Futures of Domestic AI and Opportunities
For the previous domestic AI industry chain, advanced process yields and capacity are significant constraints. Previously, domestic semiconductor equipment had made progress in etching, thin-film deposition, etc. directions. Especially in the photolithography direction, the market was still in a state of low domesticization rate and severe influence by foreign restrictions. However, from an industrial perspective, there have been some catalyzing events this year that may lead to further progress.
From the perspective of wafer foundries themselves, advanced process yields have already shown a certain improvement since the second quarter this year. In the second half of the year, there will be new developments at the industrial level. Looking ahead, head wafer foundries' capacity utilization rate is still relatively high.
Overall, the domestic AI industry chain may not lack catalyzing events in the coming period. Additionally, from the perspective of equipment manufacturers, except for logic chips this year, other sectors such as storage companies will also see a certain expansion of new developments, including possible listing news at the message level. Therefore, the domestic AI sector is expected to have related investment opportunities in the second half of the year, whether it's advanced process progress or increased production from wafer foundries.
So we believe that the entire domestic AI industry will still have relevant investment opportunities this year. However, investors may also focus on the capital expenditures of a few major internet companies in China, as well as the financial reports of these companies.
Regarding future trends, we are still optimistic. Especially with the government's policy support for AI applications increasing, we believe that the demand for computational power will continue to rise. Overall, whether it's computing, chip-making ETF (515880), semiconductor equipment ETF (512760), or downstream applications such as software ETF (515230) and game ETF (516010), there will be long-term performance opportunities.
After the AI policy was released, the market also drew a comparison with the large-scale internet trends of 2014-2015. Additionally, from a long-term perspective, downstream demand including capital expenditures is expected to be relatively positive. As long as there is sufficient computing power supply, downstream demand will be highly certain. Therefore, for a long time, investors can focus on ETFs such as communication ETF (515880), software ETF (515230), and game ETF (516010).
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