各位领导，今天我们外发了【电子行业26Q1业绩前瞻】，供领导们参考 整体来看：在中上游持续涨价的背景下，我们预计26Q1电子行业整体业绩将继续分化显著。 一方面，预计存储受益涨价表现最佳，存储芯片设计、模组厂商业绩同环比均继续高增，此外PCB、功率、模拟 及半导体先进制造相关景气维持；另一方面，受存储涨价及缺货影响，消费电子整体承压，其中安卓、IoT压力更 大，苹果产业链相对稳定。 各位领导，今天我们外发了【电子行业26Q1业绩前瞻】，供领导们参考 我们推荐一季报聚焦在"存储及其他涨价、AI及算力"方向，26Q2国产算力、消费电子有望迎转折机遇。 整体来看：在中上游持续涨价的背景下，我们预计26Q1电子行业整体业绩将继续分化显著。 一方面，预计存储受益涨价表现最佳，存储芯片设计、模组厂商业绩同环比均继续高增，此外PCB、功率、模拟 及半导体先进制造相关景气维持；另一方面，受存储涨价及缺货影响，消费电子整体承压，其中安卓、IoT压力更 大，苹果产业链相对稳定。 我们预计表现相对亮眼的细分板块有存储、AI PCB、功率、模拟、先进制造、果链龙头等，相关业绩亮眼的公司 有：存储模组龙头、兆易创新、普冉股份、南亚新材 ...

Group 1 - The market showed a strong upward trend in July, driven by expectations of policy catalysts and stimulus, with the Shanghai Composite Index reaching a new high [1] - The basic investment logic based on financial report guidance was fully reflected in July, as the market focused on companies with strong performance forecasts [1] - The AI industry chain, particularly segments like optical modules and PCBs, experienced significant price increases due to strong half-year report forecasts and overseas AI companies reaching new highs [1] Group 2 - Downstream demand is being continuously revised upward, with major overseas internet cloud companies reporting capital expenditures that exceeded market expectations, indicating a positive outlook for future capital spending [2] - The demand for optical modules and PCB companies is also being revised upward, reflecting a high level of industry prosperity [2] - Concerns regarding AI computing power demand and tariffs have eased significantly in July, leading to notable price increases in the overseas computing power industry chain [2] Group 3 - The domestic substitution trend has shown some performance improvement, with expectations for a recovery in the expansion pace of domestic wafer fabs in the second half of the year [3] - The storage sector has seen price increases, driven by high demand in the server storage market and supply constraints in the consumer market [3] - The market's focus on technology growth sectors has increased, with opportunities identified in both overseas export chains and domestic semiconductor industry chains [3]