LED boom will continue at a high level , short-term pullback golden opportunity to usher in the layout . From past history, as the world's largest single market LCD TV , seasonal fluctuations in the mainland market, a greater impact on the LCD TV industry . Before the Spring Festival and May Day TV consumption peak period , upstream component industry are cyclical boom climb. In addition , Europe is also the end of the Christmas sales season , led backlight stocking season generally occurs at the end of the third quarter and the first quarter . However, as in previous years did not keep up with demand for lighting , lack of overall growth strength backlight , resulting in LED plate movements there have been some cyclical characteristics . From a stock price perspective , LED segment of the market generally have a pulse characteristics , the continuous rise in the short term is good in the industry boom , then slow down. LED sector has recently come down , have some investors worried about the prospects of the industry , suspected as the overall industry boom will fall as in previous years finished after . But we have pointed out before , in the past mainly because of the source plate cyclical seasonal fluctuations backlight market, and from the beginning of this year , the source of the industry boom is already up general lighting market . By the upstream chip technology to enhance the impact of the rapid decline and prices , the price gap between LED lighting and traditional lighting products are gradually narrowing between the upstream and downstream LED lighting products cost advantage has emerged. With the future of LED lighting penetration continues to improve, the industry boom upward solid support. We believe that 14 years LED market throughout the year , in light volume , fast-growing demand in the background, many companies will usher in revenues and margins double inflection point. Situation from the perspective of industry chain research , this needs a lot of LED companies have mergers and acquisitions and refinancing , as second and third base LED corporate profits generally not high , so the corresponding results of elasticity is very large. YTD stock price rose from a point of view , A shares to three safety optoelectronics, as the representative of the sun lighting industry leader rose significantly lag. While in China continue to enhance the competitiveness of enterprises , the vast domestic market , the outlook is bright background, we believe the market underestimates the round LED home lighting penetration enhance the overall industry to pull up flexibility. LED general lighting demand uncertainty explosive growth, and MOCVD machine no longer difficult to repeat the high investment and high growth in the past , LED chip supply and demand situation continues to improve. We determine the chip price declines this year are around a dozen points, and there may be structural stock in the second quarter . We continue to strongly recommend three safety optoelectronics, the company consolidate its leading position in the chip industry , wide band gap semiconductor poised, bright future. Midstream package , the recommendations concern the beneficiaries of industry consolidation , management capabilities continue to recommend the most prominent Jufei . Downstream, we continue to recommend the obvious advantages of Foshan Lighting channels and benefit from the industry, the economy improved, active layout of sun lighting its own channels . Plate recent pullback and industry fundamentals continued to improve departure , we recommend investors active configuration .