In the 5G network deployment race, countries are pushing goals toward advanced 5G plans and building a more comprehensive core network of base stations, switches, and routers. Countries such as China, the U.S., South Korea, and Japan have made significant strides toward being 5G ready and are investing heavily in 5G development. China is one of the leading countries, which is excelling in various aspects of 5G deployment. This is mainly due to strategic planning by the government and their coordination with 5G-based industry players. Telecommunication vendors are manufacturing 5G infrastructure components and getting full support from governments of different countries. The positive impacts of the 5G roll-out on a nation’s economic position incentivize various national governments to accelerate its deployment. For instance, the Chinese government has invested a bulk amount of $400 billion for 5G deployment in close coordination with 5G equipment manufacturers and technology providers. With the fast pace of 5G deployment, the demand for thermal interface materials is expected to significantly shoot up in the global market, providing ample growth opportunities to thermal interface material manufacturing companies.

5G communication technology is characterized by extraordinary speeds, low latency, and greater transmission density, which is fit to justify the requirements of several military applications. In the defense sector, the superior characteristics of 5G network are anticipated to provide new opportunities for military units undertaking defense operations to make better decisions in risky setups. It will increase the capabilities of military drones and combat robots by providing them the ability to recognize, follow, and target individuals on the basis of facial identification and other features. Moreover, 5G will offer more capabilities to the military when combined with other innovations like the defense cloud and artificial intelligence.

Home insurance is a kind of property insurance, that provides financial protection to an individual against all the losses and damages happened to the residence. It is sometimes referred as homeowner’s insurance, household insurance, or private property insurance. Home insurance is a package policy, which covers not only damages to the property but also the liability, or legal responsibility for any injuries and property damage by policyholders. This includes damages caused by household pets, fire, theft, and vandalism. However, there are some natural disasters that are not covered under standard home insurance policy. These include flood, earthquakes, and poor home maintenance.

Over the last 15 years, the gaming industry has completely evolved from the traditional consoles to a technologically developed graphical mobile entertainment featuring live video streaming assisted by cloud-based infrastructure. The introduction of new gaming methods, especially online gaming platforms, has attracted a large customer base. The gaming industry is hence seen to be a larger market than the music and film industries combined. The COVID-19 lockdown has benefited the gaming industry, resulting in rapid growth in recent months. Owing to the rise in data consumption and usage of smartphones among consumers has resulted in huge growth opportunities in various regions across the world, driving new methods of playing, engaging, and paying. Easy online wallet payment has enabled gamers to play various types of games on a global platform and compete with other online players from different nations. Majorly, online gaming is divided into three segments: real money games, mobile-centric or casual gaming, and esports. Fantasy sports are included under real money games, where the game is played on online platforms and has real stakes based on the outcome of the game.

A transportation management system is a platform designed to streamline a shipping process. It is a subset of supply chain management concerning transportation solutions. A TMS allows shippers to automate processes within supply chain and receive valuable insights to save time and reduce spend on future shipments. Distribution companies, e-commerce organizations, or any other entity that moves freight on a regular basis realizes there are many moving parts to a shipping process, both literally and figuratively. From quoting to delivery, shipping freight almost always looks for ways to optimize spend and improve processes. Transportation management systems (TMS) helps shippers with a solution on their side to manage all processes easily and effectively.

本报告期内，TMT 行业（除电子行业外）共有42 家公司的重要股东在二级市场减持（其中：计算机22 家，传媒7 家，通信13家），减持总市值合计约为27.43 亿元（其中：计算机约为13.63亿元，传媒约为7.94 亿元，通信约为5.87 亿元）；共有11 家公司的重要股东在二级市场增持（其中：计算机7 家，传媒4 家），增持总市值合计约为2.52 亿元（其中：计算机约为1.87 亿元，传媒约6459 万元）。

华服作为一种表达自我标签与个性的服饰存在于文化生态之中。华服是以华夏文化为背景形成的，具有独特汉民族风貌的服饰体系；大众文化语境中的“华服”不特指任何特定朝代/地区的服饰，而是在历代汉族传统服饰文化的基础上总结而成的。华服市场规模呈爆发式增长，近一年消费者人数渗透率翻倍增长。 2016年以来，华服产业趋于成熟，获资本加持，华服及其周边相关产业增长迅猛。根据艾媒咨询数据，中国华服爱好者数量和市场规模快速增长，预计2021年华服爱好者数量规模达689.4万人，市场销售规模将达到101.6亿

游戏并不是孤立的存在，她其实一直存在于人类活动中，并伴随科 技和文明的进步，在不断进化。这一章节亮相的 7 款产品，体现了腾讯在游戏“功能性”上的尝试 和畅想，以及让游戏也能成为社会责任的承担载体。这一章节集合了 10 款已经上线以及正在研发中的重磅产品，并且 都具有强烈的对抗属性。针对追求放松精神和愉悦心情的玩家需求。

我们认为电商行业兼具效率和规模优势，对全球电商长期成长性和渗 透率提升、龙头公司利润率爬坡具有充分信心。在有限分散的格局下，用户红利 外溢将推动具备品类杀手特质的垂直赛道继续成长。从全球视角来看，重点推荐 平台型龙头公司亚马逊、阿里巴巴、京东、拼多多，以及 Shopify、微盟集团、 中国有赞等新经济电商零售 SaaS 服务商。

全球各大市场的娱乐类应用下载量及净收入数据大多呈回升态势。国内市场方面，上周国内娱乐类应用下载量环比继续呈小幅回落态势，但仍处于略高于春节后下载量的水平；净收入环比呈现微幅上涨。港澳台市场方面，受港澳地区佛诞假期影响，娱乐类应用下载量环比大幅上涨21%，净收入小幅增长。主要海外市场中，北美市场娱乐类应用下载量再度小幅回升；净收入数据自2020 年3 月疫情爆发后持续保持在高位，环比小幅增长4.9%。日韩市场方面，下载量数据继续保持在一年内的较低水平；净收入数据环比下降约6.3%。东南亚市场方面，受疫情再次告急所影响，下载量数据环比继续小幅上涨，同时净收入数据环比继续小幅回落。

CTWing 是中国电信物联网能力的统一数字开放平台，此次的迭代升 级也意味着中国电信的物联网能力的再次提升。物联网开放平台的迭代升级，推进物联网赋能数字社会，促进数字化 转型，利好物联网模组等细分行业。可关注物联网相关个股，如移远 通信、广和通。

4月网络游戏市场同比持续增长，新游共计丰富。电影院线：4月影院表现平淡，五一档票房基本恢复。建议积极配置游戏视频为主的网络娱乐行业。行业成熟发展阶段内容为王、平台变现能力放大，龙头强者恒强。

智能语音即声音信息在人机间的交互模拟，为人工智能的核心技术赛道。就产品和场景而言， 智能语音相关应用正沿 2C消费级 和 2B企业级两大分支渐次绽放。后疫情时代，AI行业大概率迎来爆发，实现戴维斯双击。智能语音赛道有望迎头赶上，缩短与机器视觉产业的商用推广差距。

需求：总量无忧，价格博弈影响释放节奏。产业链：组件盈利有望回暖，逆变器龙头盈利乐观。新技术：HJT 研发与产业化持续推进。光伏终端供需僵局有望打破，产业链价格上涨对需求节奏的影响大于对 需求总量的影响，对终端需求无需过度悲观。组件盈利能力有望触底回 升并进入向上通道。

虽然 L4+级别的自动驾驶技术成熟度仍有待验证，自动驾驶方面的监管、法律、责任划分等方面仍有相当多问题有待解决。但 L4 级别自动驾驶技术的 最新发布，代表了自动驾驶领域一次新的技术突破。真正的超越了单车智能 的模式，通过车-路-云配合实现自动驾驶，而且拥有比单车智能更高的安全 性和更长的产业链。