发展环境：全面二胎和教育信息化的政策红利、人民生活水平的提高和消费升级、在线教育和英语启蒙观念的传播普及、以及互联网和相关科技的发展给在线幼儿启蒙英语教育的发展提供了有利的宏观环境。

我们2019 年建议重点关注游戏、出版及院线板块，同时静待影视内容板块调整充分后的投资机会，此外细分领域龙头仍具有持续跟踪投资价值。

The following chapter depicts the segmentation of the IoT in agriculture market on the basis of systems such as sensing, communication, cloud computing, and data management. Sensing systems encompass a broad range of systems including GNSS/GPS devices, Radio Frequency Identification (RFID) and other systems. These set of systems are integrated with each other and are supported by different data management and mapping software solutions to constitute a complete IoT in agriculture system. Apart from that, companies also offer software tools and apps for portable IoT agriculture solutions. The IoT in agriculture services include integration and deployment of farm equipment, maintenance & support, and other services such as consultancy, veterinarian, and financial services.

Data centers are being built in response to the growing customer demand. However, the areas for the development and operation of data centers are identified based on factors such as power, fiber connectivity, and the availability of skilled labor. Several modern data centers are built as per tier III and tier IV standards, thereby enabling high availability of service offerings. Moreover, the emergence of edge computing is fostering data center development in secondary data center markets, where the dependence on site selection is very high. The major site selection criteria for data centers are mentioned in the table below, along with the identified level of importance for each criterion and description of the same.

Until 2009 Russia experienced more than a decade of strong GDP growth, averaging about 7% per annum. Growth was largely supported by the economy’s reliance on commodity exports, in a period when the oil and gas prices were high. The global financial crisis then slowed GDP growth, which fell to a negative 7.9% in 2009. Exacerbating the situation were highly leveraged Russian corporations, exposure to US mortgage-backed securities, and capital outflows caused by concerns over state. interference in the economy and increasing tensions between Russia and the West over the conflict then ongoing in Georgia.

Profession AV solutions or Pro AV equipment are systems that are involved in the transmission of multiple high-quality live audio and video signals among other transmissions, uncompressed in nature, to multiple devices. The pro AV systems are broadly used in live events, broadcast facilities, commercial installations, and recording, and post-production. Pro AV cables form the backbone of any pro AV systems, installed or portable. These cables play a significant role in transferring signals from one device to another and define the quality of the input as well as the output.

Asia Pacific accounted for the largest market share of 45.2% in 2016 and is expected to continue the same trend over the forecast period. The region has emerged as the hub for contract manufacturers owing to affordable low cost labor coupled with skilled labor, which is expected to drive the demand for telecom electronic contract manufacturing services in this region over the forecast period. Surging adoption in broadband users in Asian countries such as India, China and Japan is further anticipated to spur electronics contract manufacturing services demand in the near future. Strong vendor base coupled with better infrastructure for electronics supply chain are other key factors propelling market growth.

France has the third largest telecom market in Europe, behind Germany and the UK. The sector has represented about 2.3% of GDP since 2000. Efficiencies by cost-conscious operators have meant that the number of employees in the telecoms sector has fallen steadily in recent years, from about 156,000 in 1998 to about 122,000 by 2006, and 112,700 by the beginning of 2018. Although revenue from the fixed market has fallen steadily in recent years it has been propped up by the broadband sector while fixed-telephony continues to suffer from a combination of price competition and the migration to Voice over Internet Protocol (VoIP) and mobile-only solutions. Although the overall investment climate has been poor in recent years, investment in the telecom sector has recovered since 2009 as operators have committed themselves to upgrading networks and securing mobile spectrum at auction to provide services based on Long-term Evolution (LTE) technology. In the mobile sector there is also investment in 5G developments, with operators anticipating the launch of commercial services by late 2019. Investments among fixed operators have risen slowly since 2003, and now account for just under two-thirds of total investment, with the bulk of spending going to broadband access networks. Fixed-line investments are particularly strong in the fibre sector where Free (Iliad), Orange and SFR Group have deployed Fibre-to-the-Premises (FttP) networks.

Initially, OTT service provider across the world adopted a penetration pricing strategy for customer acquisition by providing their services for free. This model has reached a maturity phase where in the OTT service providers have begun charging customers for their services, thereby representing a sustainable revenue generating model. Telecom operators worldwide are increasingly forming strategic alliances and partnerships with OTT service providers to enhance their position in the market and extend their market reach, thereby providing enhanced customer experience and improved services

视源股份于 2018 年中开始推出录播系统，我们认为其本身的交互一体机成功的客户体验、渠道建设、研发基础 、售后服务以及产品协同等将为公司带来较强的竞争力和新业绩增长点。

电子行业成长原动力 ：科技浪潮带来的软硬件升级，把握最新的核心技术才能抓住时代机遇。每一轮科技浪潮都会带来新的软硬件升级，进而传导至电子行业，带来卓越的投资机会，同时催生新的赢家。