On May 19, the A-share semiconductor sector saw a strong surge in the afternoon, with related industry segments rising over 2%, indicating a continued warming of the sector's prosperity.
Currently, the high prosperity cycle of the AI industry is driving the expansion and upgrading of the storage and chip industry chain in all aspects, with the industrial landscape continuously adjusting around the core demands of AI. The concentrated release of storage chip production capacity is the most significant characteristic at present. A former head of Samsung's chip division predicts that driven by rising memory prices, Chinese companies are actively expanding production capacity; as the global supply of storage chips gradually surges, a structural transformation in the global storage chip market is expected between the second half of 2027 and the first half of 2028. Meanwhile, high-quality domestic storage companies have emerged first, ranking among the industry leaders in terms of production capacity, shipment volume, and revenue strength, with the development value of the industry being highly recognized, fully demonstrating the core strategic value of storage chips in the AI era.
At the same time, Samsung may extend its HBM (High Bandwidth Memory) technology, originally dedicated to AI servers, to consumer terminals such as smartphones and tablets. Huachuang Securities points out that local deployment of large models will significantly occupy terminal memory—taking the LLaMA model with 7 billion parameters as an example, even using a 4-bit quantization mode, it still requires nearly 4GB of local memory, thereby driving memory upgrades in smartphones; edge-side AI enhances user experience and is expected to boost consumer electronics shipments.
Data and opinions from multiple institutions confirm the high growth potential of the HBM sector: global HBM bit consumption is expected to surge by 92% year-on-year in 2026, with AI server shipments maintaining high growth, and the combination of technological iteration and production capacity bottlenecks makes subsequent price increase expectations clear; HBM has evolved from being a supporting upgrade for computing power to a core element determining the upper limit of AI computing power. In the process of industrial expansion, the localization of chip equipment has become a core supporting force, with the market performance of domestic industry leaders reflecting the strong demand for domestic semiconductor equipment against the backdrop of industry expansion, and the logic of localization replacement continues to be realized.
Against this backdrop, the configuration method focusing on the entire semiconductor industry chain and the field of innovative chip design has become a convenient way for investors to share in the growth dividends of the semiconductor industry. One type of layout direction closely aligns with the overall development trend of the semiconductor industry chain, covering core links such as storage, design, packaging and testing, and equipment; the other focuses on high-quality chip design entities on the STAR Market, benefiting from the design demand upgrade brought by edge-side AI and the extension of HBM technology. Both types of layout directions saw impressive gains in the afternoon today, directly reflecting the market's high recognition of the value reassessment of the entire semiconductor industry chain driven by AI. As the supply-demand pattern of the semiconductor industry continues to optimize and the logic of localization replacement is continuously realized, related industry layout directions are expected to continue benefiting from the long-term investment opportunities brought about by this round of systematic industry transformation.
Risk Warning: This only represents the market views of GTJA Allianz Fund at the time. The market has risks, and investment must be cautious. This material is based on publicly available information that GTJA Allianz Fund considers reliable; under no circumstances does the information or opinions expressed in this material constitute investment advice to anyone, nor should it be regarded as promotional material or any legal document. Investors should not consider this view as the sole reference factor for making investment decisions, nor should they think it can replace their own judgment; investors bear the risks and consequences of any investment actions on their own

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GTJA Allianz Fund pointed out that the AI industry is driving the expansion of the semiconductor industry chain, with concentrated release of memory chip production capacity. It is expected that by 2027, the global memory chip market will undergo a structural transformation. High-quality domestic memory enterprises are rising, demonstrating strategic value in the AI era. HBM technology will be extended to consumer terminals, promoting upgrades in mobile phone memory, with a projected 92% surge in global HBM bit consumption by 2026. Investors can share in the industry's growth dividends by positioning themselves across the entire semiconductor industry chain and in the field of chip design for science and technology innovation

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GTJA Allianz Fund: The tide of AI is unstoppable, and the semiconductor industry chain can still be laid out