中国证券报：可以分享一下您的投资框架吗？您主要关注哪些方面？ 行业景气周期是排在第一位的，青睐有较高技术壁垒且足够专注于主业的公司，通过左侧布局控制回 撤……近日，南方基金郑晓曦在接受中国证券报记者专访时表示，对于科技赛道投资，她会将行业景气 度分析摆在首要位置，更偏好在产业由导入期迈向成长期的转折点进场，长期持有，在成熟期兑现，也 就是投向技术驱动市场渗透率快速提升的阶段。在构建投资组合时，她倾向于选择那些在竞争格局向好 领域里的高技术壁垒企业。展望未来，半导体设备领域是她较为看好的投资方向。 以行业景气度为先 郑晓曦：我的投资框架主要包括行业景气度、企业竞争壁垒、估值这三部分。其中，行业景气周期是我 投资研究框架的重点，如果给一个权重的话，我认为在40%-50%之间。景气周期是非常重要的投资指 标。 中国证券报：基于这三部分构成的投资框架，在实践中，您具体会如何开展投资操作？ 郑晓曦：对于排在第一位的行业景气度来说，从近几十年来的产业变迁看，每一轮重要的产业成长都是 经过四个周期——导入期、成长期、成熟期、衰退期。我希望能在产业由导入期迈向高速增长期的转折 点买入，然后长期持有，一直到它走过高速成长期，进 ...

Core Insights - The article discusses the significant price surge in memory storage products driven by AI companies' aggressive procurement strategies, leading to a super cycle in the storage industry [4][5][9] - The price of DRAM chips has increased by 171.8% year-on-year in Q3, with SSD prices also doubling in a short period [4][6] - Major tech companies are investing heavily in AI data centers, which is a key factor pushing storage prices higher [9][11] Group 1: Price Surge and Market Dynamics - AI giants are hoarding memory products, causing a drastic increase in prices, with solid-state drives and memory modules seeing prices double within two months [4][5] - The price of a 16GB Samsung DDR4 memory module rose from 200 yuan in September to 400 yuan in November, compared to just over 100 yuan for the same product last year [4] - Companies like Xiaomi are facing challenges in maintaining profit margins due to rising storage costs, with their smartphone gross margin dropping from 14.6% in 2023 to 12.6% in 2024 [12] Group 2: Impact on End Products - The price increases have affected consumer electronics, with smartphone prices rising significantly; for instance, Xiaomi's K90 series saw a price increase of 600 yuan for a specific model [5][12] - PC components are also experiencing price hikes, with some consumers reporting increases of 1,000 to 2,000 yuan for desktop PCs during the shopping season [13] - Companies are struggling to manage the impact of rising storage costs on their product pricing and sales strategies [13] Group 3: Future Outlook and Industry Response - The demand for storage is expected to continue outpacing supply, with many manufacturers already locking in orders for 2027 [11] - Companies are exploring ways to mitigate the impact of rising costs, such as developing smaller AI models that require less memory [14][15] - The industry is also focusing on increasing production capacity for memory chips to stabilize prices in the long term [14][15]