In the third quarter held steady revenue growth. 15 years in the third quarter of the industry overall revenue growth of 21.16% year-on-year, continues the steady growth momentum since 12 years. Among the industry nearly 7 into revenue is yoy growth. In the third quarter net profit steady growth. Profitability, 15 years in the third quarter of the electronics industry as a whole net profit up 5.26% from a year earlier, slowing growth. The same industry net profit margin of 6.43%, slightly down as a whole. Year-on-year growth of the company accounted for 59.62%, nearly twenty percent of the company only rose more than 100%. In the third quarter of the overall gross margin has, but stocks differentiation is obvious. 15 years average gross margin of 19.80% in the third quarter of the electronic industry, fell 1.3% year on year, fell slightly as a whole. But from the point of gross margin change the number of companies, 15 years in the third quarter of the electronic industry has 57.95% of the company's gross margin fell. According to corporate profitability appear differentiation, core competitiveness, have better bargaining power part quality enterprises, to decline in market demand under the background of keep good profitability, the future will enter the stage of selection of blue-chip stocks. In the first three quarters of stability of the inventory turnover. 15 years ago in the third quarter, the electronic industry as a whole inventory turnover is 4.16 times per year, basic stability. Over the same period, the company of decline in inventory turnover accounted for 53.85%, 42.95% higher than that of 14 years in the same period. The current enterprise still maintain a relatively high level of inventory, need to be vigilant in stock inventory pressure under the economic downturn in the future. During the third quarter rate rose slightly. Electronics industry is affected by factors such as labor costs rise, 15 years during the third quarter rate of 12.95%, rose 4.71% from a year, since 11 years lasted rate rose slightly during the period of industry. We think this is mainly affected by smartphones, tablets, shipments slowed in recent years lead to electronic business revenue growth is slowing, while the enterprise expenses during the adjustment, there is a certain lag. 15 years in the third quarter of the electronics industry forecast net profit year-on-year growth of the company accounted for 71.23%. The industry there are 73 companies released 15 years in the fourth quarter earnings forecast, the performance of company has 52, accounted for 71.23%, performance company 17, in the process of the decrease accounted for 23.29%, uncertain company four, accounted for 5.5%. Industry "overweight" rating, focus on superior enterprises. As smart phones as the core of the mobile Internet innovation into the second half, macro-economic downward pressure at the same time, we can judge the boom of 15, 16 years in electronic industry as a whole will fell, the future industry will mainly focus on niche investment opportunities. We recommend attention: state-owned enterprises reform line: xiamen cinda, zhejiang east; Semiconductor m&a line: rich micro electric, long telegram technology, three photoelectric, huatian technology, Mr. Parker, crystal science and technology; Internet + : constant treasure shares, resultant force; Industry: 4.0 victory precision, etc. Risk tip: a further slowdown in economic growth, national semiconductor industry fund implementation does not reach the designated position.