Flexible electronics have gained huge popularity with the growing number of applications, including wearables. Also, the advent of flexible batteries and the growing use of flexible sensors in smart packaging and tracking applications are expected to encourage the development of the global flexible electronics market throughout the forecast period. Additionally, the growing research and development and innovations in the market are likely to drive the overall market. Flexible electronics have evolved significantly over the last decade. Today, it is possible to create flexible electronics fibers that stretch to over 1,000% of their original length as against of around 70% in 2008, while maintaining their conductivity. These semiconductors have become stretchier, smaller, and thinner, which has expanded the potential of flexible electronics. Flexible technology fabricates transistors using organic materials that replace the silicon and hard ceramic materials with soft, carbon-based materials. These high-performance organic thin-film transistors (OTFTs) can be processed at temperatures lower than 100°C, allowing the use of lowercost thin-film substrates, thus enabling flexible devices. According to BNP Media, by 2030, electronics content will account for 50% of an automobile’s total production cost. Earlier this decade, it was only 30%. Progress in thin, light, and flexible electronics is behind a range of innovative technologies, from curved TVs to glucose-monitoring contact lenses. This can lead to the growth of printable solar cells and flexible screens using organic light-emitting diodes (OLEDs).

The nature of air-based warfare has changed in the recent years with the advent of more lethal, agile and untraceable threats having autonomous capabilities. As threats increase, the countries are compelled to safeguard their territories from potential adversaries at any cost, due to which the emphasis on enhancing the air defense capabilities increased. Major defense exporters, like the United States, Russia, and Israel, are looking at Asia-Pacific as the region with the highest growth potential and are pitching their air defense systems to various countries in the region. The growing territorial disputes in the region are propelling the countries to develop their own air defense systems to reduce dependency. Rapidly emerging technologies have substantially altered the balance of power in recent years. The market is expected to grow primarily due to the growth in air-based threats and the increasing defense expenditures that facilitate both procurement and R&D in newer technologies. However, this growth is subjective to several associative factors, such as allocation of funds, which can be adversely affected due to the projected onset of an economic turndown and various technical factors that may eventually lead to the program delays and cancellations.

投资建议：硬件板块在国际情势影响下剧烈波动，我们判断当前安全边际水平叠加4 季度需求复苏，龙头公司已具备买入价值。推荐关注：美团点评（盈利高增长+生活服务空间巨大）、比亚迪电子（机壳业务增量+新兴产品打开估值空间）、腾讯控股（游戏进入旺季+海外扩张猛烈+金融及投资稳增长）、小米集团（份额回升+IoT 进入高增长期）。

投资策略：移动互联网之后，数字智能时代将到来，5G、IaaS云计算和IDC为代表的新基建快速发展，消费互联网龙头通过海外拓展或下沉市场、应用创新和2B拓展料将继续快速增长，5G网络和云化进程加速推动产业互联网全面发展。建议重点关注：小米集团、腾讯控股、阿里巴巴、美团点评、金山办公、金蝶国际、用友网络、广联达、微盟集团、紫光股份、中兴通讯、中国铁塔、中国移动、宝信软件、光环新网、数据港等。

根据IDC数据，存储在公有云中数据将在2020年追平传统数据中心，且占比仍将不断提升。 根据Alphawise的调研数据，到2023年，欧美企业IT部署中43%将为云，较目前的23%提升近一倍。

TMT 板块2020Q2 业绩增速大幅反弹，主要是因为国内疫情较快得到控制和复工复产的快速推进。展望下半年，疫情对于线上化的深远影响料将持续，线上办公和娱乐等领域高景气有望延续，而消费电子、安防和IT 服务等终端需求则有望延续Q2 末以来较强的复苏势头。7 月中旬以来TMT 行业领跌市场，但线上化持续和终端需求改善带动的景气优势之下，相关细分领域龙头仍将是增量资金关注的重点。建议重点关注云服务、IDC、半导体、消费电子、安防和物联网、游戏等细分领域龙头。

作为全球最大的企业级身份与访问管理（IAM）SaaS 服务商，OKTA 致力于在企业和应用之间打造安全、便捷入口，以及用户身份管理平台。目前公司在全球访问管理市场份额占比20%，稳居行业第一。考虑到全球企业云化、数字化、Zero trust 等的持续推动，以及公司产品业务超过550 亿美元的潜在市场空间，我们认为公司在中期能够维持30%以上的营收复合增速，主要增长动力源于：头部企业客户数持续增加、产品体系丰富推动客户ARPU 持续提升，以及海外市场的拓展等。

从2020 年中报来看：航空装备板块营收和利润稳步增长，受疫情和宏观经济影响较小，具备逆周期投资价值；红外光电、北斗导航高精度应用等信息化领域和军用碳纤维、高温合金等新材料领域的上市公司，营收和利润实现快速增长，有着良好的发展潜力。