CITIC Securities report that in the fourth quarter of 2023, there are

Published: Oct 12, 2023 08:26

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CITIC Securities report that in the fourth quarter of 2023, there are structural opportunities in the mild recovery of the electronics industry. The industry gradually reached the end of inventory clearance in the third quarter and gradually opened the replenishment cycle. In the fourth quarter of 2023, the electronic sector is expected to benefit from the low base effect and show year-on-year growth, and confidence is gradually returning. Outstanding performance is expected in some high-cyclical sub-sectors (such as the recovery of Android chain, the release of innovative products, etc.) and domestic substitution companies. Therefore, it is recommended that in the fourth quarter, based on the benchmark logic of industry recovery and performance improvement, attention should be paid to three main lines: first, the upstream domestic substitution continues, focusing on the release of orders and expansion of production rhythm; second, the downstream innovation strengthens the recovery, focusing on structural innovation to drive the replacement cycle; third, AI innovation cloud applications emerge, and terminals wait for polishing and brand card positions.

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