[Bank of America first gave Changxin Technology a "buy" rating and target price of 65 yuan, expected to benefit from the DRAM super cycle] On October 28, Bank of America Securities issued a research report, covering Changxin Technology for the first time and giving it a "buy" rating. Since the company is in the stage of rapid expansion of production capacity, based on a forecasted price-earnings ratio of 16 times for the next two years (higher than the international memory chip industry, which is generally between 8 and 10 times), the target price is 65 yuan. The bank pointed out that Changxin Technology is China’s key choice for memory and artificial intelligence and can provide investors with good market opportunities during the DRAM super cycle. It is currently trading at a forecast price-earnings ratio of 11 times for the next two years, with an attractive valuation. Domestic semiconductor peers are currently trading at a forecast price-earnings ratio of about 40 times. The bank pointed out that Changxin Technology is China's largest DRAM manufacturer and ranks fourth in global production capacity, second only to Samsung and SK Hynix. It is optimistic about the company's profitability performance, ushering in the memory super cycle, and long-term growth opportunities for local Chinese customers, especially in the AI/data center field. The bank expects that most of Changxin Technology's DRAM will be purchased by local OEMs/very large cloud operators. Next year, the average selling price of DRAM is expected to increase by 9%, followed by a mild decline. The company's monthly wafer production capacity will reach approximately 300,000 pieces by the end of this year, accounting for approximately 15% of global supply.