根据最近的机构研究报告，为您总结相关行业的投资要点，供参考：一、投资要点：1.半导体行业作为信息技术产业的基石，具有重要地位，国产化替代将成为半导体市场主旋律；2.智能手机市场进入存量博弈阶段，折叠屏产品及VR/AR/MR等新品兴起，有望为产业链带来新发展机遇；3.制造强国和自主可控的背景下，关注设备和材料替代机会。包括：政策扶植力度加码，国产核心芯片自给率不足的问题，以及国产设备、材料等核心技术国产化需求凸显；4.新品频发，显示升级，包括：折叠屏手机的频发，苹果MR等虚拟显示产品的发展，以及MiniLED的市场导入等。二、投资风险：包括5G进度不及预期，宏观经济波动风险，产品技术更新风险，以及美国制裁升级风险等。转为html格式：

InvestmentPoints
KeyPoints
Thesemiconductorindustry,asthecornerstoneoftheinformationtechnologyindustry,occupiesanimportantposition,anddomesticsubstitutionwillbecomethemainthemeofthesemiconductormarket.
Thesmartphonemarkethasenteredthestageofstockgame,andtheriseoffoldingscreenproductsandVR/AR/MRandothernewproductsisexpectedtobringnewdevelopmentopportunitiestotheindustrychain.
Underthebackgroundofastrongmanufacturingcountryandautonomouscontrollability,payattentiontotheopportunityofequipmentandmaterialsubstitution.Including:Policysupportisincreasing,theproblemofinsufficientself-sufficiencyrateofdomesticcorechips,andtheprominentdemandfornationalizationofcoretechnologiessuchasdomesticequipmentandmaterials.
Newproductsarefrequentlylaunchedanddisplaysareupgraded,including:thefrequentreleaseoffoldingscreenphones,thedevelopmentofvirtualdisplayproductssuchasAppleMR,andthemarketintroductionofMiniLED,etc.
InvestmentRisks
5Gprogressisnotasexpected
Macro-economicfluctuationrisk
Producttechnologyupdaterisk
RiskofupgradeofUSsanctions