Group 1 - The computing power sector remains highly prosperous, with a long-term optimistic outlook based on the growth of tokens, despite the lack of blockbuster applications causing short-term discrepancies [1] - Investment recommendations include focusing on the optical module and CPO segments, as well as continuously monitoring domestic computing power chain-related sectors [1] - The semiconductor equipment ETF (code: 159516) tracks the semiconductor materials and equipment index (code: 931743), which includes listed companies in the semiconductor materials and equipment manufacturing sector, reflecting the overall performance of the industry [1] Group 2 - The index constituents exhibit high growth potential and significant technical barriers, with industry allocation concentrated in the upstream segments of the semiconductor supply chain, including wafer manufacturing equipment, testing equipment, and photolithography materials [1] - Investors without stock accounts are advised to consider the Guotai Zhongzheng Semiconductor Materials and Equipment Theme ETF Initiated Link A (019632) and Link C (019633) [1]

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从在大学图书馆发现李普曼传记，找到自己的人生之路；到满世界游荡，写作五卷本梁启超传。那个曾 经忧伤的年轻人，成长为一位与时代共舞的知识分子。本书记录的，是作家许知远自己的声音：阅读， 游荡，穿梭于不同的时间与空间，观察体验这个万花筒般的世界，伴随着永不停息的自我分析的冲动。 《穿着哲学逛街去：时尚现象学》 [日]鹫田清一著，舒敏译，重庆大学出版社 在手机成为日常交流的主流，现实与虚拟世界的界限越来越模糊的今天，时尚与流行的世界从过去的规 范中解脱出来，影响着人们的思想与行为。作者用考古的方式解析各种时尚现象，这本书成稿于日本经 济高速增长之后的十多年，其中的很多话题依然能够给今天的我们带来思考和启发。 《奥斯曼的宦官：从非洲奴隶到权利掮客》 [美]简·海瑟薇著，张英杰译，万有引力｜广东人民出版社 17—19世纪的三百多年里，奥斯曼帝国的黑人太监完成从非洲奴隶到后宫宦官首领的身份转变，成为帝 国后宫乃至朝政中的重要力量，从管理后宫生活、皇子教育，到参与后宫权势斗争、皇子废立，甚至左 右朝政，对帝国产生深远影响。本书系统钩沉大量一手历史文献，对土耳其语、阿拉伯语的编年史、契 约、细密画、坟墓等多方面的分析，跨越三 ...

Core Insights - The visit by the Guizhou Foreign Trade Group to the Pingba Distillery signifies a strong commitment to integrating traditional liquor with modern trade practices, aiming for the revival of Guizhou's old famous liquor brands [1][3] - The Pingba Distillery's "Revival of Old Famous Liquor" strategy includes product matrix reconstruction and expansion into markets such as North and East China, showcasing a clear determination for growth [3][5] - The Guizhou government emphasizes the importance of the Pingba Distillery in enhancing the competitiveness of the Guizhou liquor industry and expanding its brand influence [3][7] Company Development - The Pingba Distillery has a 73-year history, evolving from small-scale production in 1952 to becoming a recognized brand in Guizhou, with a significant restructuring in 2020 aimed at capacity expansion and market development [1] - Recent achievements include the formation of a large product system with key products like "Pingba 1963" and "Pingba Revival Edition," along with multiple awards and steady market expansion [3] Government Support and Policy - The Guizhou Foreign Trade Group plans to leverage its state-owned enterprise advantages to support the Pingba Distillery in areas such as export channels, overseas warehouse construction, and international certification [3][5] - The provincial government encourages the Pingba Distillery to seize opportunities from RCEP and utilize e-commerce to expand into ASEAN and Belt and Road markets [5][7] Future Outlook - The collaboration between government and enterprises is expected to become a regular feature of Guizhou's economic development, with the Pingba Distillery positioned to lead the revival of Guizhou's old famous liquor brands [7]

Core Viewpoint - The semiconductor equipment and components sector is expected to exhibit both resilience and growth due to the acceleration of domestic equipment adoption and replacement in China [1] Group 1: Domestic Equipment Expansion - Downstream industries are actively expanding production, with the domestic semiconductor equipment localization rate projected to be only 21% in 2024. However, based on guidance from AMAT, TEL, and KLA, the revenue share is expected to return to normal levels by 2025, indicating a rapid increase in market share for local equipment manufacturers [1] Group 2: Component Replacement Acceleration - Domestic equipment manufacturers have been collectively placed on the entity list, making it difficult for American components to be obtained (presumed denial). This reshapes the market landscape, benefiting local component manufacturers as they accelerate the replacement of foreign parts [1] Group 3: Strengthened Demand for Self-Sufficiency - There is a reinforced demand for self-sufficiency, with investment in the sector showing both resilience and growth potential. Key areas of focus include gas/liquid paths, RF power supplies, and optical components, which are predominantly led by American companies but have significant room for growth. Relevant manufacturers are expected to benefit from performance elasticity due to sanctions [1] - In addition to American companies, Japanese and Korean manufacturers also hold substantial market shares in components. Domestic equipment leaders are accelerating the complete localization of their supply chains, with expectations for rapid market share growth in specific leading players within the sector [1] Group 4: Investment Opportunities - The semiconductor equipment ETF (code: 159516) tracks the semiconductor materials and equipment index (code: 931743), which includes publicly listed companies in the semiconductor materials and equipment manufacturing sector. This index reflects the overall performance of securities in the industry, characterized by high growth potential and significant technical barriers, with a focus on upstream segments of the semiconductor supply chain, including wafer manufacturing equipment, testing equipment, and photolithography materials [1]