放蒋出笼，打击伊朗

Group 1 - The government work report from the Two Sessions emphasizes the cultivation and growth of emerging and future industries, including future energy, quantum technology, embodied intelligence, brain-computer interfaces, and 6G technology [2] - The A-share market showed strong performance across various sectors, with funds actively investing in the areas mentioned in the Two Sessions report, although many stocks experienced a pattern of rising and then falling [2] - Global risk assets are experiencing a rebound, indicating a shift in market sentiment [2] Group 2 - The South Korean stock market's volatility is linked to its "three highs" structure: high foreign ownership, active retail investor leverage, and a significant weight in the semiconductor sector [4] - As of December 2025, foreign ownership in South Korea reached 32.9%, the highest since April 2020, with foreign stakes in major semiconductor companies like SK Hynix and Samsung Electronics at 53.8% and 52.3%, respectively [4] - Retail investors account for 80% of trading in the South Korean market, contributing to increased market fluctuations due to their tendency to engage in high-leverage trading [4] - The semiconductor sector, particularly Samsung Electronics and SK Hynix, holds a combined weight of approximately 40% in the KOSPI index, making the index highly sensitive to the semiconductor market's performance [4]