【汇正研究】汇正财经杨首骏：未来半导体行业投资中将出现更多确定性机会

Core Insights - The semiconductor industry is experiencing a true ecological synergy with AI, driven by technological advancements, which presents more certain investment opportunities in the future [1][2][3] Group 1: Investment Opportunities - The National Industry Fund's third phase has just entered the market about a year ago, indicating that more certain investment opportunities may arise in the semiconductor sector [1][2] - Recent years have seen significant opportunities in specific segments such as optical modules and liquid cooling, although their market performances have diverged [1][2] - Liquid cooling is expected to have a larger future market potential due to increasing demand in data center construction, as highlighted by NVIDIA's CEO [2] Group 2: Market Dynamics - The semiconductor sector is influenced by emotional market sentiments, especially under international circumstances, leading to significant market fluctuations [3] - The explosion of the AI industry has attracted substantial capital to both secondary and primary markets, resulting in a large increase in market metrics like price and market capitalization [3] - The actual development of the industry may not keep pace with market enthusiasm, suggesting that investors should focus on specific segments with greater growth potential [3]