The global digital signage market was valued at USD 17,220.2 million in 2017 and is expected to reach USD 31,714.1 million by 2025, growing at a CAGR of 8.0% over the forecast period. Digital signage has turned out to be a cost-effective and reliable solution which is accessible to all the business segments irrespective of the business size. Therefore, the digital signage has become a dynamic platform for all the business sectors to adopt and maximize the potential of their products, sales, and services through impactful advertisement and promotions. All these factors are escalating the demand for digital signage, and the market is anticipated to further explode at a considerable pace over the forecast period.

Dental diseases pose a significant health burden globally. Because of the increasing prevalence of dental caries and periodontal diseases, severe dental impairment has been reported in the developed and developing countries. Dental x-ray systems are useful in detecting and recording areas of decay that are undetectable by oral examination, especially minor areas of decay present between teeth. These devices are also used to detect periodontal diseases, as they help identify bone loss or any changes in bone structure or root canals due to infection. According to 2015 CDC statistics, 91% of the U.S. population aged 20–64 years reported dental caries. In addition, rising prevalence of periodontitis is also accelerating the demand for dental x-ray systems. According to NCBI 2017 data, around 20%– 50% of the global population is affected with periodontal diseases both in the developing and developed regions. Periodontal diseases are considered as a public health concern with rise in its prevalence among adolescents as well as adults.

Computer hardware spending contracted 2015-2017, with peso depreciation the main negative factor in 2015, but it was increasingly the cannibalisation of PC use cases by smartphones that was responsible for weak performance. Audio-visual spending growth resumed in 2017, supported by flat-panel TV set upgrades and replacements, as well as the positive trend for smartphone complimentary audio devices. After a slowdown in the smartphone boom in 2015 and 2016 as a result of challenging economic conditions the trend rebounded strongly in 2017 through upgrades and an extension of ownership to new users.

There was a sharp decline in device spending in 2016 as a result of depreciation and recession, which affected all three segments of the market, before a stabilisation in 2017 as economic conditions improved. The hardware trend was exhibiting a negative US dollar trend prior to 2016, and only recorded modest growth in 2017 with more supportive economic conditions because of shifting usage patterns. Handset spending outperformed again in 2017 as the smartphone boom resumed, based on a flow of first-time buyers and pent-up replacement demand from existing owners.

iPhoneXS/XSMax/XR齐发：苹果9月13日凌晨举行2018秋季发布会，发布了新一代iPhoneXS系列和廉价版iPhoneXR。其中包括两款5.8英寸和6.5英寸OLED屏幕的新机，以及一款6.1英寸LCD屏幕的廉价版iPhone，iPhoneXR提供黑、白、金、黄、蓝、红六种颜色。屏幕采用6.1英寸LiquidRetinaLCD屏幕。提供64G、128G和256G三种内存版本，售价749美元起（国行版售价6499元起），10月26日开售；iPhoneXS提供64G、256G和512G三种内存版本，售价999美元起（国行版售价分别为8699元、10099元和11899元）；iPhoneXSMax同样提供64G、256G和512G三种内存版本，售价1099美元起（国行版售价分别为9599元、10999元和12799元），9月21日开售。

光学屏下指纹方案将成为市场主流。智能手机的生物识别解锁功能已经构成消费者使用体验的重要一环。通过对各类全面屏手机的解锁方案的操作体验、性价比和产业链等方面的综合讨论，我们认为目前光学屏下指纹方案综合竞争力最强，将率先抢占市场，产业链的优势公司具备较好的投资机会。

公司从本质上是由“人”构成的，人均指标是衡量公司经营和发展的重要角度。对于制造业企业而言，员工对于各生产过程的参与、产出以及回报很大程度上反映了企业的经营策略和运营情况。本篇报告从人均的角度入手，对各细分行业可比电子上市公司进行比较分析，从中把握投资方向。

8月15-19日，2018世界机器人大会在京举办。麦肯锡全球董事合伙人、麦肯锡亚洲运营咨询业务及物联网负责人表示，制造业中60%以上的工作都可通过自动化完成，中国在这个领域具有非常大的潜力，具有大量的机器人技术应用机会。美国机器人工业协会主席指出，协作机器人在过去几年具有最大的市场机会，一些安全性较低的工作可以由机器人来完成，从而减少对人的伤害。从市场来看，中国电子行业可能是协作机器人最大的应用领域，特别是消费电子领域，在组装、分配和检测等环节都有较大需求。此外，生命科学领域潜力也非常大，未来此领域的机器人应用会出现较快增长。总体而言，机器人的出现可以和人工形成较好的合作，提升工作效率并保障人员的安全性，甚至可以创造出很多新的工作内容和机会。随着机器人的各项技术发展成熟，工业机器人的成本将会越来越低，需求也将随之爆发，从而带动核心零部件——工控产品的需求增长。

电子行业上市公司2018年H1营收3100亿元，同比增长12.5%；扣非净利润合计176亿元，同比下降-19.6%。2018年Q2营业收入与扣非净利润增速相比于2018年Q1分别增长2百分点和降低5.5百分点。我们判断，宏观经济形势及外部贸易战的担忧持续发酵，下游需求疲软，导致行业上市公司扩产节奏放缓。

新iPhone符合预期，AppleWatch4惊艳亮相：1）iPhoneXs与iPhoneXsMax对人脸识别、智能拍照、真立体声、防水等功能进一步升级，A12芯片性能提升显著，双卡双待彰显实用性，同时发布LCD版iPhoneXr，多产品多价格组合有望推动iPhone销量稳定增长。2）AppleWatch4外观和功能升级幅度大，心率监测系统全面升级，提供低心率预警功能并能够显示实时电子心电图，为用户提供更加全面的健康和运动管理功能，我们认为AppleWatch未来在日常健康管理中有望扮演愈加重要的角色。