Sinolink Securities research report pointed out, 1) The combined capital expenditure of the top four cloud vendors in North America in the third quarter was $58.91 billion, with Amazon's third-quarter capital expenditure increasing by 81% year-on-year to reach $22.62 billion, and Microsoft's third-quarter capital expenditure reaching $14.92 billion. The capital expenditure of cloud vendors continues to maintain high growth, with strong demand for Nvidia Blackwell chips, Microsoft placing strong orders for GB200 chips and NVL72 servers, and the industry chain has begun to pick up. 2) The performance of the electronics sector in the third quarter has differentiated, benefiting from strong demand in AI cloud and cyclical recovery, with outstanding performance in the PCB sector. The PCB sector saw rapid growth in the first three quarters. 3) The trend of Apple's hardware innovation and growth is gradually becoming clear, with AI gradually integrated into this year's iPhone 16, continuous upgrade of edge-side models, and the possibility of major hardware and edge-side AI innovations in next year's iPhone 17. Continues to be bullish on AI-driven, Apple industry chain, and self-controllable industry chain.