政策、业绩利好催化，半导体设备或仍是市场投资主线

Group 1 - The core viewpoint indicates that the semiconductor equipment sector is likely to remain a key focus for investment in the upcoming phase, driven by recent meetings and data releases [1] Group 2 - Policy support is evident as recent meetings have set a macroeconomic and policy direction, maintaining a relatively loose monetary and fiscal policy, which supports valuations in the technology sector [2] - New structural monetary policy tools and financial instruments will be established to support technological innovation, consumption, and foreign trade, benefiting the semiconductor equipment sector [2] Group 3 - Fund inflows are increasing, with the electronic sector's holdings reaching a historical high of 18.90% in Q1 2025, indicating a strong market preference for this sector [3] - The top five sectors, including electronics, pharmaceuticals, and new energy, account for 54.98% of public fund holdings, showing a shift towards technology and semiconductor investments [3] Group 4 - The semiconductor sector has reported strong earnings, with leading company North Huachuang achieving a net profit of 1.58 billion yuan in Q1, a year-on-year increase of 40.3% [4] - Despite short-term challenges, certain sub-sectors have made technological breakthroughs, particularly in semiconductor equipment, which is expected to drive stock price increases over the long term [4] - The semiconductor equipment ETF (561980) is anticipated to benefit from industry growth, with a potential upward trend in stock prices supported by policy, funding, and performance catalysts [4]