The smart manufacturing industry value chain comprises of numerous stakeholders who form a complex structure of hardware solutions and service providers. The stakeholders include Original Equipment Manufacturers (OEMs), solutions providers, software providers, distributors, systems integrators and end users. The OEMs form the first part of the value chain and are producers and suppliers of equipment, parts and components to the industry players. The smart manufacturing industry makes use of numerous hardware components including communication systems, industrial robots, sensors, and cyber physical systems among others. The OEMs have been gaining an increasing amount of importance in the value chain owing to the smart manufacturing industry’s shift towards customization and customer-centric approach towards business conduction. In addition, the need to provide compatible and user-specific components to the solution providers is also a major enabler of suppliers becoming an active participant of the production environment.

The market is the eighth largest in our Asia Pacific (APAC) region and ranks among the top 30 in the world.  Per capita spending is above average for the APAC region but close to the global average. Other medical devices has the largest market share, while the markets for dental products and orthopaedics & prosthetics remain underdeveloped. The market will see moderate growth in local currency terms and higher growth in US dollar terms due to the appreciatory trend of the MYR. Despite an expanding manufacturing industry, the market remains heavily dependent on imports in most product sectors. Malaysia is a net exporter of medical devices, due to a large trade surplus for rubber based products such as surgical gloves and catheters, and more recently other portable aids. Healthcare expenditure is near evenly split between public and private sector. The private sector is the main purchaser of high-tech equipment.

Small but sophisticated medical device market. Imports supply most of the market. Other medical devices and diagnostic imaging have the largest market shares. High per capita spending in the Middle East Africa region. Double- digit market CAGR driven by the National Health Strategy.

The scope of the report is limited to the revenue generated from the sales of nuclear imaging systems, also known as nuclear medicine equipment, which include SPECT and PET. SPECT and PET can be further subcategorized as standalone and hybrid systems. The standalone equipment work independently, whereas two technologies, such as PET and computed tomography (CT) or SPECT and CT, are used together for better outcomes and are known as hybrid PET and hybrid SPECT, respectively.

Second smallest market in the CEE region. Per capita spending is well below the CEE average. Market will record moderate single-digit CAGR in local currency terms. Consumables and other medical devices have the largest market shares. Most requirements need to be imported; the US and Germany are major partners. Weak and undercapitalised domestic production sector. Relatively strong hospital sector, although the need for modernisation is great. EU negotiations began in December 2015; 12 chapters have been opened to date. 

The medical device testing services include biocompatibility studies, chemistry studies, microbiological & sterility testing, and package validation services. The demand for all these services is expected to rise owing to growing trend of outsourcing in preclinical and clinical phase of R&D by medical device companies.

The Global Automotive Semiconductor Market is evolving along with the changing demographics of the automotive industry. In terms of revenue, the Global Automotive Semiconductor Market is expected to grow at a CAGR of 6.9% during 2017−2023. Semiconductors form the backbone of next-generation automotive technology. The rise of new technologies, rapid developments in the emerging markets, the adoption of sustainable policies, and changing consumer preferences is expected to exponentially increase the usage of semiconductors in vehicles. Moreover, digitization and change in business models have spurred a revolution in many industries including automotive. Disruptive technologies such as electrification, diverse mobility, autonomous driving, and rapidly evolving connectivity services are propelling the growth of the Global Automotive Semiconductor Market in recent years.

One of the largest markets in the Middle East & Africa (MEA) region, similar in size to Iran. Market size is supported by a large population and Africa's most industrialised economy. Owing to the size of the population, per capita spending is low. Spending on medical devices as a proportion of wealth is below average for the MEA region. Other medical devices accounts for nearly 40% of the total market. Underdeveloped market offers considerable potential for growth but currently constrained by funding issues, poor infrastructure and staff shortages. National Health Insurance programme in the early stages of implementation, but question marks remain on funding and delivery of key targets. Limited medical device production, therefore market largely dependent on imports.

Second largest market in the CEE region. Per capita spending is below the CEE average. Slowest market growth in the CEE region, in US dollar terms. Other medical devices and consumables have the largest market shares.The market remains heavily reliant on imports. Turkey has a large number of manufacturers, but these tend to be small-scale, concentrating on cheap, low-technology items. In recent years, Turkey has focused on developing its healthcare system, with the goal of providing universal healthcare, although this is yet to be achieved. Over three quarters of total health expenditure comes from the public sector, primarily central & local governments and social security programmes.

以 ERP 为例，用友网络、金蝶国际 2017年的收入为 9.07 亿美元、3.41 亿美元，而美国的对标公司 Oracle 和 SAP 2017年收入为 398 亿美元、280 亿美元，两者相比差距巨大。同时也表明，中国产业互联网市场的发展潜力巨大。

石英光学、机械和热学性能独特，广泛用于航空航天、半导体、核能激光等高端工业领域。2015 全球石英市场超200 亿元，我们预计2018-2020年全球石英材料需求分别为255/265/283 亿元，增速分别是8%、4%、3%，以半导体、光通讯和航空航天等高端需求为主要增长。当前高纯石英砂以美国尤尼明、高端石英制品以迈图、贺利氏、东曹、3M 等海外供应为主。受益于半导体产业向大陆转移，网络提速、5G 等光通讯需求崛起，及国内航空航天和重大工程项目快速发展，石英需求向好叠加国产替代加速，建议关注菲利华、石英股份。

行业跌幅居前，机构持仓比例，行业估值接近历史底部区域。通信行业十年技术周期，5G商业部署曙光临近。

受中美贸易摩擦影响通信指数大跌，最大跌幅达41.58%。因5G 提振，有两轮波段性上涨行情，10 月中以来更是显著反弹（上涨22.44%），截至12 月9 日指数累计下跌31.94%，列第22 位。

由于相当一部分计算机公司都是项目驱动型，订单来自于政府、国企和大中型民营企业，业绩背后的驱动力量和宏观经济环境呈现明显正相关性。展望 2019 年，整体宏观环境不确定性较大，外部贸易战和国内去杠杆进入攻坚阶段。在宏观经济不确定性很大的背景下，计算机行业整体业绩很难取得出色结果。 

2018 年军工全行业行业收入增速上行、经营性现金流净额大幅改善、库存去化充分、订单交付加快，可确认基本面拐点；我们预计2019 年我国国防预算开支增速不低于8.5%，占名义GDP 比重达1.23%-1.25%左右；国防开支投入方向预计仍主要为更新武器装备、改善军人生活待遇和基层部队训练生活条件；装备采购受军改影响基本消除，2019 年将出现阶段性补偿采购高峰；军工订单周期由装备研发周期决定，装备采购进入上行期。

中国移动获得 2.6GHz+4.9GHz 5G 频段，相比 3.5GHz 产业链仍不成熟，需要中国移动推动产业链发展，因此单基站元器件价格预计较高，网络商用时间必然会因测试稍有推迟，但维持 2020 年商用。一旦产业链成熟，由于频率较低，基站建设数量和运营成本更低。

5G 优势明显，各国加速推进。5G 可用“标志性能力指标+一组关键技术”来共同定义。通过将多种技术进行结合，5G 相较4G 在以下三方面实现明显提升：更快的用户体验速率，更低的时延，和更高的设备连接密度。性能升级拓宽应用场景，5G 在未来将拥有广阔的使用空间，引发各国纷纷布局。目前英意韩等多个国家已完成5G 频谱拍卖，我国5G 频谱划分初步方案已定，产业开始进入冲刺阶段。

2017 年中国人工智能市场规模约 220 亿元，智能语音占中国人工智能市场份额的 22%，价值 48 亿元， 仅次于计算机视觉。IDC 在 2018 年 10 月的报告中预测，中国对话式人工智能市场规模将在 2022 年达到 78 亿，2018-2022 年年复合增速将为 57%。

2018 年国内A 股市场整体呈下行趋势，通信板块前三季度盈利情况增长较佳，子版块增长速度分化明显；中美贸易摩擦不断升级，理性看待华为事件影响；2019 投资关注5G、云服务及北斗主线。

多重底部构建4G规模建设收官之年，运营商各项渗透率趋顶亟待新收入增长点2018年4G规模建设进入收官之年，运营商资本开支创4G周期新低，运营商收入增速、行业公司整体收入利润增速、行业估值、机构配比等均接近历史底部区间。另一方面，运营商移动及宽带用户总数接近天花板，人口红利逐渐消退，“提速降费”、“取消漫游费”等政策，以及流量投入持续高增长，带来运营商收入与投入需求不匹配，旧秩序亟待被打破。受中兴禁运事件和中美贸易摩擦扰动，板块未呈现发牌前提升预期表现，板块达到阶段性低点。