A vaping device is a battery-powered inhaler that simulates tobacco smoking. It is designed to provide inhaled doses of e-juices by vaporizing the flavored liquid, and then simulating the effects of smoking by vaporizing the liquid, which the user inhales and exhales. Vape products are categorized into two major categories: E-vapor and heated tobacco vapor. An e-vapor device is also known as e-cigarette, or e-vaping device, or personal vaporizer, or electronic nicotine delivery systems (ENDS) in the market. It uses a heating element to vaporize the flavored liquid or e-juice. More than 1,000 flavors of e-juices are available in the market with many other more being added every month.

年初以来多家险企整体战略及未来取向有所分化，疫情冲击下转型战略使保费承压。随疫情负面冲击逐渐退去，险企转型成效或将厚积薄发，保费与利率拐点值得期待。在疫情导致的人均可支配收入下滑预期下，财富效应减弱，保费收入增速分化。寿险方面，在代理人展业恢复及险企积极转型下，二季度新单保费有望出现拐点；财险方面，随乘用车市场继续回暖，预期车险保费将有所改善，同时非车险继续贡献增长点。（2）疫情冲击下线上化经营及健康意识突显。互联网保险及健康险政策落地，养老金融的发展，保费保持较高增速，促进下半年保费增速回暖。

上市险企发布2020 年5 月保费收入数据。单月同比增速新华保险(25.9%)>中国人寿（21.0%） >中国平安（5.2%）>中国太保（0.3%）；环比增速分别为中国太保（25.6%）>中国人寿（8.8%）>新华保险（0.8%）>中国平安（-2.6%）。中国平安、中国人寿、中国太保及新华保险5 月保费收入分别为384 亿元、323 亿元、137 亿元及104 亿元。进入5 月，国内疫情有所控制，居民企业进入有序的复工复产阶段，疫情对保险负债端影响已出清。上险企单月保费呈现弱复苏增长，行业内关注下半年（7-8 月左右）重定义及配套重疾发生率修订结果出台，短期内“促销”原有旧产品，单月保费环比增速提升。但长期来看，2020 年注定为保险行业产品切换年，各家保险公司均在观望下半年重疾修改情况，并且推出相匹配产，预计下半年新单提升迅速。

五问保健品行业发展：1）如何看待东西方膳食营养补充剂的异同？欧美日等市场，膳食营养补充剂零售价格不高，但产品销量确实很大，内在本质是食品，频次低单价；但国内对保健品的认知发展仍未到成熟阶段，把其本质理解为保健药品，是高单价低频次的消费模式。我们相信，随者消费者市场的成熟，原本用于消费者教育的高额渠道毛利，会逐步下降，市场零售价也相应下降，但需求量应该还会增长；2）格局如何演变？短期看份额朝头部集中，长期看不确定因素。短期监管门槛的提高导致经营不规范的企业出清，经营规范的龙头公司受益。譬如药店渠道中准入门槛及监管门槛提高，预计蓝帽子数量占优、渠道关系良好且经营规范的龙头公司集中度提升；长期来看，若食品公及药品公司进入保健食品或功能性食品领域，行业格局有趋于分散的可能性；3）怎么看利润率演变？成熟品类利润率下降，逐步向快消化发展；专业性较强品类或仍能维持高盈利水平，产品力及服务力是关键；4）线上占比如何演变？在疫情冲击下，线下渠道销售受到影响，预计全年行业线上占比仍会提升。长周期看，我们认为线上占比到一定程度后会维持平稳水平，主要系线上获客成本逐步提高、线上竞争加剧拉低利润水平导致吸引力降低、对于专业化较高的产品仍需专业化渠道进行互动；5）行业近期销售如何？线上销售高增，直销渠道恢复，药店渠道动销预计在Q3 恢复正常。

SiC fibers are manufactured with the help of pyrolysis of organosilicon polymers, such as polycarbosilane. Another method for the production of SiC fibers is the use of the CVD (chemical vapor deposition) method. High strength along with a lightweight, stability over high temperature, and resistance from oxidation and corrosion make it an ideal material to be across various ends use industries such as aerospace and defense, power and energy, chemical, automotive, and others. The rising focus towards the advancement of the performance of commercial and military aircraft is continuously driving the demand for high performance structural materials in the aerospace industry. Composite materials have gained acceptance for aviation and aerospace applications owing to exceptional strength coupled with superior physical properties and stiffness-to-density ratios. The aerospace industry is considered as the prime user of SiC fibers. The use of SiC fibers is important for application dealing in extreme mechanical loads at high temperatures (up to 1900 K in the air) and cannot be met out with any metallic material or intermetallic materials. Another most significant application field of silicon carbide composites relates to the manufacturing of such materials in spacecraft, which could possess lightweight and thermo-mechanical properties at the same time and could bear high temperatures. They are also used to manufacture thruster nozzles, reusable rocket nozzles, thermal protection systems, and turbo pump components for space vehicles. The growing application of silicon carbide fibers reinforced composites is motivating the manufacturers to replace the metal parts in aircraft with the fibers so as to boost the fuel efficiency of aircraft engines and used in the manufacturing of engines, thermal protection systems, and turbopumps. Companies are looking forward to expanding the application base of SiC fibers in the aerospace industry. For instance, in March 2017, it was reported that General Electric had adopted SiC fibers-based CMCs to produce its newgeneration jetliner engines so as to improve fuel efficiency. Furthermore, SiC fibers is also being demanded by the power generation industry. They are used to manufacture land-based gas turbine engines, radiation blankets, furnaces, and components, and other materials in the power and energy generation industry.

依托网页或客户端技术搭建虚拟网络直播间，为主播提供实施表演创作以及支持主播和用户之间互动打赏的平台，是一种基于视频直播的互动娱乐形式，得益于移动互联网的发展，目前娱乐直播的承载方式普遍基于移动APP(应用程序)的形态。

These are heydays for the commercial aviation industry as well as businesses supporting it from the maintenance, repair, and overhaul (MRO) sector. For the first time in airline history, carriers recorded three consecutive years of record or near record profits, thanks to constrained fuel prices and operational efficiencies. Rising demand for air travel is keeping production lines at aircraft, engine, and component manufacturers busy and setting records. Lower oil prices, along with the willingness of airlines to spend on upkeep, are resulting in delayed retirements of older jets, which in turn provide more business for the MRO industry because of their additional servicing needs. And despite recent political instability and rising global tensions, aviation seems headed for more of the same—at least over the short term.

With 4.6 billion LTE subscribers expected by the end of 2022 (according to Enensys), Mobile Network Operators (MNOs) still face challenges to retain customers and reduce the churn rate. LTE broadcast serves the purpose for MNOs by providing decent customer experience and satisfaction, thus, allowing the operators to broadcast the most popular content to its subscribers. LTE Broadcasting ensures the quality of the transmitted data, and therefore, the customer experience and satisfaction. The used cases are spread across Broadcasters, Public Safety Services, and Mobile Network Operators. At present, a limited number of telcos have adopted LTE broadcasting and are offering seamless video delivery for its subscribers, with the recent ones to join the list, including Telstra in Australia and Reliance Jio in India. While Telstra launched a nationwide eMBMS service in Australia, Reliance Jio appeared to be using eMBMS, to deliver content to selected users through its JioTV and JioBroadcast apps. Content providers also have been actively participating in the trial of LTE broadcasting. For instance, LTE Broadcast for terrestrial and mobile TV content delivery has been recently demonstrated by MTV, Elisa, Yle in Finland, and IRT and Bayerischer Rundfunk in Germany.

Automated guided vehicles (AGVs) refers to all transport systems that are capable of performing driverless operations and functions. The term "driverless" in the automated guided vehicles is used to describe industrial trucks that are used mainly in the distribution and manufacturing settings, which in a traditional scenario would have been driver operated. AGVs are used in different types of industries, and their end-users are mainly technically feasible. However, the purchase as well as the implementation of these systems are based on the economic considerations.

年初至今建材板块实现涨幅10.07%，跑赢沪深300 指数12.4 个百分点，全行业排名第四。各子板块中，其他建材板块表现突出，主要由于消费类建材涨幅较大，前五月上涨19.69%，跑赢沪深300 指数22 个百分点，水泥和玻璃1-5 月分别累计上涨2.04%和3.41%，分别跑赢沪深300 指数4.4 和5.7 个百分点。