Establishments described in this report are primarily participating in the transparent display market. A see-through display or transparent display is an electronic display that allows the user to see what is shown on the screen while still being able to see through it.

Establishments described in this report are primarily participating in the wearable materials market. Wearable materials can be flexibly used in the production of wearable devices and their parts, such as sensors and batteries. These materials possess distinctive characteristic features, including permeability, transparency, adhesion along with biocompatibility properties. Moreover, they are quite skin friendly.

Establishments described in this report are primarily participating in the smart lock market. A smart lock is an electromechanical lock which is designed to perform locking and unlocking operations on a door when it receives such instructions from an authorized device using a wireless protocol and a cryptographic key to execute the authorization process.

Establishments described in this report are primarily participating in the vcsel market. The vertical-cavity surface-emitting laser, or VCSEL, is a type of semiconductor laser diode with laser beam emission perpendicular from the top surface, contrary to conventional edge-emitting semiconductor lasers which emit from surfaces formed by cleaving the individual chip out of a wafer. VCSELs are used in various laser products, including computer mice, fiber optic communications, laser printers, Face ID, and smartglasses.

Open tube sources of Micro focus X-Ray are one of the tube types chosen by the system manufacturers. They comprise of metal construction and generates vacuum by pumping procedure whenever system is to be turned on. They serve the purpose of transmission target, tube stability and ease of stand switch. They are further classified into integrated and non-integrated systems. The image quality and magnification in both the types depends upon the manual adjustment created for fine tuning the alignment.

An aircraft digital cockpit comprises electronic flight instruments for Displays such as large LCD screens controlled by flight management systems It is used in commercial military aircraft across the globe Three types of displays are used in aircraft digital cockpit, including primary flight display, multifunctional display, and engine indicating crew alerting system display

The digital scent technology market is expected to grow from USD 1.009 billion in 2021 to USD 1.97 billion by 2027, at a CAGR of 11.78%. The market growth can be attributed to several factors, such as expanding application and advancements in e-nose technologies, increasing use of e-nose devices for disease diagnostic applications, emerging R&D activities to invent e-nose to sniff out COVID-19, and rising use of e-nose in food industry for quality assurance in production, storage, and display. The digital scent technology market includes major Tier II and Tier III suppliers such as AMS AG (Austria), Smiths Detection (US), Alpha MOS SA (France), AIRSENSE Analytics GmbH (Germany), ScentSational Technologies (US), Electronic Sensor Technology (US), Aromajoin Corporation (Japan), Scent Sciences Corporation (US), The eNose Company (The Netherlands), Odotech Inc. (Canada), and so on.

Establishments described in this report are primarily participating in the smart sensor market. A smart sensor is a device that takes input from the physical environment and uses builtin compute resources to perform predefined functions upon detection of specific input and then process data before passing it on.

数字经济是以数字化的知识和信息作为关键生产要素，以数字技术 为核心驱动力量，以现代信息网络为重要载体，通过数字技术与实 体经济深度融合,不断提高经济社会的数字化、网络化、智能化水平 加速重构经济发展与治理模式的新型经济形态。

光刻胶是晶圆制造重要材料，行业壁垒高。光刻胶是晶圆制造重要材 料，承担“图形转移”重任。光刻胶种类繁多，专用性强。光刻的线宽 极限和精度决定了集成电路的集成度、可靠性和成本，因此摩尔定律 推动光刻胶技术不断加速迭代。同时光刻胶行业具备技术、客户、设 备及原料四大高壁垒。

11 月国内新能源车销量长环比改善超预期，考虑到车企年底冲量及补贴退坡带来的“抢装”行情，月度销量将环比继续增长。海外方面欧美市场供应链恢复销量创新高。推荐：1）进入加速期的一体化企业：比亚迪；2）盈利反转电池环节：宁德时代、亿纬锂能；3）钠离子电池的加速产业化应用，推荐标的：振华新材、鼎胜新材，受益标的：维科技术、元力股份等；4）供需紧张的隔膜环节：恩捷股份、星源材质等；5）行业技术进步迭代：厦钨新能、德新交运、贝特瑞等。

2022年行业整体周期下行，叠加宏观经济疲弱，众多公司出现估值业绩双杀。展望2023年，以手机零部件为代表的产业链细分环节将进入补库存阶段，有望见到存货下降及周转率提升。需求侧，考虑到疫情影响的边际转弱，消费信心逐步回暖，以消费电子为代表的下游将有望重回增长轨道。推荐景气度有望复苏的比亚迪电子、舜宇光学科技。

VR性能迭代和AR商用落地驱动上游零部件技术迭代。核心零部件整体迭代路径和终局技术清晰：1）光学上，VR和AR分别向超短焦和光波导升级；2）Micro LED为终极显示方案，Micro OLED和LCOS分别作为VR和AR过渡期方案；3）芯片在算力和功耗的平衡中迭代，中短期自研定制趋势增强，未来或向云XR演进；4）感知交互升级重心在于更丰富的功能，手势识别、眼动追踪等即将搭载上机。中短期内关注产线建设和客户订单情况，长期重视终极技术研发实力。

IGBT是电力电子装置的"CPU"，新能源大发展的基石。IGBT集合MOSFET及BJT两种功率半导体元器件的优点（驱动功率小、开关速度快，同时具有驱动电路简单、电流大、损耗小等优点），因此被广泛应用于工业控制、新能源汽车、光伏风电、变频白电、智能电网以及轨道交通等领域。IGBT是发展新能源行业的基石，是实现“双碳”战略必不可少的核心元器件。

杰华特顺利登陆科创板，关注国内高端模拟芯片设计厂商。2022 年12 月23 日，国内高端模拟芯片设计公司杰华特正式在上交所科创板上 市。杰华特成立于2013 年3 月，由ZHOU XUN WEI 和黄必亮创办成 立，两位博士均毕业于弗吉尼亚理工大学，且师从美国工程院院士 Dr.Fred C. Lee 教授，并曾就职于美国电源管理领先企业美国凌特公 司，在模拟芯片设计领域拥有深厚的研发积累。

截至12/06/2022，网络安全板块较22年年初下跌17.04%，略优于SW计算机行业的-21.12%。网络安全板块从2020年7月开启下跌趋势，个股最大回撤约70%左右，估值回调至历史底部。市场担心竞争加剧，网安竞争体现在人员扩张，但实际毛利率水平已呈低位反弹，费用增速环比下滑，控费效果明显。2023年看好板块的核心逻辑：收入逐步加速，成本控制，利润弹性体现。

（1）航空航天：回归自下而上，议价权向下游转移，关注细分赛道募投变化，关注无人装备新增供应商；（2）船舶：量价齐升， 行业进入中期景气上升期；（3）陆军装备：俄乌冲突凸显重要性，外贸将成新增长点；（4）信息化：被动元器件估值已在低位， 关注航天产业链需求端变动；（5）新材料：高温合金供给上升，增材制造、特种材料募投达产，新增赛道增多。

2022年行情复盘：运营商“大象起舞”与通信+新能源兴起。2022年通信（申万）指数表现领先TMT板块，市场呈现更明显的“W型”走势，美联储加息和国内主要城市疫情是市场主要拐点。展望2023，我们认为通信板块仍然会出现分化行情，高景气、困境反转有望取得更大弹性，同时市场有望重回需求驱动，我们看好数字经济内需恢复相关行业，工业互联网、智慧矿山、智慧电网、云视讯以及消费电子和家电改善时点的到来。

截止2022 年11 月25 日，申万通信行业指数（后文简称通信指数）自今年来下跌12.60%，跑赢沪深300 指数10.97%。在TMT 科技行业中，通信指数下跌程度最低，表现最为稳定。行业Q3 利润同增46.02%，PE 处于1.96%分位点，投资机遇较大。2019 年至2021 年通信行业（不包括三大运营商和凯乐科技）收入年均复合增长10.63%，2022Q3 归母净利润增长46.02%，业绩显著改善。当前通信行业PE（TTM）为25.25，处于3 年来0.00%分位点，若是假设20%分位点为行业机遇线，2022 年11 月25 日PE25.25 处于0%分位点，显著低于20%分位线，未来投资机遇显著。

2022Q3全球智能手机销量约 3.0亿部，同比下滑约 9%，延续了前几个季度持续下滑的趋势。整体来看，全球经济形势仍存在较大的不确定性，导致了需求端的低迷，尤其是对于中低价位段的产品，其销量下滑幅度明显超过大盘整体。分区域来看，中国大陆市场仍处于下行趋势，2022Q3 智能手机销量同比下滑约11%；海外市场中，西欧区域今年以来相对稳定，中东欧本季度有所改善，但拉美、印度、东南亚、中东及非洲等部分新兴市场下仍面临较大的压力。