我们首次覆盖香港电讯和香港宽频，给予跑赢行业评级。尽管全球大多电信运营 商都与移动互联网时代失之交臂，股价在过去几年低迷不振；但我们发现香港电 信运营商龙头（香港电讯、香港宽频）却一枝独秀，无论从相对收益抑或绝对收 益角度，均为投资者提供了理想的回报水平。

2016-2018 年全球半导体市场规模年复合增长率达到 17.61%。由于 PC、比 特币矿机和智能手机需求放缓，2019 年全球产业下滑 12%。5G 和 AI 等新 技术的发展将催生新的市场需求，预计全球市场从 2020 年恢复正增长。

Micron 披露 FY2020 Q3 业绩，高于上调后的指引。Micron 本季（Ended 2020/5/28）实现收入 54.4 亿美元 （高于更新后的指引区间上限 54 亿美元），QoQ 增长 13%，YoY 增长 14%；实现毛利率（non-GAAP）32.9% （位于更新后的指引区间下限），QoQ 上升 3.8pct，YoY 下降 6.4pct；实现营业利润（non-GAAP）9.8 亿美元， 对应 17.9%营业利润率，QoQ 上升 6.6pct，YoY 下降 5.3pct。

By overcoming the major limitation of geographical reach, satellite imaging surpassed the usage of terrestrial and aerial imagery, owing to its comprehensive coverage across the world and quick delivery of image data. The significance of satellite imaging prompted governmental organizations to support its growth In the United States, the US Department of Commerce relaxed the resolution restrictions on images, thereby, helping the regional companies in improving their image quality For instance, owing to the relaxed restrictions, DigitalGlobe, one of the prominent providers of commercial high resolution earth observation and advanced geospatial solutions, could sell its high quality and industry leading commercial satellite imagery. In addition, various governments have been supporting the firms in the market studied, by investing in satellite imaging technologies The Australian government invested in satellite technologies, and it spent USD 260 million for the development of satellite technology and creation of jobs in Australia. The government’s investments in satellite imaging are poised to ensure that a wide range of Australian industries have access to data, thereby, helping the country mold its investments, create jobs in target regions, and increase competitiveness The booming digital economy of Australia is expected to benefit the developed sectors, such as mining, transport, construction, aviation, and agriculture

The electric vehicles (EV) market witnessed significant growth, due to the need for addressing future energy requirements. The need to attain sustainable transportation plays a significant role in driving the demand for electric vehicles. The EV market is coming up as an integral par t of the automotive industry, and it represents a pathway toward achieving energy efficiency, along with reduced emission of pollutants and other greenhouse gases. The increasing environmental concerns, coupled with favorable government initiatives, are the major factors driving this growth. The annual sales volume of the electric vehicles is projected to cross the 5 million units mark by the end of 2025, and it is expected to account for 15% of the overall vehicle sales by the end of 2025. The transformation of the automotive industry has its impact on the automakers, tire manufacturers, aftermarkets, and supply chain of the industry.

um需ma求ry＃端 ：国内5月出货下滑 11.8%，海外复苏出现波折。据信通院，5月出货同比-11.8%（4 月同比+14.2%），需求的复苏未能持续，但也有5 月同比基数相对较高的波动因素。5 月下旬以来，海外COVID-19 新增确诊人数在一段时间的平稳后再度增长，亚洲（除中国）、南美疫情加重，北美也依然严重。再叠加欧美游行活动对线下零售渠道的影响，海外需求的复苏出现波折。考虑到国内需求未持续恢复，海外复苏又出现波折，我们推测到三季度初品牌厂的订单可能偏谨慎，海外疫情得到控制后需求才有希望逐渐复苏。

在报告中，我们汇总 了3家IC设计龙头公司： Nvida（全球第3大IC设计）、AMD（全球第5大IC设计）、Xilinx（FPGA设计龙头）、3 家IDM 及代工龙头公司，英特尔（全球IDM 龙头）、台积电（全球代工龙头）、中芯国际（中国代工龙头）在2020 年Q1 发布的财务指标情况和业务说明会核心观点，对全球半导体设计及制造领域头部企业的现状和全年进行了研判。

CMOS (complementary metal-oxide-semiconductor) sensor is an imaging sensor, presently being employed in most of the cameras and other image capturing devices. The CMOS technology is based on arrays of light-sensitive pixels, which gather photons of light and convert them to a visible image. With the rising demand for high-definition image-capturing devices in industries, the CMOS technology has been witnessing high adoption rate in the region, as it provides faster shutter speed while delivering high-quality images. Government agencies and military forces have long used high-speed imaging to improve knowledge and performance of ballistic weapons, while also gaining greater insight into impact physics. Similarly, applications of high-speed imaging technology in the consumer world has come from the field of automotive crash testing that is pushing the demand for CMOS sensors. This has resulted in several investments from major and new players in the technology. Recently, Sony Corporation announced the upcoming release of two new models of CMOS image sensors: the IMX415 type 1/2.8 4K-resolution stacked CMOS image sensor and the IMX485 type 1/1.2 4K-resolution back-illuminated CMOS image sensor. Sony has designed these two new sensors for security cameras for the growing smart city market and to meet the rapidly expanding need for security cameras in a variety of monitoring applications, such as anti-theft, disaster alert, and traffic monitoring systems or commercial complexes.

Large number of next gen memory technologies are under development which promise to meet the growing demand of consumer electronics and enterprise storage systems and applications. Smart phone and other consumer electronics OEMs in particular are looking for the next big competitive advantage, and all signs point to new memory technologies as the most powerful choice. The traditional memories, DRAM and NAND, are falling off Moore's law and therefore research and development is going on for new memory devices. Also, a lot of industries are experiencing technology convergence, resulting in increased complexity of their systems. This convergence is evidenced in numerous devices such as automotive, smartphones, wireless communication and smart factories. In 2017, the information electronics industry saw another peak which resulted in the serious shortage of spare parts. Thus, manufacturers increased their production capacity to meet demand supply gap. Also, introduction of innovative features such as the face recognition in mobile phone by Apple Computer, which later fermented on many application surfaces, including the other mobile phones, access control, unmanned vehicles, automotive, etc. This will increase the demand for highly complex natured integrated circuits (ICs) in coming years. Such trends along with increasing complexity in consumer electronics design and growing automotive expertise is also expected to drive the demand for SLC NAND flash memory worldwide. The market for SLC NAND flash memory has been segmented into three major segments including type, application, and density. The type segment is fragmented by serial and parallel. The application segment is sub-divided into consumer electronics, industrial, automotive, communication, computers & IT, and others. All the application segments have further been sub-divided into the smaller application components.