特朗普2.0对科技行业的影响：美大选结果有望加速国产替代，扩张国内需求

Investment Rating - The report maintains a "Buy" rating for companies such as BYD Electronics (285.HK), Luxshare Precision (002475.CH), and Lens Technology (300433.CH) in the consumer electronics sector [4] - The report reiterates a "Buy" rating for companies like Li Auto (LI.US/2015.HK), Leap Motor (9863.HK), and BYD (1211.HK/002594.CH) in the new energy vehicle sector [4] - The report also maintains a "Buy" rating for Huahong Semiconductor (1347.HK/688347.CH) and New Clean Energy (605111.CH) due to favorable market conditions in the semiconductor industry [4][5] Core Insights - The election of Trump is expected to accelerate the domestic substitution process in China's technology industry, with minimal impact on the sales of Chinese consumer electronics and new energy vehicles in the U.S. market [3] - The report highlights that U.S. companies like Apple and Tesla are working to reduce their reliance on Chinese supply chains, but the long-term effects of U.S. policies on these tech giants remain to be seen [3] - The semiconductor sector in China is experiencing ongoing domestic substitution, particularly in automotive applications, which is expected to drive growth [4] Summary by Sections Consumer Electronics - The report expresses optimism about the steady expansion and profit growth of platform companies such as BYD Electronics, Luxshare Precision, and Lens Technology, maintaining a "Buy" rating for these firms [4] New Energy Vehicles - The report anticipates an accelerated penetration rate in China's new energy vehicle industry, with domestic companies continuing to expand internationally, reaffirming a positive outlook for Li Auto, Leap Motor, and BYD [4] Semiconductor Industry - The report notes that potential increased sanctions from the U.S. on China in semiconductor and technology sectors could positively influence the sentiment of Chinese semiconductor companies and accelerate domestic substitution [4] - Companies like Huahong Semiconductor are expected to benefit from the upward trend in the semiconductor market and attractive price-to-book ratios [4]