行业新机遇：通信乘新基建东风，5G 周期景气拉长。“新基建”多次受重点强调，通信行业受益于超半数领域，正值风口。移动通信兼具周期与成长属性， 5G 开启加大景气上升斜率。截至11 月底，我国5G基站已超70 万站，2021 年预计建设90 万以上宏基站。5G 特性要求小基站覆盖密度提高，有望拉长5G 建设景气周期。

行业市场回顾：11 月份大盘震荡上行，通信板块前期表现强势，但后期偏弱。通信（中信）板块指数11 月上涨2.31%，跑输同期沪深300指数（5.64%），跑赢同期中小板指数（0.84%）、创业板指数（-0.9%）。通信板块在30 个中信一级行业中排第21，较10 月上升2 名。子板块方面， 11 月份系统设备、网络规划设计和工程施工、电信运营板块涨幅较大，涨幅分别为5.75%、5.36%和3.98%；而网络覆盖优化与运维、网络接配及塔设、线缆板块跌幅较大，跌幅分别为1.29%、1.37%和2.39%。

Q3FY21 公司总营收1.6 亿美元（同比+119%），其中产品收入1.48 亿美元（同比+115%），专业服务及其它业务收入0.11 亿美元（同比+194%），合约负债余额9.28 亿美元（同比+240%），按照收入确认准则，预计本季度新增合约负债将在Q1FY22 及以后财报中确认。2021 财年前三季度，公司总收入4.02 亿美元，（同比+127%），公司收入增速高于市场预期，具有较高长期增长潜力。

流量增长是驱动行业成长根本因素。技术进步与应用创新持续推动流量需求增高，通信行业成长的根本性驱动力持续增强，流量增长趋势前景较为乐观。

A location-based service (LBS) is a suite of services that includes features such as mapping and navigation, local search & information, social networking & entertainment, proximity marketing, asset tracking, and others offered via software, which help end-users to access location-specific data, and other online services. Locationbased services provide real-time geo-data from a various smart device such as smartphone to provide information, entertainment, or security. Some of the major factors driving the growth of the location-based services market include high penetration of smart devices such as sensors, IoT, and others.

Hyperlocal businesses are the one where one wants to build a local ecosystem that enables customers to buy anything from their neighborhood stores. Hyperlocal ecommerce businesses will deliver food, medicine, consumer goods, and services to you. A special characteristic of this is that their entire supply chain is located pretty close to the buyer as well as the seller. As this service solve the problem of matching immediate demand with the nearest available supply in the most optimized manner.

Facility management services offer maintenance support and escalate the value of a building or infrastructure. In addition, these services have revolutionized commercial and industrial buildings, by maximizing returns on real estate investments for owners through value-added programs and superior management expertise. These services directly support owner’s financial and operational goals. This report covers the study of the global facility management services market based on service type, type, end user, and region.