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公募打新长鑫科技，浮盈超 500 亿

Mutual funds received over 10.8 billion yuan in offline allocation of Changxin Technology shares; the stock surged 465.8% on its first day, resulting in over 50 billion yuan in paper profit, with multiple funds gaining over 1% to 3%. 券 券商中国·

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Summary

The article reports that Changxin Technology listed on the STAR Market on July 27, closing its first day at 49 yuan per share, up 465.82%. According to Wind data, 5,507 products from 100 public fund management companies received offline allocations, totaling 1.251 billion shares worth 10.829 billion yuan. Based on that gain, the overall paper profit for public funds exceeded 50 billion yuan. Among them, E Fund's products received approximately 1.461 billion yuan in allocations, resulting in a paper profit of over 6.8 billion yuan; the Tianhong STAR Market Chip Design ETF Feeder Fund received 3.2588 million yuan, accounting for 0.7% of the fund's size and expected to contribute over 3% to returns. The article cites Jinxin Fund manager Kong Xuebing and Guotai AMC, stating that the listing of the memory leader will help with market structural repair and is bullish on upstream demand such as semiconductor equipment. The article does not provide specific investment advice, only stating facts and institutional views.

Main Points

* 1. Mutual funds received massive allocations, with paper profit exceeding 50 billion yuan.

Wind data shows 5,507 products from 100 public fund managers were allocated 1.251 billion shares, worth 10.829 billion yuan. Based on the first-day gain of 465.82%, paper profit exceeded 50 billion yuan.

* 2. E Fund received the largest allocation, with individual funds potentially contributing over 3% to returns.

E Fund's products were allocated about 1.461 billion yuan, with paper profit exceeding 6.8 billion yuan; the Tianhong STAR Market Chip Design ETF Feeder Fund received 3.2588 million yuan, accounting for 0.7% of the fund's size and expected to contribute over 3%.

* 3. Institutions are bullish on the semiconductor supply chain recovery driven by the memory leader's listing.

Jinxin fund manager Kong Xuebing believes the memory giant's listing alleviates funding concerns; Guotai AMC says Changxin Technology will drive upstream equipment and materials demand, becoming a key catalyst for the sector.

* 4. The article only states facts and institutional views, without giving specific investment advice.

After citing managers' remarks, no buy/sell operations were suggested, avoiding any appearance of stock tipping.

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裴利瑞 2026-07-28 07:23 广东

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券商中国微信公众号：quanshangcn

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备受市场关注的长鑫科技迎来上市“开门红”。7月27日，长鑫科技正式登陆科创板，截至收盘，上涨465.82%，报49元/股，按发行价8.66元/股、一签500股计算，投资者中一签可盈利20170元。

在长鑫科技上市首日大涨的背后，参与网下配售的公募基金成为重要受益者。从基金公司来看，获配金额最高的基金公司浮盈超过68亿元；从单只产品来看，长鑫科技预计将为24只基金带来超过1%的收益贡献，最高贡献或超过3%。

公募打新浮盈超500亿元

作为网下配售A类投资者的核心力量，公募基金在此次打新中收获颇丰。

Wind数据显示，全市场共有100家公募基金管理人（含具有公募牌照的券商资管）旗下5507只产品获得网下配售，合计获配数量达12.51亿股，获配金额达108.29亿元。如果按长鑫科技收盘涨幅465.82%计算，总浮盈将超500亿元。

从获配金额来看，69家公募获配金额超1000万元，更有18家公募跻身“亿元俱乐部”，其中，易方达基金以旗下产品合计获配约14.61亿元位居榜首；南方基金以约12.02亿元紧随其后；工银瑞信基金则以约10.12亿元位列第三。

获配金额最高的易方达基金，旗下共有4只社保基金组合、17只养老金产品、99只公募基金、190只企业年金入围，如果按长鑫科技收盘涨幅465.82%计算，总浮盈将超68亿元。

单只基金最高贡献超3%

具体到单只基金上，Wind显示，644只基金参与获配，其中单只最高获配42.18万股（金额365.26万元）；按收盘测算，首日合计浮盈超1700万元。

但由于基金规模不同，即使是同样的获配金额，不同基金打新长鑫科技的受益程度也并不一样。进一步按获配金额占基金规模的比例计算，长鑫科技上市首日465.82%的涨幅，预计将为24只基金带来超1%的收益贡献。

其中，天弘科创板芯片设计ETF联接基金获配37.63万股，获配金额325.88万元，占基金规模4.44亿元的0.7%，按此计算，长鑫科技上市首日465.82%的涨幅预计将为该基金带来超3%的收益贡献。

此外，易方达瑞财灵活配置混合、易方达鑫转添利混合、易方达瑞和灵活配置混合等基金预计也将在长鑫科技获得超1%的打新收益。

不过，上述测算主要基于基金二季度末规模，如果有大量资金借申购上述基金参与长鑫科技打新，可能会摊薄基金收益。比如，7月27日晚间公布的基金净值显示，天弘科创板芯片设计ETF联接A、易方达瑞财I分别仅上涨1.87%、1.05%。

机构看好科技板块修复

长鑫科技上市首日的强势表现，不仅为参与网下配售的公募基金带来可观浮盈，也进一步提振了市场对存储芯片及半导体产业链的关注度。

金信基金的基金经理孔学兵表示，存储大厂的平稳登陆，意味着近期困扰市场的资金面担忧和风格扰动告一段落。

“7月份以来，A股市场经历了较为明显的结构性调整和风格收敛，但站在当下，市场在经历本轮结构性风暴冲击之后，估值、流动性、交易拥挤度都得到了较为明显的释放和缓解，在科技大周期向上、AI高景气逻辑等并未出现系统性逆转背景下，部分业务成长路径清晰、成长天花板很高的优质科技成长型公司，上半年并没有受益于资金抱团行为出现估值膨胀，且在本轮市场调整中进一步出现估值压缩，在业务拓展能见度较高的基础上，当下市值水平体现出更为显著的投资性价比。”孔学兵表示。

国泰基金表示，作为国内存储龙头，长鑫科技上市后资本开支有望提速，或将持续拉动上游设备、材料需求，成为板块重要“催化剂”。当前全球AI算力扩张带动先进制程与存储双线扩产，全球晶圆设备市场增速持续上行，叠加国产替代红利，国内设备企业成长空间广阔。中长期AI产业趋势稳固，半导体设备作为算力建设核心环节，成长确定性突出。短期板块波动仍存，建议分批布局、把控节奏。

孔学兵预计，市场在该存储厂商上市后，有望逐步企稳回升，展开结构性修复，部分优秀的中小市值、低估值科技公司，在风偏和流动性回归中，有机会创造较为明显的结构性机会。

## ## 责编：杨喻程

排版：汪云鹏

校对：赵燕

## ## 百万用户都在看

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Key Quotes

> Since July, the A-share market has experienced notable structural adjustments and style convergence. However, after the recent structural shock, valuations, liquidity, and trading congestion have been significantly released and alleviated. Against the backdrop of an upward tech cycle and sustained AI high sentiment without systemic reversal, some quality tech growth companies with clear business paths and high growth ceilings have not benefited from capital crowding in the first half of the year and have seen further valuation compression during this correction. With high business expansion visibility, their current market valuations reflect even more significant investment cost-effectiveness.

> As a domestic memory leader, Changxin Technology's post-listing capital expenditure is expected to accelerate, potentially driving sustained upstream demand for equipment and materials, acting as a key catalyst for the sector. The global expansion of AI computing power is driving parallel capacity expansion in advanced process and memory, with the global wafer equipment market growth rate continuing to rise. Combined with the domestic substitution dividend, domestic equipment companies have ample growth space. The long-term AI industry trend is solid, and semiconductor equipment, as a core link in computing power construction, has clear growth certainty. Short-term sector volatility remains; it is recommended to allocate in batches and control the pace.

Tags

Mutual Fund

IPO Subscription

Changxin Technology

Paper Profit

Semiconductor

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