2020年7月，国内手机市场总体出货量2230.1万部，同比下降34.8%；1-7月，国内手机市场总体出货量累计1.75亿部，同比下降20.4%。

1一6月，规模以上电子信息制造业实现营业收入同比增长4．6％，利润总额同比增长27．1％（去年同期为下降7．9％）。营业收入利润率为4．44％，营业成本同比增长4．4％，6月末，全行业应收票据及应收账款同比增长12．7％。

The study of avalanche photodiode market in this report emphasizes on various materials, and end users. Different materials such as silicon, germanium, and InGaAs are available in the market. Many leading vendors such as Excelitas technologies, LUNA, and others are operating in this segment. Various features include high gains, higher sensitivity, and low lighting output. The market size revenue considered in the report is revenue earned by companies by selling avalanche photodiode. From the end user perspective, the report analyzes the market according to commercial, aerospace & defense, telecommunication, healthcare, commercial, and others. The companies operating in the market have adopted strategies such as collaboration, partnership, product launch, R&D, and acquisition to increase their market share and expand their geographical presence. The global avalanche photodiode market is analyzed and estimated in accordance with the impact of the drivers, restraints, and opportunities. The period studied in this report is from 2019 to 2027, wherein the forecast period is from 2020 to 2027.

Electronic design automation (EDA) tools have provided the ability to innovate to the silicon industry, over the past few years. EDA is responsible for developing the design tools that enable the IC design process to be achieved at a design cost that allows the ecosystem to operate at a profit. Some of the benefits of using EDA tools are minimizing time in designing complex ICs, reducing manufacturing costs, eliminating manufacturing errors, optimizing the IC design and simplicity of usage, etc. The market studied is entirely dependent on the semiconductor industry. The semiconductor business has been experiencing steady growth. However, the growth is expected to be faced with several challenges. According to the Semiconductor Industry Association, the global semiconductor industry sales amounted to USD 412.1 billion in 2019, a decrease of 12.1% compared to the 2018 total. Despite the policy challenges that led to the slowdown in the first half, sales recovered in the last two quarters. The semiconductor business is set to experience steady growth in 2020.

The market for 5G infrastructure is expected to revolutionize the domain of various broadband services and is supposed to empower connectivity across different end-user verticals. According to GSMA, around 45% urban coverage level has been achieved for 5G networks in the early deployment trails. Countries, like China and India, among others plan to implement 5G network by 2020, the development of which requires large amounts of capital investment in 5G capable infrastructure. A majority of the 5G networks are likely to be composed of small cells. Small cells are vital to the functionality of 5G networks because they provide increased data capacity that 5G demands. They also help providers reduce costs by eliminating expensive rooftop systems and installation costs, and they are expected to help improve the performance and battery life of mobile handsets.

Brain monitoring systems enable physicians and researchers to study human activities, neurological disorders, and also the brain-computer interfaces (BCIs). BCI is presently a budding field of research that aims to ease human interaction and communication with the environment by directly evaluating the hemodynamic activities in the brain. Numerous medical centers and research facilities are using wearable imaging techniques, such as magnetoencephalography (MEG) and other advanced brain monitoring systems. Quite a few por table and implantable brain monitoring systems and methods have been explored over the recent few years, and this aims to acknowledge the emerging field and encourage more research activities toward high-resolution portable as well as implantable sensors for brain monitoring.  Several brain technology companies are acting as major players in the market by combines neuroscience, artificial intelligence, and hardware, to develop innovative products. A few companies, like Bitbrain, are working on high-tech EEG brain sensing devices and software solutions for real-world human behavior research, health, and neurotechnology development.

上周申万家用电器指数下跌1.95%，中信白色家电指数下滑2.7%，出现比较明显回调，主要和当周公布的7 月终端零售数据表现较弱有关。我们认为，7 月长江流域洪灾对家电直接需求和竣工均有影响，618 大促对后续月份需求亦有一定透支，这些均为短期因素。

深耕工业制造领域超过170年，公司是全球电子、电机产品先驱，全球工业自动化市场中，公司市场份额 占据显著优势（20%），高于第二和第三企业份额之和。 顺应智能制造浪潮，公司自2007年开始布局5G工业，凭借深厚的行业经验以及收购战略，志在转型5G工 业龙头。公司5G工业发展迅速，2019年5G工业（数字化工业）收入占比达20%，销售利润率约17~23%。 公司行业地位优势叠加全球5G工业市场需求快速增长的趋势，我们看好5G工业中期盈利能力提升。

上周（08.17~08.21）沪深300 指数上涨0.30%，创业板指数下跌1.36%，中小板指数上涨0.36%；同期，通信（申万）下跌0.84%。在申万28 个一级行业中，通信板块涨跌幅排名第22，计算机板块和电子板块分别排名第23 和第24。

投资建议：根据DCEP生态蓝图及两条变革主线，首推兼具系统改造确定性及场景运营可能性的银行IT龙头，核心推荐标的为：宇信科技、高伟达、长亮科技、恒生电子，其他各类受益标的包括广电运通、格尔软件、数字认证、神州信息、科蓝软件、新大陆、新国都、优博讯、卫士通。

投资策略：维持推荐评级。海外云计算巨头亚马逊、微软、谷歌Q2云业务延续Q1增长势头，三大巨头在手的云业务订单充足，有望为后续业绩形成支撑。

我们 认为 ，模拟 IC （相较数字IC ）在较低的集中度和技术更新速度的市场中，国内厂商更容易通过率先突破 、多料号布局、协同客户研发等 协同客户研发等 协同客户研发等 协同客户研发等 协同客户研发等 协同客户研发等 协同客户研发等 ，企业技术优势更强调循序积累。

电信实现携号转网用户净流入，ARPU 值回暖迹象初现。携号转网政策发布 后，运营商内部用户数发生结构性调整，2020 年内，中国移动的移动用户总 数净流出 390.2 万，中国联通移动用户总数净流出 892 万，中国电信实现净 流入 1050 万。2020H1，中国移动与中国联通的移动 ARPU 值环比增速回正。 5G 方面，目前电信移动 5G 渗透率约为 10%，对比 4G 近 80%的渗透率，提 升空间巨大。随着 5G 基础设施建设推进，网络覆盖逐步增强，5G 用户数不 断扩大，运营商移动 ARPU 值有望进一步提升。

7 月家电社零数据同比下降2.2%，暂时回调，1-7 月累计同比下降10.8%，降幅较1-6 月收窄1.4 个pct。7 月为传统销售淡季，加之618 分流影响较大，7 月家电多个品类增速放缓，我们认为仅为短期情况，中长期仍看好地产回暖和新消费下的家电板块增长。维持地产后周期和新消费两条投资主线的推荐逻辑。

需ma求ry＃： 黑电行业过去五年增长平平，移动端冲击国内市场让户均保留率下降。全球市场，2015-2019 年，液晶电视机出货量持续平稳，CAGR 为-0.1%。中国市场，2016-2019 年，彩电零售量CAGR 为-1.6%。受移动端普及冲击，2018年，中国户均保有量为2013 年以来首次下降，每百户119.3 台，同比下降2.4%。

车联网承前启后有机结合，引领未来智慧交通。车联网拥有众多优势，解决了社会诸多痛点。车联网节省停车时间达到便捷的目的；通过提高交通效率达到高效的目的；通过降低事故发生几率且降低因事故带来的财产损失达到安全的目的；通过节省资源、绿色出行达到经济、环保的目的。车联网因此可以完美实现人车智行，充分实现人车路的有效协同。

8 月17 日至8 月21 日，沪深300 指数上涨0.30%，计算机行业下跌1.03%，行业跑输大盘1.33 个百分点，其中计算机设备板块下跌1.27 %，计算机应用板块下跌0.98%。

上周（8月17日-8月21日）上证综指上涨0.61%、申万家用电器指数下跌1.95%，家用电器指数跑输上证综指2.56pct，家用电器行业子板块涨跌幅前3名分别为：洗衣机+18.99%，冰箱+2.88%、小家电+1.48%，洗衣机板块涨幅较大的主要原因系惠而浦收到格兰仕要约收购利好。

本周A 股市场，上证综指上涨0.61%，创业板综指下跌1.36%。计算机行业涨跌幅排名第21，下跌0.42%。计算机子板块中，计算机设备上涨0.07%，计算机软件下跌1.02%，云服务下跌1.87%，产业互联网上涨2.30%。计算机个股方面，本周涨幅前十的个股分别是道通科技、御银股份、优博讯、*ST 博信、千方科技、汇金股份、万兴科技、赢时胜、上海钢联、丝路视觉。

零信任架构假设所有人都不可信，先验证身份后访问资源，传统网络安全边界模糊，零信任SaaS 是未来安全架构的必然趋势。美国国防创新委员会建议将零信任实施作为最高优先事项；Gartner 更是预计2023 年，60%的企业将淘汰传统VPN（边界访问），转向零信任SaaS。