Automated storage & retrieval systems are inventory management systems commonly used in manufacturing centers, distribution facilities, and warehouses. They consist of variety of computer-controlled systems for automatically placing and retrieving loads from one site to another. These systems are used where high volume loads are to be moved from one location to another, as they help provide quick, accurate, reliable, and low-cost solutions. Unit load automated storage retrieval systems are widely used in automotive, food & beverages, chemicals, ecommerce, semiconductors & electronics, and healthcare industries owing to accurate, safe, and stable handling of large items. The automated storage & retrieval system manufacturers aim to develop automated storage retrieval systems with maximized storage capacity, increased performance, reduced energy costs, and increased inventory accuracy and customer service. To cite an instance, Dematic Group launched mini-load AS/RS, which provides increased performance in the automated storage and handling of products in distribution centers and raw material stores, and these are specially designed for ultra-high-speed load handling.

7月手机出货量同比下滑，部分源于618大促后、9月新机发布前的空档期，看好下半年新机带动销量回暖：根据中国信 通院数据，7月国内手机市场总体出货量2230.1万部，环比-22.1%，同比-34.8%；Q1国内手机出货量4895.3万部，同比 -36.4%，Q2国内手机出货量10411.7万部，同比-4.6%；前7月国内手机出货量17537.1万部，同比-20.4%；我们认为， 下半年苹果及安卓新机发布、5G换机以及更中长期的宏观经济回暖有望带动手机销量回暖。

The continuous evolution of the Internet as a platform for business and trade and the success in monetizing digital content are driving the market growth. While there has been a clear improvement among consumers, in terms of willingness to pay for premium content, supported by the rise of affordable monthly subscription-based business models, piracy and unauthorized redistribution of copyright-protected content are also witnessing growth. Several organizations across the world are focusing on rapidly expanding their presence across various social networking sites. This is further allowing companies to exhibit and sell their products online by utilizing a content marketing strategy. As a result, companies are planning to implement intellectual property (IP) rights. This is expected to drive the demand for digital rights management and licensing. The increasing usage of digital documents, such as PDFs, word documents, and emails, is assumed to stimulate the growth of the market studied.

Connected car can be defined as a car that is equipped with a wireless local area network (Wireless LAN) and usually with internet. This connectivity allows the car to share data and internet access with any other device both outside and inside the vehicle. In addition, car is also installed with special added technology that connects to internet or wireless LAN and provides additional benefits such as navigation, vehicle diagnosis, and others to the driver. The connected cars market has witnessed significant growth over the years, owing to increase in trend of connectivity solution worldwide.

Cloud computing refers to the model or network where a program or applications run which can be accessed by many devices or servers at a time. Cloud computing technology is a shift in the tradition of computing, which has given newer and faster methods to provide computing solutions, infrastructure solutions and application layers. The report focuses on the emerging cloud computing technology and its application. It also gives a comparative analysis of the cloud computing technology with the conventional technology and describes how the cloud computing technology scores an upper hand than the conventional technology. The cloud computing technology comprises both hardware as well as the software through which the services are delivered. This report contains only the services category and excludes the hardware. Hence, the report focuses only on the cloud services market. There lies a great potential in the cloud computing services market due to several benefits such as access to broader network, on demand service, pay as you go benefits, resource pooling, business agility, rapid elasticity, cost cutting and many more.

Cable & connectors is one of the key elements used by various industries to transfer data and to provide high end connectivity among the end points. In addition, rise in government initiatives to improve connectivity within the country and surge in demand for higher bandwidth network by different industries drive the growth of the market. In addition, increase in investment in defense & submarine cables by various organizations fuels the growth of the market. Furthermore, complex fault detection and removal process of errors hampers the growth of the market. Moreover, rise in data centers across the globe and surge in government initiatives to increase connectivity in rural areas of developing economies are expected to provide lucrative opportunities for the market. The key players profiled in the cable & connectors market analysis are 3M Company, Amphenol Corporation, Alcatel-Lucent (Nokia Corporation), Axon Cable S.A.S., Fujitsu Ltd., Huawei Technologies Co. Ltd., Nexans, Prysmian S.P.A., TE Connectivity Limited, and Sumitomo Electric Wiring Systems, Inc.

E-waste management refers to the reuse, resale, recycle, or disposal of discarded electronic and electrical devices. Today, there is an increase in the number of electronic and electrical industries, which has led to the rise in volume of e-waste all over the world. The enhanced purchasing power of the customers as well as increased rate of obsolescence of electronic and electrical devices has been adding to e-waste in tremendous volume each year. The report focuses on the growth prospects, restraints, and market analysis. The study provides Porter’s five forces analysis of the e-waste management industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the market.

投资建议：借助百度APP、内容生态等持续发力，百度核心搜索&信息流业务相对稳定，亦是公司中短期主要现金流来源。公司不断聚焦AI等新业务板块，虽然短期仍较难贡献规模收入，但长期有望支撑公司估值提升。根据彭博一致预期，公司2020-2022年营业收入分别为1062/1200/1334亿元，对应增速-1.2%/13.1%/11.2%，Non-GAAP净利润170/212/261亿元，对应增速-6.5%/24.8%/23.2%，当前股价对应2020-2022年PE为18/14/11倍，显著低于其他中概互联网公司。随着公司业绩逐步企稳以及AI等新业务的逐步落地，叠加积极的股东回报政策，公司估值依旧具备修复空间。

本篇报告是中信证券研究部“瞻星”系列报告的第三篇。相比直接关联投资，卫星数据可以更好地反映基本面情况。本篇报告在前两篇的基础上，进一步探讨了卫星数据对大消费行业营收状况的跟踪有效性。从中观行业层面看，指引意义不强；从微观层面看，对于食品饮料，家电与农林牧渔等重点公司，基本面相关性长期跟踪效果有效，基本面实时跟踪指引有效性较高。