国盛证券：消费电子进入新品发布旺季，板块估值重塑可期

Core Viewpoint - The consumer electronics sector is entering a peak season for new product launches, which is expected to lead to a revaluation of the sector [1] Group 1: Market Trends - Q3 is traditionally a peak season for consumer electronics, with major terminals set to launch AI smartphones and AR glasses, leading to a surge in production capacity and industry chain activity [1] - As of August 21, 2025, the Shenyin Wanguo consumer electronics sector's PE (TTM) is 36.9 times, reflecting a 46.9% increase since April 7, 2025, with a valuation premium of 71.2% compared to the entire A-share market [1] Group 2: Risk and Growth Potential - Market sentiment driven by tariffs has already been reflected in stock prices, alleviating previous short-term risk concerns, which aids in the revaluation of the sector [1] - The long-term growth logic of the consumer electronics sector remains solid, with clear trends in AI innovation, and the implementation of edge AI is expected to accelerate the replacement cycle of devices like smartphones, driving hardware upgrades [1] Group 3: Supply Chain and Opportunities - The domestic supply chain possesses strong R&D capabilities and benefits from a robust engineering talent pool, positioning leading companies in the consumer electronics sector to benefit significantly from the new wave of AI terminal innovations [1] - The sector is expected to capitalize on structural growth opportunities arising from hardware upgrades [1]