本分析内容主要分析对象是中国各电商平台及平台之上的品牌商。本分析内容主要分析了电商平台的发展历程、成就平台的起点与终点、新平台诞生的可能性，以及各电商平台的人群、品类、品牌、平台机制等发展现状及趋势。

Data centers are the backbone of online business operations and consumers. The growth in data centers is aided by the increased usage of the internet for personal and business purposes by consumers through smartphones and high-speed broadband connectivity.

The global telehealth market has witnessed exceptional growth in recent years. Telehealth kiosks are revolutionary products that have witnessed high adoption worldwide during the ongoing COVID-19 pandemic due to the high demand for remote care services. A telehealth kiosk is a small booth-like structure that enables patients to consult a physician remotely and follow up on treatment plans for a wide array of medical conditions. Currently, healthcare consultation and vital sign monitoring are not limited to a ph sician’s office as patients can contact their doctors by email, review test results on secure web portals, schedule visits, and interact with physicians via videoconferencing or live chats. Consequently, telehealth kiosks have emerged as a significant part of IT-enabled healthcare services. Patients can receive continuous updates on important vital signs, such as blood pressure, from implants operated by smartphone applications and share results with family and doctors. Also, telehealth kiosks provide enhanced connectivity to physicians for smooth provider-provider and patient-provider interactions. Patients also benefit from improved communication between providers.

Data centers are mainly a built-in response to growing customer demand. However, the areas for the development and operation of data centers are identified based on factors such as power availability, fiber connectivity, and availability of skilled labor. Most modern data centers are built as per Tier III and Tier IV standards, thereby enabling high availability of service offerings. Furthermore, the development 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 importance for each criterion and a description of the same.

The interest in electronic access to health information and the use of digital data for both disease and health-related tracking is growing. The widespread use of health IT could potentially increase the access of patients to their health information and allow future goals of advancing patient-centered care. Various tools, such as patient portals, personal health records, and mobile health (mHealth) applications, have been developed to help patients to engage in their own health care. A patient portal provides a secure way for a patient to interact with their healthcare provider through the internet.

近期，中新赛克发布关于全资子公司签署合同的公告。子公司赛克科技和中国移动签署了采购合同，合同 总金额约2.0 亿元（含税），合同内容包含前期中选项目和客户以单一来源方式采购项目。公司预计本合 同可确认收入约为1.7 亿元，占公司2021 年度经审计营业收入的25.20%。

受美元加息、疫情以及市场需求疲软等多重因素影响，A+H 股传媒互联网板块持续承压。自2022 年初至11 月18 日，A 股传媒行业累计下跌25.9%。传媒互联网整体承压明显，其中电商行业抗压能力强，游戏、广告行业出现不同程度下滑。从公司层面来看，龙头收入相对稳定，结构分化日趋明显。其中电商中直播电商景气度高，游戏中长线运营能力强的企业表现更加稳定，广告中效果广告、尤其是内循环广告表现较好。

为了遏制我国科技领域的发展，近年美方多次挑起争端，今年从金融、外交、技术等方面进一步加大对我国的打压力度。面对渐趋复杂的外部环境，二十大报告就“安全”的相关内容作出了深入论述，并提出“科技自立自强”。

首先，跨境电商在未来预计会实现5 万亿美元的市场空间。从需求端来看，跨境电商目前渗透率在海外快速增长，国内电商纷纷布局海外市场，未来市场空间广阔。而从供给端来看，宏观方面，跨境电商符合国内双循环的发展逻辑，国家政策大力扶持跨境电商发展。同时完备的供应链和产业链模式为跨境电商的发展提供了多个机遇，跨境电商的完整逻辑不断显现，大品类时代跨境电商更能够为贸易提质增效。最后，国内进一步完善物流和仓储环节，加快推进海外仓的建设，进一步完善最后一公里，加强跨境电商和海外消费者直接进行沟通的效率，提升服务质量，创建品牌优势。

元宇宙大概率成为互联网的下一个阶段，是新时代的流量环境，以VR 为代表的高沉浸度交互模式可以较大程度推动元宇宙内容形式的构建。对于C端客户，VR 技术正逐渐提供游戏、购物、文旅等多领域的全新应用；对于企业，VR 技术使产品推广突破了传统营销受时间、空间、地域等条件的限制，使客户能够通过网络渠道对产品进行快速而全面的了解。

当前估值处于历史低位，PE/PS均处于底部区间，估值风险释放，市场回暖有利于吸引资金配置； 政策方面：平台经济监管逐渐常态化，经过多次整改，多家此前遭受监管检查、app下架整顿企业目前陆 续恢复；在疫情影响下，平台经济对于拉动人口就业，促进经济平稳健康发展起到重要作用，互联网平 台公司展现社会价值。

银行IT：（1）以分布式核心为代表的下一代技术逐渐明朗：分布式架构可成为针对银行核心系统诉求的解决方案；（2）国产化替代加速。金融信创试点逐步推进，试点范围由大型银行、证券、保险等机构向中小型金融机构渗透；（3）数字人民币拉动边际需求。随着数字人民币底层设施搭建日益成熟，应用场景逐渐深入，配套设备与服务将逐步落地。

产业数字化是提升全要素生产率的最重要手段之一，是政策所指、更是产业自身亟需；国内产业数字化水平低，增速高，优选交易为核心，垂直深耕的公司；围绕行业贝塔，深度挖掘预期差。重点关注工业、零售、纺服、农渔等产业变革性机会。建议关注工业品：国联股份、京东工业品、震坤行、鑫方盛、怡合达；其他行业：下沉零售—汇通达、医药零售—药师帮、纺织服装—致景科技、农林牧渔—海上鲜。

2022 年至今A 股传媒板块跌幅靠前，11 月以来受VR 行业支持政策及AIGC 应用加快驱动，板块跌幅有所收窄；港股互联网指数于10 月底触底反弹，各大互联网公司自11 月中旬起陆续发布2022Q3 业绩公告，或进一步提振板块估值，目前已回升至2022 年以来较高水平。受疫情与宏观环境影响，2022Q3A 股传媒板块业绩承压，但随着疫情缓解、电商大促开展以及游戏版号恢复发放的推动，叠加降本增效措施的效果逐渐显现，2022Q4 业绩有望开启季度性修复。2022Q2港股互联网板块营收增速进一步放缓，但净利率环比提升，头部互联网平台或进入平稳发展期，常态化降本增效下，盈利能力或提升。政策依然是影响港股互联网板块估值和业绩的重要因素，在“支持平台经济长期健康稳定发展”的定位下，A 股传媒及港股互联网板块估值修复和业绩复苏可期。

从中短期来看，伴随信创的推进，ERP行业短期在替换和适配的双重驱动下，行业景气有望逐步上行；同时配合国央企建设世界一流财务管理体系的政策要求，和ERP 产品功能边界的进一步拓展，行业市场空间有望实现大幅扩张；而从长期视角来看，我国ERP 厂商通过与一批超大型国央企长期的磨合，有望进一步提升自身产品实力，实现向民用市场、海外市场的扩张的同时，也有望不断提升产品化率，实现商业模式的进一步优化。