上周计算机板块上涨3.78%，同期沪深300 上涨1.53%，板块跑输大盘2.25个百分点，位列所有版块第1 位。TMT 其他三大板块中，传媒上涨3.42%，位列第3 位；电子元器件上涨2.57%，位列第8 位；通信上涨3.75%，位列第2 位。创业板指数上涨2.95%。

上周电子板块上涨 2.99%，上证指数上涨 1.53%,沪深 300 指数上涨1.60%，创业板指数大涨 2.95%。2017 年初以来电子板块上涨 0.86%，沪深 300 上涨 4.95%，跑输沪深 300 指数 4.09 个百分点，列 27 个东方财富子行业中的位第20 位。

半导体设备大厂 AMAT 披露 1Q17 季报，揭示下游需求预期：DRAM/FLASH 投入高增，面板投入维持，晶圆代工投入温和。 AMAT 1Q17 与 DRAM、Flash 有关的设备订单环比增 110%和 247%，反映记忆体供给紧张以及健康的下游出货和 content 增长（亦见下文）；根据 LGD、群创光电反馈，全球面板价格 4Q16 环比增 14%左右，增速趋缓，全球面板出货进入淡季，供需略缓解，AMAT 设备订单未见更高增长；代工厂设备订单环比增速温和，但同比仍增 133.31%，反映电子/半导体整体景气趋好情形下季节调整。

上周新能源汽车产业链行情逐步回暖，电气设备需求也稳定提高，市场情绪回暖。目前我们主要看好三条投资主线，一是新能源汽车结构性行情，看好拥有客户资源且进入核心供应链的标的，以及技术壁垒较高环节的个股；二是新能源汽车上渤资源优势，锂电铜箔、钴由于产能有限，随着新能源汽车销量回暖，面临供给短缺，价格补涨；三是低估值且收益稳健的申气设备个股，涉及配网 PPP,海外 EPC 项目戒具有技术壁垒的优质标的。

本周板块行情：电力设备和新能源板块上涨 2.50%，锂电池上涨 3.88%，二次设备上涨 3.57%，工控自动化上涨 3.21%，新能源汽车上涨 3.19%，风电上涨 2.38%，一次设备上涨 2.25%，核电上涨 2.08%，发电设备上涨 1.43%，光伏上涨 1.33%。

5G 时代即将到来，引发射频器件革命：5G 成为本次展会的最大热点之一，世界科技巨头如高通、英特尔等均推出面向 5G 的解决方案，今年围绕 5G的展品主要以应用场景展示为主，彰显 5G 技术已逐步走出实验室，距离大规模部署和应用也越来越近。在未来由 4G 到 5G 的演进过程中，新兴技术如毫米波技术、波束成形技术的突破成为关键，射频模块需要处理的频段数量大幅增加、以及高频段信号处理难度的增加都会进一步提升射频器件复杂度，各类射频器件将更广泛地使用于 5G 新技术中，天线以及滤波器、功率放大器、开关等射频器件将迎来新的快速增长期。

本周上证综指上涨 1.60%，沪深 300 上涨 1.53%，创业板指上涨 2.95%，CS 电力设备板块上涨 2.76%。其中，风电上涨 5.21%。涨幅前五个股分别为电科院、雅柏特、光一科技、宝胜股份、太阳能，跌幅前五个股分别为金利华电、湘电股份、杭锅股份、好利来、易成新能。

锂电池隔膜对电池的内阻、安全性起到关键的作用，电池厂不会轻易更换隔膜供应商，是锂电池技术门槛最高的环节。目前国内锂离子电池厂商使用的中高端隔膜大部分依赖进口， 根据产业链调研显示隔膜是锂电池原材料中国产化率最低。在产品品质不断提升的情况下，价格优势和完善的服务体系将推动国产隔膜的国产化替代进程。

2017 年苹果有望为新机前置基于结构光的3D摄像头，其中 ToF 传感器由意法半导体提供，摄像头由索尼定制，集成 IR 发射和接收模块采购自台湾厂商，算法由 PrimeSense 和 RealFace 两家公司提供。我们认为人脸识别与追踪是 3D 感应技术最具前景的方向之一，在移动终端具有广阔的应用空间。苹果作为风潮的引领者，近期 3D 摄像头及加单 OLED 等消息进一步强化市场对 iPhone8 创新性的期待，建议重点关注受益于苹果OLED结构变化的安洁科技、全球玻璃盖板加工龙头蓝思科技、实现玻璃精雕机量产的劲胜精密以及在柔性 OLED 坚定投入的面板龙头京东方 A。

Though location-based service (LBS) is a major segment in the market in terms of revenue, the road segment is expected to show massive growth during the forecast period. Vendors such as Qualcomm, Broadcom, and SkyTraq are marketing their global navigation satellite system (GNSS) chipsets on the basis of connected cars,which will witness a significant growth during the forecast period.Miniaturization in GNSS-enabled devices is an emerging trend in the market. So,GNSS chipset vendors are trying to provide highly efficient and small form factor GNSS chipsets. SkyTraq is one such vendor that is marketing its new GNSS chipset, Venus828F, on the basis of small size.GNSS chipsets lead to radio-frequency (RF) noise, and hence, GNSS satellites are gaining popularity in the market. So, GNSS chipset manufacturers are now focusing on providing efficient GNSS chipsets, which can negate this RF noise.

In 2012, Saab successfully developed an instrumentable-multiple integrated laser engagement system combat vehicle tactical engagement simulation system (IMILES CVTESS).The Americas accounted for the highest market share of 55% in 2015, followed by EMEA with share of 27%, and APAC with a share of 18% APAC has the fastest projected growth and is likely to grow at a CAGR of 9.46%,during the forecast period, due to increasing integration of MILES in training exercises.The growing trend toward integrating command, control, communications,computers, intelligence, surveillance, and reconnaissance (C4ISR) applications and commercial off-the shelf (COTS) in MILES is driving the growth of the market.In this report, Technavio covers the present scenario (with the base year being 2015)and the growth prospects of the global MILES market for 2016-2020.

POS receipt printers are an integral part of POS systems used in industries like retail and hospitality. They are used to print credit card slips and customer receipts. With the advances in technology, POS receipt printers are also used in maintaining the customer database and marketing the brand.In this report, Technavio covers the present scenario and growth prospects of the global POS receipt printer market for 2016-2020. To arrive at the market size, the study considers the revenue generated from the worldwide retail sales of POS receipt printer in the market.

The global nano and microsatellite market is expected to witness significant transformation due to the exponentially growing demand from the commercial segment. It is also anticipated that by 2025, the commercial nano and microsatellites segment will dominate the global nano and micro satellite market with a share of over 70%.The increased use of commercial-off-the-shelf (COTS) microelectronics is expected to aid the vendors in reducing manufacturing costs, which will influence the growth of the market during the forecast period.APAC is expected to experience the highest growth rate with a CAGR of 28.91% during the forecast period. The major countries in APAC are investing significantly in establishing a secure communication environment for their military troops.Simultaneously, there have been increasing collaborative efforts among governments and private entities for the development of small and low-cost satellites. These remain as two of the major drivers propelling the market during the forecast period in APAC. 

More than 65% of the Ethernet access switches shipped worldwide in 2015 were PoE compatible.The transition from 1/10GbE to 40/100GbE is expected among modern cloudbased data center environments, which are virtualized and run high-performance computing (HPC).The increasing broadband penetration and growing network traffic will increase the requirement for high-speed Ethernet systems, thus driving the global PoE chipset market.With the increasing power requirements, new standards such as IEEE 802.3bt are being introduced in the market to accommodate high-power requirements.

The global negative-AND (NAND) flash market is expected to grow at a CAGR of 9.69% during the forecast period. NAND flash is gaining more popularity over dynamic random access memory (DRAM) as it does not have to be powered continuously to retain data. In addition, NAND flash is now extensively used for solid state drives (SSDs), which is replacing hard disk drives (HDDs). This is a major factor for market growth.Vendors are shifting their focus from the production of 2D NAND to 3D NAND, as the latter stores more bits of data per layer of memory cells and lowers the cost per gigabyte.The smartphone and tablet segments are the two largest application segments forNAND flash, accounting for 45.3% of the market. NAND flash is ideal for portable devices due to its non-volatile feature and hence it is widely used in smartphones and tablets. The smartphone market is growing at a CAGR of 7.61%, and the tablet market is growing at a CAGR of 8.32%, which provide an incentive for NAND flash vendors.

Globally, over 10% of the critical data and information loss in large enterprises and SMEs occur due to the misplacement or misuse of data processed through printers. Enterprises consider printers as a secondary resource and are placed separately from the employee workstations, which makes it difficult to track and manage printing activities. This further leads to misplacement of printed documentsand unauthorized printing of critical information.One of the major threats of printer data theft is the storage of data on printer harddisk, which can be accessed from the network. Most of the multi-function printers (MFPs) have an internal hard disk to record and store print histories. As MFPs are connected to the organization's network and they lack basic security features such as firewall, the data stored in these hard disks can easily be accessed by hackers.Vendors like Xerox are introducing security features such as disk image overwriting and disk removal to improve MFP security.

In 2015, the Americas dominated the global peripheral component interconnect express (PCIe) solid-state drive (SSD) market. The region accounted for a market share of 40.5% due to high demand for energy-efficient IT infrastructure by enterprises. High-performance and mission-critical storage infrastructure (including all-flash storage solutions such as PCIe SSDs) will develop in the region during theforecast period.The growing number of data centers and the growing use of the connected mobile device will drive the market for data center storage systems in APAC. The systems help in storage and processing of huge chunks of data. The region is expected to grow at a CAGR of 33.77% during the forecast period due to the adoption of an increasing number of hybrid storage by enterprises.As of 2016, SSD with a maximum capacity of 4TB is available in the market.500GB-1TB units can be mostly found as primary drives in systems. Multimediausers require 1-4 TB drives for high-end systems.Enterprises are increasing their storage capacity with the growth of cloud computing, the Internet of Things (IoT), and the amount of data crossing network.They require highly reliable, fast, and cost-effective SSDs such as PCIe SSDs that use 3D NAND memory.

According to Technavio analysis, the risk of text messages being intercepted or redirected to unknown numbers is high. In addition, some of the phones display the messages on-screen, even when the device is locked, thereby enabling an attacker or any person with physical access to the device to read the message. So, in order to combat this issue, several standards have been introduced in the market. Forinstance, in 2016, the National Institute of Standards and Technology (NIST), the federal agency which sets up official guidelines for technology standards and measurement regulations, released a new draft of its digital authentication guideline section 5.1.3.2 that states that OOB (Out of band) using SMS two-factor authentication will not be used in future.Technavio believes that in next two years Dai Nippon Printing (DNP) and its cloud solution will become more competent by integrating with a biometric solution, OTP(one-time password) and OOB (out of band) technologies. In July 2016, Gemalto announced to deliver its Ezio Mobile Suite to Dai Nippon Printing (DNP), a financial solution provider in Tokyo, Japan. This will help DNP to secure internet banking and mobile payments as well as offer a strong and scalable cloud-based authentication platform with the support of a wide variety of authentication and transaction signing methods.

2017 年 2 月 20 日的广东省经济和信息化工作会议披露，2016 年广东全省 的工业机器人产量增长 45.2%，新增应用机器人达 2.2 万台，总量超过 6 万台，保有量占全国比重由 2015 年 18.8%提高到 2016 年约 20.0%。 2017 年广东还将实施机器人产业发展专项行动，将完善工业机器人保费补 贴政策，推进“机器人进集群”，全年新增应用机器人 2 万台左右。到 2020 年末，广东工业机器人保有量将达到 30 万台以上，未来四年（2017-2020） 年均复合增长率约为 49.53%。2017 年-2020 年新增应用机器人将达到 24 万台。 “机器换人”潮流早在几年前就已开始，但主要是珠三角和长三角等东南沿 海发达地区推进更为积极。

上周计算机&互联网金融板块出现大涨，我们认为板块内上涨主要来自于前期超跌后的修复性行情，而并非系统性机会。我们认为对于目前的反弹具备操作性，可适当参与。