanced, with NAND moving towards 400 layers; SK Hynix is the world's top player in the HBM (AI high bandwidth memory) field, with a market share of over 50% and a DRAM market share of approximately 32%. Changjiang Storage has caught up with the top five in the NAND field globally, with a market share of 11%. Its technology layers are competitive, but there is still a gap in process yield and high-end production capacity compared to Samsung. Changxin Storage ranks fourth in the DRAM field with a market share of 7.67%, entering the DDR5 era. However, it lags behind 2-3 generations in high-end HBM and process nodes, mainly occupying the mid to low end market. Overall, the two domestic giants have achieved a breakthrough from "0 to 1", with significant substitution effects in China, benefiting from policy and supply chain security advantages. But compared to Samsung and Hynix, it is still in the catching up stage. In the future, expanding production through IPO financing is expected to accelerate the narrowing of the gap.