成长股的估值，尤其是计算机行业公司的估值问题一直困扰着很多领导。尤 其在近期，计算机行业“高估值”白马调整明显，市场对此的困惑更大了。 近期我们听到市场疑问，“一切到要重回PE 估值吗？”（上一次听到是在18 年年底）

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.

payments from anywhere, as long as you have a 3G, 4G or Wi-Fi connection. Chip, non-contact or swipe cards should be processed through a card reader, but there are many integrated and wireless card machines that can be used with cloud-based POS systems. Management functions can be accessed through a web browser anywhere. All cloud-based POS data is stored in the cloud, highly secure. Usually, no data is stored on your devices, unless your POS app can be offline temporarily, while your device saves the change until the next time you are online. If you lose all of your hardware, you still have instant access to sales and system data when you sign in on a new computer or mobile phone. The POS provider automatically performs any security updates required for the software.

技术创新日新月异虚拟现实产业已迈入高速发展期。本报告主要分析对象是虚拟现实整体市场、相关企业及用户。如无特别区分说明，在本报告中，虚拟现实（VR）包含增强现实（AR）。

2020年，中共中央政治局常委会会议首次提出要深化供给侧结构性改革，充分发挥我国超大规模市场优势和内需潜力，构建国内国际双循环相互促进的新发展格局。构建国内国际双循环相互促进的新发展格局，是中国经济高质量发展的内在需要，也是全球经济再平衡的客观要求。目前，中国已经建立了全球规模最大、覆盖最广的制造业体系，但高端装备产业国产化、自主化水平较低是制约先进制造业发展的关键因素。在发展双循环的新发展格局下，高端装备自主可控是产业发展的大势所趋，以半导体设备、智能制造装备(工业机器人等)为代表的高端装备产业将迎战略机遇期。中商产业研究院预测，2025年我国工 业机器人市场规模将达100.7亿美元。

近日，欧盟委员会主席冯德莱恩宣布将推出《欧洲芯片法案》，以保持欧盟的竞争力并降低对亚洲和美国芯片供应商的依赖。尽管面临重重困难，欧盟仍希望通过“2030数字罗盘”计划，建立芯片产业联盟，以及推出《欧洲芯片法案》等举措，在半导体技术主权的争夺上复制伽利略卫星导航系统的成功经验。

Battery materials consist of all the materials used in producing battery packs, mainly from lithium, cobalt, and nickel. For the purpose of analysis, the battery materials market is studied on the basis of battery type, application and region. The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of the key players to increase their market share and sustain intense competition in the industry.

Despite the traditional dull season and tight supply of 92/96-layer or 64- layer 3D NAND chips, the global market for smartphones remains strong as Apple’s iPhone12 sales beat expectations, and the US ban on Huawei starts to bite, prompting customers to shift to other smartphone vendors such as Honor, Xiaomi, OPPO and Vivi and sustaining demand for Flash. Moreover, the stay-at-home economy and the subsequent remote work and learning boost shipments of commercial laptops and Chromebooks. Consequently, the decline in the prices of NAND Flash is expected to ease in first quarter of 2021 from the previous quarter, auguring well for NAND Flash vendors’ revenues.

9月15日，欧盟委员会宣布了一项新的芯片法案，旨在创建包含芯片制造在内的最先进的芯片生态系统，以确保欧盟的半导体供应安全，并为突破性的欧洲技术开拓新市场。这是欧盟剑指2nm制程，高调宣布发展先进和可持续半导体后，再次出台相关法案支持先进半导体的发展。向来以“小而美”的国家和产业著称的欧盟，正以前所未有的紧迫性向先进制程进击。

半导体材料是半导体产业链上游中的重要组成部分，在集成电路、分立器件等半导体产品生产制造中起到关键性的作用。目前全球的半导体产业链正向中国大陆转移，中国晶圆厂扩产的步伐已逐渐加快。伴随着国内晶圆厂的投产，将产生更多半导体材料的需求，市场需求空间已被打开。经过近六十年的发展，半导体材料经历了三次明显的换代和发展。数据显示，2014-2019年，中国半导体材料市场规模逐年增长，从2014年的60亿美 元增长至2019年的87亿美元，复合增长率为7.65%。2019年在全球半导体材料下行趋势下，中国大陆是唯一半导体材料市场规模增长的地区。“十四五”时期，我国要加快构建以国内大循环为主体、国内国际双循环相互促进的新发展格局。在双循环背景以及国家鼓励半导体材料国产化的政策导向下，本土半导体材料厂商将不断提升半导体产品技术水平和研发能力，逐渐打破国外半导体厂商的垄断格局，推进中国半导体材料国产化进程，促进中国半导体材料行业的发展。