嘉实基金陈俊杰：半导体行业有望迎来“周期+成长”时刻

Group 1 - The core viewpoint is that the development of artificial intelligence (AI) overseas is forming a commercial closed loop along the path of "models, data, applications," transitioning from effective breakthroughs in single fields to comprehensive development across multiple sectors, leading to significant efficiency improvements in various industries [1] - The focus on computing power is highlighted as a key growth area, with two core transitions to understand: the shift from model training to inference applications, and the transition from capital expenditure (Capex) to operational expenditure (Opex), which are crucial for hardware stocks to break traditional valuation limits [1] - The traditional semiconductor cycle is experiencing fluctuations in inventory cycles, gradually penetrating various segments of the industry, suggesting that the semiconductor sector is entering a phase of cyclical recovery and growth attributes that mutually reinforce each other [1]