The ever-increasing demand for an enhanced mobile broadband experience clubbed with smartphone adoption are new trends in consumer engagement which is expected to increase data density resulting in these collectively being the critical drivers for 5G. As Internet Of Things (IoT) realizes its full potential along with machine type communication becoming necessary for mission-critical applications; 5G services will act as a vertebrate in this eco-system.

Huawei rises to become the world’s second largest smartphone manufacturer with robust Q2 performance [Shenzhen, China, August 3, 2018] Huawei Consumer Business Group (CBG) today announced its business results for the first half of 2018. The company reported solid growth, with global smartphone shipments at 95+ million units*. According to IDC, Huawei rises to become the world’s second largest smartphone manufacturer in Q2 with the global market share of 15.8%. Richard Yu, CEO of Huawei Consumer Business Group, said, “The past six months have been incredible for Huawei CBG, marked by robust growth of our business across all markets and product lines. Our success is owed to our commitment to innovation and, most importantly, our customers. Moving forward, Huawei will remain focused on continually improving our offerings with an emphasis on on-device AI, cloud and the wider Huawei ecosystem.”

Thailand's ICT sector is one of the most competitive and well developed within the ASEAN region; for example, broadband and mobile penetration is higher in Thailand than in any other ASEAN country besides Malaysia and Singapore. Thailand also has a vibrant and highly competitive broadcasting industry which has been enhanced recently with the transition to digital terrestrial broadcasting ("DTTB") in 2014, although government broadcasters still account for a significant share of the market. Consumers and businesses in Thailand have also been increasingly aware of the benefits of digital technologies, and this has spurred demand in the postal and courier services, and the software and ICT services subsectors.

Telematics, a technology that was initially designed to track airplanes flying beyond 30,000 feet, is now being increasingly used for solutions such as Vehicle Navigation, Location Based Systems, Telehealth Solutions, Safety and Security and Others. Telematics embedded vehicle and device, assist in real-time data transmission, monitoring and management. The market is expected to grow at CAGR of 28.5% in the period of 2017-2022 leading to a global revenue generation of USD 233.24 billion in 2022.

行业龙头领跑行业，战略投资积极：在行业集中度较高的电商、游戏、云计算等领域，马太效应在持续，我们看到行业龙头在继续以快于行业的增速获取市场份额；体量较小的市场参与者通常要承担竞争带来的营销成本增加、经营杠杆降低。我们认为收入增速是一个非常重要的指标，一定程度上反映了未来的成长空间、生态系统的协同性，企业净利润则可能由战略投资和非经营项目所影响。我们看到BATJ 都在激进地在技术和新业务领域投入，以期获得长远可持续的增长动力。

互联网三四线下沉的逻辑：市场空间大；互联网市场的蛋糕在三四线还没有被充分开发：三四线及以下城市的月活大约为6亿人，市场空间大。传统互联网竞争的核心用户是一二线的青年群体，三四线及以下城市的细分市场、尤其是中老年群体，还没有被充分开发，是容易被忽略的市场。目前移动互联网第三波人口红利正处于收获期，三四线用户开始成为流量竞争的主要阵地。

云计算方面，我们已经进入一个数据爆炸的时代，云计算的需求越来越大，根据Cisco数据，2021年全球数据中心IP流量将达到20.6ZB，16-21年复合增速达到25%。相应的，超大规模数据中心数目将迎来快速增长，并且在整个数据中心中占比会持续提升，17年全球超大规模数据中心数目386个，占比32%，2021年将达到628个，占比53%。在全球提供云计算、云服务的公司的资本开支也可以得到验证，2017年全球在云数据中心的资本开支是410亿美元，2021年将达到1080亿美元，同比增长2.6倍。大规模数据中心的建设会增加服务器PCB的用量，由于数据中心承载流量大及传输速度快，对PCB的层数和材料都有很高的要求，会大幅拉动高端通讯板的需求。

通用平台兴起，迈向AGI：近日，Gartner 发布2018 年新兴技术成熟度曲线，该曲线揭示了包括AI 民主化、数字化生态系统、Biohacking、透明沉浸式体验以及无处不在的基础设施的五大趋势。基于Gartner 的预测，人工智能正在向通用技术平台方向发展。

市场以“主题投资”的思路去定义当前通信行业的投资机会，采取波段操作。而我们认为，2018年下半年开始，通信行业景气度反转——2018下半年、2019上半年国内4G网络面临大扩容，2019下半年5G建设势在必行。所以，当前通信行业投资要具有“长期思维”。

随着我国人口红利的消退、社保税费成本提升，仓储行业用人成本不断提升，智能仓储优势凸显。电商、物流产业的发展更是带动了智能仓储的需求。众多设备商积极向系统集成商转型，寻求优质客户和新的利润增长点。 

2018 年上半年，通信行业上市公司业绩涨跌参半。截至 2018 年 8 月 31日，我们统计的通信行业 130 家上市公司 2018 年半年报发布完毕，其中归母净利润同比增长的公司合计 65 家，占比 50%，行业整体来看涨跌各半。归母净利润增速为 100%以上的公司合计 18 家，占比 13.85%。中报业绩增速区间的分布较为均匀，业绩分化情况较为明显。通信行业整体营业收入增长稳定，净利润下滑明显，电信运营和云计算板块有亮眼表现。建议关注高增长的云计算板块以及近期催化剂密集的 5G 板块。 

数字货币种类和交易场所数量保持快速上涨，伴随的却是数字货币总市值自2018年初至今超过60%的跌幅。截至8月26日全球共有加密货币约1890种，两周内净增加72种；交易市场超过1.35万个，两周内净增加超过700个。数字货币总市值2154亿美元，与两周前基本持平，目前尚不足近一年内历史最高点的27%。在全部接近1900种数字货币中，比特币依然占据主导地位，市值占比进一步提升至54%；以太坊市占比持续下滑至13.2%，但两者合计占比提升至67.2%。