伴随着芯片的集成度越来越高、半导体制造的先进程度也逐渐提升。半导体产业包含越来越多的机械、化工、软件、材料等其它领域，是集成了很多子系统的大系统。

视频会议走向云化、轻量化，疫情加速云视频发展。上世纪90年来以来视频会议发展大致经历三个阶段，目前正从基于MCU设备的传统视频会议向云视频会议发展，相比传统视频会议，云视频具有部署和扩容便捷、低成本和使用门槛低等多重优点，因此更容易和各行业以及业务结合，应用场景不断丰富、市场规模迅速扩大。

政府预算是表观影响需求波动的因素，而内在受网络流量剧增和网络空间事件频发驱动。由于我国政府和运营商为主要统一DPI设备采购的支付方，因而当年的招标金额往往受到财政预算限制。然而考虑公安部已在该领域投资近20年，且年均增速维持在15%，网信办/工信部12年才开始重视网络可视化使用。

计算机估值与风险偏好提升。截止到2020 年2 月7 日，申万计算机指数PE（TTM）估值为64.9 倍。自2019 年1 月2日至2020 年2 月7 日，期间最高值为65.5 倍、最低值为37.3 倍、平均值为53.0 倍，中位数为54.2 倍。我们认为，计算机行业PE 估值持续升高也反映了市场对计算机行业的普遍看好。

我们可以将云基础设施看作是，随着流量（数据量）增加，而不断呈现线性甚至是非线性增长的业务。目前受疫情影响，2C 线上服务需求快速增加；更值得关注的是，疫情有望加速2B 企业线上迁移（云化）的进度。同时，从短期来看，云服务和AIOT 对服务器的需求也有望快速释放。我们认为，云基础设施下游需求（服务器+数据中心+IaaS）有望加速。推荐：浪潮信息、宝信软件、深信服；建议关注：中科曙光、紫光股份、优刻得、数据港。

非典疫情于2003 年3 月至5 月中旬有较强的演绎，计算机申万指数当年3 月、4 月月线分别为下跌5.47%、3.14%，其中4 月上旬有一波反弹后又经历了一轮快速下跌；在当年5 月，计算机申万指数录得11.97%的涨幅，前期跌幅得到快速修复。此次疫情在国家及时、有效的重点管控下，有望得到更快的控制。计算机行业一季度，尤其二月份为订单和开工的淡季，此次疫情对于计算机行业影响有限。

1 月9 日-2 月12 日，A股计算机板块上涨11.18%，全行业排名第1。1 月9 日-2 月12 日，上证综指下跌4.56%，沪深300 下跌3.11%，创业板指上涨11.95%， 中小板指上涨5.13%， 申万计算机指数上涨11.18%，领先上证综指15.74 个百分点，领先沪深300 指数14.29 个百分点，在申万一级行业中排名第1 位。

流量经济和云基础设施成为2020 年H1 最确定高增长行业，应对在线流量爆发，阿里云、腾讯云和华为云紧急扩容，在线直播、视频会议人数爆发式增长，在线热潮下流量产业和云产业链有望超预期增长，CPU/GPU、服务器、云视频、VPN/云桌面/EDR、远程协作、IDC 等呈现快速增长趋势，是当前重点投资板块。

上周沪深300 指数下跌2.60%，中小板指数下跌1.28%，创业板指数上涨2.09%，计算机（中信）板块上涨4.10%。板块个股涨幅前五名分别为：致远互联，优刻得，金山办公，真视通，宝信软件；跌幅前五名分别为：实达集团，*ST 工新，恒泰艾普，唐源电气，维信诺。

光纤通信系统的重要器件之一，主要由光电子器件、功能电路和光接口等组成。光模块的作用是“光电转换”，发送端将电信号转换成光信号，然后通过光纤传送后，接收端再把光信号转换成电信号。

复盘“全球历次疫情”，03 年是互联网应用拐点元年，20 年可能是计算机行业结合5G 应用“在线科技”爆发元年。

疫情将推动医疗信息化景气度不断提升和互联网医疗加速发展。疫情期间，众多医院都推出了互联网诊疗服务，减少线下诊疗压力和交叉感染风险，诊疗及访问用户数量不断突破峰值。我们认为此次疫情后有望加速各医院的互联网医院建设进程，也将推动起支撑作用的以电子病历为核心的医院信息化系统建设。同时用户习惯也逐渐培养，政府也认识到互联网医疗的价值，有望持续出台相关政策推动行业发展。

光模块（Optical transceiver）：光纤通信系统的重要器件之一，主要由光电子器件、功能电路和光接口等组成。光模块的作用是“光电转换”，发送端将电信号转换成光信号，然后通过光纤传送后，接收端再把光信号转换成电信号。

A robotic fueling system has the advantage of preventing human contact with potentially dangerous fumes, avoiding driver’s exposure to extreme hot or cold temperatures during fueling, and reducing the labor costs associated with full service fueling stations. A robotic fueling system consists of five main subsystems: control system which include user interface, processor, and logic schema; sensor system for vehicle positioning and identification, robotic arm, fuel dispensing nozzle, and the fuel port interface. The main focus of robotic fuelling is to explore improvements over existing systems (manual) mainly by cost reduction (personnel cost) through automation. Simplification in robotic fueling can be achieved by the redesign of the vehicle positioning and fuel dispensing systems. The robotic refueling system market has been witnessing robust growth due to factors such as Low cost of operation and flexibility of dispensing different fuels, adoption of this system by the mining industry owing to cost, flexibility, safety and increased productivity of mining operations. No requirement for operators on-site to man fuel stations and refuel vehicles is considered to the major driving factor for the robotic fueling systems remarkable growth rate during the forecast period from 2019 – 2027

Profession AV solutions or pro AV equipment are systems that are involved in the transmission of multiple high-quality live audio and video signals among other transmissions, uncompressed in nature, to multiple devices. The pro AV systems are broadly used in live events, broadcast facilities, commercial installations, and recording, and post-production. Sound reinforcement equipment and solutions form the backbone of any pro AV systems, installed or portable. The advent of the cloud and the software-based application has propelled the audio- visual (AV) technologies to go through a major shift. Global enterprises are looking forward to advanced AV solutions to help them in achieving seamless business communication and collaboration. On the other hand, system integrators and channel partners are also witnessing huge revenue potential in the growing global enterprise AV market.

The global peripheral vascular devices market is currently being driven by various factors, including increasing lifestyle changes and the aging population. Also, new product launches and technological innovations in the devices are augmenting the growth of this market. Recently, Intact Vascular Inc., which is a well-known medical device company, had launched the first commercial use of its Tack Endovascular System in multiple sites across the United States, after getting an FDA approval. This device is a first-of-its-kind dissection repair device, which is implanted post-angioplasty to resolve dissections in patients with peripheral arterial disease (PAD). Along with such product launches, it has been observed that the market is currently witnessing several technological advancements. For instance, Lithoplasty and Pantheris Lumivascular Atherectomy System are the two latest and novel technologies that are being used in the treatment of PAD. Avinger Inc. stated in July 2018 that several physicians across the United States have successfully treated over 40 patients having PAD with the help of the next-generation Pantheris image-guided atherectomy system.

Millimeter wave is a kind of electromagnetic technology used in various products such as phones, cars, medical devices, and others to ensure wireless broadband communications at a higher speed. It is known as extremely high frequency (EHF) because it presents signal spectrum ranges from 30GHz to 300GHz with a wavelength between 1 and 10mm. Moreover, Millimeter wave technology provides security for communication transmission. The scope of the report discusses the potential opportunities for the market players to enter the global Millimeter wave technology market. This report also provides in-depth analysis of the market, outlining current trends, key driving factors, and key area of investment. The report includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder in the value chain. The report features the strategies adopted by key market players to maintain their foothold in the market.

The North America mobile cardiac telemetry systems market is estimated to grow at a CAGR of 12.6% from 2019 - 2027. The market of mobile cardiac telemetry systems in the North America region is majorly contributed by the US and US is the largest market for the mobile cardiac telemetry systems. The growth of the market is defined by the availability of the products by the various market leaders, presence of the several companies across the region. In addition, the rise in the cardiovascular diseases are likely to contribute to the growth of the market. The top 10 industry players operating in the market of mobile cardiac telemetry systems across the globe includes Medtronic, BioTelemetry Inc., Applied Cardiac Systems, Inc, Medicomp Inc, Preventice Services, LLC, The Scottcare Corporation, Medi-Lynx (Subisidiary Of Medicalgorithmics, S.A), Zoll Medical Corporation, Welch Allyn, and Telerhythmics, LLC.