Group 1 - A-shares experienced a broad pullback on May 15, with technology sectors such as computers, communications, and media leading the declines, while the popular semiconductor ETF (588170) fell over 1% [1] - Tianfeng Securities projects a continued optimistic growth trajectory for the global semiconductor market through 2025, with a notable recovery in certain end-user demands [1] - The report highlights the ongoing risks related to supply chain disruptions and the push for domestic substitution, suggesting a focus on design sectors like SoC, analog, and storage for Q2 performance [1] Group 2 - The semiconductor ETF (588170) tracks the Shanghai Stock Exchange's semiconductor materials and equipment theme index, encompassing hard-tech companies in the semiconductor equipment and materials sectors [2] - The semiconductor equipment and materials industry is identified as a crucial area for domestic substitution, characterized by low domestic production rates and high potential for domestic replacement, benefiting from the expansion of semiconductor demand driven by the AI revolution [2]