GTJA Securities believes that the bottom of the semiconductor cycle has been reached, inventory has returned to a reasonable level, and the price-repairing varieties have gradually spread from electronic components to wafer foundry, with prices continuing to recover. Overall demand is gradually recovering, and the explosive effects of booming products such as e-cigarettes, electric toys, and speakers with microphones are prominent. Q2 design company demand is expected to continue to grow. Apple's release of Apple intelligence opens up new growth space in the AI side. The third phase of the National Large Fund continues to increase investment in the development of the semiconductor industry, and the high investment in research and development by semiconductor companies is gradually being transformed into new products and new profits. It is imperative to have independent and controllable technology. At the bottom of the cycle, demand is gradually recovering and all kinds of explosive products are emerging. Apple's AI side is leading the charge in opening up new growth space. China's semiconductor industry is accelerating technological innovation, and high investment in research and development is gradually coming to fruition. It is expected to benefit deeply from the new wave of the technology cycle. It is worthwhile to continue to pay attention to the layout opportunities of the Penghua Guozheng Semiconductor Chip ETF (512480).