数字营销：受益于内容视频化、渠道一体化、传播去中心化，短视频营销、KOL营销、私域营销成为目前最为流行的营销方式。分为短视频营销、KOL营销、私域营销。营销内容：视频化与直播正当时，精品与快消内容分化。营销媒介：各有所长，按需投放。

毫末智行涵盖用于私家车的自动驾驶系统以及企业采购的物流车自动驾驶方案，面向乘用车与低速末 端物流市场形成双产品战略。毫末智行以数据智能为核心，从低速无人物流车、乘用车自动驾驶产品、低速物流智能 硬件三大产品布局自动驾驶业务，进而组成公司的“风车战略”。

CRISPR is a technology that is used in gene editing enabling researchers and scientists globally to alter DNA sequence and modify gene function with ease. CRISPR gene editing was adopted from the antivirus immunity system of single-celled microorganisms, namely archaea and bacteria. Fragments of alien DNA, known as a spacer, are incorporated and transcribed into guide crRNA (CRISPR RNAs) to specifically target and cleave the genome of the virus and other foreign bodies using Cas proteins. In other words, the CRISPR-Cas9 system directs the Cas9 nuclease to form a site-directed double-strand DNA break using a small RNA molecule that results in permanent alterations of the genomic target sequence and repair the damage caused to DNA. These components, when transferred into more complex organisms, enable gene editing or modifications.

The first method of sequencing was introduced around half a century ago, and since then, sequencing technologies have continued to evolve, especially after the appearance of the first sequencers from next-generation sequencing (NGS) technology, which appeared in 2005. These technologies are characterized by their high throughput, which gives the opportunity to produce millions of reads with inexpensive sequencing. NGS and nanopore technologies are now the starting point for several areas of research based on the study and analysis of biological sequences.

Gene therapy cell culture media is a substance composed of various nutrients that are essential for the growth, maintenance, development, proliferation, and storage of cells. A culture media contains constituents such as glucose, attachment & growth factors, and other important elements that supplement cellular growth. In this report, the global gene therapy cell culture media market is analyzed using the revenue generated by sales of culture media involved in life science and biotechnology research. However, the report does not consider revenue generated by sales of reagents, sera, disposables, consumables, and instruments involved in life sciences and healthcare research.

Gene therapy is “a novel approach to treat, cure, or ultimately prevent disease by changing the expression of a person’s genes” (AMA, 2016). Gene therapies repair, deactivate, or replace dysfunctional genes that cause diseases, with the aim of establishing normal functioning of the body. Around 4,000 diseases have been linked to gene disorders, which affect millions of people across the globe.

Genomic data analysis is a computational process that helps researchers and clinicians to analyze and interpret data generated by modern genomics technologies, such as NGS and PCR. The genomic data analysis steps typically include data collection, quality check, data cleaning, processing, modeling, visualization, and reporting, through which the data can be further translated to potential insights. As sequencing technologies are producing millions of high-quality reads per run, the adoption of robust genomic data analysis software solutions has increased significantly over the past few years.

电子：小米或重回富时罗素指数；舜宇20年利润超预期，21年全面扩产。半导体：瑞萨茨城县 300mm 厂着火加剧汽车芯片缺货，中芯深圳 12 寸扩产。通信：华为领跑 2020 年全球电信设备市场，份额逆势增至 31%。互联网：哔哩哔哩二次上市开始招股。

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。

近期美股科技板块波动明显，尤其是高估值个股，考虑到市场对经济复苏阶段 企业业绩预期充分计入，以及美股科技板块当前偏低的股权风险溢价水平，结 合 Gordon 股息贴现率模型，我们判断美债实际利率上行是近期美股科技股股 价波动主要影响因素。美股科技股近期股价波动：无风险利率上行扮演主要影响角色。科技股走势判断：整体无系统性风险，后续料将呈现结构性分化。后续配置方向：短期关注性价比、业绩确定性，自下而上精选个股。