Citic Securities pointed out that due to the fluctuation of external environment and repeated epidemic, the valuation level of the consumer electronics sector has continued to decrease since the beginning of the year. At present, the consumer electronics (CITIC) index ForwardPE is about 24 times, which is at the bottom of history. With the weakening of the local epidemic, the demand for traditional consumer electronics products such as mobile phones and PCs is recovering, and new terminals such as smart watches, ARVR and automotive electronics are pulling goods, and the sector valuation is expected to be repaired.