CICC released a research report that said that semiconductors are both growth + cycle industry, previous cycles have similarities and differences, the semiconductor cycle since 1978 is reviewed. The bank believes that the average 4murl 5 years experience a semiconductor cycle, showing "bull long bear short" characteristics; from the perspective of secondary market investment, in the upside and downside stages, the SOX index usually goes through "Davis double click" and "Davis double kill"; in the process of cycle bottoming and reversal, the SOX index is often nine months ahead of the fundamentals 3k; in each cycle, there are opportunities for stocks to significantly outperform the SOX index. Referring to the historical data, it is considered that 2022 is in the downward phase of the cycle, the current valuation is already at the bottom of history, and the time to lay out the next cycle may not be far away.