Semiconductor is the cornerstone of information technology industry，and is of great significance to national economic development and technological progress. At present，the global semiconductor industry has been going through a renewed industrial migration. China has a solid foundation to undertake the migration of the semiconductor industry with its massive consuming market，complete manufacturing industry chain，and beneficial industrial supporting policies. In the context of the increasing sanctions against China’s high-tech industry by the United States，achieving independence and self-controllability of semiconductor core technology and supply chain is an important guarantee for the country to participate in the global competition in technology and high-end industries. In 2022，we saw the structure of global semiconductor supply and demand reversed under the impact of the dim end market，along with the downward of the industrial cycle and the capital market plunge. We expect 3 themes to the 2023 investment outlook involving domestic substitution in core areas of semiconductor industry，high growth sectors such as automobile and clean energy chips，and innovative technologies enabling domestic manufacturers to surpass the formers.