投资建议：维持推荐评级。海外疫情对电子板块业绩冲击影响有限，电子行业上市公司2020年第二季度收入和利润增速均有回升，行业上行趋势不变。我们继续看好5G周期和国产替代趋势下电子行业龙头的业绩表现，建议重点关注苹果5G手机、智能可穿戴设备、第三代半导体、液晶面板和Mini LED等细分板块的投资机遇。

1.板块业绩综述 ......................................................................................................................................................... 4

1.1 电子行业整体业绩 .............................................................................................................................. 4

1.2 细分板块业绩 ...................................................................................................................................... 5

2.细分板块分析 ......................................................................................................................................................... 6

2.1 消费电子：Q2 营收同比+16.87%，利润同比+52.67% ..................................................................... 6

2.2 半导体：Q2 营收同比+18.01%，利润同比+122.51% ...................................................................... 8

2.3 PCB：Q2 营收同比+17.76%，净利润同比+28.90% ........................................................................ 12

2.4 被动元件：Q2 营收同比-7.25%，净利润同比+31.53% ................................................................. 14

2.5 面板：Q2 营收同比+14.57%，净利润同比-24.08% ....................................................................... 16

2.6 LED：Q2 营收同比-10.58%，净利润同比+325.32% ...................................................................... 18

3. 投资建议.............................................................................................................................................................. 20

风险提示 .................................................................................................................................................................... 21