Cambricon(SH:688256) 3 6 Ke·2025-09-19 08:31Core Insights - The 2025 36Kr Industry Future Conference was held in Xiamen, China, focusing on national strategic guidance and industry development, particularly in five key sectors: artificial intelligence, low-altitude economy, advanced manufacturing, new energy, and large consumption [1] - The conference emphasized the importance of collaboration among government, capital, and industry to address pain points and bottlenecks in industrial development [1] Group 1: Investment Institutions and Strategies - Longding Investment focuses on the semiconductor industry and is expanding into new energy and automotive electronics, emphasizing deep collaboration among its investments [5] - Huaying Capital has evolved from digital content to a comprehensive fund focusing on technology and consumption upgrades, managing approximately 12 billion [6] - Shunchuang Investment, a state-owned enterprise, targets high-end manufacturing and smart equipment, aligning with the strategic industries of Shunyi District [6] - Hechuang Capital specializes in early-stage hard technology investments, maintaining a stable investment frequency and focusing on the impact of economic and technological cycles [6] - Shengyu Investment has a strong focus on hard technology, particularly in semiconductors and innovative medical devices, adopting a "deep vertical" investment strategy [7] Group 2: Domestic Substitution and Market Trends - The discussion highlighted the progress of domestic substitution in the semiconductor industry, with companies like "New Kailai" exemplifying breakthroughs in high-end semiconductor manufacturing [8][9] - The domestic substitution rate in the semiconductor industry has increased from 10% in 2018 to an expected 26% in 2023, with significant improvements in specific sectors like DRAM and semiconductor equipment [14][15] - The challenges of domestic substitution include overcoming technological barriers and establishing a supportive ecosystem for new entrants [29][30] Group 3: Future Outlook and Recommendations - Investment institutions emphasize the need for differentiation and innovation in products to compete internationally, rather than relying on price competition [33] - The importance of breaking down barriers between industries and integrating various technologies to create globally competitive products is highlighted [34] - Companies are encouraged to focus on their unique strengths and develop specialized products to secure a stronger position in the industry [34]