Digital radiography (DR) has revolutionized the field of medical imaging, offering a modern and more efficient alternative to traditional film-based radiography. By leveraging digital sensors, DR provides faster, higher-quality images with reduced radiation exposure, significantly improving diagnostic capabilities.

The global digital transformation market in oil and gas industry is a part of the global technology hardware, storage and peripherals market. The global technology hardware, storage and peripherals market was valued at $980.86 billion in 2021 and reached $934.14 billion in 2023.

The global digital twin market is a part of the global it consulting and other services market. The global it consulting and other services market was valued at $486.12 billion in 2021 and reached $557.35 billion in 2023.

Driving simulators are used in driver's education classes provided in educational institutions and by private firms such as driving schools. In the automotive DRIVING SIMULATOR sector, they are also used to create and assess new cars or new advanced driver assistance systems. They are also used for study in the fields of human factors and medical research to monitor driver behavior, performance, and attention.

A drone navigation system is an equipment designed to control and guide unmanned aerial vehicles (UAVs) during their flight operations. It encompasses various components and algorithms that enable the drone to autonomously navigate through its surroundings, avoiding obstacles and efficiently reaching its destination. The system typically includes a Global Positioning System (GPS) for accurate positioning, sensors such as accelerometers and gyroscopes for stability and orientation, and advanced flight control software. It also incorporates obstacle detection and avoidance mechanisms, mapping capabilities, and communication protocols to ensure seamless operation and safe navigation. The drone navigation system plays a crucial role in enabling autonomous and efficient drone operations across various industries and applications.

A drone navigation system is an equipment designed to control and guide unmanned aerial vehicles (UAVs) during their flight operations. It encompasses various components and algorithms that enable the drone to autonomously navigate through its surroundings, avoiding obstacles and efficiently reaching its destination. The system typically includes a Global Positioning System (GPS) for accurate positioning, sensors such as accelerometers and gyroscopes for stability and orientation, and advanced flight control software. It also incorporates obstacle detection and avoidance mechanisms, mapping capabilities, and communication protocols to ensure seamless operation and safe navigation. The drone navigation system plays a crucial role in enabling autonomous and efficient drone operations across various industries and applications.

本篇报告为我们电商研究深度系列第二篇，重点复盘研究国内平价优势深厚 电商平台“拼多多”的崛起过程及发展现状。 拼多多:白牌逻辑+极致效率，实现快速崛起。拼多多2015年成立，2018 年纳斯达克上市，2021 年成为中国大陆地区用户数最多的电商平台。公司 2017- 2021 年活跃买家数 CAGR 达 37.3%，GMV CAGR 达 103.9%;2017-2023 年 收入 CAGR 达 128%，盈利能力也呈提升态势，2023 年全年实现 Non-GAAP 净利润 679 亿元，Non-GAAP 净利率 27.4%。

量子是数学概念，用来描述光子、质子、中子、电子、介子等基本粒子的能量特性，它是能表现出某物质或物理量特性的最小单元。量子科技包括量子通信、量子计算、量子精密测量三方面应用，在保障信息传输安全、提高运算速度、提升测量精度等方面，可以突破经典技术的瓶颈，将成为信息、能源、材料和生命等领域重大技术创新的源泉，为保障国家安全和支撑国民经济高质量发展提供核心战略力量。

美股投资主线延续 2023 年趋势，继续围绕科技成长展开，纳指年初至今 （12 月 20 日收盘，下同）累计涨幅 32.55%，估值水平达历史 91%分位的 35.01x。高估值背后是 AI 带来的业绩兑现与乐观预期——这也构成了本篇报告的出发点。我们详细梳理了美股软件标的的 AI 布局，基于此探讨并展望海外 AI 的技术发展趋势与应用落地节奏；也从映射视角出发，对 A/H 股相关标的进行了梳理。