本报告基于2026年三季度CIO调查，分析北美电信与网络设备行业需求与投资趋势。调查显示网络设备增长前景趋于稳固，校园网络需求增强；在网络设备厂商中FFIV改善最为明显，CSCO与ANET的净开支意向仍保持正增长。安防仍是预算优先方向，其中身份安全的重要性上升，价格与更长的换机周期影响投资节奏。报告指出，网络设备在开支防御性排名中由第四升至第三，反映出底层需求具备韧性；AI网络的新增预算出现积极迹象，而设备涨价并未引发明显的提前采购，说明需求尚未被透支。整体IT预算增长亦有所提速。报告维持对该行业"与大市同步（In-Line）"的投资评级，认为校园换机与安防投入提供持续支撑，但受宏观不确定性影响，支出仍偏选择性。
3Q26 results point to firmer Networking growth and campus demand. FFIV improves most among networking vendors, while CSCO and ANET remain net positive. Security retains budget priority, with identity gaining importance. Pricing and longer refresh cycles influence the pace of investment. Our 3Q26 CIO survey points to 3.0% Networking growth in 2026, up 39bps from 2.6% in 2Q26, with CIOs expecting 2.8% growth in 2027. Overall IT budget growth also improves to 4.0% from 3.8%. Networking equipment moves to 3rd in spending defensibility from 4th, reinforcing the resilience of underlying demand. Early signs of net-new AI networking budgets are encouraging, while limited purchasing acceleration in response to higher equipment prices suggests little demand pull-forward. FFIV stands out among our networking names, supported by firmer hardware refresh plans and greater preference for traditional ADC vendors. We see continued support from campus refresh and security investment, although spending r