On June 15, the 'White-haired Stock God' Serenity reviewed its core long positions in the European market on social media, focusing on areas such as photonics, semiconductor materials, epitaxial wafers, power devices, and edge AI hardware. Serenity also revisited the industrial positioning and valuation logic of several targets. The core holdings listed include: Sivers Semiconductors, LPKF Laser & Electronics, Soitec, Raspberry Pi Holdings, IQE plc, Riber, and X-FAB Silicon Foundries. In its analysis: · Sivers Semiconductors is seen as a key 'laser and optical interconnect bottleneck' in the next-generation photonics chain, benefiting from the upgrade of 1.6T optical modules and CPO (Co-Packaged Optics) architecture, and has been integrated into several supercomputing supply chains, considered to have mid-term growth elasticity. · LPKF Laser & Electronics is defined as a 'quasi-monopoly' in glass core substrate processing equipment, with its LIDE technology validated by many leading manufacturers in advanced packaging and high-end substrate processing, seen as a key equipment supplier during the capacity expansion cycle. · Soitec is emphasized as a core supplier in the silicon-based photonic substrate (SOI) field, possessing strong pricing power in the supply chain, and benefiting from structural revaluation space after the weakening of traditional business drag. · Raspberry Pi Holdings is viewed as a beneficiary of the downscaling of edge AI computing power, with the logic being that low-cost computing boards are increasing their penetration in AI inference and local deployment scenarios, gradually expanding from the education and hobby market to industrial and embedded AI. · IQE plc is positioned as a key supplier of epitaxial wafers, providing upstream material support for optical manufacturers such as MACOM Technology Solutions and Lumentum Holdings, and is believed to have potential release space in its idle capacity. · Riber is described as a highly concentrated supplier in the molecular beam epitaxy (MBE) equipment field, benefiting from the expansion of quantum computing, quantum dots, and optoelectronic R&D, and has received validation for equipment procurement from some supercomputing and research institutions. · X-FAB Silicon Foundries is seen as one of the few foundry platforms in Europe capable of manufacturing power semiconductors and silicon photonics, and with support from the EU and US CHIPS Act, is believed to have potential revaluation space in the expansion of silicon photonics production lines. Overall, this portfolio revolves around three main lines: 'photonics infrastructure + semiconductor materials/equipment + edge AI hardware,' betting on the structural demand release in high-speed optical interconnects, AI edge deployment, and the power semiconductor cycle over the next 2-3 years.