业绩回落，增速普遍趋缓：金融科技行业A 股上市公司在2019H1 取得营业收入1,690.4 亿元，同比增长2.8%，相比2015H1-2018H1 超过30%的平均增速，行业营收扩张陷入停滞。

子行业二季度表现分化，电商行业变现最优：我们看到二季度行业平均估值仍低于历史平均。来自宏观消费放缓、广告主预算收紧、对贸易战的担心、短期的监管举措等种种不利因素叠加，印证了我们预期的二季度逆风的持续。从公司表现来看，电商行业二季度在收入和盈利端都带来惊喜，在高线和低线城市市场的渗透均取得进展，尤其在618 期间，平台持续的拉新成效显现，新用户随着时间推移逐渐提升在电商平台的消费支出，6 月电商渗透率达到23%的历史新高。

科技是历史的杠杆，是大国竞争的制高点。二战后，美国取代德国成为世界科技中心并保持至今，晶体管、计算机、互联网、手机、GPS、激光等20 世纪最重要的发明都出自美国。苏联、日本等曾一度冲击美国的高科技垄断地位，但均遭到美国的打击并最终告败。

The advent of new technologies, with stringent environment norms, increasing health safety measures have changed the entire industry viewpoint, with respect to the compliance of standards and regulations. Testing, inspection, and certification (TIC) plays a significant role to ensure the infrastructure, services, products are met with the standards and regulations pertaining to safety and quality. With inspection and testing at regular intervals across a few industries, such as oil and gas becoming mandatory, the TIC services are expected to grow in demand, irrespective of the industrial seasonality.