<p>➀ The author discusses the establishment of the third phase of the major fund and its potential impact on the investment direction.</p><p>➁ The author mentions the recent low profile of Liang Mengsong, the co-CEO of SMIC, and reflects on the article he wrote about Liang.</p><p>➂ The author predicts that under extreme circumstances, Apple, Intel, and Qualcomm may be the first to fall, with Intel already struggling.</p><p>➃ The author highlights the changes in the mobile chip market in 2024, with Mediatek, Qualcomm, Apple, and Unisoc's Zhujin taking the fourth place.</p><p>➄ The author reflects on the challenges faced by SMIC and its founder Zhang Yujing, and the potential of SMIC under the leadership of Liang Mengsong.</p><p>➅ The author discusses the technological advancements in the chip industry and the importance of domestic demand in China.</p><p>➆ The author analyzes the strategy of SMIC and its ambition to achieve advanced manufacturing capabilities.</p>