南方基金郑晓曦：芯片产业成长逻辑有望逐步兑现

Core Viewpoint - The semiconductor sector has shown strong performance this year, particularly in memory chips, with significant gains in various sub-sectors. The investment framework established by the fund manager has led to impressive fund performance, with year-to-date returns of 53.5%, 48.29%, and 38.73% for specific funds managed by the company [1]. Group 1: Industry Performance and Outlook - The domestic semiconductor industry is accelerating its pursuit of self-sufficiency, with improvements in design capabilities and advanced manufacturing processes. A number of promising companies have emerged in areas such as AI computing chips and advanced semiconductor manufacturing equipment [2]. - The investment logic surrounding the continuous growth of the semiconductor industry is expected to gradually materialize, driven by increasing domestic production rates [7]. Group 2: Investment Strategy - The company focuses on five core dimensions when selecting investment targets: industry position and core competitiveness, growth potential and market space, innovation capability, financial profitability, and the management team's strategic determination [4]. - The ideal investment timing is during the growth phase of the industry cycle, where technological innovation and commercial implementation drive rapid market penetration and company share growth [3]. Group 3: Future Trends - The global semiconductor industry is expected to continue releasing new momentum through technological iterations, with advancements in manufacturing processes and power optimization. Innovations in packaging technologies are anticipated to overcome data transmission bottlenecks, while memory chips will see density improvements through 3D stacking [7]. - The demand for wafer fabrication expansion and the push for self-sufficiency in the supply chain are likely to drive growth in the semiconductor equipment and materials sectors, creating substantial investment opportunities [7].