芯片禁令的反复之下，也正是芯片投资的黄金窗口期

Core Viewpoint - The potential approval of NVIDIA's H200 AI chip sales to China indicates a possible easing of the two-year high-end chip ban, reflecting the unstoppable rise of the domestic chip industry amidst fluctuating market conditions driven by technological competition and AI transformation [2][3]. Group 1: Market Dynamics - The H200 chip, released two years ago, is not NVIDIA's most advanced chip, and the previous allowance of a "crippled" H20 version has led Chinese customers to accelerate their shift towards domestic solutions [3]. - The back-and-forth nature of the chip ban has inadvertently allowed Chinese companies to gain ground in the AI chip market, creating a "window period" for domestic innovation [3][5]. - The global semiconductor supply chain is being reshaped by high-end computing demands, with major players like Samsung and SK Hynix shifting production towards HBM and DDR5 products, leading to significant price increases in NAND and DRAM [5][6]. Group 2: Investment Opportunities - The current chip cycle, combined with breakthroughs in domestic technology, presents a unique opportunity for Chinese chip companies, as evidenced by the strong performance of the STAR Market chip index, which has risen 55.9% since the beginning of 2025 [5][6]. - Morgan Stanley predicts that tech giants will invest $400 billion in AI infrastructure this year, creating massive demand for the latest storage chips, with AI servers requiring significantly more DRAM and NAND than standard servers [6]. - The approval of 16 public funds focusing on hard technology provides investors with diversified investment opportunities to capitalize on the growth of the Chinese chip industry [6][12]. Group 3: Industry Collaboration - The release of Huawei's Mate80 series highlights the importance of collaboration across the semiconductor supply chain, which includes both leading companies with high technical barriers and flexible suppliers [8][10]. - The cyclical nature of the chip industry presents challenges for individual stock investments, emphasizing the need for a broader perspective to mitigate risks [8][9]. - China's chip industry benefits from a robust ecosystem supported by government policies, a large consumer market, and a growing AI ecosystem, which collectively enhance the resilience and vitality of the industry [9][10]. Group 4: Strategic Investment Philosophy - Investors are encouraged to adopt a macro perspective, focusing on the entire ecosystem rather than individual companies, to navigate the volatility and identify opportunities [10][12]. - The use of index funds, such as the E Fund STAR Market Chip Index Fund, is recommended for capturing explosive growth in the chip sector while maintaining overall portfolio stability [12].