The military robotic and autonomous systems market is segmented into three major platforms: unmanned aircraft systems, unmanned ground and robotic systems, and unmanned maritime systems. These platforms are now significantly used for tactical and strategic operations of defense forces across the globe.

Flexible electronics is a potential method of creating intelligent, scalable products, with several new applications such as wearable electronics. The flexibility in the substrate, faster manufacturing process of printable circuits, and the reduced risk of disposal after use are some of the drivers of flexible electronics in the current scenario. The pictorial presentation of benefits of flexible electronics is given in the figure below.

The following standards and guidelines play a vital role in the design, adoption, and operation of data center cooling solutions and other related infrastructure. › Uptime Institute: The Uptime Institute is involved in certifying the data center property based on its design, development, operations, and reliable and redundant capabilities. It certifies data centers based on Tier I to Tier IV levels. Uptime certifies new facilities and existing ones. This certification is gaining importance among data center service operators. Irrespective of the certification, facilities operating N+1 redundant infrastructure are called Tier II/Tier III

Lidar, or light detection and ranging, is a remote sensing method leveraged for measuring the distance of an object. According to the American Geoscience Institute, a lidar makes use of a pulsed laser to calculate an object’s variable distances. These light pulses generate accurate 3D information when the information from the lidar systems is put together. A lidar sensor depicts numerous advantages, such as a better range, accuracy, field-of-view, positioning, night-time performance, and weather conditioning, over other sensor systems. However, lidars face operational limitations while detecting signs and differentiating between obstacles. Owing to this fact, lidars are used in sensor fusion-based systems, i.e. the combination of lidars, cameras and ultrasonic sensors, among others, is used for the precise autonomous operations. Furthermore, lidar manufacturers are working on the development of lidars with higher resolution to improve the performance of the lidar based vision systems. The lidars can be classified on the basis of technology

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.

Vital signs provide critical information about a patient’s health to identify acute medical problems, an indication of chronic disease state, and to understand how the body copes with physiological stress. The normal ranges of the four major vital signs (body temperature, blood pressure, pulse, and breathing rate) vary with age, gender, weight, as well as the overall health of the person. As vital signs can easily be monitored at home, it can assist individuals in early diagnosis of various medical conditions. This will make them undergo the required medical treatment on time without any further delay. The global vital signs monitoring devices market is expected to witness significant growth during the forecast period, owing to an increase in the importance of vital signs monitoring devices in home care settings and improved reimbursement scenario in developed countries. In addition, an increase in the geriatric population and a rise in the prevalence of cardiovascular disorders such as hypertension and other pre-existing health conditions, including COPD, sleep apnea, and infectious diseases, are fueling the demand for vital signs monitoring devices across the globe. Moreover, an increase in the use of vital signs monitoring devices for fitness monitoring and a rise in ambulatory surgery centers across various countries, which use vital signs monitoring devices routinely, fosters the market growth.

硅料供需持续偏紧，预计2021 年硅料价格将会持续维持在高位；硅料行业扩产缓慢，新增产能短期难成有效供给；硅料价格上行，硅料企业盈利能力有效改善。

Q4电子板块跑输沪深300，受益涨价等顺周期标的涨幅靠前。电子行业基金重仓规模环比持续增长，基金重仓比例有所下滑，但仍然维持超配。半导体与光学光电板块环比提升明显，消费电子板块环比降低。重仓公司集中度提升，聚焦消费电子、半导体、安防、面板等细分领域龙头。

投资建议：CrowdStrike 树立了网安行业“端云联动”的技术标杆，引领了未来行业发展的趋势。同时SaaS 订阅模式与灵活的模块化组合成为其开拓市场的利器。国内网安企业中，重点推荐产品技术路线与CrowdStrike最为近似的奇安信、深信服、安恒信息，建议关注天融信、启明星辰、绿盟科技、三六零、山石网科等。

周末1.23 日美国国际贸易委员会（ITU）发起针对立讯精密337 调查，起源于去年12 月18 日安费诺对ITC 提出调查申请，指控立讯精密专利侵权；我们认为消费电子不必悲观，重点提示3 个机会点：1.在A 客户份额有提升的零部件供应商；2.切入A 客户组装布局垂直一体化的供应商；3.布局汽车电子的厂商。

全球半导体销售额保持高速增长，半导体设备需求仍旺盛；12 寸大硅片对进口依赖度高，管制措施下加速国产化利好设备商全球半导体硅片行业市场集中度极高，目前硅片市场主要被国外龙头占据；清洗机和测试机有望率先实现全面国产化。

当前资本市场对家电行业红利的持续性预期不足，兼之蓝筹标的的估值仍有进一步提升的潜力，由此带来投资机会：治理结构完善、相关多元化布局和改革成效持续兑现的美的集团；改革有望带来经营管理改善的格力电器、海尔智家；行业成长空间打开的细分板块龙头浙江美大、海容冷链、石头科技；受益于地产后周期红利的老板电器、华帝股份、欧普照明；受益于电商红利、出口红利的小熊电器、新宝股份、苏泊尔、九阳股份、北鼎股份；混改主题标的海信家电、海信视像亦值得关注。

伴随半导体板块各公司陆续披露2020年度业绩预告，可以看到截止2021年1月22日相关公司的业绩相当亮眼，预计2020年实现归母净利润较2019年相比有较大幅度的正增长。我们认为本轮半导体板块的高景气周期有望从19H2开始将一直持续到21H2甚至2022年，主要是下游5G、新能源汽车、工业、物联网、高效能运算等多领域带动的对芯片的需求增长，以及受华为事件影响带来的国产替代进程加速等多因素影响。

与电池、正极、负极、隔膜、电解液、铜箔、结构件等环节相比，主动型公募基金重仓持有锂电设备比例相对较低。但是，自2020 年年中特别是2020年三季度以来，北上资金加速增持锂电龙头设备公司先导智能。

投资建议：我们遵循以下几个维度进行投资主线筛选：1)市场空间大的CRM和ERP均为超过500亿美元规模的细分赛道，重点推荐企业级服 务龙头：用友网络，核心受益：金蝶国际；2）渗透率较低的细分赛道金融Sa aS，重点推荐金融s。。s龙头：恒生电子；3）最具确定性的办公 SaaS与私有云，我们重点推荐：金山办公（与中小盘组联合覆盖）、深信服；4）垂直Sa aS龙头，核心受益：广联达、明源云；5）高速成长的 电商SaaS，核心受益：中国有赞，微盟集团。 

阿斯麦 （ASMLSML.O）于 1月 20 日发布 2020 年第 四季度 及全年 财报，  20Q4及全年营收42.5亿/139.8亿欧元，毛利率52.0%/48.6%，均超预期。20Q4 EUV光刻机出货量减少，ArFi光刻机出货量大幅增长。21Q1营收预计39亿~41亿欧元，毛利率维持在50%~51%。

计算机行业基金配置比例继续下降，持股集中度进一步提升。2020年公募基金四季报显示，计算机行业重仓持股市值占比为3.28%，较2020 年三季度下降0.77 个百分点。从持股集中度来看，计算机行业重仓前五股票持股占比为56.56%，前10 占比为76.62%，较2020 年三季度均有大幅提升，行业龙头公司持续受基金青睐。2020年四季度重仓前10 的申万计算机行业股票为金山办公、广联达、恒生电子、深信服、用友网络、中科创达、金蝶国际、宝信软件、金山软件、华宇软件，与三季度相比，中科创达和金蝶国际四季度基金加仓明显。

重仓规模：绝对值有所增长，但持仓占比略有下滑，计算机行业持续低配。2020Q4计算机行业基金重仓股市值规模合计为1235.72亿元，环比2020Q3持仓规模增长3.71%；行业市值规模占基金重仓股总规模的4.3%，较2020Q3的4.96%减少0.66个百分比，相较计算机行业标准配置比例低配了1.14个百分点。