CITIC Securities: Electronic industry continues high prosperity, firmly optimistic about four major directions.

CITIC Securities' research report summarizes the performance of the electronic industry in the third quarter of 2025, stating that the overall revenue of the electronic industry in the third quarter increased by 15% year-on-year, and net profit increased by 46% year-on-year. From a demand perspective, AI data center-related demand maintained high-speed growth in the third quarter, mobile phone shipments recovered year-on-year growth, strong demand for new Apple devices, strong demand for automobiles, and continued recovery in downstream demand for other industrial toB sectors; from the perspective of domestic substitution, the trend of local computing power breakthrough is clear, market share continues to increase, downstream advanced storage and advanced logic expansion expectations enhanced, equipment company revenue stable growth, short-term differentiation of profits, and storage and related enterprises in the downstream showing excellent performance. Overall, relatively promising sub-sectors include: PCBs related to computing power, leading domestic computing power chip producers, leading storage/transportation chip producers, fruit chain leaders, and equipment leaders.