双碳战略背景下，氢能凭借环保、高热值和转化率、可提升可再生能源利用率等优势，将迎发展新机遇。其中PEM电解制氢能够提供更宽的负载范围和更短的响应启动时间，与水电、风电、光伏具有良好的匹配性，最适合未来能源结构的发展。据我们测算，受益于电解水高速发展，预计2022-2025年国内PEM制氢对质子交换膜的需求量分别为0.5、1.0、1.7和2.9万平米。同时，近年受益于环保监管趋严及政府政策支持，氢燃料电池出货量不断提升，质子交换膜作为燃料电池核心组件，2022-2025年需求量分别为7.5、20.9、37.9和63.6万平米。

碳酸锂产量及价格变化对下游锂电池和新能源车的消费预期以及电池技术的转型升级影响重大。受制于下游汽车销量增速放缓，近期碳酸锂价格“跌跌不休”。目前，碳酸锂价格从高位回落，99.5%电池级碳酸锂价格从去年底最高56.75 万元/吨已跌至18.7 万元/吨（4 月17 日价格），跌幅超过65%。我们认为：从供需关系的角度来看，随着今年资源端产能逐步释放叠加新能源汽车市场增速放缓，未来碳酸锂价格中枢或将运行在20-30 万元/吨的价格区间。

Cardiovascular diseases (CVDs) are the leading cause of death worldwide, with an estimated 17.9 million deaths each year, accounting for around 32% of deaths worldwide. CVD is a group of heart and vascular diseases, including coronary heart disease, cerebrovascular disease, rheumatic heart disease, and other diseases. More than four-fifths of cardiovascular deaths are due to heart attacks and strokes, and one-third of those deaths occur prematurely in people aged under 70. The global burden of atrial fibrillation (AF) in 2019 is estimated at 59.7 million, twice the estimated case in 1990. It can be argued that the entire continent, such as South America, Africa, and parts of Asia, faces various challenges, such as limited economic resources, aging, high blood pressure, and obesity.

More than 140 countries are featured in this report as well as global and regional summaries. Estimates on equipment or material sales (product shipments value) are published for six historical years and two forecast years. Product shipments include the total value of all products produced and shipped by all producers. For selected products, this can represent value of receipts, value of production, or value of work done.

台积电业绩承压，3 月营收达1454.08 亿新台币，同比下降15.44%，这是自2019 年5 月以来公司营收首次同比下降。3 月营收下降的原因或为智能终端产品全球需求不振、服务器投资受抑制等因素导致的高端半导体需求低迷。联电3 月营收止跌回升，公司表示23 年全年产品平均售价将好于市场预期。

半导体板块估值及景气度反转可期：申万半导体指数当前动态市盈率为处于近四年的底部位置，板块估值水位具备较充足的安全边际；而从供需两端来看，伴随持续去库存及技术升级，同时传统领域订单初显回暖迹象，我们当前时点非常看好需求复苏+技术创新+国产替代带来的半导体产业投资机遇！

A baby monitor is an electronic device that transmits sound and video-related activities of a baby to a receiver, which is usually at the parents' end. The basic version of a baby monitor consists of a radio transmitter that relays sound to the receiver. The receiver includes an inbuilt speaker that enables sound transmission between the baby and parents. This basic version of the baby monitor has a short or limited transmission range. Technological advances have led to the embedment of advanced features in baby monitors that keep parents updated and connected with their babies, even from a remote location. Vendors have integrated baby monitors with the latest technologies, such as video transmission, Wi-Fi, and Bluetooth connectivity, to connect them with smartphones and provide parents with continuous inputs of the baby’s activities. This paved the way for the growth of smart baby monitors with enhanced features for modern day working parents.

FPGA（可编程逻辑门阵列）又称“万能芯片”，美国禁运后，作为最“卡脖子”的芯片之一而家喻户晓。虽然全球市场规模只有80 亿美元，FPGA 这个不大不小的市场却撑起了龙头赛灵思近500 亿美元的市值（英特尔平均市值在2000 亿美元上下，所在市场规模是FPGA 的10 倍）。目前，全球90%的市场份额由美国FPGA 厂商垄断，国产替代必要性不言而明。美国禁运后，国产FPGA 厂商迎来发展的历史性机遇。FPGA 究竟有什么价值？什么在驱动它的未来的成长？龙头为什么能有这么高的市场份额？护城河在哪里？本土厂商又要如何培育自己的竞争优势？针对这些问题，我们复盘了FPGA 三大厂商：赛灵思、Altera 和Lattice 的发展历程，总结出了核心规律，并在FPGA 五问五答系列报告中逐一为投资者解答。

Continuous monitoring o patients’ parameters such as heart rate and rh thm, respiratory rate, blood-oxygen saturation, blood pressure, and many other parameters has increasingly become important for critically ill patients in healthcare settings. Patient monitoring systems are used to monitor patients’ vital signs. During treatment, it is highly important to continuously monitor the vital physiological signs of patients. Therefore, there is high demand for patient monitoring devices in hospitals and other healthcare facilities. The continuous improvement in technology not onl improved access to patients’ vital signs, ut it has also simpli ied the diagnostic process and, as a result, raised the monitoring efficiency of patients.

人工智能（AI）是眼下最为热门的话题，没有之一。我们也选取了一篇刊载 于美国白宫网站的关于人工智能对劳动力市场影响的研究报告1，并对此进行 翻译，试图找到欧美国家中对于人工智能的最新思考。