2020 年 4 月份中信基础化工行业指数上涨 4.73%，在 29 个中信一 级行业中排名第 11 位。子行业中，复合肥、有机硅和氮肥板块表现居 前。主要产品中，4 月份化工品呈现反弹态势，上涨品种数量大幅提 升，下跌品种数量有所下降。上涨品种中，丙酮、PP 粉、丙三醇、碳 酸二甲酯、苯酚涨幅居前。4 月份的投资策略上，建议继续关注农药、 化肥板块以及减水剂板块，推荐奥克股份。

工业气体全球市场超千亿美元，中国市场高增长。全球工业气体需求的主要市场仍然是北美和欧洲，但增速显著放缓；亚太 地区近年来发展很快，已经成为拉动全球市场增长的主要引擎。2018 年全球工业气体市场规模超过 1200 亿美元，中国工业气 体市场规模达到 1350 亿元，在全球市场的占比提高到 17%。

Enterprise application integration (EAI) enables applications to share data, regardless of where they are hosted. EAI unites databases and workflows associated with business applications to ensure information is represented and used consistently. With enterprise application integration, changes to the core business data in one application are correctly reflected in other applications. EAI is developing as a mission-critical solution for modern businesses today. It involves the use of methods and tools aimed at the optimization and modernization of computer applications within an organization. In a typical enterprise, whether small or medium, or large, the EAI accounts for a 35% share of the overall spending on application design development and maintenance. Businesses today need robust connectivity, with a wide range of applications that have smart data mapping.

Energy harvesting, also known as power harvesting or energy scavenging, is defined as the process by which energy is derived from external sources. Ambient energy, the source of energy for energy harvesting systems, is present as ambient background and freely available. Different sources of ambient energy include light energy, thermal energy, radio frequency energy, kinetic energy, chemical/biological energy, atmospheric energy, and hydro energy. Among these, solar, thermal, and vibrational energy are the forms of energy that are the most frequently used by energy harvesting systems. Energy harvesting systems typically convert the ambient energy into electrical energy, which is then used to power up various devices, such as consumer electronics, implantable biosensors, wireless sensor nodes, military equipment, etc. Energy harvesting systems are primarily used in low-power electrical utilities, such as sensors, watches, and home appliances. These systems provide an efficient alternative to the use of conventional power sources, like batteries. The use of such energy sources have been particularly advantageous, as the devices can be virtually operated to an infinite amount of time without any adverse affects on the environment. There is high usage of batteries, globally, which is leading to wastage of resources and potentially harmful outcomes for the environment.

2019 年计算机行业整体收入和利润出现双下降，收入同比下降12%，净利润同比下降32%。行业毛利率基本稳定，费用率略有上行，但总体可控。商誉减值是造成2019 年净利润下滑幅度大于收入下滑幅度的主要原因。我们认为，1）增长模式切换，2）人力成本提升，3）商誉减值，是导致2019 年计算机行业收入、净利润双双出现下滑的原因。受新冠疫情影响，一季度计算机行业净亏损11 亿元，我们认为新冠疫情不会改变计算机行业发展的长期趋势，建议布局产业趋势明确，下游景气度高的细分龙头。

4 月行业震荡上涨7.3%，跑赢上证综指3.2 个百分点，表现位列第7。复工进展偏慢，但政府、事业单位等订单已开始快速恢复。预计5 月仍将震荡为主，但随着北京等核心地区解封，行业需求和交付将迎来显著恢复；安全、云硬件等主线板块机会进一步巩固；年中攻势进入视野。

4 月30 日，中国证监会、国家发展改革委联合发布《关于推进基础设施领域不动产投资信托基金(REITs)试点相关工作的通知》，正式启动基础设施领域公募REITs 试点工作。

2019 年全年板块整体实现营收7163 亿元同增14.6%，2018 年同期为17.5%；实现归属于母公司所有者净利润254 亿元同增14.2%，2018年同期为-37%；实现扣非后归属于母公司所有者净利润105 亿元同降13%，2018 年同期为-53%；销售商品提供劳务收到的现金/收入为1.07，2018 年同期为1.08；经营活动产生的现金流量净额/利润为1.9，2018 年同期为1.6。2020Q1 实现营收998 亿元同降22%，2019 年同期为13%；实现归属于母公司所有者净利润为-8 亿元，2019 年同期为盈利74 亿元，主要受疫情影响交付及验收活动滞后所致，新收入准则实施影响较小。

市场回顾：上周沪深300 指数上涨3.04%，中小板指数上涨1.59%，创业板指数上涨1.65%，计算机（中信）指数上涨2.17%。板块个股涨幅前五名分别为：华胜天成，奥飞数据，朗科科技，安恒信息，中科创达；跌幅前五名分别为：天夏智慧，博信股份，航天长峰，汉鼎宇佑，龙软科技。

本周A 股主要指数小幅上行，物联网板块排名表现较好。物联网板块中，传输层中的射频模块和通信模块板块上涨9.29%和6.59%，表现最好；平台和应用层中的泛在电力物联网板块下跌0.37%，表现最差。我们持续看好未来5-10 年物联网行业的发展，考虑实施和落地节奏以及投资的确定性，我们建议重点配置传输层的射频模组和通信模组板块，仍应考虑逢低关注和布局感知层的传感器和MCU 板块，短期继续关注平台和应用层的工业互联网和泛在电力物联网板块。