美国再次加大打击力度，范围欲包括中芯国际，相关产业链风险还在。国内新基建的重要性和确定性不断强化，建议围绕5G 和云计算基础设施带来的上游投资机会展开，关注光模块/PCB/IDC/铁塔租赁板块的高景气度。重点推荐新易盛、中际旭创、深南电路、光环新网、中国铁塔、中兴通讯。

自建自用IDC的CAPEX：土建配套25%；机房基础20%；设备48%；集成服务7%；行业增长：华为预计未来三年复合增长率CAGR～26%。

The rate at which the development of autonomous vehicles is very astonishing. About a year ago, few would have argued that the existence of these cars is not reality. But at present, these vehicles are being piloted in number of countries and few are running on the public roads as well. The question is, when are all the cars on roads becoming fully autonomous. It is believed that it may take 10 years or 30, the implications are so far-reaching that policymakers need to star t planning now for autonomous vehicles future. Major automaker companies, technology giants and specialist star t-ups have invested more than USD 50 billion over the past five years, in order to develop autonomous vehicle (AV) technology, with 70% of the money coming from other than the automotive industry. At the same time, public authorities see that AVs offer huge potential economic and social benefits.

在经济增速换挡，经济结构转型升级的大背景下，企业已经从粗放式投资的增长模式逐步走向精细化运营的增长模式。在此背景下，企业信息化和数字化建设成为刚需。另外，在面临国际环境不确定性的背景下，信创成为行业的又一趋势。虽然2020H1 受疫情影响，行业整体业绩有所下滑，但是在Q2 我们已经看到行业内绝大多数细分板块已经出现明显改善。

智能硬件创新方向建议关注制造线设备企业、射频领域先进封装龙头环旭电子、柔性电路板企业东山精密；商用车智能化赛道关注鸿泉物联；另外关注存储芯片国产化标的国科微。

With 5G networks soon to be rolled out, smartphone OEMs telecom players are rapidly gearing towards the shift. Telecom service providers across the globe are upgrading to 5G networks, which rely on denser arrays of small antennas to offer ultra-high data speeds. At the same time, smart phone manufacturers are working towards equipping handsets with built-in 5G radios, to exploit complete potential of 5G networks. Such efforts are increasing the demand for 5G modem chipsets, which are considered to be the keys that allow devices to support 5G technologies. These 5G modem chipsets, in combination with service providers, largely serve and enhance the capabilities of three major applications: enhanced mobile broadband, ultra-reliable and low latency communications, and massive machine type communications. 5G technology is not yet commercialized, and some countries still face several regulatory constraints. A few pilot countries, however, such as the United States, Japan, South Korea, and China, have reportedly started licensing mmWave spectrums for research and testing purposes.

The patient monitoring market’s growth is primarily driven by the rising prevalence of chronic diseases, growing geriatric population, rising popularity of health monitoring devices, and preference for home and remote monitoring devices. According to the World Health Organization, Chronic Obstructive Pulmonary Disease (COPD) is expected to emerge as the third leading cause of death across the world by 2030. Majority of the chronic diseases and conditions are linked to an aging society and lifestyle choices, such as smoking, sexual behavior, diet, and exercise, along with genetic predispositions. Moreover, the rising awareness regarding patient monitoring devices, especially remote monitoring and home monitoring devices, are anticipated to witness significant growth rates over the forecast period. The percentage of adults meeting the national guideline for aerobic physical activity increased from 44% in 2008 to 54% in 2017. The rising awareness regarding the benefits associated with healthy lifestyle and increasing usage of health monitoring devices are likely to drive the market’s growth.