本报告分析了 5G 发展现状、商用的时间表，指出了国内射频相关企业在 5G 商用上的追赶时间不足 2 年，是国内企业发展的关键时期；然后分析了 5G 技术对电子硬件系统带来的革命性变化，主要分析了射频芯片、滤波器、天线、手机背壳与 PCB 板的变化，通过射频仿真的方式模拟了玻璃背壳与陶瓷背壳对天线辐射新能的影响， 指出了 5G 时代射频产业的发展趋势；然后分析了各个细分方向的投资机会，最后给出了建议与投资标的。

截止2017年9月，电子制造业累计主营业务收入、利润总额分别达到97322亿元、4904亿元，同比增长14.5%、17.0%。主营收入利润率为5.04%，比上年同期提高0.13个百分点。预计第四季度，在国民经济“稳中向好”的背景下，电子信息行业也将继续保持平稳运行态势，全年行业增加值增长14%左右。我们认为：电子产业多条产业链开始崛起，众多公司将受益国产替代的推进。如半导体产业在国家政策和大基金的支持下发展迅速；面板产业随着京东方、中电熊猫等持续资本投入，现在我国已经进入全球前三；LED产业芯片、封装、应用全产业链都出去全球领先位置；消费电子众多厂商如苹果产业链等也先后成为全球细分领域龙头。可以预见，未来行业集中度将提升，我国相关产业标的会持续受益。

截止2017年9月，申万-电气设备行业累计主营业务收入、利润总额分别为5149亿元、445.6亿元，同比增长分别为17.68%、19.21%。我们认为行业整体跟随大市，传统电器设备受制于国网投资增速的下降，高成长阶段已经过去，现在是新能源的时代（光伏、风 电、新能源汽车）。

An interactive kiosk is a customized computer terminal that is either standalone or networked, which is used to access information and services at any time. It is a form of self-service technology used in malls, airports, hotel lobbies, cafeterias, theaters, and other places that witness high footfall. An interactive kiosk consists of a monitor that is usually touch-enabled, through which people can seek the information of their choice. Service providers can cater to a higher number of customers with the help of interactive kiosks.

Interventional oncology procedures involve the diagnosis and treatment of cancer and cancer-related problems by using minimally invasive (MI) procedures performed under image guidance. Interventional oncology uses X-ray, ultrasound, computed tomography (CT) or magnetic resonance imaging (MRI) to guide accessories and instruments, such as ablation electrodes, biopsy needles, guidewires, and intravascular catheters that allow the treatment of a tumor located in some part of the body. Interventional oncology treatments are regularly carried out by interventional radiologists with appropriate settings and facilities. Interventional oncology is used to treat primary or metastatic cancer, which includes liver cancer, lung cancer, kidney cancer, bone cancer, breast cancer, and prostate and pancreatic cancer.

A memory module may be described as a printed circuit board, on which memory integrated circuits are mounted. These modules permit easy installation and replacement in electronic systems, especially computers such as PCs, workstations, and servers

Medical imaging is the process of creating visual representations of the interior of a body for clinical analysis and medical intervention. It is applied for both diagnostic (screening and diagnosis) and treatment purposes (therapy and surgical purposes). Medical imaging, which is used for treatment purposes, is commonly known as interventional medical imaging. Various types of image-guided systems such as X-rays and fluoroscopy, single-photon emission computed tomography (SPECT), positron emission tomography (PET), ultrasound, computed tomography (CT), magnetic resonance imaging (MRI), and endoscopes are used for the interventional procedures.

Music production equipment refers to the set of equipment used in music recording studios for music composition. The music production equipment market is predominantly B2B, where the quality of equipment is of high importance to music producers. Music is fast becoming accessible to the general population, which is increasing individuals' interest in music and the demand for quality music recording equipment.

The report analyses radiosurgery and radiotherapy robotics, which is expected to emerge as a major method of treatment for cancerous and non-cancerous tumors during the forecast period. The sale of systems such as Gamma Knife, CyberKnife, and linear accelerators is expected to increase due to the growing demand for noninvasive surgeries. These systems have emerged as alternatives to treatments such as brachytherapy, chemotherapy, tomotherapy, and immunotherapy.

2 年半估值消化，已经具备安全边际：计算机板块今年继续大幅跑输大盘指数，目前计算机板块已至估值底部区间，根据万得一致性预测，明年计算机板块的TTM 将下降到约40 倍，接近历史底部水平。从相对估值来看，计算机板块相对于沪深300 的估值溢价率已下降至4 倍，2012 年至今的平均水平在5.6 倍，大部分情况在4 倍以上。我们认为行业估值已经触底，同时行业营收及利润仍维持较高增速，2017 年行业营收及利润增速均在30%左右，相比A 股整体营收及利润10%左右增速，具备明显优势，行业已经出现明显的投资机会。

人工智能确立为计算机板块主线。我们在2016 年底发布的年度策略报告《2017：人工智能+的春天》明确提出：2017 年将进入“人工智能+”时代，人工智能成为引领发展的第一动力。这一前瞻判断已得到市场充分验证。今年以来，人工智能成为计算机版块表现最为亮眼的核心主线。人工智能龙头企业科大讯飞年初至今上涨124.05%，一度站上千亿市值，成为板块市值最高、涨幅最大（剔除新股）的公司。

与人类实时选择性处理视觉信息不同（如在驾驶需意公路边草地的纹或形状，也用知道每辆车确切），计算机仍难以从实际需求出发自主选择性输入并影像信息，通常要人类对具体任务进行分解使用与之匹配的方法，建立完整理想的智能视觉系统仍有很大挑战。