2019/6/4 WSTS 公布4 月全球半导体销售额达321 亿美元，同比下滑14.6%，环比下滑0.4%，同时下调2019 年全球半导体行业市场规模预测，预计全年下滑12.1%至4,121 亿美元。费指近一月内（5/22-6/21）上涨4.9%，但P/E 估值对标普500 折价扩大至9.6%。5/15 华为被加入美国实体清单，为全球半导体行业下半年复苏带来巨大不确定性。建议投资人长期关注中国半导体国产化的投资机会，短期留意（1）AMD 与Intel 的竞争（2）比特币矿机对半导体需求的拉动效果，以及（3）存储器企业估值接近周期底部等机会。

The report provides market dynamics and trends related to the global biomarker technologies market. In addition, it presents the market estimations and forecast of the market. The report includes revenue generated from the sales of products such as reagents and assays, which are used in carrying of biomarker identification. For the purpose of analysis, the global biomarkers technologies market has been segmented based on product, technology, application, indication, and region. The study estimates revenue generated from the sales of products such as assay and reagents, used with technologies such as next generation sequencing, polymerase chain reaction, immunoassays, and others. Based on application, the market is divided into drug discovery and development, diagnostics, and personalized medicine. This further provides an understanding about the use of biomarker technologies. The report covers revenue generated from the sales of productsrelated to biomarker technologies offered in regions such as North America, Europe, Asia-Pacific and LAMEA.

子行业逆风可能延续至二季度，下半年展望偏乐观：我们看到年初以来个股涨幅在过去三个月明显回调，行业平均估值已经低于历史平均。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，我们预期一季度的逆风将持续至二季度；随着重磅新游稳定贡献收入、在线娱乐监管举措的完成、低同比基数效应等，下半年有望看到业绩反弹及估值修复。