Establishments described in this report are primarily participating in the visual analytics market. Visual analytics is an outgrowth of the fields of information visualization and scientific visualization that focuses on analytical reasoning facilitated by interactive visual interfaces.

Establishments described in this report are primarily participating in the sonar system market. A system using transmitted and reflected underwater sound waves to detect and locate submerged objects or measure the distance to the floor of a body of water.

Establishments described in this report are primarily participating in the voice cloning market. Voice cloning is the creation of an artificial simulation of a person's voice. Today's AI voice cloning software methods are capable of generating synthetic speech that closely resembles a targeted human voice. In some cases, the difference between the real and fake voice is imperceptible to the average person.

Establishments described in this report are primarily participating in the virtualization security market. Virtualization security is the collective measures, procedures and processes that ensure the protection of a virtualization infrastructure / environment. It addresses the security issues faced by the components of a virtualization environment and methods through which it can be mitigated or prevented.

Establishments described in this report are primarily participating in the tv analytics market. Television (TV) analytics is basically used to analyze channels, network, consumer patterns, ads and campaigns so as to increase the return of investments and increase consumer base. There are mainly three types of TV analytics that can be performed.

Establishments described in this report are primarily participating in the virtual router market. Virtual router is a software-based routing framework that allows the host machine to perform as a typical hardware router over a local area network. A virtual router can enable a computer/server to have the abilities of a full-fledged router by performing the network and packet routing functionality of the router via a software application.

Establishments described in this report are primarily participating in the smart clothing market. Smart clothing is the kind of apparel that has implemented electronic parts, in particular, microcomputers and sensors. It's worn as ordinary clothing, providing additional value to the user by virtue of innovative technologies.

Establishments described in this report are primarily participating in the unified monitoring market. Unified Monitoring is an integrated platform that monitors your entire IT infrastructure, including physical, virtual, and cloud. It's a proven strategy for reducing service outages, increasing end user and IT productivity, optimizing capital investment, and maintaining industry compliance.

Establishments described in this report are primarily participating in the voice analytics market. Voice analytics are the use of a voice recognition tool to analyze and record a spoken conversation. Not only does voice analytics software translate speech to text, it can also identify speaker emotion and intent by analyzing audio patterns. This software was first leveraged for commercial purposes in the enterprise in the early 2000s. Since then, it has grown in importance with more and more companies investing in voice analytics technology. In fact, industry analysts predict that the speech and voice analytics market will be worth some $1.33

Establishments described in this report are primarily participating in the smart coatings market. Smart coatings are special films with predefined properties that make them sense and respond to environmental and other external stimuli. The coatings' self-healing and self-repair properties make them suitable for corrosion protection, material protection and other surface improvement applications.

618 前夕，宏观经济受疫情频发冲击明显，二季度疫情局部爆发与区域封禁令经济承压，中央密集出台多项政策提振消费并助力企业纾困；5 月实物商品网上零售额同比+14.27%，电商展现强韧性，物流复苏为大促开启打好基础。

疫情向好复苏消费营销，关注分众传媒与兆讯传媒：随着疫情防控向稳向好，经济有望迎来提振，消费复苏通过广告主预期传导，催化营 销板块反弹增长。1）分众传媒：我们认为从媒介视角看，梯媒在后疫情时代更具性价比；增长逻辑在于紧抓主力战略客户，保证高留存稳 定基本盘，同时开拓新兴增长客户，追求长合作，从而实现业绩超预期；2）兆讯传媒：公司为国内专业高铁数字媒体运营商，媒体资源覆 盖全国超500个铁路客运站；除了主营高铁媒体外，公司拟布局户外裸眼3D大屏业务，作为第二成长曲线驱动公司营收增量。

版号恢复有利于缓解市场悲观情绪，利好整体板块估值 修复，游戏行业景气度有望回暖。随着版号重新发放，新游上线数 量将会有一定程度的恢复，建议关注版号储备丰富、研发能力较强、 产品优质的头部公司。

核心观点：本周传媒板块略有回调，我们认为行业基本面正常，当 前估值性价比高，建议关注元宇宙、互联网游戏、疫情修复等方 向，此外业绩期临近，关注中报向好的公司：快手-W、芒果超 媒、恺英网络、三人行、欢瑞世纪等。

根据CNNIC数据，截至2021年12月底，我国手机网民数量达10.3亿，根据极光大数 据，22Q1中国移动网民人均APP每日使用时长稳定于5.4小时。我们认为，移动互联 网已经进入存量竞争时代，精品内容和精细化运营成为各平台吸引和留存用户的关 键。

回应了市场对东方甄选发展的六个核心问题。总体而言，我们认为东方 甄选的模式在MCN 中有非常强的独特性：更高的持续力、受众和品类 的广阔空间、坚实的供给侧壁垒、更高的净利润率。

2022 年京东618 累计下单金额达3793 亿元，同比增长10.3%。2022 年5 月31 日晚8 点至6 月18 日23 点59 分，据京东官方公众号，京东累计下 单达3793 亿元，同比增长10.3%。本轮京东618，我们认为有三个趋势值 得关注：1）与2020 年、2021 年不同，4、5 月疫情后消费者增加了居家消 费、减少了与外出相关的消费，22 年618 期间家电、日用、药品成为热销 品类；2）供应链重要性进一步凸显，后端通过完善物流基建、前端通过打 通线下与线上；3）消费券有效撬动了居民消费，据京东官方公众号，京东 618 期间联合地方政府发放了7 亿元消费券，共撬动了平均10 倍消费。

总结来看，经济复苏带来业绩回升和紧缩缓和两条交易逻辑都是长期具备正确性 的，但核心问题在于拐点的判断。事实上，这也是年初以来板块交易的核心问题， 在3 月上海疫情扩散前市场也普遍预期Q2 可能是全年的业绩拐点，叠加监管边际 宽松，但2 月下旬的俄乌冲突，3 月下旬上海疫情扩散导致持续近2 个月的静态管 理，这些风险都提醒我们只关注长期逻辑，忽略短端波动可能是有风险的。核心问 题在于投资人是否真的能够从1 年维度的视角思考公司的基本面价值，同时在其 他板块出现机会时保持忍耐，如果投资人的资金久期足够长，短期的风险影响相对 不显著。对短期空间更乐观的看法需要假设1）下半年疫情不再大规模扩散，确保 疫情总体可控；2）美国通胀得到控制，海外流动性紧缩相对放缓。也就是说，如 果一切顺利，板块有望继续向上突破，反之则可能走出震荡走势。

复盘通信行业2022上半年表现：产业链从下到上景气度持续向好，估值与基本面仍有背离。2021年通信（申万）成分股收入同比增速13.8%，为近三年来 最好，行业增长主要由运营商和主设备商优秀表现拉动，物联网、智能控制器、网通设备板块表现亮眼。2022一季报，多数行业环比表现符合预期，基 站设备、交换机产量增速环比持续提升。通信行业指数上半年行情表现受到宏观外围因素影响更大，随着4月底上海疫情拐点表现持续反弹，目前行业估 值与业绩成长不匹配，我们认为通信在成长板块具有较好相对配置价值。