中国银河证券研究院CHINA GALAXY SECURITIES行业深度报告/电子行业我们认为，目前电子行业整体市盈率已达到可配置区间。供给端改善与需求提振双重作用背景下，看好算力产业、国产替代、消费复苏等主线，建议投资者提前布局.建议关注：(1)算力产业链：寒武纪(688256.SH)、景嘉微(300474.Z、海光信息(688041.SH)、通富微电(002156.SZ)、深科技(000021.SZ)、沪电股份(002463.SZ)、胜宏科技(300476.SZ)；(2)国产半导体设备材料：拓荆科技(688072.SH)、华海清科(688120.SH)、江丰电子(300666.SZ、富创精密(688409.SH)、北方华创(002371.SZ)、华峰测控(688200.SH)等：(3)消费复苏产业链：瑞芯微(603893.SH)、全志科技(300458.SZ)、晶晨股份(688099.SH)、富瀚微(300613.SZ)、中科蓝讯(688332.SH)、兆易创新(603986.SH)、江波龙(301308.SZ)、北京君正(300223.SZ)、聚辰股份(688123.SH)、澜起科技(688008.SH)、美芯最(688458.S)、唯捷创芯(688153.SH)。风险提示行业需求不及预期的风险：应用落地不及预期的风险：政策风险：下游技术选代不及预期。重点公司推荐PE (X)2023E2024E2025E2023E2024E2025E188.00-1.95-1.34-0.81300474.SZ景嘉微89.990.901.271.67100.3071.0253.9868.270.560.811.08121.8983.7863.39002156.SZ22.600.500.740.8945.5630.7125.43000021.SZ深科技19.990.620.7131.9928.15002463.SZ20.940.861.091.3524.2619.1715.55300476.SZ24.111.101.371.7121.9517.5414.09425.974.276.368.6499.6566.9549.28华海清科252.054.676.268.1454.0240.2530.96300666.SZ67.961.451.962.4647.0334.6227.61688409.S别富创精密109.001.582.343.2768.9846.5133.30002371.SZ北方华创317.656.208.4110.9351.2337.7729.06688200.SH华峰测控153.004.265.707.3526.8620.83603893.SH72.851.001.441.9272.6550.6137.99300458.S227.250.440.610.7362.6144.5337.5084.322.193.144.2638.4826.8519.79688332.SH83.681.992.733.7542.0g30.6722.29603986.SH兆易创新106.252.002.863.7953.2337.1128.02江波龙101.760.631.321.89162.3277.1653.96300223.SZ北京君正1.862.4947.5035.5128.69聚辰股份53.723.304.435.1616.2812.1110.4157.421.061.752.1754.0632.7926.40688458.SH96.171.052.6491.1751.2336.43唯捷创芯73.160.591.341.60123.3954.4445.72请务必阅读正文最后的中国银河证券股份有限公司免黄声明。