复 盘TEL的发展历程可以发现，TEL成功的底层原因在于通过与美国半导体设备龙头合作，引进并消化先进技术率先实现 国产化，再通过持续的研发创新纵向深耕、横向拓品、完善平台型布局，同时推进全球化战略，而初期从0到1的背后必然离不开日本政府1970s的支持政策，这与我国三期大基金或有异曲同工之妙。                                 

The global fundus camera market is estimated to grow at a CAGR of 7.9% from 2022 to 2030. Key factors driving the market growth are increase in diabetic retinopathy screening procedures and launches of innovative products. However, incorrect clinical diagnosis due to distorted fundus photography hinders the market growth.

从 AI 落地和投资节奏看，1）中美巨头投入持续加码，上游算力环节业绩先后进入释放阶段，中国企业的机会在于国产替代；2）落地应用环节进度相对偏慢，业绩贡献还不大，核心原因可能是大模型性价比不够，且应用端暂时难出爆款，而随着大模型使用成本下降、中文语言模型能力继续提升背景下，落地应用有望加速的潜力，中国企业有文化基础、数据积累、场景理解、客情关系等优势；3）AI 应用的投资机会上，落地进度快慢。

我们认为，三大运营商作为科技央企标杆，有望受益于我国新质生产力的发展进程：一方面，低空经济、车路云、卫星互联网、AI 智算等新兴产业的发展离不开底层通信与数字基础设施的升级，三大运营商作为数字基建国家队，天然承担着担纲产业链链长、服务国家战略需求的使命。另一方面，电信运营商拥有庞大的 C 端、B 端客户基本盘，能够广泛触及千行百业的实际应用场景、挖掘 AI 等新质生产力的潜在需求市场及潜在价值变现方式，在此过程中，运营商将打开新的产业数字化业务增长点，加速向科技创新企业转型。基于此，建议关注三大运营商在新质生产力领域的布局情况。

The global fundus camera market is estimated to grow at a CAGR of 7.9% from 2022 to 2030. Key factors driving the market growth are increase in diabetic retinopathy screening procedures and launches of innovative products. However, incorrect clinical diagnosis due to distorted fundus photography hinders the market growth.

The global endoscopy procedures market is estimated to grow at a CAGR of 7.0% from 2022 to 2030. Key factors driving the market growth are growing preference for minimally invasive surgeries and increasing prevalence of cancer are the key factors driving the market. However, the risks of infections associated with endoscopic procedures hamper the market growth.

The automated external defibrillators market is estimated to grow at a CAGR of 4.5% from 2020 to 2030. Key factors driving the market growth are increasing prevalence of cardiovascular diseases and rising training and awareness programs on automated external defibrillators. Whereas performance issues related to automated external defibrillators is hindering the market growth.

The global fundus camera market is estimated to grow at a CAGR of 7.9% from 2022 to 2030. Key factors driving the market growth are increase in diabetic retinopathy screening procedures and launches of innovative products. However, incorrect clinical diagnosis due to distorted fundus photography hinders the market growth.