Vehicle-to-everything (V2X) is a wireless communications technology that aims to enable data exchange between a vehicle and its surroundings. In a V2X ecosystem, vehicles, mobile devices, and roadside equipment, among others, generate and exchange data, allowing them to alert the users about driving and environment conditions on the road. By leveraging V2X communications, the driving experience of drivers, pedestrians, and other vehicles is enhanced by the prevention of crashes, enhancement in traffic flow, reduction in transit trip times, and reduction in greenhouse gas emissions.

Radar is an electronic system, which measures the range and behavior of objects by transmitting an electromagnetic pulse at the object. High-power radar using large dish antennas has been used to measure distances to the moon and other planets, asteroids, and artificial satellites. In addition, radar systems are widely used in air traffic control, aircraft navigation, and marine navigation. For the purpose of analysis, the radar market is segmented into product type, platform, application, end user, and region. By product type, the market is fragmented into continuous wave radar, pulse radar, and others. On the basis of platform, it is classified into marine, air, ground, and space. The applications covered in the study include air traffic control, remote sensing, ground traffic control, and space navigation & control. Depending on end user, the market is differentiated into automotive, aviation, industrial, weather monitoring, military & defense, and others.

受益于5G、汽车电子及消费电子旺季等因素驱动，半导体景气度高企，重点关注功率半导体投资机遇。受益5G、汽车电子及消费电子旺季等因素驱动，半导体产业链景气度较高，产业链公司接连发布涨价通知，重点关注功率半导体龙头斯达半导、华润微，细分赛道龙头：设计端卓胜微(射频)、兆易创新(存储)、圣邦股份(模拟器件)、澜起科技(内存读取芯片)；封测龙头长电科技；材料龙头鼎龙股份、安集科技等；设备龙头中微公司、北方华创等。

根据Wind数据，截止2020年12月11日，电子行业（中信行业分类标准）今年以来累计涨幅45.20%，较上周下跌2.68%，在30个子行业中排名第6，较之前上升1位。其中，食品饮料、国防军工、电力设备及新能源行业位列涨幅前三，分别有66.99%、62.83%和59.31%涨幅。

5G 开启电子行业新时代，政策引导行业新格局 我们认为，5G 将引领新一轮的科技周期，我国有望在下一个20 年进入电子强国之列，预计到2035 年电子信息制造业营收增速将达到2020 年的3.1 倍左右，利润总额有望增长606%，电子企业盈利能力、盈利质量将大幅提升，电子行业仍将处于快速成长期。

2020 年申万电子跑赢沪深300 指数13.63pct：2020 年A 股电子指数整体呈现上涨趋势，截至12 月11 日申万电子指数上涨32.99%，同期上证综指上涨9.74%，沪深300 指数上涨19.36%，申万电子跑赢沪深300 指数13.63pct。疫情影响Q1 业绩，Q2 和Q3 回升：2013-2017 年，受益于创新驱动及智能机渗透率的快速提升，SW 电子行业公司过去单季度营收均保持15%以上的增速。随着2018 年开始手机进入存量博弈阶段，电子行业整体营收增速趋缓。2020 年一季度受到疫情的影响，电子行业营收单季度同比下降4.07%，为5 年以来的最低值。随着国内疫情控制，电子企业生产步入正轨，二季度和三季度营收同比增速回升至10%以上。

2020年11月，国内政府端招标及中标金额分别同比-6%/+28%，其中招标端承压源于交通类项目落地节奏慢于去年同期，中标端仍保持加速落地节奏。本月招标端过亿项目8个，总金额20亿元，中标端过亿项目8个，总金额17亿元。2020年1~11月，政府安防项目招标及中标金额分别同比+10%/+27%，仍维持改善趋势（2020年前三季度招投标金额分别同比+11%/+21%）。展望全年：1）国内方面：政府端在“新基建”政策带动下今年下半年加速增长；商业端大企业加速数字化转型，订单韧性较足；渠道端与宏观经济高度相关，今年H1受疫情冲击较大，Q3以来需求快速反弹，后续若经济持续复苏则需求有望保持高景气；2）海外：全球疫情逐步得到控制，Q3环比迎来改善，欧美地区疫情反复，属于小范围的冲击，料不改长期复苏趋势。展望未来，疫情防控措施影响正逐步消退，看好行业需求持续复苏。此外，我们今年外发报告《安防行业+海康大华深度分析—驶入视频物联网大蓝海的安防王者》（2020-7-3），重点阐述传统安防产业向智慧视频物联转型的趋势和变化，结合行业发展趋势和厂商布局节奏，我们预计视频物联产业在近年有望迎来爆发，建议重点关注龙头公司海康威视与大华股份。

政策助力国货品牌化出海，跨境电商已成为我国外贸重要支柱。2019 年我国跨境电商市场规模已突破10 万亿，占全国进出口贸易规模33.29%，其中跨境批发、跨境出口占主导地位。政策加码，跨境综试区不断增加、通关流程逐步简化、无票免税等政策利好密集出台。从地域上看，我国跨境电商企业主要集中在东部沿海城市。从品类上看，我国传统跨境电商出口商品主要集中在相对低价、高频消费品，近年来高端制造出海成为新趋势，“中国制造”正在走向“中国智造”。

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。