近日，国家发改委公布大数据国家工程实验室名单，由阿里云参与的“工业大数据应用技术国家工程实验室”和“大数据系统软件国家工程实验室”均获批复， 分别是工业大数据应用及大数据系统软件领域的唯一国家级工程实验室。前者由航天云网旗下北京航天数据股份有限公司和阿里云联合共建。后者由清华大学和北京理工大学牵头，阿里云支撑实验室研发全生命周期大数据系统软件及其开源创新平台体系。在“工业大数据应用技术国家工程实验室”未来规划中，阿里云将负责云计算大数据基础平台，参与工业相关算法服务的建设和维护，同时支持航天科工资源整合，在工业测控技术方面开展研究及试点行业应用。

外媒报道称，根据国际物流咨询机构Armstrong & Associates的统计数据显示，目前全球物流市场价值约9万亿美元，而中国内地市场就占据了2.2万亿美元的份额。在这其中，价值达到435亿美元的快递行业则是增速最快的一部分，这一细分领域的年度复合增长率甚至超过了30%。因此，在低廉的快递费用博得越来越多消费者青睐的同时，许多投资者也开始对中国快递业充满了兴趣。

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。

In July 2016, the National Institute of Standards and Technology, a federal agency that sets up official guidelines for technology standards and measurement regulations, released a new draft of its digital authentication guideline section 5.1.3.2. The draft states that out of band (OOB) authentication using SMS twofactor authentication will not be allowed in the future because of the security risksinvolved. SMS received by the user may be intercepted or redirected. In addition,some phones display SMS messages on-screen even when it is locked, making it possible for an attacker with physical access to the device to read the message.In 2016, Gemalto announced that it will deliver its Ezio Mobile Suite to Dai Nippon Printing, a provider of financial solutions in Tokyo, Japan. This will help Dai NipponPrinting to secure internet banking and mobile payments. In addition, the company can offer a strong and scalable cloud-based authentication platform with the support of a wide variety of authentication and transaction signing methods. The authentication methods are: Biometric, one-time password (OTP), and OOB.

The integration of Internet of things (IoT) with product lifecycle management (PLM) software will drive the growth of global PLM software market during the forecast period. The data obtained from connected devices such as mobile, desktops, web and mobile apps, and electric appliances will generate valuable insights regardingthe customer's requirements, which will help the market grow. These insights will assist the manufacturers to learn about their product's performance. The monitoringof product performance using IoT will further help the manufacturers to come up with innovative products in a cost-effective manner.he PLM market is mainly driven by factors like the increasing demand for product innovation from emerging markets, streamlining of product development process in the consumer goods industry and leveraging the advantages associated with the implementation of PLM tools. According to Technavio analysis, the demand for PLM tools such as cPDM will rise because of the increase in the amount of data collected from virtual and physical sources such as mobile devices, enterprise resource planning applications, and IoTdevices. This will encourage consumer product manufacturers to adopt cPDM, data management tools and related technologies to manage their data.

There is a growing convergence of elements, such as gamification, social learning,content management, and collaboration tools, in the modern learning process. As a result, there is an urgent need for institutions to refresh their traditional learning management systems (LMS) with one that incorporates one or more of these elements. This is because the existing systems were not built with the ability toincorporate upgrades. Hence, it makes a strong case for an end-to-end replacement of traditional LMS.Given the increasing adoption of LMS that has been witnessed in the last five years, Technavio believes that a significant section of this market will be up forrenewal in the next two years. This holds especially true within the higher education segment. As such, it is imperative for nstitutions to use this window as an opportunity to move to next-generation LMS.

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.

Channel-in-a-Box (CiaB) is the latest development in the master control automation and playout automation sectors.In February 2016, Amagi, a media technology company, launched its latest cloudbased broadcast platform CUMULUS, which enables content preparation,delivery,and management on a single cloud platform. CUMULUS is based on the Platform as a Service (PaaS) model that allows creation and delivery of both linear and nonlinear streams across the platforms, including satellite TV, cable TV, internet protocol TV (IPTV), and over-the-top (OTT) service. Amagi's Cloudport, which offers multi-channel playout automation for both live and linear feeds, also supports CUMULUS.

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.

Digital media and marketing professionals are driving the growth of online advertisement market, which in turn, increases the demand for online video platform market. In 2015, internet advertising by social media accounted for 32%-34% of the global internet advertisement market, online video accounted for 23%-26%, which is likely to increase during the forecast period, and paid research accounted for 15%-17%.Online video consumption has shown massive growth over the past 2-3 years.Among the digital devices, mobile devices have taken over as the preferred medium of online video consumption. The smartphone market has seen an exceptional growth in the last 5 years. According to Technavio, in 2016,smartphones worldwide grew at a year-over-year (YoY) rate of 8%-10% as compared to all cell phones, which grew at 2%-4%. Smartphones crossed 1.4 billion mark in 2015 and are expected to reach around 2 billion by 2020. This increase in the number of mobile devices is making it easier for consumers to access video content, anytime anywhere.The media and entertainment segment is the largest adopter of online video platform solutions due to the growing demand for online content.

The technological developments in the area of radio-frequency identification (RFID) sensors and communication are playing a significant role in its adoption in the food sector. Compared to technologies like barcode and data loggers, RFID has shown various advantages and is now increasingly being utilized in food supply chain management, cold chain logistics, and monitoring food retail.Passive, ultra-high frequency (UHF) RFID (RAIN RFID) sensors are making headway into the market; these RFID sensors are likely to see a significant increase in their market share during the forecast period. Increased inventory accuracy and fewer misshipments, reduced processing costs, and improved delivery efficiency are some of the features offered by these RFID sensors.Vendors introduce snew traceability solutions with additions of in-store analytics and inventory intelligence to improve operations, deliver exceptional performance,and improve sales.

本周，国务院常务会议上，李克强总理要求进一步加大网络提速降费力度，降低创业创新成本促进产业升级。结合工信部、发改委联合印发的《信息基础设施重大工程建设三年行动方案》，我们认为①在 GDP 增速放缓的过程中，加大电信业的投资有助于稳定宏观经济；②更重要的是电信作为基础产业的辐射扩散效应，在转型升级过程中，提供更好的创新外部环境。 2017 年开始，电信固定资产投入有望企稳回升，资本开支增速将在2019-2021 年 5G 全面铺开期进入高峰。

三年磨一剑，网信办公布《网络产品和服务安全审查办法（征求意见稿）》， 近期政策密集出台，催熟安全生态：从去年底到今年初，我国网络安全政策 进入密集出台期，（1）2016 年 11 月，全国人大常委会表决通过《网络安全 法》；（2）2016 年 12 月，国家互联网信息办公室发布《国家网络空间安全 战略》。（3）2017 年 2 月，国家网信办公布《网络产品和服务安全审查办 法（征求意见稿）》，国家网信办将会同有关部门成立网络安全审查委员会。 其实最新颁布的审查办法已有 3 年沉淀，可以看作是《国家安全法》、《网 络安全法》的一种具体落地。我们认为目前审查办法还更多地处于框架纲领 阶段，未来预期还将有更多实施细则出台，有望催熟国内的安全生态。

上周通信行业上涨 3.59%，沪深 300 指数上涨 1.53%，跑赢大盘 2.06 个百分点。在 A 股 28 个分行业中，通信板块本周涨幅排名第 2 位。上周通信板块表现活跃，联通大涨海能达受益订单消息涨幅明显，通信板块中邦讯技术、宜通世纪、永鼎股份、金亚科技及通鼎互联领涨，佳讯飞鸿、烽火电子、星网锐捷、高升控股及齐星铁塔领跌。根据 2 月 24 日最新收盘价，通信行业平均 PE 为49.26 倍。

上周通信板块上涨 3.59%，跑赢沪深 300 指数 2.06%，跑赢中小板指数 0.96%，跑赢创业板指数 0.64%；同期沪深 300 指数上涨 1.53%，中小板指数上涨 2.63%，创业板指数上涨 2.95%。 

 影视板块：截至 2 月 26 日，2 月份当月票房为 58.53 亿元，预计 2 月份总体 票房约 60 亿元，1-2 月份合计约 109 亿元（包含网购服务费），同比增长 1.9%。虽剔除网购服务费后仍同比小幅下滑，但整体 1-2 月份表现好于此前 悲观预期。2 月份上影进口影片《极限特工》票房超过 10 亿元，《生化危机》 上映三日票房突破 6.5 亿元，进口影片表现强劲。我们仍然认为进口影片是 驱动 2017 年票房回暖的主要动力，有望带动电影票房回暖 10-15%；此外， 影片《金刚狼 3》、《金刚：骷髅岛》定档 3 月份，可积极关注 3 月份后票 房回暖。维持“寻找板块内生增长能力强、现金流充裕龙头公司”的主线逻 辑不变，龙头公司优势将逐步突出，建议关注院线龙头万达院线(002739， 买入)、中国电影(600977，未评级)；继续看好精品网络内容提供商慈文传媒 (002343，买入)，建议关注唐德影视(300426，未评级)、思美传媒(002712， 未评级)。

5G 或将在 2018 年启动，早于市场 2020 年的预期。根据各大运营商和政府部门的表态，5G 将于 2020 年启动商用。经过深入的行业调研，我们认为 5G 很有可能在 2018 年启动。

本周大盘没有延续上攻势头，如期展开短暂的调整，权重个股回调明显，但是各个板块活跃度不减，特别是 TMT 板块补涨效应明显。其中通信行业在28 个子行业中涨幅第一，整体上涨 2.29%，跑赢沪深 300 指数 3.3 个百分点。子行业中，通信运营子行业上涨 5.57%，通信设备子行业上涨 1.27%。

市场回顾：本周沪深 300 指数上涨 0.23%，中小板指数上涨0.36%，创业 板指数下跌 1.15%，计算机（申万）指数下跌 0.86%。互联网金融指数下 跌 0.98%，跑输沪深 300 指数 1.21 个百分点，跑输计算机（申万）指数 0.12 个百分点，主要是估值继续修复、板块泡沫持续消化的0影响。 本周重大信息及核心观点： 本周，在我国对比特币监管持续趋严的政策影响下，尤其是交易手续费 的收取、暂停提现等规定的出台，使得大量的资金撤离了我国比特币平 台。根据全球比特币交易数据显示，2 月 12 日日本单日的比特币交易量 已经达到全球交易量的 48.27%，而中国占比仅 21.86%，不足日本的一 半，日本已经超越我国成为了比特币第一大交易市场；而 2 月 13 日全世 界交易量前三名的交易所中，日本的 bitFlyer 单日交易量为 6.9 万个比特 币，比第二名新加坡的 Quoine 和第三名中国的币行(OKCoin)交易量总 和还要多。此前中国比特币市场一直占据全球 90%以上的份额，由此可 见之前的监管缺失及区块链等主题热度引起了许多非理性投资，未来我国的比特币交易将持续回归理性。

通信市场人口红利消失，2000 至 2013 年我国移动电话渗透率从 6.8%提高到90.3%，三大运营商营收以 17.2%的年复合增长率高速增长。2014 年起，移动电话市场逐渐饱和，三大运营商的营收增速开始放缓，2014 年-2015 年的年复合增长率仅为 0.86%。截止 2016 年国内三大运营商用户数已经超过了 13.2 亿，移动电话的渗透率达到 96.2%。2016 全球在使用的手机有 75 亿部，已经超过 72 亿全球总人口数。随着人际通信饱和，全球运营商亟待开拓新市场。