2022 年前半期半导体产业下游需求保持结构性增长，新能源汽车、工控、中高端IOT 领域及电源管理芯片、MCU 等产品的供需失衡延续，带动半导体产业链内相关企业业绩上行。中长期，地缘政治冲突或加快科技产业的逆全球化进程，国产化替代进程提速利好国内半导体企业。需求端，5G 手机、折叠手机、新能源汽车、物联网设备、企业数字化转型等下游市场方兴未艾，为半导体产业带来新的增量、机遇与竞争，半导体制造、设计龙头及车规半导体龙头企业将持续受益。建议持续关注半导体行业，维持行业增持评级。

IT 基础设施运维面向CPU、存储器等基础硬件操作系统，中间件、数据库等基础软件，确保企业IT 系统的可用性、安全性和连续性，提高企业IT 系统的运行效率和服务质量，是企业信息化依赖的基础和根本。在IT 基础架构云化的背景下，面向基础云服务的运维管理也被纳入IT 基础设施运维的范畴中。应用系统运维主要面向企业的各项内外部数字服务，对其应用性能和表现进行监控和实时优化，从而确保各项功能正常运作，提升使用者的交互体验。网络通信运维面向企业的网络架构，关注网络通信的速度、稳定性和延迟等方面的表现，确保企业的网络处于高质量运行水平，提供良好的信息传输体验。

我们认为，逆全球化趋势下电子产业链外迁可能性部分存在，预计是5-10 年维度缓慢的长周期过程。近年来国内人力成本提升、各国关税上行、服务本地市场、分散供应链等因素是导致部分工厂外迁的动因之一，迁入地需要较长时间发展才具备承接能力；同时国内企业受益于工程师红利主动进行结构化升级和转型，将部分低附加值产业主动外迁是动因之二。与此同时，我们认为产业链玩家重新洗牌可能较小，外迁以国内龙头出海布局为主，呈现“以中为主，出海为辅”特点，预计行业格局将持续向国内产业龙头集中。

我们认为，1）疫情向好趋势下消费有望迎来复苏，各流量平台下半年广告业务有望迎来高弹性；2）随着互联网监管政策趋于常态化，市场对于监管政策变动的边际敏感性料将减弱。互联网行业作为消费行业下游，受到疫情和宏观消费因素影响，我们预计Q1~Q2 业绩仍存压力，但基于下半年疫情向好、经济回暖的预期，消费复苏有望传导到广告、电商板块，为下半年互联网公司业绩带来正向催化。

An embedded processor is especially designed for embedded systems and can handle multiple processors in real time. It handles all the computational and logical operation of a computer. They are in a form of computer chips that are embedded in various microcontrollers and microprocessors to control various electrical and mechanical systems. These processors also offer features such as storing and retrieving data from the memory.

An embedded multimedia card (eMMC) is a small storage device that is made up of NAND flash memory and a simple storage controller. The eMMC technology is intended for use in portable devices such as smartphones, tablets, laptops, portable computers, and others devices. Both the flash memory and controller are contained on a single integrated circuit (IC), which is embedded permanently into a device.

Electronic warfare is a technology implemented by defense forces for directing energy to control or attack an enemy or impede enemy use of electromagnetic (EM) spectrum. Electronic warfare can be applied by manned and unmanned systems to target enemy military and civilian assets including humans, communications, and radars. Electronic warfare offers a flexible range of installation support and can be installed in air, on sea, land, and/or space-based platforms.