Semiconductor manufacturing equipment B-B value rebound. In January 2013 North American semiconductor manufacturing equipment B-B value is 1.14, B-B value continued to rise. Orders chain continued to rise, growth of 17.2%, down 8.5%; shipments, the chain fell 5.4%, fell 23.2%. The Japanese semiconductor manufacturing equipment B-B value of 1.18, B-B value consistently higher than 1. The quantity of orders, in January rose 2.8%, 25.2% year-on-year decline; shipments, an increase of 6.8% QoQ, fell 32.5%.

Taiwan electronic enterprise monthly revenue. The wafer foundry industry maintain a good momentum of growth. In January and Taiwan product revenue increase of 37.1%; packaging companies manufacturers ASE growth 22.5%, industry boom degree is still low; panel industry boom continues to rise, AUO revenue growth rate was 31.7%; touch screen Industry January scenery bearing down, TPK TPK monthly revenue growth of 35.8%; optical lens business sentiment declined; LED plate warmer obvious signs, industry leading monthly revenue growth of more than 20%; PCB industry slow recovery.

Investment rating: maintain "neutral" rating industry. In February 2013.02.01-2013.02.28, electronic components industry index run win the CSI 300 index 8.46 percent, in the electronic components industry "market in February" again. Worldwide semiconductor manufacturing equipment B-B value rise, showing signs of industry boom began to improve, we maintain the industry "neutral" rating.

Concerned about the growing enterprise in March, is the company's annual report disclosure of an intensive period, then, 2013 years of business ideas and business goals will gradually recognized and the future growth of high growth companies will become the market attention hot.2013 years domestic chip is expected to receive financial IC card chip use of qualifications, when domestic chip design business will usher in new opportunities for development, recommendations concern in financial payment with core products in the field of rich reserves. Intelligent terminal camera to develop in the direction of the pixels high, will drive capable of mass production of blue glass IRCF crystal light electric future high growth performance, we maintain the "overweight" rating.

Risk warning: the slow economic recovery in Europe; the slow pace of recovery in the industry; intelligent terminal sales is less than expected。