监管层和业内人士近日接连发声，直指支付行业乱象，并强调支付行业严监管将常态化。

10 月，行业运行有所波动，整体发展表现一般。行业融资小幅回升，区块链融资热点有所减弱，行业融资金额为 28.33亿元，环比上月上升 90%。

The smart manufacturing industry value chain comprises of numerous stakeholders who form a complex structure of hardware solutions and service providers. The stakeholders include Original Equipment Manufacturers (OEMs), solutions providers, software providers, distributors, systems integrators and end users. The OEMs form the first part of the value chain and are producers and suppliers of equipment, parts and components to the industry players. The smart manufacturing industry makes use of numerous hardware components including communication systems, industrial robots, sensors, and cyber physical systems among others. The OEMs have been gaining an increasing amount of importance in the value chain owing to the smart manufacturing industry’s shift towards customization and customer-centric approach towards business conduction. In addition, the need to provide compatible and user-specific components to the solution providers is also a major enabler of suppliers becoming an active participant of the production environment.

p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 9.0px Verdana}The Americas farm management software and services market comprises major companies providing software and services for yield monitoring and farm mapping, weather monitoring and forecasting, animal health monitoring, lighting management, and feeding management among others. This varied range of market participants provide opportunities to other players willing to bear the high risks involved in the industry. This chapter details the latest strategies and developments adopted by the key market players in the farm management software and services market. In order to lead the market as well as engage in the process of market growth, a company needs to work in collaboration with the top market leaders, acquire the relatively weaker companies, bring new products and services to the market, and improve the existing products. Some of the key strategies adopted by the key market players are listed in the following figure

The UK’s telecom market remains one of the largest in Europe, characterised by fierce competition which has resulted in reduced pricing for end-users. Following some market consolidation in the mobile segment there are four key players and a number of MVNOs. Mobile broadband in coming years will place some additional pressure on the fixed-line broadband subscriber base as customers are tempted to migrate to 5G-enabled services. The fixed-line broadband sector is characterised by the steady decline in DSL and the ongoing efforts among a good number of operators to expand the reach of fibre networks. This is being supported by government efforts to encourage the right economic environment facilitating the ambition to have a fully-fibred UK by 2033. British Telecom is aiming to provide ultra-fast broadband services to some ten million premises by 2020, while Vodafone is also partnering with CityFibre to deliver an extensive 1Gb/s service to about five million premises by 2025.

The healthcare systems in the majority of the countries are highly fragmented in nature, as a result of which the associated administrative costs are higher thereby creating a negative impact on the market. Clinicians and other health providers have access to limited information during point-of-care applications that may affect patient safety, which further raises the need for adoption of health information exchange.

The Brazilian fixed-line market in recent years has been adversely affected by consumers substituting services for mobile and VoIP solutions. The number of fixed lines continues to fall slowly, despite gains in the VoIP sector. Internet connectivity in Brazil is provided by a number of submarine cables to the USA, Central and South America, Africa and the Caribbean. New cable systems are due to come into service which will increase bandwidth and push down broadband prices for end-users. Investments are ongoing into extensive terrestrial cables between Brazil, Argentina and Chile which will connect to the EllaLink cable and provide a link between Sao Paulo and both Lisbon and Madrid. The bulk of the telecom market is divided between a few key operators, including Telefónica Brasil, América Móvil’s local unit Claro, and Oi. Operators have had to contend with a harsh economic environment which has reduced consumer discretionary spend.

Hyperscale data centers are built, operated, and maintained to process a vast quantity of customer and business data. The number of people accessing the internet has grown significantly in the past decade, increasing from about 1.5 billion in 2008 to 4.1 billion in 2017. Consequently, the amount of data generated has also grown by over 50 times because of the increased use of desktop systems, smartphone penetration, social media, wearable devices, and connected devices.

以 ERP 为例，用友网络、金蝶国际 2017年的收入为 9.07 亿美元、3.41 亿美元，而美国的对标公司 Oracle 和 SAP 2017年收入为 398 亿美元、280 亿美元，两者相比差距巨大。同时也表明，中国产业互联网市场的发展潜力巨大。

2018 年计算机板块跑赢市场主流指数，板块内部行情分化明显，云计算、医疗信息化、金融信息化、新零售板块表现亮眼。

制造业是国之重器，以《中国制造 2025》为纲，智能制造将是中国实现制造业崛起的长期命题。智能制造最终目标是辅以智能设备，实现生产制造的数字化、智能化、协同化。而底层的信息化是基础，只有实现底层数据采集和业务流程规范，才能实现上层平台的数据汇集智能分析和网络协同。先有信息化，才有智能化和协同化。 

18 年 Q4 轨交领域投资明显回升，轨交信息化需求将进入集中释放期，轨交信息化领域上市公司有望显著受益于行业的高景气度。推荐标的：运达科技（300440）、世纪瑞尔（300150）。受益标的：思维列控（603508）、佳都科技（600728）等。 

由于相当一部分计算机公司都是项目驱动型，订单来自于政府、国企和大中型民营企业，业绩背后的驱动力量和宏观经济环境呈现明显正相关性。展望 2019 年，整体宏观环境不确定性较大，外部贸易战和国内去杠杆进入攻坚阶段。在宏观经济不确定性很大的背景下，计算机行业整体业绩很难取得出色结果。 

中国移动获得 2.6GHz+4.9GHz 5G 频段，相比 3.5GHz 产业链仍不成熟，需要中国移动推动产业链发展，因此单基站元器件价格预计较高，网络商用时间必然会因测试稍有推迟，但维持 2020 年商用。一旦产业链成熟，由于频率较低，基站建设数量和运营成本更低。

科技产品和服务进出口是中美贸易的重要组成部分。中国对美货物贸易为顺差，2017 年出口科技产品1,985 亿美元，占整体46%，以智能手机、平板电脑等成品为主。中国对美服务贸易为逆差，2016年中国从美进口科技服务约80 亿美元，占整体15%，以特许权使用费和专利授权费为主。我们看到中国企业正采用全球生产、进口替代、全球研发，以面对全球贸易格局变化，实现产业升级。

2017 年中国人工智能市场规模约 220 亿元，智能语音占中国人工智能市场份额的 22%，价值 48 亿元， 仅次于计算机视觉。IDC 在 2018 年 10 月的报告中预测，中国对话式人工智能市场规模将在 2022 年达到 78 亿，2018-2022 年年复合增速将为 57%。

2018 年前三季度申万计算机行业合计实现营业总收入 4175.4 亿元，实现归母净利润 220.0 亿元。在营业总收入维度，行业内上市公司前三季度同比增速的中位数分别为 15.97%、14.23%、15.65%，基本保持稳定，与去年同期相比有小幅下滑。

行业处于上行景气周期，商誉风险释放继续向上。业内龙头公司集中度自2017年开始上升，对比美国，我国龙头的抗压性稍弱，但随着马太效应的逐渐显现，龙头地位进一步巩固，值得长期关注。计算机板块的市盈率为38.54，达近四年来的历史最低点位，估值正逐渐恢复到合理水平，未来行业内生增长将进一步消化估值水平。商誉方面，2018年Q3行业商誉总额同比增长仅9.41%，增速平缓，由于并购爆发于2014-2016年，因此业绩承诺集中在2016至2018年，目前来看减值高峰进入尾声，但仍需提防个股减持问题。

《中国电子报》1月16日报道，为规范市场秩序，工信部信息通信管理局对外印发《关于督促互联网网络接入服务企业依法持证经营的通知》（以下简称《通知》），督促互联网网络接入服务企业依法持证经营。根据《通知》，自2018年1月1日起，未取得互联网资源协作服务业务、内容分发网络（CDN）业务经营许可的企业，不得继续经营相应业务。

工信部网站6月19日报道， 为发挥标准在车联网产业生态环境构建中的顶层设计和引领规范作用，推动相关产业转型升级，加快制造强国和网络强国建设步伐，工业和信息化部与国家标准委联合印发《国家车联网产业标准体系建设指南（总体要求）》《国家车联网产业标准体系建设指南（信息通信）》和《国家车联网产业标准体系建设指南（电子产品和服务）》，全面推动车联网产业技术研发和标准制定，大力建设融合创新生态体系，促进自动驾驶等新技术新业务加快发展。