Core Viewpoint - The article discusses the recent developments in the semiconductor industry, particularly focusing on NVIDIA's H20 chip resuming exports to China and its implications for the domestic semiconductor sector and investment opportunities [1][2]. Summary by Sections Recent Developments - NVIDIA's H20 chip has resumed exports to China, with CEO Jensen Huang announcing immediate deliveries and the launch of the RTX Pro GPU for industrial digital twin scenarios [1]. - Despite strong performance in the Hang Seng Technology Index, domestic semiconductor indices like the Guozheng Chip Index showed weakness [1]. Historical Context of Semiconductor Restrictions - In October 2022, NVIDIA was prohibited from selling flagship AI chips A100 and H100, leading to the development of the A800 and H800, which had a performance reduction of about 30% but met basic needs [2]. - In October 2023, further restrictions included the A800 and H800, prompting NVIDIA to create the H20, L20, and L2 chips, with H20's performance being only 15%-30% of H100 but with increased memory [2]. - By April 2025, the H20 chip will also be banned from sales to China, with analysts estimating NVIDIA could lose $13.5 billion in revenue due to these restrictions [2]. Market Trends and Domestic Growth - The semiconductor sector has shown resilience, benefiting from the "domestic substitution" and "self-sufficiency" concepts, with IDC data indicating that China's chip market will exceed 900,000 units in the first half of 2024, with local AI chip brands accounting for 20% of the market [3]. - TrendForce forecasts a decrease in the proportion of outsourced chips in China's AI server market from 63% in 2024 to 42% in 2025, while local suppliers' share is expected to rise to 40% [3]. Future Prospects - The article emphasizes the urgency for NVIDIA regarding the H20 chip's export status, as the domestic semiconductor industry is focused on increasing the localization rate of computing chips across the supply chain [4]. - Despite current challenges, the domestic chip sector is expected to improve its market share through software and hardware advancements [5]. - The semiconductor sector is anticipated to see a potential rebound, especially with the IPOs of companies like Muxi Co. and Moore Threads, which are positioned to enhance GPU chip design capabilities [5]. Conclusion - The article concludes that selling underperforming semiconductor-themed funds is not advisable at this time, as the industry is poised for growth driven by domestic innovation and market dynamics [6].