First Half Investment Focused on Semiconductors... Let's Solve It This Way in the Second Half! | Lee Seon-yeop, CEO of AFW Partners

Summary

Lee Seon-yeop reviews his visit to China's robotics fair and argues that Chinese robotics components are cheap and government-supported, while humanoid robots still need more real-world learning before mass adoption. He sees industrial deployment beginning in the second half and memory as a potential future beneficiary. He also interprets the recent Samsung Electronics and SK hynix weakness as shareholder return disappointment plus hedge fund deleveraging, not a breakdown, and advises second-half portfolios to diversify beyond semiconductors.

• China robotics fair showed component suppliers dominating with very low prices and government support for real-world data collection.
• Humanoid robots are not fully ready; hands and applied learning remain weak, and B2B industrial adoption will likely come first.
• Memory demand could eventually benefit from humanoid robotics but is not yet a meaningful driver.
• Samsung Electronics and SK hynix fell on shareholder return disappointment; he still expects higher lows.
• July foreign flow data showed US long-term buying while UK hedge funds sold.
• Second-half strategy favors diversification into undervalued non-semiconductor large caps rather than chasing semiconductor strength.
• Foreign tourist and US online demand supports Korean cosmetics stocks.