Electronic films are conductive and non-conductive films that are used to protect and enhance the performance and reliability of electronic devices. They are intended to offer various benefits such as high-temperature tolerance, optical transparency, and more. The rise in demand for electronic film technology in the consumer electronics sector, owing to the surge in demand for smart phones, tablets, and electronic display applications coupled with the rise in trend toward digitalization across developing countries is anticipated to propel the market growth. However, the rise in manufacturing costs associated with indium tin oxide films acts as a major restraint for the electronic films market growth. Further, surge in technological advancement in electric film-based applications across electronic applications is expected to provide lucrative opportunities for the electronic films industry during the forecast period.

Drone service, also known as unmanned aerial vehicle (UAV) service, is a rapidly growing market for services centered on flying robots that can be commanded remotely or flown independently utilizing softwarecontrolled flight plans in their embedded devices. Commercial drone services or Drones as a Service, are being developed to assist industries such as agriculture, construction, search & rescue, package delivery, industrial inspection, insurance, and videography with tasks such as collecting imagery and measurements and managing or broadcasting events.

整体经营稳健提速。2021 年通信行业整体实现营收22473.78 亿元 （同比+12.68%），归母净利润为1848.90 亿元（同比+12.24%）， 扣非后归母净利润1650.02 亿元（同比+8.59%），业绩增速较2020 年稳步提升。2022Q1 通信行业整体营收同比+15.73%，归母净利润 同比+7.64%，扣非后归母净利润同比+8.48%，千亿市值以下企业营 收表现更为突出，同比+31.11%。

VR in cars is still a niche use case. Frost & Sullivan expects that premium vehicles and luxury brands with advanced GPUs and high-compute capabilities will be the first ones to launch in-vehicle VR applications. Manufacturing units and dealer showrooms will continue to use VR to improve the user experience.

2021 年计算机行业营收增速大幅回暖，利润表现欠佳：2021 年计算机 行业共实现营业收入10327.29 亿元，整体法下同比增长了15.30%；实 现归母净利润452.75 亿元，整体法下同比下降9.68%。行业整体毛利 率、净利率分别为26.85%和4.38%，分别同比下降了1.07pct、1.21pct。 行业费用率有所上升，主要是由于研发费用率同比提升了0.37pct，显 示了行业在利润端承压的情况下仍然保持了较高的研发投入。经营性现 金流量净额为381.16 亿元，同比下降55.70%。

Ultrasonic technologies used in a vehicle helps to determine the obstacles or the blind spots which falls beyond the eyesight of the vehicle. With the introduction of smart parking infrastructure followed by introduction of numerous ADAS features in new vehicles, the demand for ultrasonic technologies across the vehicle has increased which provides lucrative opportunities for the growth of the market. Companies such as Aisin Corporation, Continental AG, Hyundai Mobis, Magna International Inc., Valeo SA and others, have been developing different ultrasonic sensors for use in vehicles, which leads to the growth of the global market.

行业估值分析与投资策略：当前电子板块估值处于历史绝对底部，核心资产价值凸显，重申积极关注两大投资主线：一、上游半导体看景气度，“重资产”看本 土化，“轻资产”看前三名，当前首推半导体板块，重点关注同比增长明确的细分方向（设备国产化、制造本土化、客户结构优质的芯片设计厂商）。二、下游 终端关注创新增量蓝海：寻找确定性强的纯增量下游产品赛道，重点关注汽车电子（电动化和智能化）、AIoT（手表、VR）；另也建议关注业绩明确的细分方 向，如手机存量市场中的折叠屏增量。

通过将上游多种芯片电子器件再设计和集成、实现数据无线传输的功能模块，是物联网感知与网络层的重要连接枢纽。无线模组按照通信协议有多种制式，其中蜂窝通信模组被认为是应用领域最广、潜力最大的细分品类。此外，通信模组下游应用领域众多，按照对模组速率和功耗的要求可分为无源物联、窄带物联、中低速物联和高速物联四大场景，具体包括无线支付、车联网、智慧城市、工业应用、无线网关、智慧安防、智慧能源等。通信模组作为万物相连的硬件基础具有不可替代性，是高确定性受益于连接数爆发的产业环节。

2021 年通信行业整体走势和大盘相近，估值仍处低位：2021 年通信行业指数同比上升3.05%，沪深300 同比下滑5.20%，通信行业整体走势强于沪深300 指数8.25%；2022Q1 季度通信行业指数同比下降11.68%，沪深300 下降14.14%, 通信行业整体走势强于沪深300 指数2.46%。

交换机、路由器、服务器、安全设备、WLAN 等ICT 设备，是构筑数字经济的底座。2021 年，全球服务器、交换机、路由器、企业级WLAN 规模分别为992 亿、307 亿、159 亿、76 亿美元。