Western Lead Fund Manager Zhang Changping: Focus on the Allocation Value of Sectors Such as Computing Power and Storage
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Zhang Changping, fund manager at Western Lead Fund, believes that the recent volatility in the technology sector is mainly driven by capital trading and external sentiment disturbances, and has not changed the long-term growth logic of domestic substitution. He recommends focusing on the allocation value of sectors such as computing power, storage, wafer manufacturing, and semiconductor equipment and materials. He pointed out that the domestic computing power ecosystem is moving from single-point product validation toward software-hardware collaborative adaptation, while the storage industry is seeing a resonance between an upcycle and domestic technology breakthroughs.
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近期科技板块震荡加剧。西部利得基金经理张昌平表示，近期科技板块波动更多受资金交易层面、外围情绪层面的扰动影响，并未改变国产替代的长期成长逻辑，关注算力、存储、晶圆制造、半导体设备材料等赛道配置价值。
张昌平表示，国产算力生态正从单点产品验证走向软硬件协同适配。算力自主可控并非单纯的供给自主化，而是底层架构、模型、集群运维等多维度的系统性搭建；当前国内大模型持续迭代升级，AI产业蓬勃发展带动算力基础设施需求上行，本土算力产业链成长空间持续打开，内生需求韧性较强。
在张昌平看来，存储行业迎来景气周期与国产技术突破共振。全球AI算力基建对高速存储的需求持续抬升，行业紧平衡态势或仍将延续，国内存储产业链依托上下游协同实现工艺迭代与竞争力提升，产品逐步进入主流供应体系，份额提升逻辑清晰。
“晶圆制造、半导体设备与材料是自主可控的基石。”张昌平说，国内各晶圆厂稼动率维持高位、产线有序扩张，持续拉动上游设备、材料的采购需求。产业链企业经过多年研发积累与产品升级，正从外围配套向核心工艺环节渗透，国产化率稳步抬升，产业链协同攻关的正向循环已经形成。
张昌平表示，以半导体为代表的科技行业，在技术迭代、外部环境等多重扰动下，或带来行情阶段性震荡。从长期维度看，国内完备的产业集群、工程师红利、持续的资本投入，共同支撑中国科技产业的持续向好。国产供应链的份额提升进程，正在沿着算力、存储、晶圆制造、设备材料等方向推进。
（文章来源：上海证券报） 正文中部 内嵌广告