Fiber optic cables contain strands of glass fibers inside an insulated casing. They are designed for long-distance, high-performance data networking and telecommunications. When compared to wired cables, the fiber optic cables provide higher bandwidth and can transmit data over longer distances. Fiber optic cables support the internet, cable television, and telephone systems. While most fiber optics are installed to support long-distance connections between cities and countries, some residential internet providers have invested in extending their fiber installations to the suburban neighborhoods for direct access by households. A fiber optic cable is less susceptible to interference. A copper network cable requires shielding to protect it from electromagnetic interference. While this shielding helps, it is not enough to prevent interference when many cables are strung together in proximity to one another. The physical properties of fiber optic cables avoid most of these problems.

The market studied is experiencing high growth, owing to the rising number of healthcare facilities and increasing healthcare expenditure. Furthermore, the market players are also focusing on providing better services to their end users, in order to retain the maximum market share. Furthermore, the countries across the world are witnessing similar trends in the provision of healthcare services, with an increase in the demand for healthcare in public hospitals, owing to the rising prevalence of chronic diseases and increased healthcare expenditure. The end users are more inclined toward outsourcing the facility management services, in order to increase their focus on better patient care.

从硬件、内容、平台三个维度，我们认为全球化视角下头部VR 游戏生态蔚然成型，规模化商业拐点初现。

中国移动2019 年下半年业绩迎来一定程度的反转，主要得益于公司业务市场结构的优化，从个人移动向CHBN 协同转变，取得一定成效，同时推动增收节支、提质增效，包括2019 年9 月下线“不限流量”套餐、提高免费宽带赠送门槛、收取新装固网带宽用户综合工料费等。

从国际前三大服务器厂商看，近三年来浪潮信息毛利率（10%-14%）和净利润率（1.4%-2.2%）相比DELL 毛利率（约28%）和净利润率（约6%），以及惠普企业毛利率（约31%）及净利润率（约4%）均有一定差距，拆分DELL和HPE 服务器相关业务，其经营性净利润率在11%-12%左右，而其利润率高的原因是其软硬件一体化的能力较强。

“鲲鹏”+“昇腾”双引擎发布奠定鲲鹏产业算力基础，与伙伴企业合力打造全栈 式IT布局，凸显雄心壮志。华为鲲鹏产业计划是基于鲲鹏处理器构建全栈IT基础建设、 行业应用及服务。

3 月 11 日，拼多多发布 2019Q4 及全年的未经审计的业绩报告，业绩指标喜忧参半。1）2019 全年实现总收入 301.42 亿元，同比增长 130%，低于市场预期；2019Q4 营业收入 107.93 亿人民币，同比增长 91%，低于市场预期 2.95%；2） non-GAAP 下全年净亏损 42.66 亿，亏损较上一年增加 23%。3）全年 GMV 突破万亿，同比增长 113%。拼多多 2019 年活跃买家数达到 5.85 亿，净增 4900 万，同比增速 39.8%。基于疫情期间物流受到影响的推测，预计 2020 年一季度 GMV 与收入增速将略有下滑。

近期，伽马数据发布了《2020 年2 月移动游戏报告》，移动游戏市场2020 年2 月同比增长18.6%，表现较好。我们认为，移动游戏市场短期受宅经济因素促进，中长期有云游戏加持，二季度表现可期。