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Group 1: Market Performance Before and After Chinese New Year - The market is expected to exhibit typical "pre-holiday risk aversion" characteristics, with reduced trading volume reflecting cautious sentiment among investors [2] - Pre-holiday hot sectors are likely to rotate, with low-volatility and high-dividend sectors such as dividends, banks, and consumer stocks expected to attract funds [2] - Post-holiday, as policy windows open and risk appetite increases, the market focus may shift back to growth sectors with industrial catalysts and earnings certainty, such as AI applications, high-end manufacturing, and new energy [2] Group 2: Semiconductor Target Material Demand - The demand for semiconductor target materials is surging due to the AI innovation cycle and continuous upgrades in device architecture, increasing the importance of PVD (Physical Vapor Deposition) processes [3] - The global semiconductor sputtering target market is projected to reach 25.1 billion by 2027, with the display panel sputtering target market expected to reach 39.9 billion [3] - The pricing logic for target materials is strongly supported by raw material costs, with some prices doubling since early 2025 due to geopolitical factors and export restrictions [3] Group 3: Domestic Manufacturers in Target Material Market - Domestic manufacturers, led by companies like Jiangfeng Electronics, are rapidly gaining ground in the high-end target material market, achieving bulk supply to major international players like TSMC and SK Hynix [4] - These manufacturers have made breakthroughs in high-purity metal refining technology, enhancing their bargaining power and supply stability in a volatile cost environment [4] - The shift from local substitutes to global core competitors is anticipated for domestic firms due to their comprehensive industry chain layout [4]