Western Lead Fund Manager Zhang Changping: Focus on the Allocation Value of Sectors Such as Computing Power and Storage

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Recently, volatility in the technology sector has intensified. Zhang Changping, a fund manager at Western Leadbank Fund Management, said that the recent fluctuations in the technology sector are more affected by disturbances at the capital trading level and in peripheral sentiment, and have not changed the long-term growth logic of domestic substitution; he is watching the allocation value of tracks such as computing power, storage, wafer manufacturing, and semiconductor equipment and materials.

Zhang Changping said that the domestic computing power ecosystem is moving from single-point product validation toward software-hardware collaborative adaptation. Computing power self-controllability is not simply supply autonomy, but a systematic build across multiple dimensions such as underlying architecture, models, and cluster operations and maintenance; at present, domestic large models continue to iterate and upgrade, and the booming development of the AI industry is driving demand for computing power infrastructure upward, the growth space of the local computing power industry chain continues to open up, and the resilience of endogenous demand is strong.

In Zhang Changping's view, the storage industry is seeing a resonance between a boom cycle and domestic technological breakthroughs. Global AI computing power infrastructure's demand for high-speed storage continues to rise, and the industry's tight balance may persist; the domestic storage industry chain relies on upstream and downstream collaboration to achieve process iteration and competitiveness improvement, its products are gradually entering the mainstream supply system, and the logic of share gains is clear.

"Wafer manufacturing, semiconductor equipment and materials are the cornerstone of self-controllability," Zhang Changping said. Domestic wafer fabs maintain high utilization rates and are expanding production lines in an orderly manner, continuously driving procurement demand for upstream equipment and materials. After years of R&D accumulation and product upgrades, enterprises in the industry chain are penetrating from peripheral supporting links to core process segments, the domestic substitution rate is steadily rising, and a positive cycle of collaborative research in the industry chain has taken shape.

Zhang Changping said that the technology industry, represented by semiconductors, may bring periodic market volatility under multiple disturbances such as technological iteration and the external environment. From a long-term perspective, China's complete industrial clusters, engineer dividend, and sustained capital investment jointly support the continued improvement of China's technology industry. The process of domestic supply chains gaining share is advancing along directions such as computing power, storage, wafer manufacturing, and equipment and materials.

(Source: Shanghai Securities News) Middle of the body Embedded advertisement