卫星产业是太空经济核心组成，伴随各国围绕太空资源激烈竞争，卫星产业战略价值凸显，预计‚十四五‛期间，在国家政策、技术升级、外部事件等多重因素催化下，我国卫星发射仍将快速推进，产业链上游的核心元器件环节以及中下游的用户终端与应用服务产业将深度受益 。推荐佳缘科技、铖昌科技、华测导航、航天宏图，建议关注中海达、中科星图。

Intrado Corporation; and 8x8, Inc. are the market players present in these two regions. Further, the growing SMEs and large enterprises are also driving the market growth. As, it is the most cost-effective platform to implement in their own businesses. As, in North America, it has been observed that about 30% of all SMEs currently use dealing with cloud communication platform, and it’s giving them added cause for optimism. Moreover, several government initiatives toward introducing cloud services in Europe is also another factor for the growth of cloud communication platform market. For instance, in October 2020, the EU Member States signed a declaration to build the next generation cloud for businesses and the public sector in the EU, a EU Cloud Federation. The European Federated Cloud is meant to be a set of joint technical solutions and policy norms in order to foster EU cloud services that are interoperable across Europe. These technical solutions and policy norms should offer a high standard in terms of data protection, cybersecurity, data portability/reversibility, interoperability, transparency, openness, energy efficiency, performance, and reliability.

Terabit ethernet (TbE) runs at speeds faster than 100 Gbps. In the ethernet landscape, TbE is laying the foundation for developing true 1,000 Gbps (1 Tbps) speed. True TbE does not yet exist. TbE testing equipment includes solutions that test network connectivity and ensure high network performance. These pieces of equipment validate both local area network and wide area network (WAN) connectivity and can verify the signal integrity of the networks operating at different network speeds. This study includes those that have the capacity to test ethernet speeds faster than 100 Gbps.

Consumer electronic products have a well-established market both domestically and in terms of export demand. The country has a well-developed semiconductor market which during the pandemic was unable to operate to its full potential. Malaysia is crucial in the outsourced assembly, packaging, and testing market, as well as in the automated test equipment businesses. Companies such as Dell, HP, and Intel have their manufacturing centre in Malaysia. Some of the audio visual products produced in Malaysia include radios, speakers, and TV sets, and major vendors include Panasonic, Samsung, and Sony. The Malaysian market, even though small, is an important manufacturing hub for global consumer electronics supply chain, local manufacturing players are more affected by global demand than domestic demand.

There has been a constant shift in the satellite’s electronic technologies due to the increased demand for small satellites. Extensive research has been conducted on new global information networks and electronic information management systems to provide improved efficiency of the satellite, along with cost and size reduction. The space industry has embraced commercial-off-the-shelf (COTS) components, which provide efficient radiation shielding without compromising the quality. COTS components are used to reduce costs and the development time of space electronics.

AI in healthcare has enormous and far-reaching potential, from mobile training solutions to drug discovery, which fall within the realm of machine learning. Artificial intelligence (AI) in healthcare refers to the use of complex algorithms that are supposed to perform certain tasks automatically. When researchers, doctors, and scientists input data into computers, newly developed algorithms can review, interpret, and even suggest solutions to complex medical problems. It helps divide the vast area of healthcare into two main categories: clinical (patient care) and administrative (the operational foundations that keep the healthcare system running). Machine learning is already being applied in a transformative way in each of these three areas. This will only accelerate in the next few years.

The cloud communication platform includes varied types of solutions which are used to boost the efficiency of business activities. Unified Communication and Collaboration (UCC/UCaaS), Web Real-Time Communication (WebRTC), Interactive Voice Response (IVR), Voice Over Internet Protocol (VoIP), Application Programming Interface (API) are some of the prominent solutions used by industries to increase the effectiveness of operations. Ion addition, with an increase in remote working and work from policy, the penetration of cloud based platforms are boosting at an exponential rate.

Profession AV solutions, often known as pro AV equipment, are systems that, among other things, send multiple high-quality live audio and video signals that are uncompressed to many devices. Live events, broadcast facilities, business installations, and recording and post-production all require pro AV equipment. The backbone of every pro-AV system, whether fixed or portable, are pro speakers equipment and solutions. In recent years, the introduction of cloud and softwarebased applications has resulted in a significant shift in audio-visual (AV) technologies. Advanced AV solutions are expected to assist global businesses in achieving seamless business communication and cooperation. System integrators and channel partners, on the other hand, are seeing a lot of income potential in the burgeoning worldwide enterprise AV industry.

Space situational awareness (SSA) services are the founding element of space security, and they entail keeping track of all artificial and natural objects, particle fluxes, and energy and understanding how the space picture keeps changing over time. Space situational awareness (SSA) services basically refer to tracking, monitoring, and locating objects in space and predicting where the object will be located at any given time. SSA is a system that generally deals with space surveillance and tracking, space weather, and near-Earth objects. It tracks all the artificial and natural objects, energy, and particle fluxes using the network of radar and electro-optical sensors.

通信感知一体化是基于软硬件资源共享或信息共享实现通信与感知功能协同的新型信息处理技术，是6G潜在使能关键技术之一。首先从通感融合的可行性出发，探讨了通信感知一体化工作模式以及应用场景；然后围绕一体化系统方案设计，重点分析了通信感知一体化的系统架构以及空口融合、网络融合、硬件架构与设计等核心使能技术，并给出了技术研究建议；最后，介绍了通信感知一体化的应用挑战和发展趋势。

在美国高通胀和连续加息的背景下，企业成本大幅上升、消费者需求下降、劳动力市场放缓，造成企业业绩下滑与估值受损。本篇报告中，我们从各Mega Cap 的业绩出发，对各公司的市场担忧点进行解析，试图梳理出各公司的短期主要矛盾及长期投资主线。

2022H1 及2022Q2 通信行业整体营收同比持续高增，外部扰动因素缓解， 行业整体边际向好。2022H1 通信板块整体营业收入同比增长10.80%，考虑 到板块内三大运营商与中兴通讯的业绩规模较大，剔除后同比增长 10.86%；归母净利润较2021H1 同比增长18.87%，剔除三大运营商及中兴 后，通信板块2022H1 归母净利润较2021H1 增长57.93%。近年来通信行业 毛利率基本保持稳定，但费用率逐年下降带动整体净利率逐步提升。同时 行业整体研发费用稳中有升，保障行业未来发展前景。

投资建议：本报告仅致力于“分析”各Layer2 代币已经形成的市值，并 非建议投资代币本身。我们建议关注：1）加密代币交易服务商：Coinbase （COIN）、Square、Paypal、Robinhood 等；2）投资了加密资产的相关 标的：MicroStrategy（MSTR）等。

全球数据流量增长推动光通信行业发展，光模块作为核心部件将持续受益。随着5G、云计算、大数据等技术与应用的快速发展，全球数据流量持续增长，光通信与光网络需求得到了快速提升。光模块是光通信产业链中的关键器件，将充分受益于产业新趋势。根据LightCounting 的数据，2016 年至2020 年，全球光模块市场规模从58.6 亿美元增长到66.7 亿美元，预测2025 年全球光模块市场将达到113 亿美元，为2020 年的1.7 倍。

上半年通信行业（以通信申万剔除ST 为样本）实现营收11372 亿元，同比提升10.7%，行业归母净利润为1078 亿元，同比提升19.0%。整体来看，在三大运营商业绩均实现双位数增长（中国电信扣非增速为12.1%）基础上，行业基本盘牢固，同时运营商资本开支稳健增加，全年5G 建设节奏有望均衡，而运营商在千兆宽带、算力网络投资比重结构性上升，相关公司业绩改善明显。

总体业绩稳中向好，疫情影响下板块出现分化。2022年上半年通信板块总体营收2773亿元，Y/Y 7.79%；归母净利润156亿元， Y/Y 33.19%。2022H1各板块营收同比增速主要集中在0%~30%之间。云视讯（+23.21%）、光通信（+20.83%）、光模块及器件 （+16.69%）、通信设备（+14.92%）、通信元器件（+14.77%）增速位列前五。

8 月26 日，美团公布22Q2 及22H12Q2 季内营收509 亿元/+16.4%，高于彭博一致预期4.8%，净利率扭亏为盈，到家业务稳健增长，即时零售行业方兴未艾。

汽车智能化需要汽车研发工具软件作为支撑。汽车E/E 架构开发以需求开发为源头，在功能实现及子系统设计等过程中融合整车相关其它需求，最终形成ECU 软件和硬件的需求及规范，并作为OEM 的需求输出给零部件供应商，最终完成元件测试、系统测试与整车测试。

继 2021 年硬件入口（ VR ）的销量迈过了 1000 万台的临界点， 2022年人形机器人的关注度迅猛提升，诉诸于 交互 智能 最终能实现的终极目标，基于元宇宙的新硬件未来将呈燎原之势，故我们以本篇”拆机报告 ”，先聚焦于硬件入口 VR ，我们 以小派科技 3 季度将正式发售的Pimax Crystal 为样机进行系统拆解。

海外互联网平台加速元宇宙进程，围绕 ICT基础与内容场景迭代升级。海外互联网巨头技术优势显著，以平台为基础发展元宇宙。Meta 作为全球元宇宙领军者，多点布局向以虚拟现实为主的新兴计算平台转型，在硬件入口、软件内容端、混合现实、底层硬科技四个方面持续发力。