CITIC Securities: The electronics industry remains prosperous, confidently optimistic about four major directions

CITIC Securities Research Report points out that, reviewing Q1 2026, from the demand perspective, AI data center-related demand maintained rapid growth, automotive showed replenishment demand, consumer electronics demand was somewhat affected, and other industrial and B2B downstream sectors continued to recover. The sectors with strong performance in Q1 2026 mainly include: 1) The price increase logic continued to spread, with storage, copper-clad laminate, and other sectors continuously releasing performance elasticity; 2) AI computing power-related sectors continued to maintain strong growth; 3) From the perspective of domestic substitution, the trend of local computing power breaking through is clear, and market share is steadily increasing, with performance in design, manufacturing, and equipment segments accelerating. Overall, the relatively outstanding sub-sectors include: computing power-related PCB, leading domestic computing power chip companies, leading storage and computing chips, and leading equipment manufacturers.