Since this year, although the market demand of the electronic industry has been affected by the epidemic situation, the innovation cycle centered on 5g, cloud computing, artificial intelligence and wearable has been strengthened, and the overall development momentum of the electronic industry has been improving. The organization believes that the three major turning points of the electronic industry have been determined, and the overall prosperity is expected to rise in 2021. From the perspective of performance, Guojin Securities Research Report shows that in the first three quarters of 2020, the revenue of electronic industry was 1713.5 billion yuan, with a year-on-year growth of 6.4%, and the parent's performance was 92 billion yuan, with a year-on-year growth of 25.7%; the electronic industry's single quarter revenue in the third quarter was 671.8 billion yuan, with a year-on-year increase of 11.4%, and the net profit attributable to the parent company was 42 billion yuan, with a year-on-year increase of 35.3%, and the industry continued to recover. In the third quarter, the gross profit rate of the electronic industry was 17.5%, with a year-on-year increase of 1.7 PCT, a month on month increase of 0.1 PCT, and a net interest rate of 6.4%, with a year-on-year increase of 1.4 PCT and a month on month increase of 0.4 PCT, with a steady increase in profitability. < p > < p > Guosheng Securities believes that the three major turning points of the electronic industry have been determined. First of all, the inflection point of plate performance was determined, the proportion of inventory decreased significantly, the performance of core leading enterprises exceeded expectations and distributed in the whole industry chain; secondly, the turning point of market expectation was determined, and the trend of external environment change, policy cycle strengthening and industry chain autonomy remained unchanged. Third, the global industrial inflection point has been determined, the downstream demand has been improved month on month, and the performance of leading enterprises in the third quarter has been growing rapidly. At the same time, it has generally given optimistic guidance for the future industry prosperity. In the field of consumer electronics, Societe Generale Securities believes that, benefiting from the economic recovery after the epidemic and the wave of 5g phone replacement, it is estimated that China's sales of 5g mobile phones will reach 154 million units this year, and the penetration rate of 5g mobile phones will reach 46%; the sales volume of 5g mobile phones in China will reach 296 million units in 2021, accounting for 82% of the annual penetration rate. It is expected that the global penetration rate of 5g mobile phones will increase from 1.7 billion in 2025g mobile phones to 1.7% in 2025. According to Guohai Securities, 5g emerging applications such as TWS, VR / AR and IOT are expected to take over 5g mobile phones and become a new driving force for the growth of consumer electronics. < / P > < p > the panel industry may usher in a sustained value return. Societe Generale Securities said that the panel industry may usher in a long cycle, high rise in the history of the boom. Recently, South Korean panel giants Samsung display and LG display have announced that they will withdraw from the LCD market and switch to OLED by the end of 2020. However, the new capacity of mainland manufacturers is still insufficient to make up for the withdrawal share. It is estimated that the demand for TV panel will be in short supply in 2021. China's OLED industry will enter the fast lane of development with favorable industrial policies, upgrading of downstream products and support from domestic mobile phone manufacturers. Guohai Securities also said that in the future, the industry reshuffle will be gradually completed, the global panel shows that the industrial competition pattern will be significantly optimized, and the domestic panel industry leaders will fully enjoy the long-term profit dividend brought by the increase of industry concentration and the weakening of periodicity. In the semiconductor sector, Societe Generale Securities believes that domestic semiconductor equipment and material manufacturers are expected to usher in a sustained boom under the dual wheel drive of the peak of production expansion and domestic substitution. Guohai Securities also said that the development logic of the domestic semiconductor industry, which has a positive trend, accelerated domestic substitution and comprehensive support from policy funds, has not changed. The semiconductor industry is still the main investment line in the next three to five years. In the medium and long term, the necessity and urgency of domestic semiconductor self-control are highlighted. With the rise of 5g, AI, cloud computing, automotive electronics, IOT and other emerging applications, the domestic semiconductor industry chain will accelerate its rise. (reporter Li Jing)