The concept of fabric connecting computing resources and providing centralized access has been in development phase since the advent of grid computing. With further advancements fabrics have evolved to be interconnected structures where multiple nodes appear as a single logical unit. In recent data exploration developments, data fabric has evolved to be one of the most significant architecture that encompasses IT In- memory Data Fabric capabilities that provide seamless, real-time integration and access across the diversified data silos of big data system. Data fabric is ultimately gaining momentum in data analytics transformations as it provides a holistic approach to manage data securely, efficiently, and future-proof the data transactions. The report features information on data fabric and In-memory Data Fabric offered by the key market players. Furthermore, it highlights the strategies adopted by the major market players to improve the market share and sustain competition.

Digitization has become the key to unlock newer opportunities in almost every industry and is gaining a strategic edge in a rapidly-changing business ecosystem. A survey by Fujitsu of the C-suite decision- makers revealed that 98% of the correspondents believe that digital innovation has disrupted their organization. Furthermore, 77% of the respondents considered innovating more quickly as a necessity, while 67% of them considered partnering with technology experts as a necessity for growth. Product lifecycle management (PLM) is a system, which helps organizations manage the series of changes in a product’s lifecycle, starting from its design and development to its ultimate disposal. However, the growth in the adoption of smart connected products, due to the adoption of the IoT technology, is pursuing the manufacturers to integrate the mechanical and electronic components with software solutions. the increased adoption of Industrial IoT (IIoT) in the production process is aiding the market demand for software applications, and IIoT adoption is expected to skyrocket over the forecast period. For instance, according to GSMA Intelligence, the number of IIoT connected objects is expected to reach 13.7 billion by 2025.

逆全球化导致多败具伤，科技产业成本加剧。美国商务部于5 月15 日宣布对华为执行出口管制修订方案，进一步限制了华为获取半导体芯片等器件的能力。美国此次进一步逆全球化的政策将加剧科技产业成本，导致华为、半导体产业链、美国、及全球等多方位利益受损。

通信板块 2019 年受 4G 建网末期，运营商资本开支处于底部等因素影响，全年营收增长放慢，受部分公司大额亏损影响，板块净利润为负。子行业方面，2019 年 IDC 板块表现抢眼，营收增长分别为 25.1%，净利润增长34.5%。随着中兴“禁运”事件影响消除，通信主设备板块呈现边际向好格局，营收恢复增长，较前一年增长 7.1%。光模块板块继续保持高景气度，行业估值继续抬升，2019 年达到62.7x。光纤光缆板块受价格端持续低迷影响，营收及净利润的增速处于历史底部。物联网板块受行业景气度提升影响，营收增长重回上升通道，达到10.2%。

移动广电签署合作框架协议，共促700MHz 5G 发展。中国移动与中国 广电于2020 年5 月20 日签订有关5G 共建共享之合作框架协议，双方 将按照1：1 的投资比重，共同建设并使用700MHz 频段5G 无线网络， 且广电可通过付费方式向移动获取资源、维护、技术等多方面协助。此 次协议签订将助力形成双赢局面，中国移动方面，频段得以扩张，有偿 服务提升增量受益；中国广电方面，借力中国移动技术、资金等多方位 优势克服700MHz 组网难题，且零周期、零门槛地拥有覆盖全国的移动 通信服务能力。

物联网模组行业由于产品开发周期较长，同时下游较为分散，寻找客户并规模出货难度较大。长开发周期和下游分散的特点对于中小模组厂商而言较为不利，随着单片模组的单片利润下降，没有足够量支撑的中小模组厂商生存空间将被压缩，行业集中度有望进一步提升。

相比于4G，5G 行情超额收益有限，仍有较大上升空间：19 年被业 界认为是5G 网络元年，从19 年初至今，5G 行情超额收益有限;而 4G 时代，4G 指数显著跑赢大盘。主要原因一是由于5G 投资规模之 大，以及网络制式向上升级的边际效应递减，使得5G 相关应用场 景落地和整个社会经济受益于5G 网络的时间跨度都将拉长；二是 全球疫情所带来的诸多不确定性。但考虑到目前以信息网络为基础 的新基建加速建设以及5G 所能给整个社会经济所能带来的生产动 能，我们认为5G 板块潜力仍在。