数据中心分为批发型和零售型两种模式。在国外，两种模式均取得了成功。国内，受政策影响，跑马圈地的批发型当前更受资本青睐；但从长期看，零售型更具有成长韧性。

Radar is an electronic system, which measures the range and behavior of objects by transmitting an electromagnetic pulse at the object. High-power radar using large dish antennas has been used to measure distances to the moon and other planets, asteroids, and artificial satellites. In addition, radar systems are widely used in air traffic control, aircraft navigation, and marine navigation. For the purpose of analysis, the radar market is segmented into product type, platform, application, end user, and region. By product type, the market is fragmented into continuous wave radar, pulse radar, and others. On the basis of platform, it is classified into marine, air, ground, and space. The applications covered in the study include air traffic control, remote sensing, ground traffic control, and space navigation & control. Depending on end user, the market is differentiated into automotive, aviation, industrial, weather monitoring, military & defense, and others.

Metamaterials are made by integrating multiple elements made from composite materials such as metals or plastics and are engineered to produce properties that don’t occur naturally. Metamaterials are designed to interact and control electromagnetic and acoustic waves. The usage of these materials enables devices to achieve much higher performance and efficiency than conventional materials. Another significant advantage of metamaterials is that they allow the manufacturing of compact size devices. With the exponential growth of the 5G industry, metamaterials shall allow technology and design evolution thus providing a strong proposition for replacing conventional materials from 5G infrastructure in the near future. Metamaterials find its application in 5G antennas, autonomous vehicle’s mm-wave radars, lidars, wireless chargers, and vibration dampers. Several start-up companies are working on the development of metamaterials for various end-use applications. 

In 2019, the global data center market witnessed strong growth in terms of IT infrastructure spending as well as announcements for the development of multiple large data center facilities with a power capacity of 50 MW on full build. The enterprise adoption of cloud-based services, big data analytics, and IoT services has been a strong force for data center investments in developing countries. The global data center market is mainly dominated by colocation providers, followed by internet and cloud service providers. Many cloud-based services providers are dependent on the construction of facilities by colocation providers to colocate space on a wholesale basis. In terms of hyperscale construction, Apple, Facebook, Google, AWS, Microsoft, Alibaba, Baidu, OVH, and China Telecom are investing billions of dollars in the market every year.

Data centers are the largest consumers of electricity in the world. A data center can consume power ranging from 100 kW to over 100 MW. The incoming power to the facility from the utility feed is 2−33 kV, which is reduced to 480 V using on-site transformers. The power from the transformer is fed into the switchgear or automatic transfer switches (ATS), which is connected in parallel to the generator to supply backup power during outages. The switchgear is connected to the UPS systems in the data center, which, in turn, is connected to floor power distribution units (PDUs). The power from the floor PDUs is then transferred to the rack PDUs in data centers, which powers the IT infrastructures inside the rack. The below is among the commonly used power distribution in data centers from utility feeds to rack cabinets.

Battery management system can be defined as an electronic system, which is used to manage pack of rechargeable batteries by monitoring state, calculating secondary data, protecting the battery, and controlling the battery environment. In addition, almost all batteries can be damaged by excessive heat, overcharging, or improper usage. Thus, battery management systems are essential for monitoring and protecting a battery. Moreover, factors such as temperature, state of charge, state of health, and voltage are monitored and controlled by battery management systems.

The global AI-enabled imaging modalities market consists of numerous large-scale as well as smallscale manufacturers and vendors. Presently, with the increasing adoption of AI in healthcare, the manufacturers in the market have an ample number of opportunities to expand their offerings and to establish a strong foothold in the market. In the past years (February 2016 - July 2020), the market witnessed approximately 40 new offerings, 32 partnerships, alliances & business expansions, 27 regulatory & legal approvals, 13 funding activities, six mergers & acquisitions, and one procurement & sale. Most of the manufacturers in the market are incorporating collaborations and partnerships with not only other companies but also the university and research institutions as the key strategy to develop novel AI-embedded medical imaging systems and attain a strong financial position in the market.

The presence of an existing mobile network with significant coverage, low discontinuation, high output, and low cost, drives the usage of the cellular-connected drone. Therefore, while different technologies such as satellite communication and radiofrequency have been used for connectivity in drones after a proper establishment of required infrastructure, the existing cellular network system globally is the most cost-efficient and reliable alternative for drone connectivity resulting in long-range BVLOS operations. Drone operations were restricted to visual range only while using radio connectivity, whereas drones can fly in long range with cellular connectivity due to strong long-range connectivity.

Reconciliation is a process of comparing internal financial records against monthly statements from external sources such as banks, financial institutions, and credit card companies. Furthermore, many banks and fintech companies are using account reconciliation software to manage their payments record in their internal cash register and to identify human errors. In addition, rising need to enhance error detection software in banks and in various other financial institute across the globe drive the growth of the market. Increase in online transactions among various industries and rise in need for reconciliation management system drive the growth of the market. In addition, growing adoption of automated banking solutions across the globe to reduce reconciliation time fuels the growth of the market. However, various security issues in account reconciliation software hampers the growth of the market. Furthermore, higher adoption of account reconciliation software among the SMEs and rise in usage of machine learning and artificial intelligence in account reconciliation software are the factors expected to provide lucrative opportunities for the growth of the market.

回顾 2020 年，互联网行业线上流量全面暴涨，头部互联网高歌猛进。一季度 的疫情对国内及海外互联网整体行业格局产生深远影响。互联网行业在疫情的 冲击中，也展现出了巨大的分化。互联网行业赛道切换合并频繁，用户的价值 面临着重估。展望 2021 年，随着字节、快手等标的上市，百度、B 站、拼多 多等在港股的二次上市，沪港通/深港通的不断深入，恒指结构有望重塑。我 们从线上广告、传统电商、直播电商以及本地生活的大变局进行展望。

快手创始人程一笑认为“明星和大V的生活有需要被记录，普通人的生活也是值得被记录”。产品定位奠定快手成为国内最为活跃的社区平台之一的基础。根据快手招股书披露，目前快手平台的内容创作者用户占整体平台月活用户的比例超过25%。快手新Logo 和品牌Slogan 表明公司在发展社区内容生态同时，会继续坚持普惠价值观，服务于每一个人的多种需求和不同人群的不同需求，让用户通过快手看见熟悉的世界、发现更大的世界、打开新世界。快手公平普惠的价值观与其产品定位相统一。

Roblox 成立于2004 年，即将在美股上市，是一个风靡全球的大型游戏创作平台，同时服务游戏玩家和游戏创作者，简单类比，Roblox 是Steam 和Unity 的结合体，疫情推动Roblox 用户数量加速增长，2020Q3 DAU 达到3620 万，大部分来自欧美市场。

中信证券研究部前瞻研究团队持续跟踪全球科技前沿。“全球科技产业”周报重点关注中美科技互联网巨头变化以及全球科技产业前沿动态。我们重点关注的科网巨头公司包括：苹果、亚马逊、微软、谷歌、特斯拉、奈飞、英伟达、华为、腾讯、阿里、字节跳动、小米、三星等。

截至2020年第三季度末，Roblox的每日活跃用户已达到3110万，用户花费在Roblox上的总时长为222亿小时。2020年前三季度公司实现5.89亿美元收入，同比增长122%；交易金额达到12.4亿美元，同比增长68%