Core Viewpoint - The development of the semiconductor industry is heavily reliant on investment, with China's semiconductor investment reaching over 340 billion RMB through major funds, which could potentially leverage an additional 1 trillion RMB in social capital, but this is still insufficient to cover previous investment losses [1] Investment Landscape - China's semiconductor investment has seen significant growth since 2015, yet it still falls short of expectations [1] - The total investment from the first and second phases of major funds amounts to over 340 billion RMB, which translates to approximately 100 to 150 billion USD [1] Innovation and Competitiveness - Chinese enterprises face serious shortcomings in innovation capabilities, resulting in low average profit margins and weak product competitiveness [1] - The industry has largely followed and adapted to international divisions of labor rather than leading in innovation [1] Globalization and Self-Reliance - With the current stagnation or reversal of globalization, there is a need for China to pursue self-reliance while continuing to engage in global cooperation [1]