Since July, the global semiconductor sector has experienced significant volatility. Initially, the trading frenzy in the AI hardware segment began to subside. This was followed by reports of Meta "leasing out surplus computing capacity," which heightened market anxieties regarding the return on investment in AI-related capital expenditures. Consequently, sectors that had previously shown strong performance, such as A-share memory chips and semiconductor equipment, witnessed a retreat. Analysts have noted that this current phase of adjustment is more indicative of a temporary market correction following a period of intense trading activity, rather than a fundamental downturn in the industry. As the interim reporting season draws near, the semiconductor sector is transitioning from a phase dominated by "speculative trading" to one focused on "performance substantiation." It is anticipated that leaders within specific segments (sub-sector champions) that demonstrate genuine profitability will be the first to stabilize.