I agree with the segmentation of track opportunities, such as power, equipment, and materials, which are more dependent on domestic substitution and supply patterns.

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CryptoFrontier
Semiconductor Long Trade Becomes Most Crowded, Institutions Seek Subsector Alpha
The essay discusses the crowded positioning in the semiconductor market, with growing institutional interest amid AI investments. It highlights bearish sentiments from notable investors and pressures facing China's A-share sector, while also noting a shift towards exploring niche subsector opportunities.
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