The need to reduce the costs of manufacturing and processing is expected to accelerate the market studied over the coming years. The 4D printing technology has the potential to enable reduced capital and inventories, which increases the manufacturer’s market efficiency. A 4D-printed product causes lesser manufacturing, transportation, and handling costs, which ultimately leads to saving resources and efforts. Moreover, 4D-printed objects can harness existing 3D printers, which is also one of the driving factors for the technology growth. Although the technology is still at infancy and in its R&D stage, companies are working toward developing both 4D printing technology. Specialized 4D printers as well as the materials suitable for 4D printing are, therefore, likely to shape the market studied. The concept of 4D printing first gained interest after MIT’s Self-Assembly Lab in partnership with 3D printing manufacturer Stratasys and 3D software company Autodesk, back in 2013. 4D printing, which is the next step in the evolution of 3D printing, adds the dimension of time to the traditional 3D printing process. What this means is that a 3D-printed object can change its shape after it is printed, in response to water, heat, or pressure etc.

美股科技巨头（FAAMG）二季度业绩超出市场此前悲观预期，调整后净利润同 比增速由负转正。同时伴随疫情扰动减弱，其对 H2 业绩展望转向谨慎乐观。 市场短期仍面临在线广告需求恢复缓慢、企业 IT 支出走弱等潜在风险。我们 判断本轮北美云厂商资本支出大概率已进入下行周期，2021Q1 是下一个观察窗 口。目前 5 大科技巨头市值合计 6.7 万亿美元，占美股整体、标普指数比重 14.4%、22.6%，继续创出新高，考虑到基本面、流动性等层面因素支撑，我 们预计短期这一趋势发生逆转概率仍较低。

我们在《科创板解禁压力可能带来配置核心资产机会》、《再看科创板解禁：创业板股东如何减持》和路演中多次提 示，科创板两波大额解禁是下半年成长股择时的胜负手，目前完美验证。以创业板为参考，解禁前后市场呈现V型反 转，此次科创板表现类似，目前处于V型反转后半段修复期。 本轮科创板解禁前下跌存在新逻辑：板块中龙头企业中微公司提前筹划询价转让，询价转让价格为前20日收盘价均价 的73.5%，部分配置型资金短期可能将二级市场筹码抛出，更换成询价转让筹码（6个月锁定，至明年1月），二级市 场股价同时向询价转让价格靠拢。龙头公司的调整短期可能压制了板块表现，关注10-11月优质公司询价转让情况。 我们在《20200324跟踪科创板风向标，把握成长股行情》中提出，科创板是创业板和成长股的温度计和先锋官，此次 科创板进入解禁修复期，叠加创业板注册制躁动期，市场风险偏好和成长风格有望受到催化。

从 Facebook、Apple、Amazon、Microsoft、Google（FAAMG）北美前五大科技企 业 2Q20 业绩中我们看到：2Q20 北美云计算市场收入同比增长 34%，增速虽受疫 情影响环比下滑，但整体符合市场预期；资本开支总和同比增长 8%，增速相比 1Q20 的 31%有所下滑，但超出 Factset 一致预期 5%。