Leaders' most asked question is where to bottom-fish. Briefly sharing our thoughts after intensive research and roadshows:

English summary

1. # Overseas main line: Optical modules and PCB remain the steady backbone of performance and logic. Look for companies with 26H2 earnings elasticity and good long-term positioning (Zhongji Innolight / Pengding Holdings / Shenghong Technology / Eoptolink). 2. # Price increase line: Focus on chips with concentrated release and good long-term logic. The logic of high-end squeezing mid-to-low-end capacity to raise prices is hard to replicate a second time. Mainly look at storage (ChangXin Technology), electronic fabric (International Composites / Honghe Technology), CCL (Shengyi Technology / Nanya New Material), optical chips (Yuanjie Technology). 3. # Domestic line: Still emphasize AI chips, FAB, and super nodes as the three sharpest directions. Elasticity from (Cambricon / Hua Hong Semiconductor A / Wantong Development, etc.). Equipment: look at high existing content and low localization rate with elasticity (AMEC / Piotech / Skyverse / Zhijingda). 4. ...