金 融 IT。发展金融科技成为各大银行重要战略，近年来银行利润的增长也为实 际加大金融科技投入提供基础保障，本轮银行科技支出投向不仅有技术成熟带 来的设备更新换代，还有应对未来变革（如 5G、核心系统国产化等）的提前 部署，相关公司有长亮科技、宇信科技、银信科技等。

在 2020 年前三季度，在新冠疫情一季度快速爆发，经济活动大幅减少， 二季度疫情得到控制，经济活动逐步恢复的背景下，A 股经历了较大幅度 的波动，从 2020 年初到截止 2020 年 9 月 11 日，创业板上涨了 41.1%， 中小板上涨了 29.9%，而代表大盘股的沪深 300 则上涨了 13.0%，上证 50 上涨了 6.6%，而 SW 计算机指数上涨了 26.7%，其上涨幅度大于上 证 50 和沪深 300，落后于创业板和中小板。随着国内经济的逐渐恢复正 常和上市公司经营逐步正常化，市场呈现出震荡上行的态势。经过从年 初到当前的计算机指数的大幅上升，申万计算机板块的估值上升明显， 计算机板块的估值明显上涨，但从近几年的历史估值来看，计算机板块 估值当前处于中上水平。

Flexible electronics have gained huge popularity with the growing number of applications, including wearables. Also, the advent of flexible batteries and the growing use of flexible sensors in smart packaging and tracking applications are expected to encourage the development of the global flexible electronics market throughout the forecast period. Additionally, the growing research and development and innovations in the market are likely to drive the overall market. Flexible electronics have evolved significantly over the last decade. Today, it is possible to create flexible electronics fibers that stretch to over 1,000% of their original length as against of around 70% in 2008, while maintaining their conductivity. These semiconductors have become stretchier, smaller, and thinner, which has expanded the potential of flexible electronics. Flexible technology fabricates transistors using organic materials that replace the silicon and hard ceramic materials with soft, carbon-based materials. These high-performance organic thin-film transistors (OTFTs) can be processed at temperatures lower than 100°C, allowing the use of lowercost thin-film substrates, thus enabling flexible devices. According to BNP Media, by 2030, electronics content will account for 50% of an automobile’s total production cost. Earlier this decade, it was only 30%. Progress in thin, light, and flexible electronics is behind a range of innovative technologies, from curved TVs to glucose-monitoring contact lenses. This can lead to the growth of printable solar cells and flexible screens using organic light-emitting diodes (OLEDs).

The report covers the study of the cable management market, focusing on its types, active companies, end users, and geographic presence. Cable management products are used in electronic devices or communication systems to avoid harmful situations. The research involves perennial installation revenue coupled with the services, i.e. installation, maintenance and efficient utilization of resources. These products include cable trays, cable raceways, conduits, connectors & glands, cable carriers, junction box, cable lugs, and others. The end user industries that use cable management products are IT & telecommunication, commercial construction, manufacturing & automation, marine, mining, healthcare, and others. The report also focuses on companies including Legrand, Cooper Industries, Leviton, Hellermann Tyton, Thomas & Betts (ABB Group) and others that are active in the cable management market including their strategic development and financial information along with SWOT analysis.

2020 年7 月共出货5G 手机1391.1 万部，占总出货62.4%。上市14 款新5G 机型。1 月至7 月，国内5G 手机总出货达7750.8 万部，上市新机型总共119 款，5G 换机潮正在加速到来。9 月份随着苹果进入新机周期，叠加5G 换机，产业链零部件龙头将迎来量价齐升。公司方面，国内苹果供应链龙头企业持续平台化扩张，证明企业自身竞争力的同时，市场空间也进一步打开。继续看好苹果手机龙头及可穿戴设备核心供应链企业的能力持续提升。二季度公募基金机构持续加仓苹果产业链龙头企业，信维通信、立讯精密、歌尔股份、鹏鼎控股、东山精密、欣旺达、德赛电池等个股公募基金持仓相比一季度明显提升。

复盘2020 年至今行情，1 月板块延续2019 年末上涨态势（一阶段上涨）；受春节期间国内疫情影响，年后A 股短期严重下挫；但由于2 月疫情主要在国内发酵，而电子公司部分工厂布局海外、机械化程度较高、部分订单为节前确定，因此2 月主要受扰动较小（二阶段上涨）；3 月初，板块上涨至高位，海外疫情扩散，手机终端设备需求端受挫明显扩大，板块进入回调阶段，4 月板块自年内高位回落约30%；4-7 月，海外各国出台防控措施，疫情影响下在线经济发展迅速，笔电、平板相关厂商受益，国产替代加速，产业链回升明显（三阶段上涨）；8 月受华为禁令升级影响，板块再次从高位回落，Q3 华为加快芯片采购，华为产业链短期业绩可期，而苹果即将发布新机，苹果产业链厂商有望在回调后延续上升态势（四阶段上涨）。

本周投资主题：2020 年8 月面板价格最终涨幅超预期，9 月价格将继续大幅上涨。我们认为面板行业龙头将充分受益于寒冬过后行业集中度提升、周期性变弱带来的行业长期盈利红利。给予行业“推荐”评级。

2020H1 电子行业景气度回升，消费电子、半导体龙头延续高速增长：2020 年上半年电子行业上市公司总体营业收入和归母净利润分别为10314 亿元和494 亿元，分别同比增长3.33%和17.95%；2020 第二季度营业收入和归母净利润分别为5737 亿元和339 亿元，分别同比增长9.95%、38.09%。2020 年第二季度以来，得益于全球疫情的控制和复工复产的有序推进，电子行业5G 向上周期、半导体国产替代等产业逻辑持续兑现，市场需求和景气度均显著提升。