The LDS technology is one of the fastest expanding segments of the molded interconnect devices (MID) market. With the miniaturization trend gaining prominence across various industries, the LDS market is growing in popularity by allowing smaller designs with integrated functionalities. The era of modern electronics has presented manufacturers with many challenges. However, the introduction of LDS antenna technology offers an effective way to overcome these challenges, by offering a high degree of freedom in terms of metallization shape, thus, allowing improved radiation performance. Previously, 3D molded interconnect devices (MIDs) were hailed as a breakthrough in electronics. They were expected to eliminate conventional circuit boards by putting conductive paths directly onto the surface of molded plastic devices.

Drones have gained popularity among the companies and civilians over the years. The advantages of drones, like being compact and fast, avoidance of land traffic, etc., have made their use popular in many applications. Over the years, the usage of drones has penetrated into several applications in the commercial sector, such as aerial photography, express shipping and delivery, gathering information or supplying essentials for disaster management, geographical mapping of inaccessible terrain and locations, building safety inspections, precision crop monitoring, unmanned cargo transport, law enforcement and border control surveillance, storm tracking, and forecasting hurricanes and tornadoes. Logistics companies are about to scale up their businesses with drone delivery services after obtaining the regulatory certifications. For instance, in October 2019, United Parcel Service (UPS) subsidiary, UPS Flight Forward, won federal approval to expand its drone delivery operations, allowing the company to use multiple aircraft in multiple locations to make revenue-generating deliveries over longer distances. In addition, many product delivery and courier service giants, like Amazon, Domino’s, Zomato, and DHL, are implementing the idea of delivery by drones.

The evolution of user interfaces has allowed gesture recognition to emerge as an essential solution for a significant number of applications. The challenge of using big and bulky phones, which incorporate long antennas, physical switches, and buttons, has been overcome using advanced technology. With innovation, the touch-sensitive interaction was incorporated in trackpads, like the IBM Simon. Currently, the touchscreen interface of IBM Simon is an efficient and familiar interface for cellular phone users around the world. Gesture recognition technology is also used in smartphones in the form of recognition of hand gestures to wake the screen.

Several systems installed in the aircraft like display systems, content, and software for improving the passenger experience and connectivity systems like Wi-Fi routers, will allow the passengers to be stay connected to online platforms. These systems are currently playing an important role in the selection of airlines by the passengers and are playing a major role in the digitization of the aircraft. With FAA permitting the use of electronic devices on the aircraft from gate to gate, inflight entertainment service providers are focusing more on inflight entertainment through the personal electronic devices (PEDs). Inflight live streaming of content has been introduced by some airlines, and currently, other airlines are tr ying to incorporate these into their offerings. Also, the provision of in-seat power has seen an increase in the PED usage, which became the main reason for the growth of Bring Your Own Device initiative. In this market, the operators (IFEC providers like Panasonic) can provide their services in wholesale, retail (revenue sharing), or a third model.

4 月30 日，中国证监会、国家发展改革委联合发布《关于推进基础设施领域不动产投资信托基金(REITs)试点相关工作的通知》，正式启动基础设施领域公募REITs 试点工作。

新冠肺炎疫情导致短期宏观经济大幅下滑，稳增长成为第一要务。 疫情之下，信创产业是名副其实的 “新基建”，政府有望加大投入。

2019 年业绩整体向好，现金流改善显著。2019 年，计算机 行业总收入为 8495 亿元，同比增长 11.5%。归母净利润为 174 亿元，同比下滑 17.5%，主要是同期资产和信用减值损 失高达 411.1 亿元。实现经营性净现金流 652.6 亿元，同比 增长 57.6%，销售商品收到现金/营业收入维持在 1.1 左右， 经营性净现金流/归母净利润（加回资产和信用减值损失）达 到 1.11，收益质量明显提升。

行情回顾：本周计算机行业(中信)指数上涨2.17%，沪深300 指数上涨3.04%，创业板指数上涨3.28%。目前年报已经披露完毕，2019 年板块营收增速14.9%，环比有所回落，但增速超过20%的公司数量占比接近三成，其中信息安全、互联网医疗、云计算营收增速最高，分别为18.9%、16.1%、12.0%；整体净利润增速环比回升，扣非正增长的公司数量占比达到65%，其中金融科技、人工智能、信息安全扣非归母净利润增长最快，分别为38.3%、22.6%、12.6%。一季报已经结束，市场对计算机行业季报悲观预期此前已经反映，由于一季度占比低和轻资产模式，看全年的话计算机板块受疫情影响较小。

家电板块上市公司2020 年第一季度营业收入同比下滑24.8%，这是继周期顶部2017Q2 的收入同比增长42%后，第11 个季度收入增速趋势性往下，增速下行通道中，2019Q2 由于白电降价促销，家电板块有阶段性企稳；归母净利润同比下滑55.0%。一季度受众所周知的因素影响，线下消费受冲击，需求端受抑制。预计二季度有一定程度的复苏，三季度反转。

我们选取 8 家 A 股上市医疗信息化公司，从中国招标网 www.bidchance.com 摘录订单数据，统计汇总后进行 分析。由于医疗信息化行业，部分招标保密进行，因此本报告的统计结论可能与实际情况有差异，仅供参考。

事件：近日，国家互联网信息办公室等12 部门正式发布了《网络安全审查办法》（以下简称《办法》），将于今年6 月1 日起实施。

若没有20Q1 的疫情冲击，考虑到地产竣工带动需求的回暖预期，19Q3 基本可确认为本轮需求周期板块收入增速的最低点，增速开始环比回升。由于疫情对安装属性较强的白电和大厨电需求冲击较大，20Q1 家电板块收入同比增速降至-19%（剔除格力）/-24%（包含格力），复苏节奏被疫情打乱。但压力下亦有亮点，小家电和黑电因线上占比高，需求结构性收益，整体受影响相对较小，20Q1 收入分别同比-14%/-15%。

市场回顾：上周沪深300 指数上涨3.04%，中小板指数上涨1.59%，创业板指数上涨1.65%，计算机（中信）指数上涨2.17%。板块个股涨幅前五名分别为：华胜天成，奥飞数据，朗科科技，安恒信息，中科创达；跌幅前五名分别为：天夏智慧，博信股份，航天长峰，汉鼎宇佑，龙软科技。

4 月行业震荡上涨7.3%，跑赢上证综指3.2 个百分点，表现位列第7。复工进展偏慢，但政府、事业单位等订单已开始快速恢复。预计5 月仍将震荡为主，但随着北京等核心地区解封，行业需求和交付将迎来显著恢复；安全、云硬件等主线板块机会进一步巩固；年中攻势进入视野。

本篇报告与市场不同点在于从银行年报分析银行 IT 市场现状。银行信息化建设 是一个规模庞大、增速稳定的细分市场，银行 IT 公司的需求相对稳定；其中， 软件和服务产品比例上升，硬件产品比例持续下降。我们继续看好银行 IT 细分 赛道，推荐公司有宇信科技、长亮科技，建议关注神州信息、高伟达、广电运 通等。