A 股计算机行业主要反映政企的IT 需求，在经济下行的过程中，IT 支出作为可选支出需求有显著影响；而且中国的政府部门及大型企业信息化经过20 多年的发展在相对成熟。在IT 需求增速减缓的过程中，行业集中度有所提升的龙头公司的增长超过整个行业。另外，因为A 股的IT 行业上市公司中，相对稀缺的产品型公司在成长之后的规模经济显著。在当前的行业背景下，建议投资关注龙头公司和产品型公司。

激光加工系统继续在全球的现有市场和新兴市场中发挥重要作用，根据Laser Markets Research的预测，2017 年全球激光器的销售额将增长至接近 111 亿美元，比 2016 年的104 亿美元增长约 6.6％。

上半年白马股引领的行情预示市场投资风格偏向价值，下半年有望延续：2017年上半年电子元器件行业指数强劲的走势主要来自二大市值的白马股的推动，从一季报的数据以及产业链了解的情况看，白马股在经营业绩方面的持续改善，以及在估值方面具备的安全边际效应是上半年上涨的主要原因。我们认为这种行情所反应的市场整体相对较低的风险偏好度仍然将会是下半年市场的基本态度。

全面屏普遍意义上是指屏占比较高（通常在90%以上）、超窄边框、机型外观漂亮、显示区域大，理念是 bigger display in a smaller body，已经成为手机设计的新潮流。近年部分厂家已经推出全面屏手机或接近全面屏的手机产品，如 SHARP 在 2014 年推出首款三面超窄边框手机 Aquos Crysta，小米 2016 年 10 月推出屏占比达 91.3%的小米 MIX，三星 2017H1 推出 18:9 的 Galaxy S8，另外 Sony、LG 也都推出或计划推出全面屏手机。同时据 digitimes 报导，iPhone 8 大概率应用四面窄边框的全面柔性 OLED 屏，大幅扩大显示区域面积。我们判断全面屏有望成为今年手机 PK 的核心卖点，并在苹果、三星的带领下加速普及。

本周电子行业指数周涨 0.81%，除周四出现单日一定深度回调外，其他交易日依然是小趋势弱反弹与震荡。全行业 193只标的中，扣除停牌标的，本周上涨标的为 78 只。我们一直在重点观察的“漂亮 50”成分股再次展现出超越板块的表现，但与此同时，无线充电、被动元器件、磁材等板块亦有不俗涨幅，与之前几个月跌跌不休的回调行情相比较，近期的市场开始逐渐有独立热点开始演绎，这是值得重视的积极信号，维持行业“推荐”评级。

This report covers the present scenario and growth prospects of the global commercial router market for 2017-2021. The report considers the revenue obtained from the retail sales of routers used for various levels of commercial (enterprise) applications. It provides the revenue segmentation for routers by capacity (low-end, mid-end, and high-end levels). In addition, the report discusses the major drivers that influence the growth of the global commercial router market. It also outlines the challenges faced by vendors and the market at large, as well as the key emerging trends.

This report covers the present scenario and growth prospects of the global contactless POS terminals market during 2017-2021 To calculate the market size, the report considers the revenue generated from the sales of contactless POS terminals,transaction fees, and other fees such as monthly fees charged by vendors on the merchants. The report also presents the vendor landscape and a detailed analysis of the leading vendors. It also provides a geographical segmentation of the market. In addition, the report discusses the major drivers of the market. It also outlines the challenges faced by vendors and the market at large, as well as the key trends in the market.

Satellite imaging is considered the most efficient way to monitor the planet. The EO industry is addressing social, economic, and environmental challenges. Initially, the use of satellite imaging was confined to defense and intelligence applications in the government sector. However, with time, the scenario has changed, and it is now used extensively for civilian purposes as well. Landsat, launched in the early 1970s, was the first satellite system used for civil imagery. Following the launch of this satellite, many companies started developing products and services to cater to civilian needs,including land and coastal applications.

This report covers the present scenario and growth prospects of the global containerized and modular data center market for 2016-2021. To calculate the market size, the report considers revenues from the following:Modular data center: It includes construction of data center facilities with modules such as IT infrastructure module, power module, cooling module and other services. Other services include general construction services such as design and installation services, flooring, security, and power and network connectivity installation.Containerized data center: It includes the market size of integrated infrastructure module, namely IT, power, and cooling in one modular. For example, Huawei all-inone container facilities.The report also presents the vendor landscape and a corresponding detailed analysis of the top seven vendors in the market. In addition, it discusses the major drivers that influence the market growth. Furthermore, it outlines the challenges faced by the vendors and the market at large, as well as the key trends emerging in the market.

The global connected car market is in the nascent stage and is expected to register a high adoption during the forecast period owing to its importance in ensuring connectivity and safety, and meeting the infotainment requirements of vehicles.Connected vehicle solutions were largely restricted to the luxury car segment;however, the decline in prices and legislation push have led to their use in the mass vehicle segment. Connected vehicle solutions include infotainment and telematics. Another aspect elevating their adoption is the effort taken by the consumer electronics industry in reducing the price of the components to push OEMs toward adoption of connectivity technology in the mid vehicle segment.R&D activities related to connected vehicles are expected to result in product and service innovations and the introduction of multiple new business models. Urban smart mobility can be realized with connectivity features in modern day vehicles.

A breath analyzer is a device, which is commonly used for estimating blood alcohol content (BAC) from a breath sample. Connected breath analyzers are connected to smart devices such as smartphones, tablets, or smart watches, which measure the BAC through an app. Breath analyzers do not measure BAC or concentration directly.Instead, these devices estimate BAC by measuring the amount of alcohol present inone's breath.

Technavio defines automotive remote diagnostics or remote vehicle diagnostics as a solution that enables automation of vehicle health and diagnosis using a wireless network. Vehicle health check refers to monitoring vehicle performance by continuously checking and assessing real-time data of certain parameters. This process helps to identify any deviation against expected vehicle performance. Diagnosis refers to the investigation based on real-time vehicle data associated with vehicle performance parameter deviation and the determination of root causes of the deviation. This technology offers several business benefits to both customers and OEMs by enabling an effective vehicle health planner.

估值体系切换及增速降档。我们认为2015 年以来行业的低迷并非是简单的杀估值或杀盈利，而是估值体系的变换，也即从市值对标法到传统PE 法的切换。市场对于计算机行业的估值体系在13-15 年之间多采用市值对标法，以某个愿景的市值作为对标套取对A 股上市公司的估值。而在向上的增长空间的三个基本点被证伪之后，市场开始进入估值体系的切换，简单来说就是从市值对标法向传统PE 法的回归。

自2016年初以来，行业经历了较长时期的调整。但从TTM角度看，行业估值仍然不具备较强的吸引力。

弱势震荡行情延续，估值或仍存下行压力：年初到6 月20 日，申万计算机行业指数下跌7.07%，同期沪深300 指数上涨7.14%，申万计算机行业指数跑输沪深300 指数14.21 个百分点。尽管指数有所下跌，当前计算机行业TTM 市盈率仍为47.53 倍，与年初基本相同，板块估值水平相对稳定。

年初我们已经提出，随着行业并购高峰的结束以及商誉减值的 影响，具备较强内生增长能力的优质白马以及持续具备资产整 合能力的央企龙头的投资价值将进一步凸显。在行业走势分化 加剧的背景下，我们建议从四个维度布局内生驱动的优质成长 或者资产整合空间大、整合效率高的央企龙头。

2016 年计算机行业营收增长加快，净利润增速与上年持平，行业经营基本稳健。在资本市场景气下降及并购监管从严的影响下，行业外延并购数量与金额均显著下降，未来外延对业绩的贡献也将逐步降低。但2016 年收购标的业绩达成率在89%，商誉减值压力不大。值得注意的是，2016 年行业经营现金流下降，现金流入主要76%依靠筹资，再融资监管趋严，对行业发展或将产生不利影响，但能够倒逼上市公司将经营重心从外延并购转为内生驱动。

在行业走势分化加剧的背景下，我们建议从四个维度布局内生驱动的优质成长或者资产整合空间大、整合效率高的央企龙头，考虑到中报期临近，我们优先选择低PEG 同时中报有望高增长的细分龙头。

这个时间点我们讨论 Nor Flash 行业趋势与全年景气度，一方面是 Nor 厂商二 季度业绩即将公布，而相关公司一季度业绩没有充分反映行业变化；另一方面 是相关标的与行业基本面也出现了变化（如 Switch 超预期大卖以及兆易创新收 到证监会反馈意见等），同时我们调高 AMOLED 与 TDDI Nor 的需求拉动预期， 详细测算供需缺口，以求对未来趋势定性、定量研究；

海底光缆是跨国互联网连接的最重要通信链路之一，传输能力和经济性超越卫星通讯等技术手段，是当前最主要的跨洲通信技术。由于海底光缆工作水深极大，对缆线的抗压、抗腐蚀，以及接驳盒的水下热插拔能力等有极高要求，是光纤光缆行业中技术附加值最高、行业壁垒最高的领域。