资管一线 | 弘毅远方基金王哲宇：半导体与国产算力产业已进入爆发窗口期

Core Viewpoint - The A-share technology sector is experiencing significant volatility, characterized by "high-low switching" and "rapid rotation," raising questions about its ability to break out of this pattern and continue structural opportunities [1] Group 1: Market Trends - The technology sector's recent performance has been marked by fluctuations, with a focus on the automotive industry's semiconductor and domestic computing sectors as key areas for future growth [1][4] - The current market environment has led to a net value increase of over 48% for the automotive industry upgrade fund managed by Wang Zheyu as of September 16 [1] Group 2: Investment Strategy - Wang Zheyu emphasizes a "core + satellite" investment strategy, focusing on sectors with clear industrial logic and strong growth certainty while exploring potential opportunities in niche markets [2] - The adjustment in investment focus from solely electric vehicles to include semiconductor autonomy and computing upgrades reflects a deep understanding of industry phases [3] Group 3: Sector Analysis - The semiconductor and domestic computing sectors are seen as entering a critical phase of potential explosive growth, moving beyond mere speculation to a more mature industrial logic [3][4] - The evolution of the domestic semiconductor industry is compared to the breakthrough logic of the new energy vehicle sector around 2015, indicating a shift towards advanced processes and high-end applications [4] Group 4: Policy Support - There is a clear policy direction supporting self-sufficiency in technology, with resources being allocated to the semiconductor and computing sectors, enhancing growth certainty as policies are implemented [4] Group 5: Market Outlook - The current market dynamics show a rotation among stocks, which may lay the groundwork for further upward movement in the technology sector [4] - Industry trends suggest that as the sector matures, there will be increased sensitivity to valuation, necessitating caution as the market approaches a supply-demand equilibrium [5][6]