电子：电子大反弹机会，重视半导体高弹性板块

Investment Rating - The industry rating is "Outperform the Market" [9] Core Insights - The report highlights a significant rebound opportunity in the electronics sector, particularly focusing on the semiconductor sector's high elasticity [2][4] - The Hong Kong stock market saw a substantial increase during the National Day holiday, with the Hang Seng Technology Index rising by 10% and specific semiconductor stocks like SMIC and Hua Hong Semiconductor experiencing gains of 31% and 34% respectively [2] - Despite recent gains, the current valuations of Hong Kong technology stocks remain low, with the Hang Seng Technology Index's PE (TTM) at 29.0 times, which is in the 25th percentile since 2015 [2] - The semiconductor sector has experienced significant price corrections from their peaks, with declines ranging from 37% to 65% across various sub-sectors [2] - The report anticipates a recovery in semiconductor companies' performance driven by domestic macro policies and improved demand [2] Summary by Sections Semiconductor Sector - The semiconductor sector is expected to rebound from low valuations, with key stocks like SMIC and Hua Hong Semiconductor showing positive revenue growth guidance for Q3 [2] - The report emphasizes the deep price corrections in the semiconductor sector, with various segments experiencing declines of 37% to 65% from their highs [2] - Current PB values for semiconductor segments indicate that most are at historically low levels, suggesting potential for recovery [2] Consumer Electronics - The consumer electronics sector is poised for growth with the upcoming launch of AI-enabled smartphones, which is expected to stimulate demand [3] - Major brands like Apple, Xiaomi, and Huawei are set to release new flagship models featuring AI capabilities, which could drive a new wave of consumer interest [3] - The report recommends focusing on the AI terminal supply chain, highlighting companies such as Luxshare Precision and Lens Technology as potential investment opportunities [4]