Recently, the logic behind price increases in the storage sector has become prominent, coupled with continuous technological upgrades, resulting in strong growth momentum in the semiconductor industry. Zheng Xiaoxi from Southern Fund has accurately grasped the core opportunities in the industry, capturing the benefits of price increases and technological upgrades while deeply exploring the growth value of the sector.
Industry research reports indicate that the output value of storage will surpass wafer foundry for the first time, becoming the primary growth driver in the semiconductor sector. The HBM market is expected to reach USD 54.6 billion, with a year-on-year growth of 58%. The capacity gap is as high as 50% to 60%, and the extreme tension between supply and demand is directly driving up prices. The contract price of DRAM in the second quarter of 2026 is expected to increase by 45% to 50% quarter-on-quarter, with a strong and clear logic for price increases. Technological evolution has also made breakthrough progress: the process is advancing to 2nm and below, with the construction cost of a single 2nm wafer fab exceeding USD 25 billion. Global spending on 12-inch wafer fab equipment is expected to reach USD 133 billion by 2026, with equipment demand driven by technological upgrades showing exponential growth.
In terms of performance, several products managed by Zheng Xiaoxi have performed exceptionally well. The Southern Information Innovation Mixed Fund (Class A: 007490, Class C: 007491) focuses its holdings on technology self-reliance and invests heavily in leading semiconductor companies with autonomous and controllable capabilities. According to Tonghuashun data, since Zheng Xiaoxi took over as the fund manager on June 19, 2019, the total return has reached 231.23%, surpassing the benchmark return by 155.01%. Another product, the Southern Semiconductor Industry Stock Fund (Class A: 020553, Class C: 020554), adheres to long-term concentrated investment, deeply binding to the growth of the semiconductor industry. According to Tonghuashun data, since Zheng Xiaoxi took over as the fund manager on April 30, 2024, the total return has reached 148.05%, surpassing the benchmark return by 52.74%, also showing impressive performance (data as of April 14, 2026).
Southern Information Innovation Mixed (Class A: 007490/Class C: 007491)
Southern Semiconductor Industry Stock Initiation (Class A: 020553/Class C: 020554)

589030

SOXL

159516

Recently, the logic behind the price increase in the storage sector is clear, and the semiconductor industry shows strong growth momentum. Zheng Xiaoxi from Southern Fund accurately grasps the core opportunities in the industry, capturing the benefits of price increases and technological upgrades. Industry research reports indicate that the output value of storage will surpass that of wafer foundry, with the HBM market expected to reach USD 54.6 billion, and tight supply and demand pushing prices up. Significant technological advancements are underway, with processes advancing to 2nm and equipment demand increasing. The funds managed by Zheng Xiaoxi have performed excellently, with the Southern Information Innovation Mixed Fund and the Southern Semiconductor Industry Equity Fund both achieving returns above the benchmark

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ROYALFLUSH INFO

The price increase logic in the semiconductor storage sector is clear, and Zheng Xiaoxi from Southern Fund is exploring growth opportunities in the industry