We estimate that Singapore had a population of 5.6mn in 2016, one of the smallest in the South East Asian region. The population growth rate is quite high, at around 1.7% per annum, but this is influenced by the intake of foreign workers each year. The elderly, over 65 segment of the population represented 12.3% of the total population in 2016. This proportion is higher than all the other South East Asian countries. The country has some of the best vital statistics, for example, we estimate that the infant mortality rate stood at 1.7 deaths per thousand live births in 2016, one of the world's lowest rates. Life expectancy rates, estimated at 81.1 years for males and 85.4 years for females respectively, are also amongst the world's highest.

Among the top 20 largest markets by overall size, but very low per capita expenditure.  Ratio of spending on medical devices to GDP remains low.  Diagnostic imaging and other medical devices account for the largest market shares.  The market is seeing relatively high growth by global standards underpinned by a strong economy.  Growing middle class population fuelling demand for high quality private healthcare.  The private sector accounts for two-thirds of hospitals and 75% of advanced medical technology.  Public sector is under-resourced and infrastructure is woefully inadequate.  Import dependency has started to reduce and will fall further as domestic production expands under the Make in India initiative.  Local domestic producers focus mainly on low-tech medical devices; higher end devices tend to be manufactured by multinationals. Regulatory oversight is increasing, including a hardened stance on pricing for essential devices.

现代通信行业通过将社会的生产、分配、交换、消费等关键环节有机联系起来，缩短经济活动的时间和空间，从而极大地提高社会效率并带来巨大经济效益，构成现代社会文明发展基石。19 世纪以来，伴随着电报、电话等现代通信技术的发展，通信设备商在急剧膨胀的现代通信需求的推动下，开始登上历史舞台，并成为通信产业持续发展的核心动力。 

中国已进入 5G 频谱分配的重要窗口期，大概率 2018 年 8-9月份落地。考虑频谱资源、竞争因素等，我们认为 5G 频谱划分方案可能为：中国联通和中国电信分享更主流的 3400-3600MHz频段，中国移动获得 4800-5000MHz 中的一部分。但考虑到该频段做连续覆盖的难度较大，对芯片、器件的要求更高，或许可重新规划一段低频给中国移动，可选频段可能是 2500-2690MHz，原因是该频段此前已经全部分配给 TDD（4G）使用，而且目前该频段的整体占用不太多，清频相对比较方便。

工信部及发改委近期发布了《扩大和升级信息消费三年行动计划（2018~2020）》，我们认为 5G、云计算及车联网等领域将持续受益。本期周报重点关注云计算 IaaS 领域，对我国 IaaS 行业当前格局及未来发展方向做出梳理和展望。

关于力度，我们基于技术升级对 5G总投资规模及细分市场投资规模的测算已经很详尽，参见《5G 系列报告》（1~8）；关于速度，移动通信投资呈现技术周期性。而与此同时，通信作为基础设施建设重要举措之一，投资进程也受经济周期的影响。当通信技术升级遇上经济下行压力，即技术周期叠加经济周期，新一代网络建设就会加速。当前时点，5G 商用条件逐步成熟，中美贸易摩擦加剧，国内经济承压，我们认为 5G 商用进程会加快。 

目前，全球 5G 呈现加快发展态势。在关键的频谱上，5G 研发试验首先将部署的是低频段。据了解，5G 的频谱分为 6GHz以下频段和 6GHz 以上频段（高频段），其中 6GHz 以下频段包括了目前移动通信的频段即 3GHz 至 6GHz 频段，高频段主要集中在 30GHz、40GHz、70GHz 以及 80GHz 附近。 

中国信通院副院长、IMT-2020（5G）推进组组长王志勤在上周举办的首届智博会上表示，上半年非独立组网（NSA）测试已经完成，6 月份标准冻结后三季度将开启独立组网（SA）测试。

本周（2018/8/20-2018/8/24）沪深 300 指数上涨 2.96%，创业板指上涨 1.01%；通信申万指数上涨 1.87%，其中通信设备指数上涨 1.57%，通信运营指数上涨 3.70%。申万 28 个一级行业指数周涨幅比较，通信行业涨幅排名第 6，前三大板块分别为：非银金融、银行和食品饮料。