春节假期助力下，移动互联网日活规模、日均使用时长均迎来小高峰；超一亿“原年人”就地过年；在各大App 的春节福利“轰炸”下，移动互联网日活规模再创新高，达到 10 亿规模。

Internet of Things (IoT) has penetrated in nearly all industries, households, and offices, making human activities simpler. The inclusion of internet-connected devices in the construction industry also known as IoT in construction has benefitted the industry by reducing operational costs, enhanced productivities, and efficient project management. Smart technologies such as sensors, RFID tags, building information modelling, augmented reality, and others assist in recognizing potential risks on a construction site; thereby, optimizing resource requirement, avoiding accidents and fatalities, and wastage of time and money. The report on the global IoT in construction market presents a detailed analysis of the trends, future estimations, and thorough study of the market depending on application, end user, component and region. The applications covered in the study include asset monitoring, predictive maintenance, fleet management, wearables, and others. The report further provides information on end user, which include residential and non-residential. Moreover, it provides details about components related to IoT in construction including, hardware, software, connectivity, and services.

Corporate training, also known as corporate education or workplace learning, is a system of learning activities that are designed to educate or train employees to perform better on the job. Corporate training enhances employees’ productivity, performance, motivation, and their retention, which in turn helps companies to achieve their business goals. The global corporate training market is analyzed on the basis of its prospects and future growth rate. The report highlights numerous factors that influence growth of the market. These include market forecast, drivers, restraints, opportunities, and role of different key players operating in the market. The report is analyzed for corporate training by Training Method including virtual and face to face.

A mutual fund is an investment fund and a professionally managed portfolio of several financial products such as stocks, bonds, equity funds, debts funds, and other financial instruments. It is an investment vehicle where investors buy shares and the mutual fund company pools that money to make investments on their behalf. For the purpose of analysis, the report segments the global mutual fund assets market based on fund type, distribution channel, investor type, and region. The report provides information about various fund types such as equity funds, bond funds, money market funds, and hybrid & other funds. In addition, banks, financial advisors/brokers, direct sellers, and others are the distribution channels highlighted in this study. It further outlines the details about various investor types, including institutional and individual. It covers the revenue generated by mutual fund assets across various regions such as North America, Europe, Asia-Pacific, and LAMEA.

Building information modeling (BIM) is a type of software used by real estate companies; construction firms; and architecture, engineering, and construction (AEC) professionals for effective project life cycle management. The key objective of building information modeling software is to enhance project performance and produce better outcomes. BIM helps construction managers to gather data and information from relevant disciplines and communicate more effectively. Enhanced data communication and coordination among various stakeholders coupled with improved construction productivity provides a leading edge to BIM users. For the purpose of analysis, the report segments the global building information modeling market based on component, deployment model, application, project life cycle, end user, and region. This report features information on business analytics software & service offered by key vendors.

电商渗透率持续保持增长，信息技术推动零售行业不断变革。社零总额增速疲软，智慧零售是十四五时期数字经济发展的重要推动力。零售行业新业态新发展，电商直播等新渠道带来数据使用新场景。目前国内AI+零售产业格局大致可以分为互联网巨头和细分领域AI 技术服务商两大阵营。我们认为当前在政策、互联网巨头、AI 技术服务商等各方推动下，数字化和智能化正在颠覆零售行业。从发展阶段来讲，智能零售起步较晚当前还处于较为初级的阶段，但市场规模正在快速增加；从竞争格局来讲，阿里腾讯等巨头基于流量和支付优势正在迅速做大规模。

云游戏是以云计算为基础的游戏方式，其本质为交互性的在线视频流。工信部提出2021 年计划新建5G 基站60 万个，不断发展更新的5G 信息技术逐渐弥补了云游戏的传输短板，云游戏有望成为5G 商用时代最重要的落地场景之一。此外，5G、云计算的另一重要落地场景——视频云市场（电商直播、在线教育、长短视频点播、互动娱乐直播、在线媒体处理等）也因疫情催化获得显著增长。从产业链的角度，建议投资者关注云基础设施建设、云计算/云服务、云应用开发领域龙头企业。

投资建议：当前游戏行业面临买量成本提升的大趋势，同时CP 方对渠道的议价能力也在走强，我们认为核心要关注各游戏公司研发实力提升，游戏行业将走向产品精品化与运营精细化。从厂商策略看，各家厂商都在执行精品化与年轻化策略，追求用户与品类的破圈，未来得到产品验证的公司有望率先实现估值提升。我们推荐具备领先研发实力，有望产出精品破圈产品的优质研发商：腾讯控股、三七互娱、吉比特、完美世界、IGG、掌趣科技、友谊时光；推荐拥有优质渠道&社区资产的心动公司，休闲品类推荐姚记科技，建议关注紫天科技。

从店铺开设到运营管理，再到广告投放，电商SaaS 通过“一站式”服务满足商家需求，随着直播和短视频等新兴内容形式爆发，电商SaaS 有望受到更多商家青睐。

我们认为电商行业兼具效率和规模优势，对全球电商长期成长性和渗透率提升、龙头公司利润率爬坡具有充分信心。在有限分散的格局下，用户红利外溢将推动具备品类杀手特质的垂直赛道继续成长。从全球视角来看，重点推荐平台型龙头公司。

2020年光模块、物联网模组厂商经营突出，激光行业快速增长。通信行业公司2020年业绩预告基本发布完毕，受益全球流量增长、数据中心投资加大以及5G网络建设，光模块厂商表现优异，新易盛预计归母净利润4.7-5.3亿元，同比+121%-149%；中际旭创预计归母净利润7.8-9.05亿元，同比+52%-76%；博创科技预计归母净利润0.82-0.93亿元，同比+950%-1100%；天孚通信预计归母净利润2.57-2.90亿元，同比+54%-74%。

互联网视频化背景下，依靠微信生态及基础设施的强大支撑，视频号正在逐步成为微信视频内容与社交的新基础设施，有望进一步完善微信的社交与内容生态，打开广告营销、电商、直播等领域的货币化空间，同时也或将给短视频、营销、电商等行业格局带来新变化。我们持续看好视频号在中长期的潜力，推荐腾讯控股。

1 月沪深300 指数全月上涨140.68 点，涨幅2.7%，通信（申万）指数下跌154.3点，跌幅7.3%，弱于大市，全市场排名倒数第一。1 月份通信板块估值继续回落，从近一年的情况看，通信行业估值持续下降，已经创一年以来的新低，接近2018 年底的最低水平。

我们认为 2021 年我国 5G 建设进程持续推进，中国移动+中国广电 700M 频谱共建共享计划落实使得 5G 布网成本降低，5G 低频率的增量布局将加速痛点 5G 终端与应用的普及，使我国 5G 实现从“可用”到“好用”的变革，通信公司的估值与业绩有望双升。

云计算是构建未来企业IT 架构的基础技术，目前已进入多样化全面化的发展应用时期。Synergy 研究数据显示2020 年第四季度全球云基础设施服务收入为371 亿美元，推动2020 全年云市场收入达1290 亿美元，其中，公共云领域的增长最为显著。总体来看，云计算市场马太效应逐渐显现，小型云服务提供商市场份额被持续压缩。从产业链的角度，建议投资者关注上游更具规模优势的云基础设施建设商，以及中下游云计算/云服务/云应用领域龙头企业。

2020 年 Q1 基金公司持仓通信较通信在全部 A 股市值占比超额配置 0.79 个百分点，Q2 超额配置 0.17 个百分点，Q3 以来，5G 基站建设伪停止，基金公司持股通信低额配置 0.39 个百分点，Q4 在无重大利好环境下，基金持股通信持续走低，较通信行业在全部 A 股市值占比 1.32%相比，低额配置 0.62 个百分点。

1 月29 日爱立信公布2020 年年报，4QFY20 全球收入同比4.8%，超过市场预期2.2%；净利润同比60%。2020 年收入同比增长2.3%，超过市场预期0.7%；净利润达到176 亿瑞典克朗。

我们选取全球42 家代表性运营商，全面比较运营商估值与基本面差异，总结基本面的六个重要发现，解答三个市场对运营商估值的疑虑。根据Bloomberg数据，全球代表性运营商PE(TTM)、PB(MRQ)和EV/EBITDA 均值分别是中国三大运营商的2.7、7.6 和5.1 倍。