游戏板块：精品化趋势不变，产业链下游价值上移；随着用户红利进入尾声，重度化作为提升ARPU 值的核心动力成为游戏厂商的首选；国内手游市场ARPU远低于其他主要市场，仍存在广阔发展空间。

The report provides market dynamics and trends related to the global surrogacy market. In addition, it presents estimations and forecast of the market. The study estimates the revenue generated from the IVF and IUI procedures. The cost of insurance, medicines, and price paid to the surrogate are not considered while calculating the revenue. The valuations comprise revenue generated from surrogacy procedures such as intrauterine insemination (IUI) and IVF with and without intracytoplasmic sperm injection (ICSI). This report, however, does not consider revenues generated by fertility medications and costs of other medication involved in surrogacy procedure.

The mm-wave is a part of the radio frequency spectrum between 24GHz and 100 GHz. The mm-wave frequency has a short wavelength, low coverage, and faster data transfer characteristics as compared with other frequency spectrum. Many countries have already started deploying/allocation of the mm-wave frequency band. Some of them are the U.S., South Korea, Japan, and European countries. In 2020, mm-wave antenna modules are used in smartphones, indoor user equipment such as Wi-Fi and small cells. Qualcomm Incorporated is one of the leading companies involved in developing and manufacturing mm-wave antenna modules for 5G smartphones and tablets. With the list of benefits of mm-wave technology, there are some challenges associated with the technology. For instance, these high-frequency signals cannot travel for long distances and don’t allow wall penetration. To overcome this issue, companies are relying on massive MIMO technology for making use of mm-wave technology. Major telecom operators, such as Verizon and Ericsson, are investing heavily in 5G mm-wave technology, enabling the faster roll-out of 5G technology across the nations.

The online delivery of pharmaceuticals is increasing due to diverse regulatory, economic, and cultural environments. In the US, the online pharmacy market is mainly prescription-based. However, there is a limited presence of prescriptionbased online pharmacies in Europe, unlike the US. Among other regions, Europe is the second-largest market for online pharmacy, while North America is the largest one. Moreover, in the APAC region, online pharmacy is anticipated to increase owing to the surge in investments and several government initiatives to improve the healthcare infrastructure. India and China are estimated to be the major contributors in the region with prominent market shares. In Europe, the online pharmacy market comprises different fragmented local country markets due to varying regulatory regimes affecting pharmacies, set by the respective member states of the EU.

Telehealth is one of the advanced forms of medical services introduced a decade ago. It is a technology-enabled health service provided to patients in remote locations. Several organizations and users use remote healthcare interchangeably with telehealth and telemedicine. The concept of remote healthcare was introduced to make medical assistance accessible and affordable for patients across the world. It is a part of connected health operations in the healthcare sector. This healthcare service helps to communicate, diagnose, treat, and monitor patients. Remote healthcare is the need of the hour to offer healthcare access for the global population.

Wearable payment is a secure method for consumers to purchase a product or services by using advanced technology integrated in their wearable devices. In addition, it is known as tap-and-go payment method by various retailers and organizations, as it provides retailers and vendor with more secure and error-free payment method. Furthermore, many banks and financial institutions are providing wearable payment options to their consumers for increasing their customers across the globe and providing convenience to their customers. In addition, the adoption of wearable payments and contactless payment has increased over time due to surge in adoption of smartphones and ease of transactions as compared to traditional banking. Moreover, increase in adoption of cashless payment across the globe and rise in need for secure and safe contactless payment drive the growth of the market. In addition, wearable payments provide enhanced customer experience to the users, which fuels the growth of the market. However, increase in security issues in wearable devices and high cost of wearable devices hamper the growth of the market. On the contrary, surge in adoption of advance technology in wearable devices such as near field communication (NFC) and radio frequency identification (RFID) is anticipated to offer remunerative opportunities for the expansion of the market.

Veterinary software meets the requirements of veterinary professionals beyond the practice management optimization. Veterinary software functionality ranges from offering integrations to animal clinics and hospitals, maintaining a drug database for veterinary-focused pharmacies to consult, streamlining and ensuring industry compliance, and offering tools that support client engagement. Veterinary software creates efficiency and productivity within any part of animal-focused care delivery so veterinary professionals can emphasis on their work. Veterinary software are available as stand-alone software or are built to integrate with or supplement veterinary practice management software.

2013年至2015年期间，4G技术应用带来TMT板块牛市，以传媒、计算机为代表的TMT行业显著跑赢其他行业，我们再次以全球视角看今年5G应用发展，受疫情等多种因素影响，进度整体低于预期。但我们也看到多维助力因素正在汇集，预计2021年5G应用有望迎来爆发。此外，本文中深度挖掘传媒板块细分赛道的隐形冠军，这类公司往往已建立自己的竞争壁垒，并且估值不高，安全边际较高，行业发展短期也比较稳定，后期有望享受一定超额收益，希望为投资者提供参考.

根据新华社2020 年11 月12 日电：中国工业和信息化部副部长刘烈宏在11 日晚开幕的中国发展高层论坛2020 年年会上表示，中国已经建成近70 万个5G 基站，5G 终端连接数已超过1.8 亿，良好的基础设施促进了许多基于5G 的新应用。相对比中国，国外5G 基站建设相对缓慢，截止2020 年10 月底，国外建设5G 基站接近33 万个。2020 年11 月20 日，中国移动在广州召开2020 年全球合作伙伴大会。公司董事长杨杰发表主旨演讲时透露，中国移动将进一步扩大5G 网络规模，2021 年实现全国市、县城区及部分重点乡镇良好覆盖。同样在今年11月初，5G 套餐商用迎来一周年，中国联通公布了在5G 业务上的最新进展，截至10 月22 日，中国联通累计开通5G 基站33.2 万站，到今年年底5G 基站规模预计超过38 万个，2021年处于规模部署期，中国联通将结合业务发展，实现县城以上、重点乡镇5G 覆盖，网络建设与行业同步，完善广度、深度覆盖。今年是5G 大规模建设元年，5G 建设的长期趋势不可逆，伴随着5G 基站覆盖面的持续提升，有助于5G 终端的爆发。

定位全球娱乐公司的孩之宝38 亿美元收购小猪佩奇母公司，凸显IP 价值再提升。疫情后孩之宝借力全球供应链能力应对疫情影响，短期季度亏损不改孩之宝持续加码主业；孩之宝品牌矩阵丰富且拥有较长产业链更利于内容品牌的商业价值放大，2021-2022 年孩之宝收购协同效应有望释放。

海外有腾讯控股、美团点评、阅文集团、哔哩哔哩、心动公司、祖龙娱乐、创梦天地、中手游、IGG、猫眼娱乐、第七大道等。5G 概念有号百控股、顺网科技、梦网集团、风语筑；游戏板块电魂网络、宝通科技、昆仑万维、姚记科技、惠程科技、凯撒文化、金科文化、恺英网络、冰川网络、中青宝等；影视上海电影、中国电影、鹿港文化等；其他有新华网、人民网、中文在线、值得买、华凯创意、三人行、紫天科技、中南传媒、锋尚文化等。

11 月12 日，拼多多发布了2020Q3 业绩：2020Q3，公司实现收入142.10 亿元，同比+89.1%；Non-GAAP 归属净利润为4.66 亿，单季首次实现盈利，全面超出市场预期。

近日，苹果公司宣布：针对每年营收少于100 万美元的小型企业和个体开发者，其在App Store 中的平台抽成比例将由原先的30%下调至15%，该计划将于2021 年1 月正式启动。虽然苹果公司的此次调整只涉及收入规模较小的开发商，上市的游戏公司收入体量较大，基本不受影响，但是，苹果公司作为最早推出手机应用商店，并制定了国际通行的30%分成比例的规则制定者，其有条件的下调分成比例象征着随着游戏产品精品化趋势的不断深化，开发商相对渠道的议价权有所增强，平台方坚守原有分成比例的态度逐渐有所松动。长远来看，游戏开发商有望享有更高的收益比例。目前，游戏行业整体依旧延续着疫情后的高景气，经过前一阶段的回调，板块估值也处于历史相对低位，当前时点可适度加强对游戏版块绩优公司的关注。建议关注下半年有新游戏上线且其流水表现相对稳定的公司或后续产品储备特别丰富的公司。游戏出海赛道关注估值偏低、业绩成长性较好的公司。

11 月10 日Xbox Series X/Xbox Series S 正式开售，售价499 美元/299 美元，11 月12 日，PS5 正式上线发售，PS5 两个版本分别售价499 美元与399 美元，次世代主机的相继推出，高清高帧率+高追技术等的加入，对全球游戏市场是一轮新的改革与推动，有望吸引更多的新玩家加入，利好精品内容制作商。同时，苹果也在近期宣布，从2021 年1 月1 日开始，年收入100 万美元以下的小型企业分成费用从30%降低到15%，这也同样有利于更多的内容创意迸发，丰富市场供给。

3Q2 收入超一致预期，用户数快速增长。公司 3Q20 收入 32.3 亿（yoy+73.5%），指引上限为31 亿元；毛利达到7.62 亿元（yoy+117%），毛利率23.6%（yoy+4.7pcts）。Non-GAAP 归母净亏损达到9.7 亿。平均月活跃用户数达1.97 亿人（ yoy+54% ）， 移动端平均月活达1.84 亿yoy+61%），平均日活跃用户数为5330 万（yoy+42%），平均月付费用户数约1500 万（yoy+89%

移动互联网时代，卡位短视频赛道，把握下沉市场红利及去中心化的力量普惠机制，造就了今天的快手和”老铁经济“；而快手面临竞争，一方面改革8.0推出单列上下滑产品，打”高线“市场，一方面开始进行公域流量运营，加速商业化。