2018年电子行业将更加强调业绩的确定性。从确定性来讲，一线领导品牌如苹果，三星的下游终端需求相对稳定，因此其上游供应商中竞争格局稳定，技术路径不存在大幅变化的核心供应商业绩确定性相对更高。具体领域来看，消费电子优先推荐玻璃盖板、射频天线零组件、功能器件、无线充电模组等领域。

基于全球泛半导体行业既有事实，行业规律服从半导体投资时钟逻辑。半导体投资时钟分为需求侧和供给侧两个象限以及国际设备、集成、材料和国内设备、集成、材料六个节点。国际集成商龙头最先感知到下游需求的启动，纷纷加大资产投入并增加业务覆盖面，厂房建成后订购、安装、调试半导体设备，因此国际设备巨头最先受益于泛半导体超景气周期。产线建设完毕，集成商进行采购上游原材料进行产品加工，海外材料供应商和下游集成商几乎同时共享新一波行情。随着集成商的规模不断扩大，成本的降低成为市场争夺的焦点，国内设备、材料供应商最终也会拥有广阔的市场需求。

全球智能手机出货量呈现持续增长态势，但是增速放缓，2015年之后进入较为明显的平台期。智能手机占手机出货量的比例已经达到约85%。预计2018年出货量将小幅增长。

近期资金面影响股价的因素较多，再加上苹果产业链出现了一些利空信息，这些利空信息被放大，造成了苹果产业链有些优质公司股价被错杀，我们的观点是坚定看好深度受益苹果产业链及5G主线的产业链优质成长公司。

Optical coatings are a single layer or multiple thin layers of various materials used on optical devices and components. The optical component, which is being coated, is called as a substrate. Optical coatings are deposited in high vacuum by using the resistive heat, ion-assisted deposition, or electro-beam deposition technologies. Optical coating materials consist of various metals such as aluminum, gold, silver, chromium, nickel-chromium; semiconductors such as silicon and germanium; and dielectrics such as sulfides, fluorides, and oxides.

Microwave ablation is an emerging technique in the overall tissue ablation market. The technique provides quicker ablation of large and small tumors and is used for the treatment of inoperable tumors (tumors that cannot be treated surgically). Several antennae that are used to perform microwave ablation are small, and designed with precise targeting power to prevent healthy tissues from damage. Microwave ablation is widely used in treating liver, kidney, lung, and breast cancers.

Magnetoresistive random-access memory (MRAM) is a type of memory technology that uses electron spin to store information. This memory type can replace DRAM and SRAM and has the potential to become the universal memory. MRAM combines the densities of storage memory with the speed of SRAM and is nonvolatile and power efficient. Due to the rising demand for fast, low power consuming, scalable, and nonvolatile memory devices, the global market for MRAM will grow in the future. MRAM has features of both static random-access memory (SRAM) and dynamic random-access memory (DRAM). Thus, it is useful in designing flexible circuits for different devices.

A microphone converts sound into an electrical signal. Microphones have wide applications in hearing aids, automotive, telephones, concert halls, public events, radio, and television broadcasting. Different microphones such as dynamic microphones, condenser microphones, and piezoelectric microphones are currently in use. MEMS microphones are also called silicon microphones. MEMS microphones can sense audio signals in a way similar to electret condenser microphones.

我们认为，新一轮科技革命将引领A 股计算机板块走向复苏，技术创新始终是计算机行业収展的根本驱动力；同时，给定IT 技术在建设创新型国家的重要战略性作用，政策支持也将成为计算机板块复苏的另一支柱。市场风栺斱面，我们认为“慢牛”将成为2018 年A 股投资的主要逻辑，业绩成长是股价上涨的最强驱动力。综合考虑技术创新、政策支持及业绩增长因素，我们推荐广联达、启明星辰、美亚柏科、苏州科达，建议兲注海康威视与大华股仹。

内生业绩方面，工信部统计的软件行业利润总额同比增速业已逐渐回升，板块净利润同比增速2017 年逐季改善明显；外延并购方面，由于2016 年行业监管新规影响，以及很多收购公司对赌业绩在2017 年到期，2017 年是受外延并购影响最大的一年，2018 年大概率不会比2017 年更差。

回顾2017，人工智能产业精彩纷呈。政策面，自上而下由目标到计划，支持政策切实落地；芯片端，巨头和创业公司交相辉映，芯片基础日渐夯实；应用端，语音、图像、无人驾驶等领域持续推进，行业领域持续扩展，应用端势将崛起；应用竞技端，AlphaGo Zero 刷新AI 在棋类竞技领域的新高峰。另外百度All-In AI，阿里成立达摩院，Google 在中国开设人工智能中心，科大讯飞首次市值突破千亿人民币，巨头在加快布局。

工信部发布第23 批牌照，光环新网获得云服务牌照，AWS 将合法合规在中国经营，至此工信部共颁发公有云牌照58 张，CDN 牌照66 张。