The fixed-line voice market has seen its subscriber base contract as it is increasingly being substituted by internet-based calling facilitated by WiFi and by the mobile broadband network. At 5.0mn subscribers in 2020, the customer base shrunk by 7.6% y/y and this trend will continue. The bundling of services by operators will aid in stemming the fall in a market that is in a structural decline. The fixed broadband market in Thailand reported a healthy increase in subscriber base over the last few years with a 13.6% y/y rise in 2020. The pandemic has further aided growth as uninterrupted internet connection became a necessity to be able to work-from-home, to be able to carry out virtual learning seamlessly and for entertainment as people were restricted to their homes. The migration to FTTH has resulted the fixed broadband speeds in Thailand being among the fastest in the world and in ASEAN, Thailand ranked 2nd behind Singapore in 2020.

Establishments described in this report are primarily participating in the smart space market. A smart space is a physical or digital environment in which humans and technologyenabled systems interact in increasingly open, connected, coordinated and intelligent ecosystems. Multiple elements — including people, processes, services and things — come together in a smart space to create a more immersive, interactive and automated experience for a target set of people and industry scenarios.

Establishments described in this report are primarily participating in the smart beacon market. Smart beacons are small electronic transmitters that periodically transmit bluetooth signals for marking places and objects.

Establishments described in this report are primarily participating in the wi-fi market. WiFi as a Service is a subscription-based service that combines three key elements: infrastructure, software, and managed services. Our subscriptions includes: Infrastructure – All of the hardware and equipment, from access points to firewalls, and even your ISP if needed.

11 月 CPI 数据显示美国通胀拐点大概率确立，叠加美股软件 SaaS 板块近一年充分调整，当下市场对其看法正趋于乐观。伴随市场对美国经济衰退担忧加剧，分子端业绩逐步成为市场演绎主要矛盾，在经济衰退基准情形下，我们判断当下市场对美股软件板块 2023 年业绩预期修正尚不充分，其料将构成市场后续主要尾部风险来源。考虑到当下脆弱的市场情绪，基于经验数据、自上而下的方向性判断并不足够，我们需要在个股层面、自下而上对企业 2023 年业绩预期作出更为前瞻性的判断。对于以订阅模式为主的应用软件，RPO、cRPO 对于企业短期业绩具有良好指示意义，是核心关注指标；基础软件大多以消费模式为主，其中数据管理、IT 运维软件企业营收和公有云平台具有明显相关性，短期业绩预期调整相对最为充分，信息安全板块影响因素较为复杂，但短期需求亦最具有韧性。

2022年全年计算机板块跑输大盘, 10月板块再次反弹。计算机板块近十五年经历过三轮涨跌周期。截至2022 年11 月29 日，跑输上证指数10.54个百分点，在31 个行业中排名倒数第三。2021 年以来，板块历经了长时间的回调与震荡。22 年1 月下旬开始，板块大幅回调，直到今年4 月底触底反弹，10 月起板块再次反弹。

Anticipated growth in software control center market can be attributed to growing urbanization and industrialization, increasing demand for industrial automation and mechanization, expansion of manufacturing sector, increasing industrial plant uptime, and rising use of electric motors in key industries such as chemicals & petrochemicals, power generation, metals and mining. Additionally, growing awareness and regulations pertaining to energy saving are further expected to positively influence the control center market in the forecasted period.

The IT services market consists of sales of IT services and related goods by entities (organizations, sole traders and partnerships) that apply technical expertise and knowledge to enable organizations to create, manage and optimize their IT processes. IT services are technology functions that are offered with support and management. This allows customers to use information technology without managing complexities such as maintenance, security, scalability and resilience. IT services may be offered by internal teams or external partners. IT services offer software support services that are generally technical support or break/fix services that are delivered for specific software products.

受疫情影响，2022年前三季度板块收入增速有所下行。同时，由于扩充的人员成本相对刚性，利润增速显著下行。

In block storage, data is stored in significant volumes into fixed blocks, called “blocks.” Each block can be stored is varying operating environments, such as some blocks in Windows and others in Linux. The storage system will reassemble different blocks as a single unit whenever the data needs to be retrieved. For HDDs and data that is updated often, block storage is considered the default storage type.