媒介背后是用户，从审美文化（如健身、植发、口腔、轻医美、服饰、健康饮食等）到消费文化（精神消费与物质消费）均离不开媒介的发展，而媒介背后是用户，用户的显性与隐性需求再挖掘带来新供给。本篇，我们将侧重从用户端进行探讨。

半导体设备行业的显著特征是海外巨头在众多领域均对市场形成高度垄断态势。由于发展起步较早，技术较为先进的设备企业逐渐成长为相应领域的国际巨头，如ASML、应用材料、东京电子、泛林半导体等。并且，由于西方国家在二战后逐渐形成了以美国为主导的具有全球市场开拓力的电子科技产业链，因此相关领先企业得以形成市场份额上的快速开拓，进而对下游晶圆厂形成了较强的客户黏性以及对新进入者形成了较强的护城河壁垒。

5G is being tested for C-V2X use-cases. C-V2X based on 5G will significantly increase the safety and the automated driving capabilities of connected/autonomous vehicles. Low latency, massive bandwidth capability, and improved processing capacity are the major advantages that 5G will offer to the AVs of the future. The pace at which data is uploaded will be crucial for potential autonomous use-cases. Large quantities of data from sensors, radars, cameras, and other devices will be constantly gathered from cars, uploaded to the cloud, and exchanged in real time with other vehicles. Existing 5G download and upload rates are insufficient for AVs to perform ultra-reliable and low-latency use-cases. In the event of a network interruption (for example, a storm or a hurricane), AVs can migrate to the 5G edge cloud without affecting third-party services such as charging stations, fuel stations, and hospitals.

NextGen avionics represents a transition from a ground-based air traffic control system to a satellite-based air traffic management system, facilitated by the expansion of aviation-specific applications for commonly-used technologies, such as global positioning system (GPS), along with technological advancements in areas such as weather forecasting, data networking, and navigation. The detailed and accurate satellite-based landing paths can be used by aircraft fitted with self-monitoring avionics and piloted by skilled pilots to fly safely near congested skies or mountainous regions. High levels of required navigation performance (RNP) capability are integrated into new commercial airplanes and business jets as well as those being upgraded with NextGen avionics.

华为军团成立，反映ICT 巨头向内求生决心及对技术演进方向判断。2021 年至今，华为相继成立煤炭、智慧海关港口、智慧 公路等十五大军团，我们认为军团业务模式本质上就是打破公司此前BG（事业群）的边界，把有相应能力的科学家与技术、 产品、工程、销售等专家汇聚在一个细分方向上，通过扁平化集体运营使基础研究成果更好落地，缩短产品更迭周期。作为 具有全球影响力的ICT（信息通信技术）巨头，华为选择在细分方向上发力，显示出其在缺芯和海外业务受挫的困境下向内求 生的坚定决心，正是没有退路就是胜利之路。我们认为华为有着国内乃至全球企业难以比拟的技术储备与全方位发展实力， 其业务领域涵盖社会方方面面，深度与广度兼具才能能好的去发掘、更为辩证的去看待产业机遇。华为对赛道的选择反映出 巨头对未来社会演进方向的判断，可为相关行业的公司发展提供指引。

重点公司追踪：光学是我们长期看好的细分方向，手机端虽然摄像头数量增长放缓，但是光学升级仍能持续，包括多主摄、潜望式、ToF 等；此外ARVR 以及汽车智 能化也将带动光学增量需求，ARVR 端光学关注摄像头、透镜、光波导等，车载端光学关注摄像头、激光雷达、HUD 等。供应链而言，我们看好重点光学公司围绕 手机、ARVR、车载在零部件及整机的布局，建议重点关注舜宇光学科技、韦尔股份、歌尔股份、联创电子、水晶光电、永新光学、蓝特光学等。

国内数字隔离芯片龙头纳芯微上市。4 月22 日，纳芯微在上交所科 创板上市。公司属于模拟及混合类芯片设计公司，采用fabless 模式 运营，主营产品包括3 大类，分别是信号感知、隔离接口及驱动与 采样芯片。2021 年公司实现营收8.62 亿元，同比+256.26%；归母净 利润2.24 亿元，同比+340.29%。根据Markets and Markets 的数据， 2020 年公司数字隔离类芯片全球市场占有率5.12%。

上周美股标普500 跌2.8%，A 股SW 电子跌4.3%，港股恒生科技跌7.4%。 上海及周边城市疫情持续，复工进度较缓。3 月份国家统计局发布数据显示 集成电路产量 19 年6 月来第一次出现同比倒退，但代工企业销售持续保持 较高增长，我们担心部分设计公司存货水平可能出现较大上升，建议投资人 关注1Q22 行业存货情况。目前半导体/消费电子前向PE 已跌至5 年间低位 (半导体：3.8%，消费电子：9.3%分位)，但在疫情对需求和供应链的持续影 响下，部分公司业绩仍存在不确定性，建议关注下游应用以ToB 业务为主的 公司（例如：海康）及行业景气度较高（汽车芯片，斯达等）的板块。

The AI in healthcare was introduced back in the 1960s with simple CAD systems for chest X-Ray and mammography applications. In recent years, AI-based systems have shown a stronghold on major technological advancement in the healthcare ecosystem, evolving around patient-centric and value-based care models. According to one of the key vendors of medical imaging Koninklijke Philips N.V., nearly 60% of its research and development activities are dedicated to software, and a large part of these research are on AI.

According to John McCarthy, a professor at the Computer Science Department of Stanford University, AI is defined as “the science and engineering of making intelligent machines, especially intelligent computer programs. It is related to the similar task of using computers to understand human intelligence, but AI does not have to confine itself to methods that are biologically observable”.