Citigroup Securities: Optimistic about the potential for excess returns in the electronic sector in the next six months.

CITIC Securities research report stated that by the fourth quarter of 2025, the public fund quarterly reports had been disclosed. The proportion of electronic industry allocation slightly decreased compared to the historical high in the third quarter of 2025, but it still remains at a high level. In terms of sub-industries, electronic components continued to rise and hit a historical high, while semiconductors and consumer electronics fell from their high positions, and optical optoelectronics experienced a slight rebound. The research report continues to be optimistic about the potential for excess returns in the electronic sector in the next six months. In 2026, in the context of "upstream raw material price increases and downstream demand differentiation", the investment focus and pace will be focused on AI, autonomous controllable technology, and midstream and upstream sectors. It is recommended to focus on "storage, AI, autonomous controllable technology" before March 2026, with the possibility of a turning point opportunity for "consumer electronics" by the end of the first quarter of 2026.