本分析内容主要聚焦中国企业服务市场，互联网企业以科技赋能B端市场和产业。即“T2B2C”模式，是新型企业服务商业模式，也是本内容主要分析的方向。分析中运用易观分析的产业分析模型，并结合市场分析、行业分析和厂商分析，能够反映当前市场现状，趋势和规律，以及厂商的发展现状。

本分析内容主要分析对象是中国K12在线辅导行业，主要指市场上的各类机构利用互联网技术和平台提供K12阶段学科或素质教育的内容或其它服务；K12泛指kindergarten到12年级，我国主要泛指从小学到高中学段。

Enterprise mobility is a growing trend among businesses for offering their employees with remote working options to enhance their business operations. In addition, enterprise mobility provides numerous benefits, including increase in productivity of the employee, decrease in operational expenses of organizations, and others. Furthermore, enterprise mobility also helps organizations to control the access of a particular data of the organization and prevent it from various ransomware. Surge in data & mobile devices in organizations and increase in cloud & mobile application in various industries significantly boost the growth of the global enterprise mobility market. In addition, surge in BYOD trend in organizations positively impacts the growth of the market. However, high implementation cost and lack of awareness in developing nations are expected to hamper the market growth. On the contrary, surge in adoption of cloud-based technology among enterprises is projected to have a definite impact on the growth of the enterprise mobility market.

Asset performance management software helps in interpretation and analysis of all data of assets provided in both input and output format through which operator can continuously explore and investigate overall asset performance to gain decisive insights for asset utilization planning. By using the application of statistical methods and tools of older asset performance data, asset performance management software conducts predictive forecasting to derive decision-making insights and inputs. It helps organizations to optimize its availability and reliability of physical asset, and facilitates strategic & informed decision-making before the point of actual break down in asset which may cause delay in production.

Computer on module is a subtype of an embedded system. COM solutions are usually very compact and highly integrated. COMs are based on industry standards with long life cycles and help customers reduce the time-tomarket for new products. Computer on modules are built up by integration of different components in a single module. The component of the COM includes processor, RAM, heat sink, chipset, operating system, and other peripherals. The computer on module allows designers to customize their carrier boards with the functions they need, allowing them to build a perfect embedded carrier board to fit their chassis.

Vehicle electrification is associated with a range of electric powered technologies majorly used to drive the vehicle. The range of technologies gets the power from electricity source and perform the task to attain the desired output. The vehicle electrification market has witnessed significant growth over the years, owing to increase in inclination toward electrically driven technology in the automotive to reduce the weight, enhance fuel efficiency, and optimize output requirements. Vehicle electrification is gaining traction as it is substitute solution to traditional hydraulic and mechanical systems.

Robotic process automation (RPA) is an emerging technology that helps automate routine business practices through software bots to imitate human actions for completing repetitive tasks across the enterprise. Its use cases range from telecom to retail, banking to accounting, healthcare to HR, and IT. RPA helps enterprises in processing a transaction, triggering responses, manipulating data, and communicating with other digital systems. The implementation of RPA enables benefits such as better customer experience, lower operational risk, improved internal processes, and reduced cost & improved efficiency.

Cybersecurity incorporates a comprehensive range of tools, practices, and techniques interrelated closely to operational and information technology security. This method uses protective and responsive methods to defend networks and information from being attacked and compromised. Moreover, cybersecurity utilizes legacy malware protection, web filtering, and advanced threat defense to defend users from internet-borne threats, and to help enterprises enforce internet policy compliance. The global cybersecurity market covers various solutions and services used to provide security service to prevent threats and improve the overall organizational effectiveness. The research conducted provides a fair idea about the global cybersecurity market.

In the perimeter security layer, a perimeter fence is installed with continuous monitoring devices such as video surveillance, sensors, and motion detectors. The height of the security fence in most data centers is 3 meters high, with some going up to 5 meters, depending on the facility location. Sensors installed near the perimeter fence detect intrusion and are integrated with video surveillance systems, intrusion alarms, and motion detection security systems. Security systems near the fence respond to intrusion and immediately access network systems. Video surveillance is the most responsive to security breaches and captures HD images of threats and intruders; video analytics can identify objects and tactics to easily spot threats.

Digital lending platform has enabled borrowers and lenders to lend money through paperless or electronic means, offering ease of use, and enhancing customer experience. Furthermore, the digital lending process begins with online application with user registration, online documentation submission, customer authentication & verification, loan approval, loan disbursement, and loan recovery. This platform is increasingly adopted among banks, as it facilitates seamless monitoring and offers enhanced profitability benefits. In addition, it allows borrowers to easily apply for loans and offers them transparency, which, in turn, leads to significant time savings. This automated nature of online lending platform offers lenders and borrowers a more precise approach to deliver funding solutions, thus reducing stress and increasing chances of successful loan approval.

市场表现：全球科技行业整体上涨，港股科技表现强劲，A股安防/云服务领涨。市场情绪与估值：恒生科技指数成交量持续提升。

主动偏股型基金整体回顾：主动管理规模增长显著。基于Wind披露的基金重仓数据显示，截至2020年第四季度末，主动偏股型基金管理规模为4.92万亿元，环比增长22.7%，其持仓市值占A股自由流通市值的比例为8.7%，环比提升1.29pcts；本季主动偏股型基金的份额为31051.6亿份，同比增长6.06%，新发了131只主动偏股型基金（减少53只），合计募集4007.9亿份；经加权计算，四季度末主动偏股型基金的仓位为81.48%，较上个季度提升2.76pcts，四季度期间主动偏股型基金收益率为14.38%，相对于沪深300指数的超额收益率为0.78%。

2020 年一季度受春节及疫情持续影响，国内手游行业迎来用户时长与收入的显著提升，1Q20 手游用户总时长同比增长约42%（vs. 6% in 1Q19，2% in4Q19），手游市场规模同比增长46%（vs. 22% in 1Q19，15% in 4Q19），季度收入规模为历史最高。而《王者荣耀》及《和平精英》作为用户规模Top2的头部游戏叠加强社交属性最为受益，DAU 和时长份额明显提升，根据我们的计算，1Q20《王者荣耀》与《和平精英》两款游戏合计占据中国手游行业用户总时长的约65%，同比和环比均进一步提升，并且稳居iOS 畅销榜Top2。

1 月30 日，万达信息召开了投资者交流会，对国寿入股一年来公司的战略执行情况、所取得的经营成果进行了总结，并就2021 年的发展规划进行了展望。我们注意到最近众多保险巨头在保险科技领域动作频频，或以自建的方式（平安自建平安医保科技、中国太平设立太平科技、中国太保筹建太保金科公司），或以收购的方式（中国人寿投资万达信息），或战略入股（平安与创业慧康战略同盟），或谋求与第三方科技公司合作（新华保险与阿里云新金融团队展开合作），积极布局保险科技领域

2020Q4 科技板块的基金持仓占比降至18.1%（环比-4.0pcts）。公募基金和北向资金对A 股TMT 板块的持仓比例连续两个季度下滑，公募基金对港股科技持仓连续4 个季度环比提升至6%。从基本面、估值、流动性等核心因素的综合考量，我们看好国内科技板块一季度投资机会，首选港股市场。建议重点关注消费电子、物联网、云计算、智能驾驶、IDC、半导体、网络安全和信创等细分领域龙头。

移动业务稳中向好，5G 用户渗透促ARPU 改善。5G 应用长周期，从“覆盖网”到“精品网”。行业价值回归迎来估值复苏新机遇。我们认为运营商基础电信业务复苏信号明朗，价格战大概率不会重演，运营商的竞争重点逐步从份额竞争转向价值经营。我们认为目前运营商基本面向好，产业互联网逐渐放量，兼具防御性与成长性，不改业绩向好带动估值修复的长逻辑。

从近期披露的4Q20 公募基金持仓数据来看，随着年末智能手机市场进入“空窗期”，且ARVR 等创新品类尚未大规模出货的背景下，立讯、歌尔、蓝思等苹果产业链标的减持明显。随着美国大选落地，前期跌幅较大的半导体板块重获机构青睐，仓位创下历史新高，韦尔、卓胜微等芯片设计龙头及成熟工艺相关标的获增持较多。通信板块持仓连续第三个季度下滑，延续低配，主因电信及云资本开支较为平淡。展望1Q21，我们主要看好估值相对偏低、业绩确定性较高的半导体制造板块（中芯国际-H、北方华创）与汽车电动化、智能化趋势受益标的。

我们首次覆盖中国软件和IT 服务行业。我们认为，基于云的新基建计划以及使用AI 升级传统行业应该会推动该行业的长期增长。我们认为1）IDC 运营商，2）企业SaaS，3）托管云服务提供商和4）AI 公司可以从这一趋势中受益。按照先后顺序，我们首次覆盖并给予万国数据>中软国际>广联达>海康威视买入评级，给予明源云>大华股份持有评级。