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.

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%。