20 年H1 行业综述：通信板块2020 年上半年总营收小幅增长，负增长公司家数较19H1 增多。行业整体实现净利润215.56 亿元，同比下降5.7%，增速由正转负，负增长家数较19H1 增多。相比疫情对行业Q1 营收和盈利产生较大负面影响，Q2 行业随着复工复产的展开和新基建加速，行业出现强劲的触底反弹，整体营收同比增长11.04%，净利润同比增长27.14%，增速均同比扩大。因此，20H1 行业增速放缓以及净利润下滑主要还是因疫情影响Q1 业绩。

2020H1 中报总结：疫情冲击板块整体业绩，商誉持续下降，现金流有所改善。1）行业龙头净利润占比集中并有分化，收入、净利润、扣非净利润同比下降：游戏公司现金流净额高主要因疫情下游戏流水高；影视板块中电影行业由于上半年影院关闭净利润同比大幅下降；出版龙头公司净利润同比降10%左右；2020H1 传媒行业营收同比下降9.09%，净利润同比下降29.24%。2）受疫情一次性冲击影响，板块整体盈利能力下降，当前处于行业复苏前夜。2020H1 毛利率为23.33%同比下降15.54pct，净利率为11.49%同比下降0.5pct。3）负债率小幅上升，偿债能力、现金流有所提升。H1 资产负债率为36.75%上升3.02pct，现金流量净额上升31.83%至152 亿元。4）商誉逐步降低，H2 将有276.14 亿待解禁。A) 20H1 商誉同比下降26.68%至789 亿元。B）其中横店影视解禁规模超125 亿元。

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。

国内影院复工后发先至，复工6周后票房修复赶上日、韩复工4个月的修复水平。根据boxofficemojo 数据，8月国内票房与观影人次为去年同期的40%+，影院复工率达到90%+，放映场次恢复到去年同期的70%左右。受《八佰》的强势拉动，近2周电影票房与观影人次均超出去年同期30%以上。国内票房市场复工6周即达到日、韩市场复工4个月的修复水平。我们认为，电影产业链的投资逻辑既有短期来自复工带来的触底反弹，更兼具中长期产业链供需格局演变下的基本面支撑。

The patient monitoring market’s growth is primarily driven by the rising prevalence of chronic diseases, growing geriatric population, rising popularity of health monitoring devices, and preference for home and remote monitoring devices. According to the World Health Organization, Chronic Obstructive Pulmonary Disease (COPD) is expected to emerge as the third leading cause of death across the world by 2030. Majority of the chronic diseases and conditions are linked to an aging society and lifestyle choices, such as smoking, sexual behavior, diet, and exercise, along with genetic predispositions. Moreover, the rising awareness regarding patient monitoring devices, especially remote monitoring and home monitoring devices, are anticipated to witness significant growth rates over the forecast period. The percentage of adults meeting the national guideline for aerobic physical activity increased from 44% in 2008 to 54% in 2017. The rising awareness regarding the benefits associated with healthy lifestyle and increasing usage of health monitoring devices are likely to drive the market’s growth.