The high-performance semiconductor substrate industry, which has become a hot topic in the domestic investment market, is seeing a new wave of momentum from the National Pension Service. A review of recent disclosures on the Financial Supervisory Service's electronic disclosure system reveals that the National Pension Service is expanding its investment strategy across the entire domestic semiconductor value chain. The service is paying close attention not only to companies producing finished semiconductor products but also to companies supplying essential components and materials for their production. This move is clearly interpreted as an intent to secure market leadership in the future.
Looking at specific investment trends, the National Pension Service has significantly increased its stakes in three companies by the end of this month: LG Innotek, KOLON Industries, and Doosan. As of the end of last February, the National Pension Service held approximately 8.46% of LG Innotek's shares, but through this recent purchase, it has raised its stake to 10.02%, further solidifying its position as a major shareholder. Additionally, KOLON Industries increased its stake from 8.62% to 9.22%, while Doosan increased its stake from 7.72% to 7.77%. Such concentrated investment appears to be driven by the fact that these companies play key roles beyond being simple component suppliers, covering the entire process from the beginning to the completion of the substrate industry.
All companies selected by the National Pension Service possess technologies essential for the AI era. LG Innotek is a company that produces FC-BGA, a critical packaging substrate that determines the performance of AI semiconductors, directly reflecting growth in this field. Doosan holds the top global market share in the copper foil laminated board sector, an indispensable material for substrate manufacturing. KOLON Industries is an important partner supplying essential dry films and special epoxy resins for the substrate printing process. Since the beginning of this year, the stock prices of all three companies have recorded double-digit growth rates, receiving intense market interest. In particular, LG Innotek recorded a price increase of 107.97%, KOLON Industries 121.41%, and Doosan 109.17%, earning the trust of investors.
Experts analyze this investment direction of the National Pension Service as a strategic bet on the advancement of AI technology. While high-performance graphics processing units and memory chips are essential to maximize AI performance, high-performance substrates play a decisive role in ensuring their stable operation. Therefore, as demand for high-performance substrates surges, related value chain companies are expected to receive immense benefits. The National Pension Service's preemptive move to secure key companies in the substrate industry appears to be the result of a long-term investment philosophy that aims to proactively respond to future technology trends, going beyond simple portfolio adjustment.