CITIC Securities: It is expected that the overall performance of the electronics industry in Q3 25 will continue to grow under normal demand.

CITIC Securities report stated that we expect the overall performance of the electronic industry in the third quarter of 2025 to continue the growth trend under normal demand. Overall, we expect that the performance of certain segments in the third quarter will be relatively outstanding, including leading companies in the fields of computing power-related PCB, storage, analog, equipment, optics, CIS, and some power companies. Looking ahead to the fourth quarter of 2025, we are optimistic about the sector's excess returns and recommend investment opportunities in computing power, storage, semiconductor equipment, and consumer electronics. We expect the electronic sector to enter the peak season for stocking in September and October, driving up capacity utilization rates. From a fundamental perspective, three directions including self-controllability, AI innovation, and cyclical prosperity are expected to continue to be prosperous, with the catalysis of the capital market accelerating. We remain confident in the sector's performance in the next quarter.