在全球PCB产能持续东移，新旧动能交接、成长分化的2017年，伴随着上游原材料涨价，本土优势PCB公司迎来资产证券化浪潮，“电子系统之母”批量登陆A股市场，大国制造借力资本杠杆，积极扩产高阶产品开启新一轮加速成长红利期。2018年梳理PCB产业脉动，我们建议从苹果新动能、汽车电子、5G高频高速三个维度布局2018年PCB成长投资。此外，承接全球产能东移的大逻辑下我们同样看好能够乘势利用本土涨价周期，把握行业整合成长机遇的本土优势厂商。

机械行业年报预告亮眼，板块复苏确定性高，继续看好机械行业估值修复带来的投资机会。全球产业链重构视角下投资机械具备优势竞争力企业，继续推荐轨交板块、工程机械板块，推荐油服板块。机械行业已公布业绩预告的146个标的中，有108个标的业绩预增或扭亏，其中39个预告增幅超过100%；有38个标的业绩预减或续亏。PMI印证龙头集中趋势。12月PMI51.6%，连续17个月高于荣枯线，大企业PMI53.0%，高于中小企业，制造业龙头集中趋势显著。重点关注利润有望超预期释放的工程机械、轨交板块，重点关注受益于国际油价上涨的油服板块，高成长预期的半导体、面板行业，以及各细分领域龙头，关注工业机器人、高端机床等高端制造领域机遇。

The increased penetration of broadband with the rising use of connected devices and growing consumer preferences for content anytime and anywhere on multiple devices like smartphones, tablets, PCs, and connected TVs is driving the market for online video platform (OVP) providers. OVP is a service that allows users to manage the content while dealing with the priorities and challenges of video management. It helps content owners to upload, transcode, edit, store, secure, stream, and monetize the video content. Online video viewership is increasing worldwide. There is tremendous growth in the use of OTT video, which is mainly because of the video-enabled consumer devices. Therefore, enterprises, media, and operators are highly dependent on the OVP to publish, manage, and monetize the video content online.

The concept of integrated OR came into existence in the late 1960's and evolved with rapid technological advances. The OR integrated systems include a display, AV management, and recording and documentation systems. An OR integrated system is a unified interface and communication network that provides centralized control of OR systems for enhanced communication and co-ordination between surgical teams. It facilitates best possible ergonomics, effective monitoring, and precise control of OR systems for performing surgeries faster and with more safety and efficiency. Integrated ORs can save cost and time by reducing surgical errors and the need for corrective surgeries. Also, OR integration can connect surgeons to medical professionals around the world for expert consultation during complex surgical procedures. Efficient OR integration in hospitals can attract high-caliber surgical specialists and more number of patients. It allows a hospital to undertake a large number of surgeries and increase its revenue.

Satellite transponders receive electromagnetic or radiofrequency signals from the Earth, amplify these, and send them back to the Earth. These are important elements in communication satellites and receive signals with the help of frequency changers. A satellite consists of a number of transponders, which are used to receive a specified band of frequencies. A typical transponder provides a capacity of 36 MHz, which is the requisite for broadcasting an analog channel.

Electrical components that come in handy at homes, in industries, at workplaces, shopping malls, and retail outlets are known as electrical consumables. This report considers electrical consumables employed in the residential sector. Home electrical consumables are key to all lighting-related activities in buildings. From running gadgets to lighting up spaces, home electrical consumables are at the heart of it all. Several components are available in this regard. However, the report only covers plugs and sockets and extension cords. There are several brands in this market space that are continuously coming up with innovative products that promise to deliver the best.

The global pedometer market is growing steadily at a CAGR of 6.03% owing to the rise in demand for fitness monitoring devices from health-conscious individuals opting for healthy lifestyles. End-users such as sportspersons and fitness individuals, recreational users, corporate wellness providers, and the geriatric population are further supporting the market growth. Sportspersons and individual users use pedometers for personal use to track their health parameters, such as the number of steps taken, heart rate count, and calories burned during their daily exercise schedule. The elderly may use personal fitness devices to monitor their health. Organizations engaged in corporate wellness programs are contributing to the major percentage of market share owing to bulk purchase orders. However, owing to the prolonged time required for decision making during the pre-purchase phase, the frequency of sales of products and repeat purchase are very less. To overcome this adverse market condition, the manufacturers are focusing on product design to develop multifunctional products and are engaged in various sales promotional strategies

2018 年1 月9 日-12 日的CES 展共涉及广告娱乐和内容、家居、机器人与机器智能、汽车、物联网、运动、健康与保健、产品设计与制造、创业九大主题。我们整理了重要领域参展信息：◆无人驾驶：(1)Nvidia 推出专为AI 场景优化设计的系统级芯片“Xavier”，并宣布将分别于今年第一季度和今年中旬正式推出基于该芯片设计的新一代自动驾驶开发板DRIVEXavier 和DRIVE PX Pegasus。(2)Intel 公布其融合Mobileye 技术所研发的下一代自动驾驶硬件平台；(3)丰田展出为“E-Palette”的自动驾驶概念车，并计划在 2020 年的东京奥运会上让“E-Palette”正式亮相。

比特币的价格在2017 年累计涨幅已超过三倍，不断创下历史新高，国内众多互联网公司纷纷布局区块链，赋能生态打开区块链技术想象空间。区块链技术不可篡改的特性从根本上改变了中心化的信用创建方式，用代码构建了一个最低成本的信任方式：机器信任。区块链有望带领我们从个人信任、制度信任进入到机器信任的时代。

智能家居新品层出不穷：本届CES 大会，智能家居领域新品层出不穷，三星推出Family Hub3.0 冰箱和搭载Micro LED 技术的电视，TCL 展示量子点私人影院，海尔展出智能冰箱，百度推出Fish VSI 等智能音箱。同时，随着芯片功耗降低、网络覆盖率的提升和场景识别技术的迚步，物联网在应用斱面也逐步落地，助力智能家居生态体系的极建。

2018 年1 月12 日，中国互联网金融协会发布《关于防范变相ICO 活动的风险提示》中，文件指出：随着各地ICO 项目逐步完成清退，以发行迅雷“链克”（原名“玩客币”）为代表，一种名为“以矿机为核心发行虚拟数字资产”（IMO）的模式值得警惕，存在风险隐患。区别监管对于数字货币与区块链技术的不同态度。回顾政府对于区块链以及数字货币的监管政策，我们可以看到政府对于数字货币以及区块链技术实际上是有明显的区别的。

1月18日，交通部联合军委装备部联合印发《北斗卫星导航系统交通运输行业应用专项规划（公开版）》（交规划发„2017‟187号）（以下简称《专项规划》），是“十三五”至“十四五”期推进北斗系统在行业应用的指导性文件。《专项规划》针对铁路、民航、邮政、公路、水路、公众出行、综合运输等行业全领域北斗系统应用工作提出要求，推动北斗系统在包含铁路、民航、邮政在内的综合交通运输体系下的全面应用，并明确2020年的渗透率目标数字规划。 

1月25日，“高通2018中国技术和合作峰会”召开，高通与联想、OPPO、Vivo、小米、中兴通讯、闻泰科技等共同发布“5G”领航计划，宣布合作支持5G时代中国智能手机产业的发展。通过5G领航计划，高通将为合作伙伴提供技术、解决方案以及5G商用开发平台等多方面的支持。