According to the CITIC Securities Research Report, the overall performance of the 26Q3 electronics industry is expected to maintain a high trend under the AI trend: among them, AI inflation is the best; PCB/CCL, storage, and AI power-related companies have performed strongly; in addition, the overall order trend in the semiconductor manufacturing/packaging industry chain, which has benefited from the spillover of AI orders, continues; secondly, orders for domestic semiconductor equipment and components are growing rapidly, and deliveries are tight. The revenue/orders of domestic computing power-related companies will continue to grow by leaps and bounds; Electronic overall Demand is still lackluster. Among them, midstream and upstream companies with AI exposure and independent growth logic performed better, while companies with price increase logic in the panel industry performed better. Taken together, segments that are expected to perform relatively well in Q3 include PCB/CCL, original storage and niche storage design, AI power supplies, CPU chains, FAB leaders, equipment leaders, IC design companies with integrated storage, and new product release companies. Looking ahead to 2026Q4 and 2027, we believe that the main investment line in the electronics industry will continue to revolve around the two major directions of “autonomy, controllability, and AI computing power”. On the one hand, domestic computing power chips, wafer manufacturing, equipment, and advanced packaging are accelerating the formation of a closed loop in the industry, and related companies' orders and performance are expected to continue to be fulfilled; on the other hand, demand for AI server components is booming, and the performance of related supply chain companies is expected to continue to be fulfilled. We continue to be optimistic about the segmentation direction with strong fundamentals, high performance delivery, and space for domestic alternatives.