1. Report Industry Investment Rating - The investment rating for the electronics industry is "Bullish" [2] 2. Core Viewpoints of the Report - This week, the electronics sub - industries have undergone significant adjustments. The year - to - date and weekly percentage changes of the Shenwan Electronics secondary indices vary among different sub - industries. North American important stocks mostly declined this week. The demand for AI ASIC has exploded, with Broadcom's performance and guidance exceeding expectations. Marvell's revenue driven by the data center and AI has reached a new high, and its growth potential is strengthening. It is recommended to pay attention to overseas AI - related, domestic AI - related, and storage - related stocks [3] 3. Summary by Relevant Catalogs 3.1 Market Tracking - **Electronics Industry**: The year - to - date percentage changes of Shenwan Electronics secondary indices are: Semiconductors (+9.93%), Other Electronics II (+8.61%), Components (+7.63%), Optoelectronics (+8.93%), Consumer Electronics (-4.34%), and Electronic Chemicals II (+18.42%). The weekly percentage changes are: Semiconductors (-5.57%), Other Electronics II (-4.08%), Components (-4.79%), Optoelectronics (-2.26%), Consumer Electronics (-5.40%), and Electronic Chemicals II (-6.21%) [3][10] - **Stock Price Changes**: Most North American important stocks declined this week. The year - to - date and weekly percentage changes of important technology stocks in the US stock market are provided. For example, Apple's year - to - date change is -5.30% and this week's change is -2.54% [3][11] 3.2 Individual Stock Price Changes - **Semiconductor Sector**: This week, Parylene Co., Ltd., BAW Storage Co., Ltd., Yuanjie Technology Co., Ltd., Demingli Co., Ltd., and Jiangbo Long Co., Ltd. had relatively high increases, with year - on - year increases of +38.17%, +26.25%, +10.52%, +5.93%, and +4.90% respectively. Oulexin Material Co., Ltd., Juguang Technology Co., Ltd., Kaide Quartz Co., Ltd., Ashi Chuang Co., Ltd., and Aojie Technology Co., Ltd. had relatively large declines, with year - on - year decreases of -20.26%, -20.17%, -16.00%, -15.28%, and -15.24% respectively [17][18] - **Consumer Electronics Sector**: This week, Suzhou Tianmai Co., Ltd., Jiemei Te Co., Ltd., Wanxiang Technology Co., Ltd., Hongri Da Co., Ltd., and Jiebang Technology Co., Ltd. had relatively high increases, with year - on - year increases of +34.12%, +16.62%, +8.46%, +6.07%, and +4.18% respectively. Jierong Technology Co., Ltd., Huanxu Electronics Co., Ltd., Tonglian Precision Co., Ltd., Kesen Technology Co., Ltd., and Yunzhong Technology Co., Ltd. had relatively large declines, with year - on - year decreases of -18.96%, -17.22%, -16.87%, -14.36%, and -14.29% respectively [18][19] - **Component Sector**: This week, Kexiang Co., Ltd., Xunjiexing Co., Ltd., Zhongying Technology Co., Ltd., Dongshan Precision Co., Ltd., and Chaoying Electronics Co., Ltd. had relatively high increases, with year - on - year increases of +23.26%, +18.80%, +12.43%, +11.57%, and +10.40% respectively. Shiyun Circuit Co., Ltd., Huazheng New Materials Co., Ltd., Dalikai Pu Co., Ltd., Pengding Holdings Co., Ltd., and Hudian Co., Ltd. had relatively large declines, with year - on - year decreases of -14.88%, -13.64%, -11.02%, -9.82%, and -9.80% respectively [19][20] - **Optoelectronics Sector**: This week, Huacan Optoelectronics Co., Ltd., Jufei Optoelectronics Co., Ltd., Tianlu Technology Co., Ltd., Yashi Optoelectronics Co., Ltd., and Huasu Holdings Co., Ltd. had relatively high increases, with year - on - year increases of +35.84%, +17.35%, +16.14%, +14.10%, and +13.03% respectively. Huichuangda Co., Ltd., Heli Tai Co., Ltd., Kaisheng Technology Co., Ltd., Gebijia Co., Ltd., and Fujing Technology Co., Ltd. had relatively large declines, with year - on - year decreases of -18.00%, -12.62%, -11.24%, -10.85%, and -10.67% respectively [21][22] - **Electronic Chemicals Sector**: This week, Jinhong Gas Co., Ltd., Siquan New Materials Co., Ltd., Laite Optoelectronics Co., Ltd., Puyang Huicheng Co., Ltd., and Sanfu New Materials Co., Ltd. had relatively high increases, with year - on - year increases of +6.77%, +3.15%, +2.58%, +0.89%, and +0.83% respectively. Tongyu New Materials Co., Ltd., Qiangli New Materials Co., Ltd., Jingrui Electric Materials Co., Ltd., Feikai Materials Co., Ltd., and Rongda Photosensitive Co., Ltd. had relatively large declines, with year - on - year decreases of -14.08%, -11.21%, -10.71%, -10.58%, and -10.28% respectively [22][23] 3.3 Company Performance Analysis - **Broadcom**: In FY26Q1, it achieved revenue of $19.3 billion, a year - on - year increase of 29%, higher than the market expectation of $19.26 billion. AI - related semiconductor revenue reached $8.4 billion, a year - on - year increase of 106%. The company expects FY26Q2 revenue to be about $22 billion (a year - on - year increase of 47%), and AI semiconductor revenue will further increase to about $10.7 billion [3] - **Marvell**: In FY26Q4, it achieved revenue of $2.2 billion, a year - on - year increase of 22%, and Non - GAAP EPS was $0.80. The full - year FY26 revenue reached $8.2 billion, a year - on - year increase of 42%. The data center business accounts for about 74%. The company expects revenue in each quarter of FY27 to continue to grow at an accelerating rate and predicts that FY27 Q1 revenue will be about $2.4 billion [3] 3.4 Stock Recommendations - **Overseas AI - related Stocks**: Foxconn Industrial Internet Co., Ltd., Hudian Co., Ltd., Pengding Holdings Co., Ltd., Shenghong Technology Co., Ltd., Shengyi Technology Co., Ltd., Shengyi Electronics Co., Ltd., etc. - **Domestic AI - related Stocks**: Cambricon Technologies Corporation Limited, Xin Yuan Co., Ltd., SMIC, Huahong Semiconductor Limited, Shennan Circuits Co., Ltd., etc. - **Storage - related Stocks**: GigaDevice Semiconductor Inc., Puren Co., Ltd., Dongxin Co., Ltd., Hengshuo Co., Ltd., Demingli Co., Ltd., Jiangbo Long Co., Ltd., etc. [3][4]