Metamaterials are made by integrating multiple elements made from composite materials such as metals or plastics and are engineered to produce properties that don’t occur naturally. Metamaterials are designed to interact and control electromagnetic and acoustic waves. The usage of these materials enables devices to achieve much higher performance and efficiency than conventional materials. Another significant advantage of metamaterials is that they allow the manufacturing of compact size devices. With the exponential growth of the 5G industry, metamaterials shall allow technology and design evolution thus providing a strong proposition for replacing conventional materials from 5G infrastructure in the near future. Metamaterials find its application in 5G antennas, autonomous vehicle’s mm-wave radars, lidars, wireless chargers, and vibration dampers. Several start-up companies are working on the development of metamaterials for various end-use applications. 

近期，台积电、联电、世界先进三大代工厂将八英寸晶圆线代工价格调高,下游市场出现缺货情况，八英寸晶圆进入持续紧缺状态。国信电子观点：与2017 年原材料涨价拉动上行周期不同，本轮周期动因主要源于需求快速成长带来的供需失配。在供应端8 英寸晶圆产能扩充有限，家电、笔电、汽车等终端需求带动功率器件、电源管理芯片、CMOS、射频等模拟芯片需求端旺盛，产能紧缺情况拉动制造端进入新一轮上行周期。通过分析需求端趋势以及在建产能扩充情况，我们认为供需紧张局面仍将持续。核心重点推荐：华润微、斯达半导、中芯国际等优质龙头公司。

按芯片指令集架构划分，服务器可分为CISC和RISC架构服务器。 CISC，即复杂计算机指令集，硬件的逻辑复杂，晶体管数量庞大，更适用于计算密集型的桌面和服

务器应用。×86架构属于CISC架构。 RISC，即精简计算机指令集，更适用于嵌入式平台和移动端，应付轻量级、目的单一明确的程序。按CPU路数划分，服务器可分为单路、双路、四路、八路服务器等，路数增加性能随之提升。一般来说，单路、双路的×86服务器属于中低端通用产品。四路及以上的×86服务器与非×86的小型机、大型机属于高端产品。

2020年国半导体设计行业增速大幅高于全球平均，嵌入式CPU/存储器/FPGA/ 通信及模拟芯片取得长足进展，通用CPU/EDA工具等有持提高。根据魏少军教授ICCAD 2020上的演讲，2020年中国半导体设计行业实现销售3819.4亿元， 同比增长23.8%, 大幅高于WSTS预测的全球行业增速5.1%。2020年销售额达1 亿元企业289家，较上年增加51家，反映过去一年中国企业在CPU/存储器/FPGA取得技术和产品上的突破，通信和模拟企业增长速度快。

The global video surveillance market reported a revenue of $35.05 billion in 2019 and is estimated to reach $51.36 billion by 2025, at a growth rate of 10.06% during the forecast period, 2020-2025. With the proliferation of low-cost cameras and technical maturity in the networking techniques, it has become possible to install a large number of cameras economically without compromising on the quality of communication network. The wide application of such systems has been highly influenced by the idea of ensuring safety in banks, government organizations, educational institutions, retail buildings, and penitentiaries, among others.

本周计算机行业(中信)指数下跌 4.72%，沪深 300 指数下跌 3.48%，创业板指数下跌 1.58%。本周我们梳理了 ERP 行业的发展新趋势， 在云计算、大数据、AI 等新技术的推动下，整个社会已经由信息化阶段发 展到数智化阶段，企业的核心需求已经不再是流程优化和提高效率，而是 如何快速响应市场，进行商业创新，重构发展力。客户需要的不再是流程驱 动的 ERP 软件服务，而是数据驱动的商业创新平台云服务，由此传统 ERP 出现了新方向的进阶。

上周末的行业报告我们认为“所谓的春季躁动并未已经 到来”，因为之前一周主要是前期调整较多的龙头的反弹，而非趋势性 表现或产业基本面变化驱动。

The global AI-enabled imaging modalities market consists of numerous large-scale as well as smallscale manufacturers and vendors. Presently, with the increasing adoption of AI in healthcare, the manufacturers in the market have an ample number of opportunities to expand their offerings and to establish a strong foothold in the market. In the past years (February 2016 - July 2020), the market witnessed approximately 40 new offerings, 32 partnerships, alliances & business expansions, 27 regulatory & legal approvals, 13 funding activities, six mergers & acquisitions, and one procurement & sale. Most of the manufacturers in the market are incorporating collaborations and partnerships with not only other companies but also the university and research institutions as the key strategy to develop novel AI-embedded medical imaging systems and attain a strong financial position in the market.

半导体设备的周期：本轮是朱格拉周期（设备投资周期）+国产替代周期+创新周期+库存周期，是四个周期的叠加，与上一轮以泛半导体为主的投资周期不同，这次是以集成电路投资为主线的全新机遇。

根据彭博111 月29 日报道，环球晶圆（GlobalWafers）将以37.5 亿欧元对价（约合45 亿美元）收购Siltronic 100%股权，合125 欧元/股（对11/27 日收盘价溢价10%）。我们认为，兼并后的主体将有望超越SUMCO 成为全球第二大硅片供应商，并能够在新需求周期到来之前更好地配合大客户进行扩产，Siltronic 的技术在汽车相关客户优势也可以弥补环球晶圆的不足。另一方面，我们认为硅片行业集中度提升会促使中国半导体生产企业加速原材料采购多元化战略，利好沪硅（未覆盖）、中环（电新组覆盖）、立昂微（未覆盖）等中国硅片供应商。