CITIC Securities Electronics 2027 Investment Strategy: Divergence in Computing Hardware, Semiconductor Localization Enters Acceleration Phase

36Kr reports that CITIC Securities released a research note stating that after explosive growth in computing power investment drove a boom across the hardware supply chain, markets have begun to worry about high capital expenditures requiring ongoing financing. We believe opportunities in new technology iterations such as high-end AI PCBs and 800V systems deserve attention. Regarding semiconductor localization, AI has elevated global demand for memory, logic, and advanced packaging to a higher level; under the dual boost of market share gains in downstream manufacturing and increased localization rates upstream, semiconductor equipment, materials, and components are expected to show greater visibility in terms of explosive growth and sustainability over the next three years. We strongly favor opportunities in semiconductor localization. On the terminal side, the impact of rising prices for components represented by memory chips is nearing its end, with demand expected to improve; Agent integration into terminals is accelerating, awaiting the emergence of breakout products such as AI phones, AI PCs, and AIoT devices.