According to Tianfeng Securities's latest research report, 1. Short-term recommended sectors: automation equipment, semiconductor equipment; among them, special attention is paid to laser+consumer equipment opportunities. 2. Focus on sub-industry views: 1) The procyclical sector of laser equipment accounts for a high proportion of downstream real estate infrastructure: We believe that the Q2 industry is under pressure this year, Q3 has begun to improve sequentially, and Q4 will continue to be maintained. There is strong demand for updates. There is limited room for price reduction for power of 3000w and below, and there is some room for price reduction for power of 6000w and above. Beneficiaries: Baichu Electronics, Ruiko Laser, Changguang Huaxin. 2) Semiconductor equipment: First, we believe that the replacement of domestic equipment may be accelerated under the US restrictive policy; secondly, we believe that the introduction of domestic equipment will add a certain verification process. If fab construction is delayed, it does not mean that demand weakens. We believe that the current demand for domestic semiconductor equipment, especially core equipment that needs to be localized, continues to be strong. We continue to be optimistic about the acceleration of the domestic substitution process, focusing on core equipment targets: Tuojing Technology, Changchuan Technology, Fuchuang Precision, and Xinlai Yingcai.