Ethernet switch is a multiport network switch that connects all the computer networking devices together on a computer. It forwards the data only to its destination port where it is required unlike Ethernet hubs which forward the data to all the ports irrespective of the requirement. Ethernet switches are broadly classified into two main categories modular and fixed configuration. Modular switches enables to add expansion modules into the switches as needed, thereby delivering the best flexibility to address changing networks, whereas fixed configuration switches are switches with a fixed number of ports and are typically not expandable.

The constant development in the agricultural industry led to the need for a standardized communication system for various agricultural equipment. Agricultural equipment standardization first began in Germany in 1988 under the control of Verband Deutscher Maschinen- und Anlagenbau e.V. (VDMA), which resulted in a national standard DIN9684. The development toward agricultural standardization led to the creation of an international ISO-based standard, ISO 11783. Due to constant developments, the tractors, as well as other agricultural equipment, have become more complex. Inter-equipment communication, especially at the equipment level, has been taken into consideration while establishing the ISOBUS standard. Also, the increased emphasis on precision farming and autonomous harvesting devices needs a standardized network to deploy its benefits. Primarily, ISO 11783 or ISOBUS standard aims at simplifying communication between various agricultural equipment. The standard covers all aspects of a networked system, such as controlling equipment, power management, physical layer, and tractors. To ensure the compatibility among various agricultural equipment through ISOBUS standard, an independent conformance test procedure is defined along with implementation levels.

NFC payment is a contactless payment service that allows people to transfer or receive money using smartphones, tablets, laptops, and other devices. Furthermore, numerous benefits provided by NFC payment devices service include high security, hassle free transaction, faster transaction processing speed, and others. In addition, various banks and financial institutions are providing NFC payment devices service as it provides bank customers with convenient, fast, and secure payment processing systems. This increases the adoption of NFC payment devices among people, thereby driving the growth of the market.

Pay TV is a subscription based television service. Pay TV generally includes subscription-based content such sport event, newly released movies and television serials. Pay TV includes different types of subscription services such as cable TV, satellite TV and IPTV. Cable TV offers its services through coaxial cables or fiber optic cables. Satellite TV is a type of television programming that is wirelessly delivered to TV sets across the world through network of radio signals, communications satellites, broadcast centers and outdoor dish antennas. IPTV uses Internet protocol (IP) based network to deliver TV channels to viewer’s set-top box. The prominent factors that drive the Pay TV market growth include increase in number of subscribers and the launch of new television channels. Moreover, increase in demand for IPTV in developed countries further fuels the growth of the market. However, emergence of OTT platforms such as Netflix, Amazon Prime, and Hotstar, are expected to restrain the growth of the pay TV market.

Discrete manufacturing is an industry term used for manufacturing of finished products that are distinct items capable of being easily counted, touched, or seen. In addition, PLM software is used by various industries to manage entire lifecycle of a product from its start through the engineering, design, manufacture, and disposal services of manufactured products. Moreover, PLM software provides companies with the ability to improve their production quality and also increases a company’s efficiency & productivity. Moreover, many manufacturing units across developing nations of Asia-Pacific and LAMEA are using this software to reduce prototyping costs while developing or innovating new products, which enhances growth of the market.

宏观形势放缓开始对电商和广告等互联网业务流产生影响。我们认为监管正 引导行业回归理性竞争，追求更高质量的长期增长。相比电商行业，网络游 戏行业受到的宏观影响较小，但监管收紧或将从4Q21 开始对网络游戏行业 产生影响。电商GMV 和广告支出增长随整体宏观形势放缓。消费互联网领 域的竞争依然激烈，我们看好具有成本优势的公司；几家头部互联网公司正 快速进军人工智能和企业互联网领域，以扩大长期可触达市场。重点推荐： 腾讯控股、阿里巴巴、腾讯音乐、京东、网易、美团、哔哩哔哩和百度。

9 月社会消费增长止跌回升。2021 年9 月我国社会消费品零售总额为 36833 亿元，同比增长4.4%（前值2.5%），两年平均增长3.8%（前值 1.5%）。其中，除汽车以外的消费品零售额33298 亿元，同比增长 6.4%。

上周沪深300指数上涨0.04%，申万传媒指数下跌1.25%，跑输沪深300 指数1.29个百分点。个股方面，上周涨幅较大的有万达电影（+8.23%）、 昆仑万维（+5.16%）、游族网络（+5.08%），跌幅较大的有芒果超媒 （-16.76%）。

一周观点：1）游戏龙头H2 拐点，新品表现不俗，内容储备丰厚，VR/AR 等新技术有望打开增长空间；2）工业B2B 电商龙头，国联股份持续高增长； 3）营销龙头分众传媒，优质点位持续增长；4）去中心化内容生态及产业链 迎电商旺季，平台及MCN 等服务商龙头等亟待关注。

我们认为互联网板块具备长期投资价值，当前是较好投资时点。受市场情绪 影响，当前互联网公司估值处于历史低位，当前互联网行业监管接近拐点， 如腾讯《英雄联盟手游》已经上线，美团的监管结果逐步落地，短期互联网 公司业绩稳步向好，中长期看，互联网行业投资逻辑与成长价值不变。推荐 关注有较强游戏内容研发能力的腾讯、心动公司、网易，推荐关注主业增长 空间广阔、新业务有序发展的美团，关注海外业务持续发展的小米。