Sound navigation and ranging or Sonar is used for exploring, detecting, and mapping the ocean, since, sound waves travel farther in the water and experience less attenuation than radio frequency and optical signals. Sonar systems record the sound waves using hydrophones and process the signals to detect, locate, and classify different objects. The sonar system can be classified into two types - active and passive. Active sonar systems emit acoustic signals into the water and if an object is in the path of the sound pulse, the reflected signal returns an “echo” to the sonar transducer. Based on the time between the emission and reception of the acoustic pulse, the range and orientation of the object can be determined. Passive sonar systems are used to detect noise from marine objects without emitting its signal. This system is highly advantageous for military vessels that do not want to reveal its location to enemy military vessels in the water. Multiple passive sonar devices are used for the triangulation of a sound source. Sonar systems are widely being used for hydrography, oil exploration, fishing, and nautical charting activities.

A mobile wallet allows consumers to make transactions even during travel, from any location, anytime. It not only provides transaction facilities at affordable prices but also facilitates consumers to manage their accounts easily. While all these aspects boost the growth of the mobile wallet industry, consumers’ concerns related to security and technology infancy, investment, and deployment issues are expected to impede the growth of the mobile wallet market. Although these restraints are prevalent, companies from the telecommunication industry are collaborating with each other to serve the needs of their customers with new and improved product/service innovation. Wide adoption of smartphones indicates the accessibility level for mobile wallet. Smartphone users are able to make the most of the mobile wallet functionalities, and it is expected that more such users will come up in the next few years owing to plenty of benefits that the mobile wallet provides.

The prepaid card market is expected to exhibit high growth during the forecast period, owing to the convenience offered similar that of a credit or debit card with the ability to allow you to set your spending limit according to budget. Prepaid cards are basically a plastic alternative to carrying money around and are often called everyday cards. Prepaid cards take the place of cash, checks, and other payment cards where consumers or businesses want to use an electronic means of payment, but do not want to link the payment to a credit or debit account. However, various fees and security issues are expected to restrain the market growth. These restraints are expected to have a reduced impact in the near future, owing to the increasing popularity of prepaid cards among teenagers and students. Rise in demand for cash alternatives, increase in number of internet users, booming e-commerce industry and increase in adoption of prepaid cards because of adding funds through multiple avenues fuels the growth of the market. However, lack of standardization and prone to fraudulent attacks which can hampers the growth of the market. Furthermore, increase in unbanked and underbanked population offers lucrative opportunities for the market growth globally.

The patient monitoring market’s growth is primarily driven by the rising prevalence of chronic diseases, growing geriatric population, rising popularity of health monitoring devices, and preference for home and remote monitoring devices. According to the World Health Organization, Chronic Obstructive Pulmonary Disease (COPD) is expected to emerge as the third leading cause of death across the world by 2030. Majority of the chronic diseases and conditions are linked to an aging society and lifestyle choices, such as smoking, sexual behavior, diet, and exercise, along with genetic predispositions. Moreover, the rising awareness regarding patient monitoring devices, especially remote monitoring and home monitoring devices, are anticipated to witness significant growth rates over the forecast period. The percentage of adults meeting the national guideline for aerobic physical activity increased from 44% in 2008 to 54% in 2017. The rising awareness regarding the benefits associated with healthy lifestyle and increasing usage of health monitoring devices are likely to drive the market’s growth.

Virtualization can be described as an abstraction layer that disrupts the standard paradigm of traditional computer architecture. It decouples the operating system from the physical hardware platform and applications. As a result of the adoption of virtualization solutions, IT organizations are able to achieve efficient IT resource utilization and flexibility. Virtualization allows the use of multiple virtual machines, often with heterogeneous operating systems, to run in isolation, side-by-side, on the same physical machine. The market studied is expected to benefit from the shift that the organizations are making to reduce energy consumption, improve hardware efficiency, and boost sustainability with the help of virtualization. The software enables the virtualization, which reduces the organizational cost for physical devices, to run applications in a virtually created environment. Thus, this helps in reducing the time to market a solution. Virtualization software allows mobile access to various applications, files, and services across platforms. The growing trend of infrastructure-as-a-service can be possible only through the use of virtualization software. Return on investment (ROI) is a critical factor in the adoption of the virtualization.

Smart learning includes new educational contexts, which focus on students’ use of technologies It not only depends on the hardware and software available, but also on how they are articulated in the online training or in conjunction with the technological ecosystem present in the region. The learning trend encompasses a broad range of activities, tools, and services, which are aiming to improve educational outcomes of students and employees directly. The smart learning sector is most likely to be benefited from the rising interest in distance learning, as well as the expanded use of these services on smartphones, tablets, other mobile devices, and wearable technologies These factors open up several possible growing paths for industries engaged in smart learning and services. Schools and training centers are moving from the traditional blackboard approach to integrating smart technology into learning environments At the university level, institutions are adopting innovative methods, such as smart learning, to provide alternative pathways and opportunities for students to develop relevant and valuable skills in line with industry requirements. Smart classrooms at colleges and universities are also transforming the way education is being taught and conducted Smart classrooms are technologically advanced, which enables teaching and learning opportunities like never before By placing a digital learning technology, equipped with specialized software, assistive listening devices, and audio/visual capabilities in the classroom, infinite methods of teaching and learning are growing together as a unit

2020H1 中报总结：疫情冲击板块整体业绩，商誉持续下降，现金流有所改善。1）行业龙头净利润占比集中并有分化，收入、净利润、扣非净利润同比下降：游戏公司现金流净额高主要因疫情下游戏流水高；影视板块中电影行业由于上半年影院关闭净利润同比大幅下降；出版龙头公司净利润同比降10%左右；2020H1 传媒行业营收同比下降9.09%，净利润同比下降29.24%。2）受疫情一次性冲击影响，板块整体盈利能力下降，当前处于行业复苏前夜。2020H1 毛利率为23.33%同比下降15.54pct，净利率为11.49%同比下降0.5pct。3）负债率小幅上升，偿债能力、现金流有所提升。H1 资产负债率为36.75%上升3.02pct，现金流量净额上升31.83%至152 亿元。4）商誉逐步降低，H2 将有276.14 亿待解禁。A) 20H1 商誉同比下降26.68%至789 亿元。B）其中横店影视解禁规模超125 亿元。

国内影院复工后发先至，复工6周后票房修复赶上日、韩复工4个月的修复水平。根据boxofficemojo 数据，8月国内票房与观影人次为去年同期的40%+，影院复工率达到90%+，放映场次恢复到去年同期的70%左右。受《八佰》的强势拉动，近2周电影票房与观影人次均超出去年同期30%以上。国内票房市场复工6周即达到日、韩市场复工4个月的修复水平。我们认为，电影产业链的投资逻辑既有短期来自复工带来的触底反弹，更兼具中长期产业链供需格局演变下的基本面支撑。

2019年央行全系统共开展了658项反洗钱专项执法检查和1086项综合执法检查，处罚违规机构525家，罚款2.02亿元，处罚个人838人,罚款1341万元，罚款合计2.15亿元，同比增长13.7%;同时采用新的洗钱和恐怖融资风险评估办法和指标，反洗钱监管取得积极成效。

投资策略：移动互联网之后，数字智能时代将到来，5G、IaaS云计算和IDC为代表的新基建快速发展，消费互联网龙头通过海外拓展或下沉市场、应用创新和2B拓展料将继续快速增长，5G网络和云化进程加速推动产业互联网全面发展。建议重点关注：小米集团、腾讯控股、阿里巴巴、美团点评、金山办公、金蝶国际、用友网络、广联达、微盟集团、紫光股份、中兴通讯、中国铁塔、中国移动、宝信软件、光环新网、数据港等。