平均而言，香港和A 股上市的硬件股股价在过去一个月跑输全球同业，我们认为是部分受累于美国政府禁止投资中国军方相关公司。台湾上市的科技公司公布了12 月收入数据。总体而言，一些上游企业的12 月同比增长低于11 月。另一方面，下游企业表现出色，12 月的同比增长加快。宏观局势方面，中国公布了「阻断外国法律与措施不当域外适用办法」，或是当局推出反制裁行动的第一步。上游零部件供应紧张或短缺也是行业参与者和投资者关注的问题。大立光2020 年四季度较弱的毛利率再次突显了华为需求下降的影响。

鸿海（富士康）和浙江吉利控股组成了合资公司，双方各持股50％，该合资公司为汽车制造商和出行服务提供商提供代工生产服务。在2020 年10 月首度举办的鸿海科技日中，鸿海展示了其整合电动车硬件和软件技术的能力。鸿海的MIH 电动车平台将降低对客户和合作伙伴开发电动车的技术和资本要求。鸿海可能会成为颠覆汽车制造业的公司，因为其软件和硬件技术（内部和外部）的整合有望使其加快渗透到电动车和智能出行市场。鸿海在香港和A 股上市的子公司，包括富智康[2038.HK]、鸿腾科技[6088.HK]和工业富联[601138.CH]，可以通过提供组件和模组来参与电动车市场的发展。

NIPT was first discovered by Sequenom Inc., in 2010 when they launched the SensiGene Fetal RHD Genotyping laboratory-developed test to detect circulating cff-DNA from maternal blood. NIPT is rapidly commercializing due to the advancement of non-invasive technologies associated with it. The exponential growth of the NIPT market is supported by various factors, such as reimbursement policies, insurance coverage, high incidence rate of Down’s syndrome, no risk of miscarriage with NIPT, and shifting trend toward childbirth at advanced maternal age (35 years or above). However, low cost-effectiveness and inconsistent insurance coverage are hindering the market growth in some parts of the globe, mainly in the developing and under-developed nations of the world. Further, NIPT is also used for fetal sex determination and fetal rhesus D status determination in some parts of Europe. As of 2015, NIPT was offered in 60 countries throughout six continents.

With increasing evidence surfacing from the Human Microbiome Project, the coevolution of the hostmicrobiome superorganism and the unperturbed microbial component of the dyad has appeared to render sustainable host health. This coevolution has been proved by a consistently growing body of science to have a significant role in shaping evolving phenotypes in humans. The microbiota ecosystems develop, restricted to their epithelial niches by the host immune system, concomitantly with the host chronological development, providing early modulation of physiological host development and functions for nutrition, immunity, and resistance to pathogens at all ages. As a result of these findings, the human microbiome has often been dubbed as the “second genome”, attracting massive investment and research potential. Followed by globally relevant activities that have delved deeper into understanding the role of the microbiome on human health, the symbiosis between the human host and the microbiome, now deemed as the human holobiont, has emerged as the next frontier of embedding precision care into health regimens.

The skin forms the outer covering of the body, consisting of two specialized layers, i.e., the dermis and the epidermis. It is the largest organ of the integumentary system and performs a wide range of functions such as protecting from microbes and other foreign elements, regulating body temperature, and permitting the sensations of touch, heat, and cold. Skin substitutes are alternatives to replace the functions of the skin that can provide temporary or permanent coverage to open skin wounds. Also called dermal substitutes, skin alternatives encompass an array of biological products, including biological skin substitutes (allograft and xenograft), amniotic and placenta tissues, synthetic skin, and bioengineered skin substitutes. They are a heterogeneous group of biologic, synthetic, or biosynthetic materials that mainly aim to replicate the properties of the normal skin.

Biodegradable engine oils, also known as bio-lubricants and bio-lubes, are biodegradable and nontoxic lubricants. Organic lubricants are usually made by using raw materials such as rapeseed oil, sunflower oil, palm oil, coconut oil, and animal fats. In terms of non-toxicity, sustainability, carbon neutral, and environmentally safe, bio-lubricants provide many advantages over conventionally used petroleum-based product offerings. Attributed to the high flash point and high stability, the use of bio-lubricants over traditional lubricants is comparatively better. Bio-lubricants are used for a variety of applications across a diverse set of industries, including automotive, marine, construction, and others.

A biobank is a facility that is involved in the collection, preservation, processing, storage, and supply of biological biospecimens and associated data, which follows standardized operating procedures and provides biospecimen for scientific and clinical use. For the purpose of analysis, the global biobank market is segmented into specimen type, type of biobank, ownership, application, and region. The market study provides the dynamics and trends of the global biobanking market. It offers market estimations and forecasts for the biobanking services such as collection, preservation, processing, storage, and distribution. However, it excludes the revenue generated from the equipment, consumables, and software used in biobanks. Furthermore, excluded revenue generated from environmental repositories services.

Immunotherapy has emerged as an innovative treatment option over decades, as it harnesses the patient’s immune system to attack cancer. In 1891, William B. Coley, MD, first attempted to harness the immune system for treating cancer. The scientific community has been pursuing research for the development of CAR T-cell therapy over a century. The engineered CAR T-cell receptors were first created and developed in 1987 by Dr. Zelig Eshhar, an Israeli immunologist from the Weizmann Institute of Science, Israel. On August 30, 2017, Kymriah (Tisagenlecleucel), a synthetic bio immune product of anti-CD19 chimeric antigen receptor (CAR) T-cells, was approved by the U.S. FDA for the treatment of cancers such as relapsed/refractory B-cell acute lymphoblastic leukemia (B-ALL). Novarts AG is the first company to get approval for the first CAR T-cell immunotherapy. Currently, CAR T-cell therapy is developed by more than 100 companies across the globe.

Bioinformatics is used in various fields of biology. It is a combination of information technology, statistics, molecular biology, and algorithms used to analyze data obtained from various experiments. The bioinformatics market analyzed in this report includes sectors, technology & services, and applications as major segments. The technology & services segment is further classified into knowledge management tools, bioinformatics platforms, and bioinformatics services. The report analyzes the major sector markets into medical bioinformatics, agriculture, animal, academics, and others. The application segment includes proteomics, genomics, metabolomics, transcriptomics, molecular phylogenetics, and chemoinformatics. This report excludes in depth analysis of next generation sequencing and cloud-based services of bioinformatics service providers. The scope of the bioinformatics market report is to study need of integration of data in the field of bioinformatics and role played by bioinformatics tools in discovery and development of drugs and adoption level of bioinformatics tools in the developed and developing regions.

A location-based service (LBS) is a suite of services that includes features such as mapping and navigation, local search & information, social networking & entertainment, proximity marketing, asset tracking, and others offered via software, which help end-users to access location-specific data, and other online services. Locationbased services provide real-time geo-data from a various smart device such as smartphone to provide information, entertainment, or security. Some of the major factors driving the growth of the location-based services market include high penetration of smart devices such as sensors, IoT, and others.

The scope of the report is limited to revenue generated from the sales of the products used during 3D cell culturing techniques such as, spheroids, cell culture scaffolds, bioreactors, and 3D cell culture services. These products include bioreactors, hydrogels, multi-well plates, scaffolds, and microchips. The revenue generated from the 3D cell culture services include custom services on 3D cell culture products such as, microchip model developments for use in various applications. The drivers, restraints, and opportunities in the market are provided to understand the market dynamics. The market players have adopted to facilitate effective planning and decision-making.

数字经济时代，在算力浪潮之中，数据中心之于数据，犹如犀舟之于货物，起到承载、传输、存储等作用，为算力保驾护航。我们在本篇报告中重点分析了行业演变规律、美国发展经验以及上下游面临的痛点，聚焦行业未来发展趋势，我们认为头部集中化、区位分层化、运维专业化、服务智能化、技术融合化将IDC行业逐渐从无序扩张带入差异化竞争的下半场。建议关注在行业高速扩张中，提供更高服务价值、具备优质区位资源、专注技术降本增效的头部第三方IDC 公司。

本篇报告是我们ESG 系列报告的第四篇，深度结合国情特色，围绕G 因子有效性提升为目标，重点聚焦管理层的薪酬、激励、稳定性以及公司制度相关的评价指标优化。实战看， 2018-2020 年，新评分体系头部组合相比中证800 实现累积超额收益达30%，且年化表现稳定。综合前三篇报告，在充分考虑国情特色基础上，我们初步完成了ESG 全体系的评分优化。

Luminar是全球第一大市值激光雷达生产商。2020年12月3日，固态MEMS激光雷达生产商Luminar在纳斯达克以SPAC方式上市，是继Velodyne后全球第二家激光雷达生产商上市企业。截至2021年1月10日，公司市值达107亿美元，远高于竞争对手Velodyne 40亿美元的市值。