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.

Robotic process automation (RPA) is an emerging technology that helps automate routine business practices through software bots to imitate human actions for completing repetitive tasks across the enterprise. Its use cases range from telecom to retail, banking to accounting, healthcare to HR, and IT. RPA helps enterprises in processing a transaction, triggering responses, manipulating data, and communicating with other digital systems. The implementation of RPA enables benefits such as better customer experience, lower operational risk, improved internal processes, and reduced cost & improved efficiency.

本周（2021 年1 月18 日-2021 年1 月22 日）上证综指上涨1.13%，深证成指上涨3.97%，创业板指上涨8.68%。本周一级行业指数中通信板块跌幅为1.44%。本周通信行业重要事件中，中国电信启动2021 年基站天线集采项目、无源器件集采项目；发改委新闻发布会强调5G、工业互联网等建设；三大运营商公布2020年全年用户数量，中国电信用户数量增长较多、内蒙古移动“5G+行业应用创新基地”在林格尔新区挂牌成立；美国拜登政府正式上台、韩国运营商LG U+将于2021 年6 月底终止2G 服务、巴西政府将允许华为参与5G 频段拍卖。5G 从“可用”到“好用”的进展有望再加速推进，维持对通信的“看好”评级。