On September 24, the three major A-share indices kicked off the trading day with a lower opening but managed to close on a high note. The semiconductor industry chain set off a wave of price surges hitting the limit-up, propelling a notable uptick in the net asset values of relevant actively managed equity funds and thematic ETFs. Several ETFs witnessed a daily turnover rate surpassing 50%, with the trading volume of certain products nearing 2 billion yuan, marking a fresh all-time high since their market debut. Over the past few years, the semiconductor sector has weathered a downturn that has stretched on for over three years. However, it's worth noting that the global semiconductor industry is also subject to cyclical swings. Since its inception in 2018, China's domestic semiconductor industry has traversed an upward cycle from 2019 to 2021, followed by a downward cycle from 2022 to 2024, and is now poised to enter a new phase of growth.