光模块的应用场景主要分为两大领域：4G/5G 无线网络、固定宽带 FTTX、传输与数通网络等为代表的电信领域；承载 AR/VR、人工智能、元宇宙等应用的数据 中心领域。这两大应用场景的规模增速是影响光模块需求景气度的核心指标。

The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Barnes Reports' Global Manufacturing & Makets report series provide estimates of the size and characteristics of the largest equipment, materials and consumables by manufacturing industries in the largest 140 global countries. These estimates are produced by a proprietary economic model that is based on a number of sources and factors

在2021 TESLA AI DAY将引入Transformer进行大规模的无监督学习。2022年后国内公司跟进。特斯拉从安装在汽车周围的八个摄像头的视频中用传统的ResNet提取图像特征，并使用Transformer、CNN、3D卷积中 的一种或者多种组合完成跨时间的图像融合，实现基于2D图像形成具有3D信息输出。毫末智行的AI团队正在逐步将基于Transformer的感知算法应用到实际的道路感知问题，如车道线检测、障碍物检测、可行驶区域分割、红绿灯检测&识别、道路交通标志检测、点云检测&分割等。

板块整体营收规模小幅上升，盈利能力略有下跌：对16家工业气体重点公司进行统计，2023年H1营收295亿元，同比增长4%；归母净利润32亿元，同比下跌0.1%。受到下游景气度影响，空气气体以及特种气体价格均出现下滑，上年同期稀有气体价格基数较高，导致板块增速有所放缓，但是由于大宗气体有长协、特种气体体量较小，整体板块盈利能力受影响较小。

2023年上半年电子板块463家公司营业收入合计13512亿元，同比减少 7.4%；归母净利润合计456亿元，同比减少 46.3%。分季度看，地缘政治及宏观经济形势的影响仍在继续，下游需求依旧低迷，库存高企带来供需错配，造成库存去化过程中产品价格承压，拖累电子行业整体业绩，盈利能力承压，但是部分子板块供 需状态已有所改善，营收、净利润同比降幅收窄。23Q2 电子板块营业收入合计7025亿元，同比减少 6.0%；归母净利润合计284亿元，同比减少 37.0%。盈利能力继续修复，毛利率为 15.3%，环比提升 1.3pcts，期间费用率 10.6%，环比减少 1.9pcts，研发费用率 5.8%，环比减少 0.2pcts，净利率 3.9%，环比提升1.7pcts。

荣耀发布折叠屏新机 V purse，起售价下探至 5999 元，我们看好折叠屏终端价格持续下探带来的需求成长，建议关注重要零部件供应链环节。其中，铰链环节建议关注东睦股份、统联精密、精研科技、宜安科技等；保护盖板环节建议关注长信科技、凯盛科技、沃格光电等；柔性 OLED 显示面板环节建议关注京东方 A、TCL科技、维信诺等；OCA 光学胶环节建议关注斯迪克。

国内厂商已发布 2023 年中报业绩，整体来看 23Q2 基本面企稳或环比向好，23Q4 环比改善预期相对明晰。国内厂商主要布局利基存储设计或主流存储模组环节，2023Q2 大部分存储厂商毛利率已至近年低位，库存见顶，营收/出货量出现环比增长，部分厂商 Q2 利润端环比改善。我们预计 23H2 随库存去化，需求逐步回归，未来行业细分龙头有望迎来业绩修复机会，看好国内存储产业链周期复苏叠加国产化趋势下的投资机遇。建议关注：1）存储模组；2）存储芯片设计；3）存储配套芯片。