We are pleased to announce that Ms. Sun Fangfang has officially assumed the role of Co-Chief Analyst for the electronics sector at CSC Financial. Ms. Sun brings extensive experience in electronics research and will work with the team to build a comprehensive research framework emphasizing both semiconductors and computing power, driven by industry trends and validated through high-frequency data. Looking ahead, Ms. Sun will continue to root herself in the electronics industry frontline with a pure passion for research, maintaining diligence and staying true to her original aspirations, constantly expanding the boundaries of investment research, penetrating through cyclical fog, and delivering more practical, focused, and actionable research results and professional services to investors and partners.
About Ms. Sun Fangfang
Co-Chief Electronics Analyst at CSC Financial, holding a Master's degree in Materials Science from Tongji University. She has years of sell-side electronics research experience, having previously served as Chief Analyst at Zheshang Securities Research Institute and as an electronics analyst at CSC Financial Research Institute.
The following is Ms. Sun Fangfang's sharing:
Penetrating cycles, still waters run deep. Paying tribute to research with purity, creating value with sincerity, and embarking on a new journey with passion. I am Sun Fangfang, and I have dedicated six years of deep cultivation and refinement at the CSC Financial Research Institute. Now, I have officially assumed the position of Co-Chief Analyst for the electronics sector at CSC Financial. Standing at a new starting point in my career, my heart is filled with gratitude, reverence, and a sense of responsibility. I am grateful for the cultivation, trust, and support of the research institute's leadership and colleagues over the years, and I am immensely thankful for the support and companionship of industry partners and investors along the way. In the future, I will always carry a pure passion for research, continue to root myself in the electronics industry frontline, maintain diligence and stay true to my original aspirations, constantly expand the boundaries of investment research, penetrate through cyclical fog, and deliver more practical, focused, and actionable research results and professional services to investors and partners.
I. Looking Back: Ten Years of Sharpening the Sword, Grateful for the Tempering of Fire and the Nourishment of Water
Four years at Zheshang building connections in investment research, six years at CSC Financial delving deep — looking back at every step of growth along the way, none of it was a solo journey. Just as metal meets water, only after being tempered by fire and nourished by time can one wash away the superficial and reveal true sharpness. Now serving as Co-Chief Electronics Analyst at CSC Financial, every advancement and transformation has depended on the benevolent support and inclusive companionship of leaders, colleagues, clients, and partners. I take this opportunity to sincerely express my gratitude: to the leadership and colleagues at CSC Financial and Zheshang Securities for their careful cultivation and empowerment; and to my family, friends, every client, and industry partner for their enduring trust and quiet support. Industries rise and fall like tides, the platform has given me the foundation for growth, and the people around me have given me the strength to move forward. In deep cultivation of electronics research, I have encountered difficulties and bottlenecks repeatedly, and fortunately, kind words of encouragement helped me break through and persevere. Deep bonds endure, and my original aspiration remains unchanged. As I embark on a new chapter, I will continue to root myself in industry research and live up to the trust placed in me.
II. Investment Research Conviction: Holding Fast to the Core While Observing Change, Perceiving the Subtle to Seek Opportunity
The electronics industry evolves rapidly. Looking back at half a century of technological waves, electronics and semiconductors have always been the foundational cornerstone of technological innovation. From PCs to the mobile internet, and now to the era of AI, each wave of innovation follows the pattern of "hardware first, computing power as the foundation, applications exploding." Currently, the electronics and semiconductor market finds itself in a complex landscape of deep transformation, with ongoing geopolitical disruptions, normalized large model iterations, intensified AI arms race dynamics, and the coexistence of upstream chip and material shortages alongside enterprise capacity constraints. Traditional medium/small cycle investment research frameworks are being continuously restructured by the AI innovation super-cycle. Having delved deep into electronics and semiconductor research for many years, I have always stayed true to my original aspirations, anchored to clear investment research coordinates, and formed a mature and stable research system: First, deeply grasping the "main line" — viewing technological innovation through large cycles: rather than tirelessly chasing hot topics, I focus more on sustained industry tracking of "main line" sectors, frontline supply chain research, assessing industry trend inflection points, and precisely deconstructing the logic of capital flow dynamics and institutional trading behavior to identify patterns in main-line asset movements and distill actionable allocation and trading strategies. Second, focusing on "change" — viewing high-frequency data through medium/small cycles: based on fab capacity utilization rates, memory/chip prices, industry DOI (days of inventory), and tech giants' Capex and other high-frequency indicators, precisely capturing destocking/restocking phases and supply-demand inflection points, truly achieving the principle of remaining humble and thus ever-renewing. Third, carefully selecting "leaders" — deep supply chain deconstruction: combining top-down sector selection (β) with bottom-up supply chain industry research (α), identifying the strongest α within β, and seeking true leader targets with technological moats and earnings delivery capability. The core of investment research is not only seeing the macro trends clearly and clarifying market direction, but more critically, grounding in the present, applying precise measures, and providing investors with clear and actionable trading ideas and allocation targets. Deep industry cultivation, trend assessment, focused identification of industry inflection points, professional research to select industry leaders, treating the capital market with reverence, striving for refined viewpoints, solid logic, and practical feasibility. Persistently and reliably outputting cognition and viewpoints, and creating value for clients with a "sincere" philosophy. This is the research aspiration I have always held, and the investment research creed I will consistently uphold in the future.
III. Looking Ahead: Rooted at CSC Financial, Forging Excellence Together
The CSC Financial Research Institute is a widely recognized investment research platform in the industry. Under the leadership of Wu Chaoze, Huang Wentao, and other trailblazers, CSC Financial has always upheld a research philosophy of "depth, warmth, and sharpness," and actively practices the "Research+" group strategy, serving the real economy and national strategy with first-class think tank responsibility. The CSC Financial electronics team is also widely recognized as a powerhouse in the industry. The team previously led by Chief Electronics Analyst Yao Kang has深耕 the electronics and semiconductor fields for many years, possessing an extremely high market reputation and solid research foundation. I have accumulated years of experience at CSC Financial, aiming to deeply integrate with the existing strengths of Yao Kang and the electronics team to form a comprehensive research framework that "emphasizes both semiconductors and computing power, with industry trends and high-frequency validation resonating together": 1. Building a more comprehensive, high-frequency electronics investment research system: leveraging the team's deep foundation in areas such as self-controllable technology, overseas computing power, and advanced packaging to solidify the foundation of industry research. At the same time, I will fully integrate my own accumulation in Fab, storage, advanced packaging, semiconductor equipment and materials, computing power chips, and edge AI to connect the complete analysis chain from "technology evolution — capacity supply-demand — supply chain validation — earnings delivery," enhancing the team's industry research elasticity and precision with a high-frequency, sharp, and forward-looking research perspective. 2. Staying close to the frontline, practicing down-to-earth client service: the hard tech industry and capital markets change rapidly, and we will stay closely attuned to industry frontline dynamics and market trading rhythms, deeply understanding institutional clients' and industry partners' real pain points and allocation needs. Not just being "producers of research reports," but striving to become the most trusted "industry co-conspirators" on clients' technology asset allocation and industry positioning journeys, truly standing with clients and striving to provide value for clients' net value improvement. 3. Uniting efforts to build the CSC Financial electronics reputation: I will collaborate sincerely with colleagues on the electronics team, complementing each other's strengths. While inheriting the fine traditions of CSC Financial research, we will incorporate more high-frequency, solid research perspectives to jointly enhance the industry influence of CSC Financial electronics.
IV. Current and "15th Five-Year Plan" Period Electronics and Semiconductor Strategy Outlook
At the AI computing power and advanced packaging level, global AI large models are evolving toward multimodal and ultra-large-scale clusters, and the "hardware first" logic of computing infrastructure continues to be validated. Driven by the high prosperity of high-end computing power chips, key segments such as advanced packaging (CoWoS/HBM/3D IC), high-layer PCB/CCL, and liquid cooling remain in strong demand. Entering the "15th Five-Year Plan" period, AI computing power will penetrate from large-scale cloud construction toward "cloud-edge-device" collaboration, and AI PCs, AI phones, and embodied intelligence (humanoid robots) will fully launch a new round of hardware replacement cycles. In terms of pacing, short-term attention should be paid to major manufacturers' Capex delivery and supply chain delivery cycles, while medium-to-long-term focus should be on structural incremental opportunities brought by per-unit value (ASP) increases and technological architecture evolution. At the semiconductor and self-controllable level, the "15th Five-Year Plan" period is a critical historical juncture for China's semiconductor industry to leap from "catch-up substitution" to "high-level self-reliance and self-strengthening," and the industry is ushering in a grand cycle of full-chain breakthrough. As domestic mainstream wafer fab expansion plans are successively implemented, the localization process has comprehensively deepened into deep-water zones including "advanced manufacturing, front-end core equipment, key components and materials, EDA/IP, and high-end metrology." In terms of pacing, the third quarter may be affected by Fed macro rate hike expectations, with phased volatility in the market; in the fourth quarter, as downstream peak-season stockpiling begins and earnings are delivered, the market environment will be smoother with stronger certainty. Subsequent swing trading will focus on the three core elements of "major manufacturer Capex spending, technology architecture evolution, and high-frequency supply chain lead times," actively seizing opportunities from phased pullbacks for bargain positioning.
V. Conclusion: Penetrating Cycles, Still Waters Run Deep, Passion Endures, Witnessing a New Chapter in the Hard Tech Era Together
Who can make the turbid clear? Stillness gradually clarifies it; who can make the settled alive? Movement gradually generates it. Those who preserve this way do not seek fullness. Only by not being full can one be worn yet ever-renewed. In my six years of deep cultivation at CSC Financial, I have witnessed the team's vigorous development and deeply benefited from the nourishment of the research institute's fine traditions and the trust and support of platform leaders and colleagues. Standing at a new starting point after six years, assuming the role of Co-Chief Analyst is both a weighty recognition and a new responsibility to shoulder. I will continue to devote myself to the new phase of research work with even greater enthusiasm and more rigorous professional attitude. May we move forward side by side on this new journey and witness a new chapter in the hard tech era together!