国务院总理李克强11月21日主持召开国务院常务会议，决定延续和完善跨境电子商务零售进口政策并扩大适用范围，扩大开放更大激发消费潜力；部署推进物流枢纽布局建设，促进提高国民经济运行质量和效率。

Many telecom operators around the world have maintained their core businesses while exploring other opportunities either through geographic expansion or exploring new technologies, applications or service offerings. These changing business models were first adopted by many of the telecoms operators out of necessity - whether because of dwindling revenues; saturated markets; rising competition from OTT players or due to a need to keep pace with the staggering amount of change occurring in our ICT sector. Some of these new ventures have been more successful than others. For example, we see that some of the large telecoms operators have been withdrawing from operating their own data centres in recent years due to the high costs and time required to run them. There has been mixed success with e-health initiatives as well. The telecoms operators need to remember their core business is supplying infrastructure and there are still many opportunities available in this regard.

The following section discusses in detail the different intelligent pumps used across industry verticals. Intelligent pumps have garnered much attention attributed to their features such as high energy savings, improved pump efficiency, and reduced costs, among others.

Identity and Access Management (IAM) is a framework that manages electronic identities and is used in initiating, managing, recording, and controlling user identities and access permissions. It covers the complete spectrum of users and their digital identities, the data captured by them, how it is protected, and who or what is authorized for accessing the desired information. An IAM system is a framework for business processes, which facilitates the management of electronic identities. We have estimated the IAM market on the basis of deployment, which includes cloud-based, on-premise, and hybrid solutions.

The Asia Pacific regional market is expected to witness a strong growth over the forecast period, owing to the increasing demand for voice technology in the Internet of Things (IoT) applications. The growing requirement of self-service applications in sectors such as call centers and banking is anticipated to spur the market in the near future. The increasing number of users leveraging mobile applications for banking transactions is expected to positively influence the market growth prospects.

The global market is gaining momentum and witnessing a high demand owing to substantial benefits, such as range extension, building penetration and hole-filling, delay spread, co-channel interference, multiple access interference, multipath management, system capacity, and power control, which results in increased profitability. Due to the increasing demand for high-speed wireless internet and extensive adoption of smartphones, the smart antenna market is witnessing considerable growth. Additionally, the growth in demand for smart antenna in various applications, such as Wi-Fi systems, WiMAX systems, cellular systems, RADAR, and others, is estimated to boost the market demand over the forecast period. Technological proliferation and growing consumer interest in advanced technologies have further resulted in the increased adoption of smart antennas.

Smart Cities have gained international attention because they offer the ability to manage our growing populations and the limited resources and environmental issues we face. In addition there is the potential to provide services and utilities more efficiently and at a higher quality. Infrastructure which is based on advanced technologies is required for smart city projects. Developments relating to machine-to-machine communications (M2M), sensors, robotics, artificial intelligence, high-speed Internet, mobile and satellite technology, data analytics and location technologies are just some examples of the technological tools being applied to build the smart communities of the future.

Asia Pacific market is anticipated to witness a high growth over the forecast period owing to the ongoing PHS capacity additions in China. Rising industrialization coupled with enhanced consumer lifestyle in India and China is expected to further boost the market growth. The emerging economies in this region have been upgrading their energy infrastructure in order to meet the ascending demand for power and taking measures to optimize energy consumption.

回顾2018 年，计算机板块充分演绎了结构性行情，医疗信息化、云计算等高景气行业的优质龙头涨幅可观。展望2019 年，市场普遍担忧经济增速换挡背景下IT 行业的后周期属性。我们认为，“大智移云”技术推动的全面产业升级，已使IT 行业表现出了一定的抗周期属性，且对于成熟度低、景气度高、体制周期向上的细分赛道，其逆周期能力突出，挑选对应优质龙头有望获得超额收益。