根据我们的测算，电堆、膜电极、空压机、储氢等核心零部件价值量最大，建议关注上市公司：亿华通（燃料电池系统）、潍柴动力（参股巴拉德，电堆供应商）、大洋电机（参股巴拉德，电堆供应商）、雄韬股份（氢燃料电池、加氢站）、美锦能源（参股广东鸿基，膜电极公司）、雪人股份（参股Hydrogenics，空压机）、汉钟精机（空压机）、厚普股份（加氢站）、中集安瑞科（氢储运、加氢站）

Ninth largest market in the Central & Eastern European (CEE) region. Lowest per capita spending in the CEE region. Market will record a high single-digit CAGR in local currency terms. Other medical devices and diagnostic imaging have the largest market shares. Most requirements are imported, largely from China, Germany and the US. The domestic production sector is weak and undercapitalised. Outdated and largely unreformed Soviet-era health system. Fighting in the eastern part of the country devastated the economy, but the outlook is improving.

Primarily, owing to digitalization, the electronic industry has prospered, thereby driving the touchscreen technology across all product ranges, such as smartphones, tablets, laptops, computers, and other devices that are widely used in industries, such as manufacturing, healthcare, defense, etc. • While tablet sales have drained, smartphones sales have witnessed a huge increase over the past few years, owing to increasing internet penetration across all countries

Since the inception of civilization, a fire has been both a giver and taker of life. The rapid modernization and exponentially growing population have increased the chances for the loss of valuable life and assets. This has increased the importance of fire safety equipment in modern buildings. According to the NFPA, in 2017, out of 1,319,500 fires cases in the US, 499,000 were building fires, i.e., an increase of about 5% from 2016. In terms of revenue, the global smoke detector market is expected to grow at a CAGR of 7.1% during 2018– 2024.

The use of headphones can be traced back to the 1880s when they were mainly used for listening to the electric and audio signals. As amplifiers and audio drivers were not invented at that time, their usage to stream music and other digital content was not possible. Rapid advancements in technology, manufacturing, transmission, and portable consumer electronics goods have laid the foundation for innovations in headphones, thereby leading to a wide personal and commercial usage.

The global automotive keyless entry system market is evolving along with the changing dynamics of the automotive industry. In terms of shipments, the global automotive keyless entry system market is expected to grow at a CAGR of 7.85% during 2018−2024. Safety and security have always been the centerpiece of automotive innovation. Modern vehicles are embedded with complex electronic systems that enhance their capability to detect and act on situations that can be fatal/injurious to the passenger and pedestrians. Access to the vehicle and authorization to start and drive it are currently the key areas of interest for OEMs and aftermarket players. This is due to the increasing incidents of vehicle thefts worldwide.

In this study, the global home appliances market is classified on the basis of product type, distribution channel, and geography. Different segments, such as product type and distribution channel are first introduced, and then dealt with in greater detail, in the regional funding pattern sections. The industry is studied in terms of its growth over the past few years and the fundamental challenges faced by the industry.

18 年年报：商誉减值拖累整体业绩。（1）营收增长提速。2018 年，计算机行业的上市公司整体收入增速为19%，同比增长8 个百分点。收入增长提速。（2）净利大幅下滑。2018 年计算机行业整体归母净利润增速为-43%，同比回落70 个百分点；扣非归母净利润增速为-58%，同比回落76 个百分点。我们认为，核心原因是，2018 年计算机行业的上市公司出现大规模商誉减值，对板块整体业绩影响较大。（3）剔除商誉减值大于1 亿的20 家公司后，2018 年计算机行业整体扣非净利同比增长17%；归母净利润同比增长6%。

2018 年板块营收和现金流增长显著，按整体法净利润下滑近38%，主要受Q4 单季度商誉减值达117 亿影响，按中位数法则增长6.3%。2019Q1 净利润改善显著，增长近40%，现金流持续改善，部分由于景气度回暖、政府机构改革导致收入确认递延等因素影响。医疗IT、金融科技、工业互联网板块持续向好。龙头公司整体表现依然优于行业整体平均水平，预计重点关注的行业和35 家公司将有放彩表现。

云视讯提供商（统一通信运营商）在云端搭建统一通信系统，企业只需与云视讯提供商签订合约，通过租用服务的形式，即可实现会议室、个人电脑、移动状态下的多方视频沟通。IDC 预测， 2022 年 UC&C 总规模将达 431 亿美元。Frost & Sullivan 预测，2017-2021年，全球视频会议市场年均复合增速 8.3%，2021 年将达到 646 亿美元。

我们选取的公募基金类型为偏股型基金（不含指数型），具体包括开放式股票型基金（不含指数型）+开放式偏股混合型基金+开放式灵活配置型基金+封闭式股票型基金（不含指数型），统计口径为上述基金公布的前十大重仓股。行业板块和标的统计范围均参考申万行业分类。

科创板已受理企业名单中，卫星应用行业企业占据3席。截止4 月26 日，科创板已受理企业达90 家，其中卫星应用公司占据三席，分别为航天宏图、中科星图、世纪空间。航天宏图为我们介绍的第三家科创板卫星应用行业企业。公司是国内遥感和北斗导航卫星应用系统设计开发的领军企业之一。公司致力于卫星处理软件国产化，专注于卫星处理技术的攻关与创新，研发并掌握了拥有完全自主知识产权的卫星应用基础软件平台，依托基础软件平台为政府、军队、企业提供系统设计开发和数据分析应用服务。

2019 年一季度我们共统计到医疗信息化行业8 家上市公司合计11.77 亿元订单，同比增速为42%。19Q1 行业整体增速放缓主要是由于18Q1 部分公司基数较大，且板块分化明显，5 家龙头公司2019Q1 增速呈现出优于行业整体的获单能力。从行业19Q1 的订单来看，以电子病历建设为核心的医院信息化建设已进入加速释放期，19 年下半年行业订单有望迎来高速增长阶段。

根据主动型公募基金（选取标准见正文）重仓股持仓情况统计，公募基金2019Q1 持有通信股 122 亿元，较 2018Q4 减少 3 亿元；通信股持仓比例为 2.06%，相较于 2018Q4 下降 0.2 个 pct；同期 A 股总市值上升 29.46%，通信股总市值上升 14.75%。

公司成立于2015年，是CDN行业内的后起之秀，发展迅速，已成为国内领先的CDN专业服务商，CDN业务规模排名国内第五。公司客户拓展迅速，且深挖大客户需求，目前公司产品已服务于新华网、字节跳动、腾讯、小米、苏宁易购、映客等各行业头部客户，字节跳动晋升为公司第一大客户。

2018 年行业整体业绩过往5 年最弱，市场走势亦疲弱：2018 年电子元器件行业整体销售收入同比上升21.4%，净利润同比下降34.2%，EPS同比下降38.7%，净利润率为3.8%，同比下降3.2 个百分点，上述指标均是过往5 年的最弱数据。尤其是在第四季度，行业整体除了收入规模24.8%的增速尚可外，行业整体净利润单季度亏损，并且三个子版块仅有电子设备行业勉强实现了盈利，半导体和其他元器件均大幅亏损。与之匹配的是，2018 年全年电子元器件行业市场走势表现疲弱，在29 个中信行业一级指数中位居第28 位，全年下跌41.3%。

从总量上看，我们预计华为公司总体营收将在2025年左右达到3000亿美金水平，给供应链公司提供足够的成长空间；从结构上看，相对封闭的、华为占据绝对主导地位的传统运营商业务占比将下滑至 20%左右，而更多依赖合作伙伴价值共创的智能终端、云计算、安防、车联网等业务占比将持续提升；同时，华为公司对生态和合作伙伴的态度也正在发生积极变化，采购战略从价格采购和价值采购向战略采购进行转型。