继加工厂商与晶圆生产厂商签订长期合约之后，晶圆片的供求关系依然较为紧张，SUMCO 计划增产投资 2019 年上半年 12 英寸月产能提高 11 万片，有望对产业的紧张格局实现部分的缓解，而三星审布全球首发量产 512GB eUFS 闪存，通过自身技术将能耗陈低，用于下一代移动设备。国内市场方面，合肥晶合 12 英寸产线正式量产，有望成为全球最大的面板驱动芯片厂商，而紫先集团近期又有大的计划，董事长赵伟国指出，公司未来将会多方筹资，以 10 年投资 1,000 亿美元战略发展芯片制造产业，计划发起设立“中国集成电路股份有限公司”，作为国内集成电路产业的核心厂商。

2017年年初至年中，涨跌幅为-14.97%，处于倒数第四位2016年初至今，涨跌幅为-34.27%，处于倒数第三位

2017 年 A 股电子指数整体呈现上升趋势，截止 12 月 08 日申万电子指数上涨 16.55%，同期沪深 300 指数上涨 20.95%，跑输沪深 300指数 4.40 个百分点。同期美国电子板块上涨 37.29%，跑赢纳斯达克指数10.73 个百分点；台湾电子板块上涨 17.79%，跑赢 MSCI 台湾指数 5.64个百分点，可见除 A 股外，全球电子板块走势均领先于市场水平。随着我国“中国制造 2025”和“互联网+”战略的不断深入推进，电子行业景气度将持续高企，我们继续看好电子板块未来的表现。

半导体周期与宏观经济形势联系紧密，近年来全球半导体产业逐渐成熟，半导体行业增长放缓，周期拉长。

从当下的市值来看，白马电子标的的整体市值目前均对应着明年的盈利预期，TTM 估值已经达到了 30-35 倍左右的水平。这种情况下，明年期冀白马成长再超预期或者说群体性再复制今年这种上涨以及市场认同的难度是比较大的，但是市场追逐细分领域龙头的风格并不会改变，所以这个时点应当坚定把目光投向一些分布尚相对分散，巨头卡位的格局还未形成的子领域或新兴领域，譬如说我们今年上半年重点研究的 PCB、以及下半年重点研究的晶圆前道制程材料与装备国产化替代。

Communication in strategic situations refers to the transmission of the right information to the concerned person at the appropriate time and ensures the reliability of processes. Mobile broadband is a commonly used medium of communication that is used extensively by enterprises and public safety agencies. The limitations in the bandwidth of the traditional voice-centric land mobile radio (LMR) networks have forced the public safety agencies to leverage commercial cellular network technology and support the increasing need for broadband applications. LTE (long-term evolution) is the leading entrant for public safety mobile broadband networks as it has high spectrum flexibility and performance metrics

RFID technology uses the electromagnetic signature that accompanies the radio frequency in a specific spectrum to communicate information, which is mostly one way. This process is carried out by RFID microchip (RFID tag), RFID reader, and RFID middleware components.

The global projector market is heavily influenced by the advances in technologies of the projector. Since 2012, technology innovations have led to improved image resolution, increased energy efficiency, and decreased space constraints with the advent of portable pico projectors. The advent of laser projectors ensures that even small portal projectors can project images and videos with high brightness. Embedded pico projectors are expected to dominate the pico projector segment as there is increased demand for flexible devices that consume less space and are affordable. Also, embedded pico projectors are becoming an important platform for augmented reality, the upcoming technology in electronic devices.

A system on chip (SoC) is a microchip with all the necessary electronic circuits and components that make a complete system. It is an integration of multiple cores like a microprocessor, digital signal processor, RAM, ROM, flash memory, oscillators, timers, external interfaces, power management circuits, and analog components onto a single chip.

The first mirrors used by humans was water, collected in primitive vessels or simply dark pools of still water. Until the manufacture of the modern mirror, humans used mirrors made from polished obsidian and stones and polished metals. Despite the changes in the manufacturing of mirrors, their functionality has not changed much. They are simple reflective surfaces that are used for grooming, decoration, and in interrogation rooms.

Single-photon emission computed tomography (SPECT) is a growing nuclear medicine imaging technique high adopted in applications such as oncology, neurology, cardiology, and infectious diseases. Standalone SPECT systems contribute the highest revenue in the market as they are one of the oldest imaging modalities available in the market. However, due to the advent of hybrid SPECT systems, the growth rate of standalone SPECT systems is expected to be moderate during the forecast period.

The virtual reality (VR) can be experienced using a head-mounted display (HMD) or glasses which display 3D experiences as part of their image. Some HMDs and glasses have options for additional sensory input in the form of audio or video. New forms of human-machine interactions are possible through the VR technology.

根据中金地产组、建筑组策略报告，2018 年地产/基建固定资产投资增速预计分别为 10%/12~15%，其中地产投资增速或超市场预期，而基建投资增长则呈现出一定韧性。同时在全球经济复苏大背景下，中金交运组预测 2018 年集运需求增速稳定在 5.3%。

受手机整体出货放缓负面影响叠加年底获利了结压力，手机供应链板块现大幅调整。11 月国内智能手机市场出货量同比降幅扩大至 22%，同时全球主流品牌陆续下修手机订单量，再次触发市场对手机供应链业绩成长可持续性的担忧。

国家政策鼓励物联网产业发展，要求 2020 年 NB-IOT 基站达到 150 万个、连接数 6亿部。三大运营商积极推进低频重耕，电信已完成全国 31 万基站改造、移动投入 395 亿元推进网络建设、联通 300 多个城市具备 NB-IOT 网络快速接入能力。