Wavelength division multiplexer (WDM) is a technique in fiber-optic communications for multiplexing multiple optical carrier signals via a single optical fiber channel by changing the wavelengths of laser lights. In addition, it enables communication in both directions of the fiber cable. Network operators these days have to meet the rise in requirements of bandwidth as there is tremendous rise in internet usage by all sectors. Therefore, WDM being the fundamental block for high capacity optical communications network is used by network providers to meet the increase in demand and yield maximum capacity.

Mini-LED displays can offer deeper, darker blacks, bright, richer colors, and better contrast. One of the main benefits of mini LED over conventional LED TVs is that LED backlights are much smaller and precise. Mini LEDs are gaining popularity in display units such as TVs, smartphones, and many more. Increasing demand for electronic products with better performance and higher efficiency is expected to drive the demand for mini LEDs technology in the coming years. For instance, Apple is planning to introduce mini-LED displays across much of its product lineup such as Macbook and iPads. This display is expected to bring some useful technology improvements to Apple's products.

A chipless RFID system is equipped with a printed pattern containing the ID code & an antenna for communication with the reader. Due to low-cost conductive inks, the cost of the tag can be significantly reduced. The chipless RFID system has benefits over conventional sensors due to its lower radiated power, lower cost, robustness, and longer storage life. Alternatively, chipless RFID system provides identification data & monitors several physical parameters of tagged items without having an active sensor in the circuitry. The scope of the report discusses the potential opportunities for the key players to enter the global chipless RFID market. Furthermore, it provides an in-depth analysis of the market, outlining current trends, key driving factors, and key area of investment. The report includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder in the value chain. Moreover, it features the strategies adopted by the key market players to maintain their foothold in the market.

根據圖一的統計資料可知， 2019 年第三季 ~2020 年第 三 季全球 NAND Flash品牌供應商營收季增率均處於正數態勢，反映 在歷經先前 庫存調整、供需情況獲得改善之際， NAND Flash 價格已有反轉向上態勢，特別是新冠病毒肺炎疫情雖然衝擊部分終端應用市場， 但是 也因疫情延伸的遠距商機，而使得相關 NB 、伺服器、資料中心等對於 NAND Flash 的需求浮現 因而 2020 年 前三季 全球 N ANDFlash 報價 的季增率皆為正數態勢 。

VR厂商发力产品创新，游戏等内容端不断丰富，有望创造VR设备出货突破口；但从心智角度看，用户对VR产品兴趣度仍较低。我们认为随着VR相关技术进一步迭代、设备可用内容不断丰富创新，有望出现强有力的应用场景带动VR设备出货。

在2021 年上半年，在经济活动全面恢复、一季度业绩良好的背景下，A股经历了先抑后扬的过程，从2021 年初到截止2021 年6 月11 日，创业板上涨了11.2%，中小板下跌了0.5%，而代表大盘股的沪深300 则上涨了0.3%，上证50 下跌了1.8%，而申万计算机指数上涨了0.1%。经过从年初到2021 年6 月11 日，计算机指数的几乎未变，但由于业绩的大幅好转，申万计算机板块的估值明显下降，其PE(TTM)已经从年初的72.0 下降到当前的55.8。从估值的角度来看，由于行业业绩的好转，计算机板块短期经历了较大幅度的下降过程，但从历史估值来看，计算机板块估值当前处于中间水平上。

2021 年5 月，国内政府端招标及中标金额分别同比+11%/+0% （注：考虑数据可得性，本报告只统计了金额为千万级别的安防项目；部分超大型项目按照建设期分摊计算），较2021 年前4 月增速有所放缓（招标&中标金额分别同比+83%/+46% ） ，主要源于疫情影响下2020 年政府端安防需求延后释放导致各月基数呈现前低后高：2020 年1~4 月招标&中标金额同比增速为-7%/-22%，而两会后需求逐步释放，5 月招标&中标金额增速为-14%/+65%，6 月为+75%/+57%，而2021 年1~4 月政府端需求快速释放，招标及中标金额分别同比+83%/+46%，不存在需求延后释放现象。回顾2021 年1~5 月，政府安防项目招标及中标累计金额分别同比+63%/+34%，整体仍维持20 年H2 开始的改善趋势，考虑到去年H1 低基数，我们判断2021 年全年增速有望前高后低。

短期行业缺货或持续至年底；中期5G、汽车电子需求持续高增长；长期国产替代进程加快。因此，我们给予行业“超配”评级，建议重点关注风华高科、三环集团、顺络电子、洁美科技等。

中信证券研究部前瞻研究团队持续跟踪全球科技前沿。“全球科技产业”周报重点关注中美科技互联网巨头变化，以及全球科技产业前沿动态。我们重点关注的科网巨头公司包括：苹果、亚马逊、微软、谷歌、特斯拉、奈飞、英伟达、华为、腾讯、阿里、字节跳动、小米、三星等。