面板产业加速转移，驱动IC全产业链配套发力：近年来国内面板产业链日益成熟，产业加速转移至国内，而驱动IC 作为面板产业链最关键的环节，设计、制造与封测配套环节均依然处于起步阶段。具体数据看：（1）LCD面板，中国大陆LCD面板环节占比超60%，但在DDI设计环节占比低于25%，封测环节比例则更低；与中国大陆情况完全相反，中国台湾在面板环节占比较低，而DDI设计和封测环节占比较高，均超过50%；(2)OLED面板，韩国在OLED面板各个环节具备充分的话语权，OLED面板占比超70%，中国台湾则配套韩国供应链在封测环节占比超过50%，中国大陆OLED面 板环节占比超25%，而在DDI设计以及封测环节占比则较低。

射频前端是手机实现通信功能的核心器件，从2G、3G、4G走向5G时代，一方面由于手机通信制式从针对地区和运营商的特定设计向“全球通”设计转变，另一方面由于射频前端模块中主要组件的用量增加，推动了射频前端单机价值量的增长。根据 Yole Development 的统计与预测，2022年移动终端射频前端市场为192亿美元，到2028年有望达到269亿美元，2022-2028年年均复合增长率将达到5.8%。

上周，华为举办 2023 全联接大会，在盘古大模型新增汽车、医学与金融行业大模型；微软推出面向企业客户的 365 Copilot 服务（30 美金/月）并从研究员 陈旭东 9 月 26 日开始，在 Windows 11 中免费提供 Copilot 服务；亚马逊发布支持生成式 AI 能力的 Echo 音响和 FireTV，受以上事件催化，A 股围绕中际 旭创（+12.6%）、工业富联（+10.0%）等 AI 相关标的交易。AI 大模型投资正进入边端侧落地第二阶段，此前，我们发布《AI 会推动新一轮换机潮吗？》《存储：底部已过，AI 推动行业进入新周期》，看好 AI 大模型落地 PC/手机等推动存储等板块增长的投资机会。

Barnes Reports' Global Manufacturing & Makets report series provide estimates of the size and characteristics of the largest equipment, materials and consumables by manufacturing industries in the largest 140 global countries. These estimates are produced by a proprietary economic model that is based on a number of sources and factors

The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

光模块的应用场景主要分为两大领域：4G/5G 无线网络、固定宽带 FTTX、传输与数通网络等为代表的电信领域；承载 AR/VR、人工智能、元宇宙等应用的数据 中心领域。这两大应用场景的规模增速是影响光模块需求景气度的核心指标。

2023H1，按照中信一级行业分类，通信行业 128 家上市公司合计营收 1.26万亿元，同比增长 6.34%，合计归母净利润为 1171亿元，同比增长 8.99%。营收与归母净利润稳步增长，主要来源于头部企业的带动作用，三大运营商因自身业务成熟，且营收增长体量较大，随着 5G 带动 ARPU 提升，云计算及产业数字化布局逐渐深入，整体营利能力保持稳定增长。