According to BlockBeats, on July 19, market analyst Noname published an article refuting the current "bottom has been reached" argument, believing that it is too early to judge the bottom. He argued that the current sideways consolidation is essentially a sign of indecision, and that "indecision at this level usually leads to a downward breakout before an upward move."

Analysts have provided a clear path forecast for the second half of 2026: July will be a "false stability" and a short-selling trap rebound, with fluctuations clearing out weak positions; the real decline will begin in August, with the first test of the $50,000 area; September will continue the pressure, and a W-shaped bottom structure will begin to form; October will be the real bottom and accumulation area, at which time participation strategies will turn aggressive; November will see initial signs of recovery, with prices starting to rebound from the bottom; and December will see the possibility of returning to $100,000 for the first time since the start of the bear market.

Analysts emphasize that a final round of selling is still underway, but most people are unwilling to believe it. "Don't let the sideways movement fool you." From a cyclical perspective, the decline since the June high represents a complete liquidation of three years' gains. Previous bear markets have all ended with corrections of over 80%, and current prices are about 50% below historical highs. If history repeats itself, even lower targets should be expected. Analysts predict the final bottom will not be delayed until the fourth quarter; this round will be completed in the third quarter. Oversold conditions with increased trading volume may be observed between August and September, followed by a breakout in the fourth quarter. A return to $100,000 by the end of the year will be the minimum rebound target needed for the bulls to repair structural damage.

According to Beating's monitoring, Kimi has announced a suspension of new individual user subscriptions effective immediately. Following the release of the Kimi K3, request volume in the past 48 hours has significantly exceeded expectations, pushing the existing computing cluster to its limits.

Existing membership benefits will remain unaffected. Kimi will prioritize allocating current computing power to existing subscribers and accelerate capacity expansion. Once new computing power is available, membership slots will be gradually released.

Kimi will also adjust its membership system. New users will need to purchase Kimi main product benefits and Kimi Code benefits separately.

According to BlockBeats, on July 19th, Changxin Memory Technologies (CXMT), a leading Chinese domestic memory chip manufacturer, plans to officially list on the Shanghai Stock Exchange's STAR Market on July 27th, 2026, with an initial market capitalization of approximately 580 billion yuan. Changxin is expected to challenge for the title of the world's third-largest DRAM supplier . The following is a summary of current predictions for its post-listing market capitalization performance:

A recent research report from UBS suggests that the DRAM industry will be in short supply until at least the second quarter of 2028. This continued positive outlook provides key support for market expectations that Changxin Technology will achieve a valuation of trillions of yuan or even higher.

Zhang Xiaorong, Dean of the Deep Technology Research Institute, said that assuming Changxin's net profit this year is around 100 billion yuan, a reasonable PE ratio of 20-25 times, coupled with the driving force of the industry, it is highly likely that it can reach a market value of trillions after listing.

CNBC technology analyst Daniel Haylor's view: Changxin Memory is well-positioned, especially to benefit from the huge shortage in the mobile memory market; the world's three largest memory giants are shifting a large amount of capacity to the higher-margin HBM field, which will further squeeze the supply of general-purpose DRAM. As China's leading DRAM manufacturer, Changxin is expected to achieve significant growth and valuation revaluation in this structural opportunity.

Wang Jiyue, a senior investment banker, predicts that Changxin Technology's valuation will reach 2 trillion to 3 trillion yuan after its listing. Compared with Hynix , Samsung Electronics and Hynix currently have P/E ratios (TTM) of 21.7 and 21.3 times, respectively.

A research report by CITIC Securities predicts that the supply shortage of storage will continue until at least 2027, with price increases expected throughout 2026. This industry cycle logic reinforces institutions' optimistic assessment of Changxin Technology's post-IPO valuation of 2 trillion to 3 trillion yuan.

Reuters' view: Its market capitalization is expected to exceed 3 trillion yuan (about US$443 billion), and may even reach 5 trillion yuan driven by the AI upswing cycle and technological self-reliance.

Multiple Chinese securities firms unanimously predict that Changxin Technology's market capitalization is expected to reach 2 trillion to 3 trillion yuan after its listing. The core support includes the long-term demand for DRAM/HBM for AI computing power, the unique DRAM production capacity platform in China, the support of the National Integrated Circuit Industry Investment Fund, and the logic of domestic substitution. Some calculations show that the reasonable opening range is 2 trillion to 2.5 trillion yuan.

Financial Times analysts expect Changxin Technology's valuation to soar to as high as 3 trillion yuan , mainly benefiting from the AI-driven surge in demand for memory chips and the company's rapid expansion in the global DRAM market share. International analysts are optimistic about the company's growth story and structural opportunities.

Some optimistic institutions and some securities analysts in the electronics industry believe that, given the high prosperity and the scarcity premium of A-share semiconductors, Changxin Technology's market value is expected to break through 3 trillion yuan or even reach 4 trillion yuan at a stage peak, and may be even higher in extreme scenarios. This view is based on the expectation of high net profit in 2026 and the valuation logic of growth stocks benchmarked against international giants.

According to professional market research data from third-party institutions, in the medium to long term, under the long-term dividends brought by AI infrastructure, specific scenarios include assuming revenue of close to or exceeding 100 billion yuan and net profit of 10 billion to 15 billion yuan in 2026-2027. Based on a high-growth price-to-earnings ratio of 50-100 times, the secondary market may give a monopolistic leading company a valuation, and the long-term stable market value is likely to fall in the range of 1.6 trillion to 2.2 trillion yuan.