关注春季躁动行情，目前H股中国联通、中国电信、中国移动的估值显著低于全球主流运营商、历史低位、经营向好，行业景气持续、机构低配臵，重点推荐：头部化格局的设备商、5G应用、云计算产业链！

极米科技是国内智能投影龙头企业，目前公司已经处于龙头地位。行业空间大，良好的用户体验是突围关键。一方面是要通过线下直营店的形式逐步建立起消费者对于品牌的认知，另一方面需要依赖自身过硬的外观设计能力以及软硬件设计能力迎合消费者的审美以及提升消费者的使用体验。行业成本高企下，营业利润对于收入变动的敏感性较高。行业厂商有望从设备生产商向生态运营商角色转变。

RegTech, which is a combination of the words regulatory and technology, manages regulatory processes within the financial industry via advance technologies. RegTech solutions help businesses to comply with regulations efficiently & less expensively by using advance technologies such as machine learning, biometrics, cloud computing, big data, and blockchain. Moreover, main functions of RegTech include data analytics, regulatory monitoring, risk management, reporting, regulatory compliance, and fraud detection. This report features information on RegTech solutions offered by key vendors. Furthermore, it highlights strategies of key players to improve the market share and sustain competition. Key players operating in the market include ACTICO GmbH, Acuant, Inc., Ascent, Broadridge Financial Solutions, Inc., ComplyAdvantage, International Business Machines (IBM), MetricStream Inc., NICE Ltd., Thomson Reuters, and Wolters Kluwer N.V.

Supply chain analytics targets to improve operational efficiency and effectiveness by enabling data-driven decisions at strategic, operational, and tactical levels. It incorporates virtually the complete value chain including sourcing, manufacturing, distribution, and logistics. Supply chain analytics helps in increasing productivity, reducing wastage, inventory forecasting, and to improve customer relationship. For the purpose of analysis, the global supply chain analytics market is segmented into component, deployment, enterprise size, industry vertical, and region. The report highlights various components available in the market, which include solution and services. According to enterprise size, the market is classified into large enterprises and SMEs.

A smart parking system typically obtains information about available parking spaces in a particular geographic area or in residential areas and process is real-time to place vehicles at available positions. For the operation of the smart parking the system involves low-cost sensors, real-time data collection, and smart phone enabled automated payment systems. This combination allows people to reserve parking in advance and predicts the parking space location. This system is deployed to reduce car emissions in urban centers and is helpful for people searching a vehicle parking across the city. The smart parking system implies the M2M technologies to properly manage parking supply and also helps one of the biggest problems on driving in urban areas, i.e., finding empty parking spaces and controlling illegal parking. Increased parking concern, growth in demand for IoT-based technology, and surge in number of vehicles that leads to traffic congestion are the factors expected to drive the smart parking market growth during the forecast period. However, high implementation cost and configuration complexity restrain the market growth.

File transfer protocols (FTP) were the most commonly used standards for transferring files over a computer network a decade back. Organizations worldwide have been transferring files between a client and a server through the FTP system for almost 40 years. However, to overcome the limitation of this system, vendors have introduced secure/managed file transfer solutions (SFT) in the market over a decade ago. These solutions improve the security of file transfer with added features such as granular access control, automation, and security.

Over-the-top (OTT) service refer to movies and TV shows, which are delivered directly to digital users without the requirement of cable or satellite television subscription. OTT content can be directly downloaded and viewed on user’s demand over the internet connected to devices such as PC, tablet, smartphone, and console. Presently, over-the-top services are at a relatively nascent stage, and are widely accepted as a trending technology across the globe. For the purpose of analysis, the report segments the globe over-the-top market into component, device type, content type, revenue model, user type, end user, and region. This report further outlines current trends, key driving factors, and key area of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. This report further features information on over-the-top services offered by key vendors. In addition, it highlights the competitive landscape of the key market players to strengthen their foothold in the industry. furthermore, the report covers strategies adopted by key market players to sustain the competitive environment and increase their market share..

行业：供需背离之下，高景气不改。IDC市场本质是伴随数据流量增长，满足其运算和存储的需求，流量爆发式增长趋势持续决定了需求端高景气不改。公司：基本面景气与股价触底背离下，存在估值安全边际。横向和纵向对比下，当下IDC 板块存在显著的估值安全边际。 持仓：市场充分认知与低仓位背离下，配置价值凸显。

自动驾驶给激光雷达带来新机遇。政策密集出台，助力激光雷达行业发展。技术推进及场景扩展带来广阔市场空间。随着人工智能、5G 技术的逐渐普及，无人驾驶、高级辅助驾驶、服务型机器人和车联网等行业发展前景广阔。 国内企业在激光雷达市场勇立潮头。

2 月19 日，图数据库厂商TigerGraph 宣布成功完成1.05 亿美元C 轮融资，本轮融资由老虎基金领投，这也是图数据库和分析领域迄今为止金额最高的单轮融资。截至目前，TigerGraph 已累计融资超过1.7 亿美元，历史投资方包括SIG、启明创投、华创资本、百度、蚂蚁金服等。

历经三十载，华为逐步成长为ICT 全球领先、通信设备商第一的优秀公司；复盘华为成长史，“狼性文化”无处不在、创新高研发、聚焦主业拓展业务边界或成范例；寻找下一个华为级的通信优秀公司：大空间的5G 应用和超预期的消费终端。

云计算IaaS 层面建设按“IDC 基建->光网络布局->服务器、交换机”展开，因此建设顺序也一定程度上决定了产业增长趋势和业绩兑现顺序，产业链景气度和云厂商资本开支变化息息相关，2020Q4 云厂商资本开支高增，对未来的投资预期也较为乐观。

我们认为IDC 板块配置正当时，原因有三：1）景气下行的悲观预期自2020年7 月以来随着板块回调已较为充分的体现，板块当前估值（PE-TTM）仅处于自2020 年初以来估值区间的23.48%分位。2）亚马逊20 年Q4 资本开支YoY+179%，QoQ+34%，全球数据中心景气度呈现边际复苏趋势；3）疫情加速线上化带动IDC 上电率提升，预计相关公司21 年Q1 业绩同比增速突出。

前两周（2021/2/8~2021/2/19）A 股科技、港股运营商整体反弹，估值略有回 升。基于基本面、估值和资金面的综合考量，建议重点关注云计算、半导体、 消费电子、物联网、运营商和5G 设备等细分领域龙头，重点推荐公司包括： 深信服、金山办公、科大讯飞、恒玄科技、立讯精密、移远通信、中兴通讯、 中际旭创，中国移动、小米集团-W、腾讯控股、金蝶国际、明源云集团控股、 中芯国际（港股）、舜宇光学科技、泡泡玛特、心动公司等。

我们认为IDC 板块在经过自20 年H1 末以来的调整之后，较为充分的反映了市场对于景气下行的悲观预期，我们认为当前阶段行业景气度有望边际改善，相关公司进入业绩释放期。而长期来看，在产业政策的推动下，专业化的IDC 上市公司更具竞争力。

21 年春节期间畅销榜腾讯系优势显著，老牌游戏持续霸榜。除了《王者荣 耀》（第一）和《和平精英》（第二）再次拿下畅销榜冠亚军之外，腾讯旗下 《天涯明月刀》（第五）、《火影忍者》（第七）、《穿越火线》（第八）和《使 命召唤手游》（第十）共计六款游戏进入畅销榜前十，较2020 年春节上榜 的五款和2019 年春节上榜的三款再进一步。

2021年进入全球经济复苏阶段、宽松政策逐步退出背景下，重点布局盈利超预期增长的机会：1）科技板块的顺周期板块——硬件供应链，聚焦结构性创新、产品/客户组合扩张2条主线；2）5G时代中后期运营商业绩及估值见底回升机会；3）SaaS行业加快增长驱动时间换空间。

2021 年中国5G 建设稳步发展，5G 应用加速落地。我们认为当前市场对5G 投资悲观预期已经反映的较为充分。去年一季度受疫情因素影响上市公司业绩普遍偏低，继续看好2021 年一季度通信子板块业绩提升和估值修复。

我们预计“十四五”期间中国将新增海上装机容量超过45GW，平均到5 年，则年均9GW。考虑到中国2020 年新增海上风电装机容量约3.06GW，这意味着未来市场空间广阔，建议重点关注海上风电产业链，尤其是可以提供海底光电复合缆、高压电缆的公司。

以SaaS 模式提供AI 应用服务。C3.ai 成立于2009 年，是一家企业级人工智能软件公司。该公司提供软件即服务（software-as-a-service, 简称SaaS）应用程序，产品包括 C3 AI Suite 套件、C3 AI Suite 构建的C3 AI 应用程序和C3.aiEx Machina。