中信证券：电子行业延续高景气度 坚定看好四大方向

Core Insights - The electronic industry reported a 15% year-on-year revenue growth and a 46% year-on-year net profit growth in Q3 2025 [1] Demand Perspective - AI data center-related demand continued to grow rapidly in Q3 [1] - Smartphone shipments recovered with a year-on-year increase, driven by strong demand for new Apple models [1] - Automotive demand remained robust, while other industrial and B2B downstream demands showed continuous recovery [1] Domestic Substitution Perspective - The trend of domestic computing power breakthroughs is clear, with market share continuously increasing [1] - Expectations for expansion in advanced storage and advanced logic sectors are strengthening [1] - Equipment companies experienced stable revenue growth, although profits showed short-term differentiation [1] Notable Segments - Key performing segments include computing-related PCBs, leading domestic computing chips, storage and transport chip leaders, Apple supply chain leaders, and equipment leaders [1]