[Guoxin Securities: Driven by the marginal demand for AI computing power, the semiconductor industry is ushering in an upward cycle with strong sustainability] According to Jinshi Data on October 21, Guoxin Securities released a research report stating that with the formation of the market's "policy bottom", expectations for fiscal easing have strengthened, and market risk appetite has increased. The hard technology sector has both the dual characteristics of "economic procyclicality" and "new quality productivity" in the policy orientation of "giving equal importance to stabilizing growth and adjusting the structure". In addition to the sentiment side, semiconductors have completed relatively sufficient destocking and supply-side clearance in the downward cycle of the past two years. Now, driven by the marginal demand for AI computing power and the expectation of innovation in the new round of terminal AI, the industry is ushering in an upward cycle with strong sustainability. In terms of chips, with the strengthening of the willingness to subscribe to semiconductor and hard technology ETFs, the impact on the market trend of index constituent stocks has gradually formed a positive cycle. On October 11, E Fund SSE STAR Market 50 ETF has raised its stake in SMIC, which is the first time for listed companies. Based on the above factors, it is recommended to be optimistic about the sustainability of the semiconductor market. (Reprinted from: Jinshi Data)