下一代智能硬件创新的三大关键点：芯片、国内制造、大科技方向 （1）以芯片突破为核心竞争力 （2）以国内制造产能为基础 （3）以几大科技方向为突破口。

电子行业整体营收增速提升，净利润大幅反弹。2016 年三季度，电子行业整体营业总收入为 1594.7 亿元，较 2015 年三季度增长 34.14%。在申万 28 个行业分类中，电子行业整体营收增速位列第 2 位。扣除新上市公司影响后，三季度净利润为 101.23 亿元，同比增长 43.65%，净利润增速大幅反弹。

The evolution of smart homes has given rise to a centralized control of systems installed in homes including: Environmental control systems (air conditioning, heating, and ventilation) Household appliances (washing machines, refrigerators, freezers, and microwaves) Consumer electronics (TV, gaming consoles, and audio-video equipment) Building components (curtains, windows, and doors) In a connected home, these systems are connected to a computer, tablet, or a smartphone through a wired or a wireless network to enhance remote accessibility. Ubiquitous homes understand the requirements of occupants based on their lifestyle and behavior, and, hence, respond in a particular manner.

Many types of lasers are available for commercial, medical, research, and industrial uses. They are usually described by different types of mediums, including solid state, gas, excimer, dye, and semiconductor. Lasers are characterized by the duration of laser emission.

Advances in technology in the fields of sensors, semiconductors, digital imaging, control software, material science, and wireless communications have sparked huge investments in the R&D in robotics. Next-generation robots are swift, smaller, costeffective, and smarter than traditional robots. They can be easily programmed for different tasks in tune with market requirements. They are independent and can learn from feedback, something that more conventional or older robots struggle with.

A fiber laser is a different form of solid-state laser that uses a medium of fiber covering instead of a shaft. The fiber in fiber lasers uses more surface area to disperse the heat quite easily. The increasing need for compact components in a variety of industries is bringing lasers into applications. Lasers help in the miniaturization process by providing a highly focused beam that can process very small components. This focused beam has the advantage of reducing thermal effects during material processing, enabling easier processing of thinner and more delicate materials compared to other processes. Lasers allow for non-contact processing, so there is no tooling wear, and the beam can be quickly manipulated at a precise angle, resulting in high throughput processing.

Non-invasive fat reduction treatments are procedures that eliminate excess fat using non-surgical techniques. The main focus of these procedures is to focus on excess fat that is resistant to diet and exercise. Non-invasive fat reduction devices are based on therapies such as ultrasound therapy, low-level laser therapy, and RF therapy. Noninvasive fat reduction procedures can be performed by doctors of all specialties, and are not the domain of plastic surgeons and dermatologists only.

公司是国内集成电路设计与销售的领军企业，是典型的轻资产公司。公司 MCU 产品广泛应用于家电、运动器材、医疗保健、仪器仪表、控制器等多重领域。公司锂电池管理和保护产品线主要应用于笔记本电脑、智能手机、平板电脑、电动工具等。此外，公司在驱动 IC 上也有较前瞻的布局。 

电机零部件领域深耕二十余载。神力股份成立于 1991 年，主营业务为电机定转子冲片和铁芯的研发、生产及销售。主要面对基础设施-轨道交通；发电领域-柴油发电、风力发电；电梯制造和机械传动等专用电机配套领域。

通过历史观察分析，我们认为不管是共和党还是民主党上台都无法阻挡科技的车轮，科技股还将继续表现卓越 ，建议积极配置新兴产业。

瘦身健体聚焦高端电子元器件。母公司前身大型军工电子基地，公司通过资本运作，剥离非主营业务注入中国振华部分资产，实现公司高端电子元器件业务聚焦，近五年电子元器件业务平均贡献公司约 78%毛利。 

亚威是国内中高端数控成形机床龙头：公司布局成形机床、激光加工设 备、工业机器人 3 大业务板块，主要提供金属板材加工一体化解决方案，满足中高端客户需求；公司业绩稳健，机床产品保持良好市场竞争力，二维激光切割机业务进入高速增长期，主营收入在行业下滑的不利条件下保持稳中有增，2016 年前三季度实现收入 7.9 亿元，同比增长 15.46%，归母净利润 0.55 亿元，同比下滑 13.02%，业绩表现优于行业平均。 

法检政务龙头业绩增长稳健，积极寻求业务转型升级： 公司连续在法院、检察院领域连续夗年排名第一。我国电子政务市场保持稳定增长，在法院信息化3.0 的推迚下，信息化建设市场前景广阔，公司优势业务的增长有保障。同旪，公司积极寻求业务升级，发展亍计算、大数据业务，定增拟建设政务亍平台，面向夗个行业提供亍计算综合服务，幵围绕子公司亿信华辰，在各业务领域开发大数据业务；幵收贩万户网络在协同办公软件自主可控领域强势布局，公司政务信息化业务日渐完善。

技术领先，国内 IC 封测行业第一企业。长电科技是国内 IC 封测行龙头企业，无论是规模还是技术在行业中都处于绝对的领先地位。2015 年 10 月，公司联合产业基金、中芯国际通过控股子公司完成对星科金朋 100%股权的收购，同时星科金朋已经从新加坡交易所退市。由于日月光和矽品合并，公司收购星科金朋后市场占有率有望跻身其三，成为全球封测行业三巨头之一。

计算机板块涨 0.8%。板块持续波动，建议注重安全边际，持续关注技术及模式创新双主线投资机遇。

客户行业多元化成绩斐然。公司传统客户以银行为主，一度客户占比达到 90%以上。2015 年以来公司推行客户多元化战略，2015年来自银行业客户的收入占比下降至 54%，电信行业实现爆发式增长，同比增长 497%，收入占比从 2014 年的 5.6%，增长到 2015年的 24%。公司在政府等其他行业收入也有所提高，客户分布趋于合理。 

通信行业 A 股上市公司前三季度整体营业收入达 4840.20 亿元，同比增长 4.79%；归母净利润达 138.24 亿元，同比增长 12.26%；营收增速在中信分类 29 个行业中排名第 17，归母净利润增速全行业排名 19，相对于 2016 年中报的排名 12 下滑了 9 个名次，整体增长基本趋于稳定，但毛利率仍然承压。光通信、物联网、IDC/CDN 以及军工通信等增速靠前，无线网优和专网表现相对暗淡。