工银瑞信量化投资部基金经理史宝珖：科技投资应该密切关注国家力量在某些行业占据的地位

Group 1 - The 2025 Fund High-Quality Development Conference was held in Shenzhen, focusing on new paths for the high-quality development of the fund industry [1] - The conference gathered top experts from academia, leading figures from public and private equity funds, brokerage leaders, and chief economists to discuss industry trends [1] Group 2 - The semiconductor industry is viewed as a cyclical commodity, and its investment timing is crucial, depending on whether the focus is on short-term or long-term cycles [4] - The domestic substitution rate for semiconductors has increased significantly from approximately 5% in 2018 to 35% by the end of 2024, indicating rapid progress in the industry [5] - The importance of state-owned enterprises and government support in the semiconductor sector is emphasized, as they play a critical role in overcoming technological challenges and fostering industry growth [6] Group 3 - The technology sector faces cyclical risks, similar to other industries, and investors should be aware of supply and demand cycles when making investment decisions [7]