Establishments described in this report are primarily participating in the smart space market. A smart space is a physical or digital environment in which humans and technologyenabled systems interact in increasingly open, connected, coordinated and intelligent ecosystems. Multiple elements — including people, processes, services and things — come together in a smart space to create a more immersive, interactive and automated experience for a target set of people and industry scenarios.

In block storage, data is stored in significant volumes into fixed blocks, called “blocks.” Each block can be stored is varying operating environments, such as some blocks in Windows and others in Linux. The storage system will reassemble different blocks as a single unit whenever the data needs to be retrieved. For HDDs and data that is updated often, block storage is considered the default storage type.

The fixed-line voice market has seen its subscriber base contract as it is increasingly being substituted by internet-based calling facilitated by WiFi and by the mobile broadband network. At 5.0mn subscribers in 2020, the customer base shrunk by 7.6% y/y and this trend will continue. The bundling of services by operators will aid in stemming the fall in a market that is in a structural decline. The fixed broadband market in Thailand reported a healthy increase in subscriber base over the last few years with a 13.6% y/y rise in 2020. The pandemic has further aided growth as uninterrupted internet connection became a necessity to be able to work-from-home, to be able to carry out virtual learning seamlessly and for entertainment as people were restricted to their homes. The migration to FTTH has resulted the fixed broadband speeds in Thailand being among the fastest in the world and in ASEAN, Thailand ranked 2nd behind Singapore in 2020.

Establishments described in this report are primarily participating in the wi-fi market. WiFi as a Service is a subscription-based service that combines three key elements: infrastructure, software, and managed services. Our subscriptions includes: Infrastructure – All of the hardware and equipment, from access points to firewalls, and even your ISP if needed.

Anticipated growth in software control center market can be attributed to growing urbanization and industrialization, increasing demand for industrial automation and mechanization, expansion of manufacturing sector, increasing industrial plant uptime, and rising use of electric motors in key industries such as chemicals & petrochemicals, power generation, metals and mining. Additionally, growing awareness and regulations pertaining to energy saving are further expected to positively influence the control center market in the forecasted period.

Establishments described in this report are primarily participating in the smart beacon market. Smart beacons are small electronic transmitters that periodically transmit bluetooth signals for marking places and objects.

The World Health Organization (WHO) classifies digital health as the use of digital technologies and health innovation to promote and protect public health and wellbeing. Digital health initiatives leverage the power of connectivity solutions, computing platforms, sensors, and software to support clinical decisions and improve the ability to accurately diagnose and treat diverse health conditions for better health outcomes. Digital health can be further categorized under health information technology (IT), personalized medicine, mobile health (mHealth), and telehealth and telemedicine. Telehealth entails the use of electronic and telecommunications technologies and services by healthcare professionals and establishments to support remote healthcare services, patient and professional health-related education, and public health administration.

The IT services market consists of sales of IT services and related goods by entities (organizations, sole traders and partnerships) that apply technical expertise and knowledge to enable organizations to create, manage and optimize their IT processes. IT services are technology functions that are offered with support and management. This allows customers to use information technology without managing complexities such as maintenance, security, scalability and resilience. IT services may be offered by internal teams or external partners. IT services offer software support services that are generally technical support or break/fix services that are delivered for specific software products.

Virtual visit consultations involve the use of audio, video, or other electronic communications with medical professionals to review medical records or data for diagnosis, treatment, follow-up, or patient education. During virtual visit consultations, the medical history and personal health information of a patient may be discussed with other healthcare professionals using interactive video, audio, and telecommunications technology. Virtual visits may also include electronic transmission of medical records, photo images, personal health information, or other data between patient/guardians and healthcare providers.

The fixed-line voice market has seen its subscriber base contract as it is increasingly being substituted by internet-based calling facilitated by WiFi and by the mobile broadband network. At 5.0mn subscribers in 2020, the customer base shrunk by 7.6% y/y and this trend will continue.

The requirements for high-quality education and qualified teaching professionals and instructors have had a profound impact on education systems in both developed and developing countries. The unavailability of skill-based education has hampered the ability of many individuals to stay employed and flourish in their organizations, which has indirectly affected the development of several countries. Several modern educational and e-learning technologies have been employed as effective tools to provide high-quality online education to a large user base worldwide through the Internet. Also, the high expenses associated with establishing quality educational institutes to accommodate the expanding demands of eager learners have compelled many higher education institutions to introduce efficient online teaching aids for diverse educational settings to motivate students, improve their academic achievement, and enable them to apply classroom-gathered knowledge to real-world issues. Also, e-learning technologies play a crucial role in introducing deep structural changes in employment and enabling the dynamic development of economies worldwide by improving the training of unskilled and low-skilled workers.

受疫情影响，2022年前三季度板块收入增速有所下行。同时，由于扩充的人员成本相对刚性，利润增速显著下行。

自2020 年新冠疫情首次爆发以来，由于对线下的依赖程度极高，国内的电影产业也受到十分明显的冲击，行业压力日益加大，尤其是在2022 年传染性更强的奥密克戎影响下，疫情防控难度加大，国内部分省市曾采用静默管控的方式，导致国内影院的营业率持续走低。在当前防控政策已经大幅调整的背景下，此前对行业影响较大的防控政策所带来的不确定性因素基本被消除，我们认为国内电影市场也将随之迎来较好的恢复。

11 月 CPI 数据显示美国通胀拐点大概率确立，叠加美股软件 SaaS 板块近一年充分调整，当下市场对其看法正趋于乐观。伴随市场对美国经济衰退担忧加剧，分子端业绩逐步成为市场演绎主要矛盾，在经济衰退基准情形下，我们判断当下市场对美股软件板块 2023 年业绩预期修正尚不充分，其料将构成市场后续主要尾部风险来源。考虑到当下脆弱的市场情绪，基于经验数据、自上而下的方向性判断并不足够，我们需要在个股层面、自下而上对企业 2023 年业绩预期作出更为前瞻性的判断。对于以订阅模式为主的应用软件，RPO、cRPO 对于企业短期业绩具有良好指示意义，是核心关注指标；基础软件大多以消费模式为主，其中数据管理、IT 运维软件企业营收和公有云平台具有明显相关性，短期业绩预期调整相对最为充分，信息安全板块影响因素较为复杂，但短期需求亦最具有韧性。

2022年全年计算机板块跑输大盘, 10月板块再次反弹。计算机板块近十五年经历过三轮涨跌周期。截至2022 年11 月29 日，跑输上证指数10.54个百分点，在31 个行业中排名倒数第三。2021 年以来，板块历经了长时间的回调与震荡。22 年1 月下旬开始，板块大幅回调，直到今年4 月底触底反弹，10 月起板块再次反弹。

2022 年 12 月 1 日，财政部发布《企业数据资源相关会计处理暂行规定（征 求意见稿）》，对数据资源确认为无形资产及存货等会计处理做出规定。相关 规定的落地，将有助于加强企业数据资源管理，规范企业数据资源相关会计处 理，发挥数据要素价值，推动数字经济发展。

得益于新能源相关概念公司以及电信运营商的良好表现，今年通信行业指数表现在TMT行业中相对较强，截至12月23日，通信（申万）指数下跌16.61%，跑输沪指，跑赢其他主要市场指数，在31个申万一级行业中排名第14位。表现较强的子板块为测量仪器、工业互联网、智能卡、电信运营商等。在强调供应链安全和自主可控的大背景下，实现国产替代乃至出海竞争提升全球市场份额是科技行业公司打开市场空间的必然选择，参考物联网模组、光模块等通信行业中已成长为全球龙头公司的发展路径，我们认为国内测量仪器与连接器行业公司在实现从0到1的突破后向上发展空间巨大，产品和技术已得到验证，正步入快速成长期。

科创强国是贯穿未来5 年的国家大计，强基、强军、信创是3 大主线，通信行业是大安全板块的重要拼图。安全是二十大反复强调的关键词，也是行业马上迎来的机遇，在财政力量从防疫释放出来后，将会给信创带来更大的力量；强军是行业的中线机会，优先关注飞机、导弹产业链，同时关注卫星通信和北斗导航；强基是国之重器，关乎百年大计，关注行业涌现出的黑科技和改变社会、改变生活的技术。3 大主线在2023 年的投资机遇将落地在具备业绩增长确定性的公司上，华为产业链将承担攻坚克难的任务。