与电池、正极、负极、隔膜、电解液、铜箔、结构件等环节相比，主动型公募基金重仓持有锂电设备比例相对较低。但是，自2020 年年中特别是2020年三季度以来，北上资金加速增持锂电龙头设备公司先导智能。

当前资本市场对家电行业红利的持续性预期不足，兼之蓝筹标的的估值仍有进一步提升的潜力，由此带来投资机会：治理结构完善、相关多元化布局和改革成效持续兑现的美的集团；改革有望带来经营管理改善的格力电器、海尔智家；行业成长空间打开的细分板块龙头浙江美大、海容冷链、石头科技；受益于地产后周期红利的老板电器、华帝股份、欧普照明；受益于电商红利、出口红利的小熊电器、新宝股份、苏泊尔、九阳股份、北鼎股份；混改主题标的海信家电、海信视像亦值得关注。

重仓规模：绝对值有所增长，但持仓占比略有下滑，计算机行业持续低配。2020Q4计算机行业基金重仓股市值规模合计为1235.72亿元，环比2020Q3持仓规模增长3.71%；行业市值规模占基金重仓股总规模的4.3%，较2020Q3的4.96%减少0.66个百分比，相较计算机行业标准配置比例低配了1.14个百分点。

计算机行业基金配置比例继续下降，持股集中度进一步提升。2020年公募基金四季报显示，计算机行业重仓持股市值占比为3.28%，较2020 年三季度下降0.77 个百分点。从持股集中度来看，计算机行业重仓前五股票持股占比为56.56%，前10 占比为76.62%，较2020 年三季度均有大幅提升，行业龙头公司持续受基金青睐。2020年四季度重仓前10 的申万计算机行业股票为金山办公、广联达、恒生电子、深信服、用友网络、中科创达、金蝶国际、宝信软件、金山软件、华宇软件，与三季度相比，中科创达和金蝶国际四季度基金加仓明显。

投资建议：我们遵循以下几个维度进行投资主线筛选：1)市场空间大的CRM和ERP均为超过500亿美元规模的细分赛道，重点推荐企业级服 务龙头：用友网络，核心受益：金蝶国际；2）渗透率较低的细分赛道金融Sa aS，重点推荐金融s。。s龙头：恒生电子；3）最具确定性的办公 SaaS与私有云，我们重点推荐：金山办公（与中小盘组联合覆盖）、深信服；4）垂直Sa aS龙头，核心受益：广联达、明源云；5）高速成长的 电商SaaS，核心受益：中国有赞，微盟集团。 

投资建议：CrowdStrike 树立了网安行业“端云联动”的技术标杆，引领了未来行业发展的趋势。同时SaaS 订阅模式与灵活的模块化组合成为其开拓市场的利器。国内网安企业中，重点推荐产品技术路线与CrowdStrike最为近似的奇安信、深信服、安恒信息，建议关注天融信、启明星辰、绿盟科技、三六零、山石网科等。

Flexible electronics is a potential method of creating intelligent, scalable products, with several new applications such as wearable electronics. The flexibility in the substrate, faster manufacturing process of printable circuits, and the reduced risk of disposal after use are some of the drivers of flexible electronics in the current scenario. The pictorial presentation of benefits of flexible electronics is given in the figure below.

Vehicle electrification is associated with a range of electric powered technologies majorly used to drive the vehicle. The range of technologies gets the power from electricity source and perform the task to attain the desired output. The vehicle electrification market has witnessed significant growth over the years, owing to increase in inclination toward electrically driven technology in the automotive to reduce the weight, enhance fuel efficiency, and optimize output requirements. Vehicle electrification is gaining traction as it is substitute solution to traditional hydraulic and mechanical systems.

Computer on module is a subtype of an embedded system. COM solutions are usually very compact and highly integrated. COMs are based on industry standards with long life cycles and help customers reduce the time-tomarket for new products. Computer on modules are built up by integration of different components in a single module. The component of the COM includes processor, RAM, heat sink, chipset, operating system, and other peripherals. The computer on module allows designers to customize their carrier boards with the functions they need, allowing them to build a perfect embedded carrier board to fit their chassis.