广发基金唐晓斌：算力驱动存储核心资产重估 差异化配置高景气主线

Core Viewpoint - The AI industry is compared to the internet and new energy as a long-term industrial wave, with 2023-2025 seen as a technological explosion period and 2026 potentially marking the "Darwin moment" for AI [1] Differentiated Allocation and Forward Positioning - The AI industry chain continues to show high prosperity, with storage and semiconductor equipment performing strongly, leading to a 35% annual return for the fund managed by the company, significantly outperforming the storage industry index [2] - The fund's success is attributed to a differentiated holding strategy that combines storage and semiconductor equipment, capturing excess returns beyond market performance [2][3] - The focus on storage includes mainstream storage modules and niche storage like NOR Flash, benefiting from price increases, while the semiconductor equipment segment covers critical areas such as front-end, back-end, testing, and packaging [2][3] Understanding the Industry Through Depth - The company emphasizes the importance of deep research and understanding of the industry to identify companies with strong Alpha, avoiding superficial diversification [4] - A robust information processing and decision-making mechanism is established to support in-depth research, including rapid reading of relevant meeting minutes and using AI tools for key insights [4][5] Outlook on Storage Super Cycle - The company anticipates a storage super cycle driven by AI demand and supply contraction, with significant growth opportunities for quality small and mid-cap stocks [6] - The demand for storage is expected to surge due to AI models, while supply is constrained due to previous losses in the storage sector, leading to a favorable pricing environment for products like DDR5 and HBM [6][7] - The domestic semiconductor chain is projected to reach a scale of 800 billion yuan by 2027, with a potential market value of 10 trillion yuan, indicating significant growth potential compared to overseas counterparts [7]