从全局基本面出发，和投资者共成长：上游供需/景气—数据库跟踪—半导体/消费/军工/面板/元器件产业/公司研究—汽车/传感器等革新投资研究……；2017年将重点关注景气复苏下面板/元器件/半导体封测、 创新下消费电子和军工电子/信息化渗透。

近期人民币贬值对重点电子公司助益营收，毛利率变动影响不一：上周五人民币兑美元汇率贬值至 2008 年 8 月以来的新低，影响全球化参与程度高的电子产业链，但我们认为若需求不变的情况下，对净利润的影响有限，主要是人民币贬值同时影响外销收入和成本。

人工智能时代来临，摄像头是最核心的数据入口；双摄像头将成手机标配， 3D拍摄开启人机交互新时代，行业进入快速渗透期；车载摄像头是无人驾驶最核心传感器；摄像头成创新风口，打开千亿成长蓝海

无人机是由控制站管理的航空器，也称远程驾驶航空器。无人机系统是指由无人机、相关控制站、所需的指令与控制数据链路以及批准的型号设计规定的任何其他部件组成的系统。本报告所涉及的无人机产业包括利用无线电遥控设备和自备的程序控制装置操纵的不载人飞机以及地面、舰艇上或母机遥控站雷达等设备的设计、制造、维护、运营活动的总和。

行业整体：中国强于全球，供给端主导，把握三大周期。产品周期：智能手机和 iPhone 双双见顶，展望 2017，OLED、无线充电、大陆集成电路三大领域进入导入期，为最确定的成长点。价格周期：“预期修复+微创新”，2017 年有望由 PCB 和面板等基础领域向更多领域传导。并购周期：蕴含机遇， 2015 和 2016 年的全球半导体并购金额超过过去 10 年总和，未来我国半导体行业并购将继续保持活跃，此外做大增量目标下的国企改革，仍将带来大量并购重组机会。

公司历史是国产化学发光的研发史，具备 10 余年的技术沉淀。 公司 10 余年的发展史，也是国产化学发光的研发史。1999 年成立后，公司确定生产化学发光诊断试剂为公司主要的产品方向； 2004 年增加微生物检测为另一个主要方向； 2005 年建立第一条 GMP 条件的微生物平板生产线； 2007 年板式化学发光仪 LUmo 上市； 2014 年管式全自动化学发光仪 Autolumo A2000 上市。

IWBs are large displays that connect to a computer and show images and data. They allow users to drag, click, and copy items using a pen, finger, or stylus. The product is rapidly emerging as one of the most popular and successful technologies in classroom environments as it allows users to write or draw on surfaces, print images, and save or distribute documents over networks. This makes teaching easier and more interesting than using conventional whiteboards.

An electrical resistor is a passive electrical component that prevents an excess inrush of current into a circuit. As electricity plays a significant role in modern life, electrical resistors have a broad range of applications and markets. Power generation, transmission, and distribution sectors account for extensive use of resistors. With the demand for electricity showing an exponential increase globally, governments in various countries are undertaking development and modernization of their power generation infrastructure. Population growth and increased urbanization have fueled residential, commercial, and industrial construction activities, thereby resulting in the need to expand electricity T&D networks worldwide.

Neurostimulation devices are gaining acceptance as an alternative therapy for certain chronic pain conditions. These devices have also been used in the management of neurological disorders like Parkinson’s disease and epilepsy. The currently available neurostimulators mainly focus on SCS, deep brain stimulation (DBS), vagus nerve stimulation (VNS), and sacral nerve stimulation (SNS).

Casting designs have evolved over time, and the need for lower weight metal parts has increased, especially in the automotive industry. Small and accurate cores are required to create specialized structures with thin walls as minimum as 4 mm. However, small cores are delicate and liable to crack, which results in scrap production. Fine scraps are usually undetectable until the last stage, even by using techniques like x-ray analysis. Contamination by scraps renders the thin wall castings futile and significantly increases the expenditure of the automotive industry. Hence, small core setting and handling is best undertaken by industrial robots, which can perform this task with delicacy and accuracy. Robots can transport cores to molding machines without any breakage or scrap formation. They ensure accurate setting of the core into the permanent mold.