Buildings use energy to maintain a comfortable and cool environment inside through cooling, ventilation, and heating of interior spaces as and when required. Besides, buildings also use energy to power home appliances, lighting systems, computers, and other office equipment. Energy use in buildings accounts for nearly 40% of the global energy consumption and 36% of the total energy-related carbon dioxide emission. These high percentages of energy usage and carbon dioxide emission need to be minimized to conserve more energy. The problem can be addressed by improving the efficiency of the equipment used inside buildings. This has increasingly led to the usage of plastic materials in buildings, as their usage has led to more energy conservation.

Buildings use energy to maintain a comfortable and cool environment inside through cooling, ventilation, and heating of interior spaces as and when required. Besides, buildings also use energy to power home appliances, lighting systems, computers, and other office equipment.  Energy use in buildings accounts for nearly 40% of the global energy consumption and 36% of the total energy-related carbon dioxide emission. These high percentages of energy usage and carbon dioxide emission need to be minimized to conserve more energy. The problem can be addressed by improving the efficiency of the equipment used inside buildings. This has increasingly led to the usage of plastic materials in buildings, as their usage has led to more energy conservation.

半导体行业具备生产环节长、技术壁垒高、资本开支大、技术创新密集等特点，我们认为估值与商业模式（怎样赚钱）、技术(赚多少钱)与下游趋势（什么时间赚钱）三要素有关。我们着重从产业转移的角度，分析各个地区受商业模式与下游趋势（不同模式趋势也不同）引导的估值异同：1、各国家、地区估值异同；2、各商业模式（环节）估值异同；3、环节内企业估值异同。

在不同成长阶段由于关注的核心因素不同，最终导致科技股适用的估值方法有所不同。如初创阶段科技公司可使用市场空间估算法和实物期权法进行估值；对于成长早期科技公司，以营业收入为估值要素的P/S（EV/Sales）估值方法较为适用；对处于成长阶段的科技股，相对估值法和绝对估值法均被广泛采用。处于成熟期的行业，采用相对估值法较多。

我们观察到光纤光缆相关公司的业绩和股价都出现了调整。A/H 上市4 家核心光纤光缆公司（长飞，亨通，中天，通鼎）2019 年上半年总利润下滑32%，合计市值4 月移动集采以来下跌26%，目前市值总和水平对应2019/2020 年平均EPS14.7 倍市盈率，2019 年BVPS 1.7 倍市净率，PB 估值处于历史估值周期底部，反映市场对2019 年下半年及2020 年光纤光缆国内需求及集采价格持谨慎态度。

前些年的市场教育已取得阶段性成果，加之政策经济环境等外部因素驱动，我国整体云服务市场保持高速增长，至2018年形成逾千亿（1026.3亿元）的市场体量。其中，基础资源上云的推动力持续强劲，而基础云服务厂商也纷纷加码、高举高打，我国基础云服务市场（尤其是公有云市场）近两年迎来突进式增长，市场规模接近800亿元。