The semiconductor sector is under short-term pressure but the overall prosperity continues to rise.

Since July, the global semiconductor sector has experienced a drastic adjustment. First, there was a loosening of trading in the AI hardware track, followed by news of Meta "renting out idle computing power," which further sparked market concerns about the return on AI capital expenditures. The A-share storage chips, semiconductor equipment, and other previously strong directions resonated and fell back. Analysts believe that this round of adjustment is a phased correction after trading congestion, rather than a trend reversal in the industry's fundamentals. As the interim reporting season unfolds, the semiconductor sector is transitioning from "theme speculation" to "performance verification," and leading companies with the ability to realize genuine profits are expected to stabilize first.