Galaxy Securities: Continued optimism in the second half of the year for PCB, domestic computing power, IP authorization, and other related fields.

Reviewing the semi-annual report of the electronic industry, Galaxy Securities believes that the computing power sector is still in the stage of performance realization, with relatively moderate valuation levels. In the second half of the year, the company continues to be optimistic about computing power-related PCB, domestic computing power, IP authorization, chip inductors, etc. 2026 may be a key year for the recovery of the foldable screen market. Rumors about Apple's foldable products are expected to stimulate discussions on the overall category, and may bring new considerations in software interaction and hardware design, further revitalizing market demand. At the same time, newly launched wearable devices this year are also expected to drive market recovery. Through technological breakthroughs, ecosystem integration, and market penetration, AR glasses manufacturers are pushing AR glasses from being a "niche geek toy" to a "mainstream smart terminal". With the maturation of AI+AR technology, smart glasses are expected to become the next mainstream computing terminal after smartphones.