投资策略：（1）5G 网络覆盖持续提升，5G 基站数突破156 万，持续推荐5G 设备商龙头：中兴通讯；（2）5G 套餐用户数渗透率的提升拉动运营商ARUP 值，运营商放弃价格战转而通过提供更加优质和差异化的服务来提升用户黏 性，建议关注：中国移动；（3）物联网行业发展进入快车道，重点推荐车载通 信模组的投资机会，建议关注广和通、移远通信；（4）双碳背景下，绿色节能 发展成为主旋律，重点推荐精密温控龙头：英维克。

智能座舱芯片承袭智能手机芯片优势，市场地位优势显著。从2014 年推出第一代骁龙620A 以来，高通已发布四代智能座舱芯片，芯片制 程由28nm 升级至5nm。以智能化为主要卖点的新势力车型搭载高通比 例极高，蔚来EC6、ES6、ES8、ET7，小鹏G3i、P7、P5，理想ONE 均搭载高通智能座舱芯片，新势力新款车型持续以高通智能座舱芯片 作为首选体现出高通在智能座舱领域的竞争实力强劲。对比智能手机 芯片与智能座舱芯片，其相同点在于通信、娱乐、高清显示需求高度 一致，区别点在于消费电子行业竞争更加激烈、产品迭代速度更快， 产品制程更为先进，高通承袭智能手机芯片竞争优势降维打击智能座 舱芯片从而形成较大竞争优势。我们认为高通在智能座舱领域领先地 位较为稳固，预计新一代产品有望增添更多汽车领域定制化功能，进 一步加大在汽车领域的投入力度。

各省市陆续公布建设规划，根据我们梳理，目前张家口、韶关、重庆、天府、贵安、庆阳、中 卫、和林格尔等集群或所在地区已给出了较为具体的十四五期间数据中心建设目标。据发改委 统计今年以来10 个国家数据中心集群中新开工项目25 个，数据中心规模达54 万标准机架， 带动各方面投资超过1900 亿元，其中西部地区投资比去年同期增长6 倍。预计“十四五”期 间，大数据中心投资还将以每年超过20%的速度增长，累计带动各方面投资将超过3 万亿元。 运营商作为工程主要参与者，投入重视度持续提升。根据我们分析，中西部地区土地和电力成 本优势显著，1000 个机柜的机房在核心一线对比中西部枢纽地区土地成本相差在300 万元以 内；电费成本在1000 万元/年以内，算力西迁的经济性较为明显。

5G is being tested for C-V2X use-cases. C-V2X based on 5G will significantly increase the safety and the automated driving capabilities of connected/autonomous vehicles. Low latency, massive bandwidth capability, and improved processing capacity are the major advantages that 5G will offer to the AVs of the future. The pace at which data is uploaded will be crucial for potential autonomous use-cases. Large quantities of data from sensors, radars, cameras, and other devices will be constantly gathered from cars, uploaded to the cloud, and exchanged in real time with other vehicles. Existing 5G download and upload rates are insufficient for AVs to perform ultra-reliable and low-latency use-cases. In the event of a network interruption (for example, a storm or a hurricane), AVs can migrate to the 5G edge cloud without affecting third-party services such as charging stations, fuel stations, and hospitals.

Command and control software connects multiple discrete systems at various locations and integrates different security applications and equipment on a centralized platform. This provides holistic security control, minimizing complexity and allowing better decision-making. It collects data from various devices, systems, layers, and components and displays it in a unified visual interface, making it easier for operators to detect and validate risks, prioritize security incidents, and proactively address issues.

Many players in the global AI in operating room market have products and solutions which cater to applications such as scheduling, diagnosis, training, and instrument tracking for most of the indications. However, with time, new market entrants are expected to target niche applications and indications. Given the nature and the early phase of developments in the market, many companies have products in the pipeline, and more new players can be continuing their research and development in stealth mode. Thus, it is to be noted that the current market share of companies is subject to change significantly during the forecast period 2021-2030. The following figure indicates the estimated market shares for key players in the global AI in operating room market.

市场方面，上周通信（申万）指数下跌2.28%，同期沪深300 下跌4.19%， 创业板指下跌6.66%。上周三大运营商发布一季报，1Q22 运营商合计营收 及净利润实现稳健增长，其中产业互联网业务延续快速增长，移动业务、固 网业务稳中向好。根据工信部数据，1Q22 国内新建5G 基站13.4 万站，同 比增长179%，此外上周中国移动扩展型皮站设备集采启动，总规模约2 万 站。建议关注：中国移动、中国电信、中国联通、中兴通讯、移远通信、威 胜信息、拓邦股份、和而泰、华工科技、新易盛、中际旭创、天孚通信、数 据港、亿联网络、七一二、上海瀚讯、海格通信。

行业策略：数据中心与云计算产业链具备长期景气度，行业将维持五年以上 总体CAGR 20%+：算网基础设施约占投资额41%，测算2025 年市场规模 8785 亿元；预计数据湖、人工智能等细分领域3 年翻番；终局是建立“四 高三协同”（高能效、高技术、高安全、高算力、数云协同、云边协同、数 网协同）的全国性算力网络，长期可带动3 万亿元投资（发改委）。增量空 间主要集中在数据中心建造环节；ICT 基础设施更多是向高端产品演进的结 构性机会。中短期建议关注供配电系统、冷源空调暖风系统等投资占比较高 的配件商；算网基础设施推荐龙头厂商；软件服务增长前景可观，且Opex 支出更具持续性，IDC 运营商、应用服务软件厂商值得长期布局。

今年以来，通信行业推出股权激励方案（包含限制性股票、期权）以及回购与增持的公司明显增多。我们认为，2020Q2 以来通信（申万）指数表现一般，多数公司股价也有所回调，因此上市公司密集推出股权激励及回购与增持，反映出公司可能认为当前股价处于较低位置，同时对未来发展展望积极。

When one company failed, it joined the other to accelerate the development and manufacture of a successful vaccine. Governments, retail pharmacies, health systems, payers, and nonprofits are working together to provide widespread distribution and administration.