从产业趋势和政策周期角度出发，疫情冲击下的云经济和5G 带来的新一轮科技周期的机会，比如说云计算、车联网。定增新规松绑，成长股迎来外延增长机会。重点公司：宝信软件、泛微网络、网宿科技、卫宁健康、恒生电子、东方财富、中科创达、四维图新。

基于L4 无人驾驶技术的Robotaxi 增长前景广阔，Allied Market Research预计2023-2030 年全球市场CAGR 高达67.8%。海外Waymo、Uber、Yandex，国内文远知行、百度、滴滴等厂商相继入局，Robotaxi 的迅速铺开推动国内外自动驾驶技术的成熟。重点推荐智能驾驶领域的核心标的四维图新、中科创达、德赛西威、千方科技。

顺势而为，紧抓“硬科技”行业，博弈估值高弹性：2020年上半年市场追逐智能制造行业中的“硬科技”，我们认为2020年下半年投资风格难以发生显著变化。若市场大幅震荡，建议紧抓“硬科技”回调加仓机遇，博弈估值高弹性。

Oil and gas remains as one of the most highly valued commodities in the energy sector. In recent years, there has been an increased focus on improving efficiency, and reducing downtime has been a priority for the oil and gas companies as their profits slashed since 2014, due to fluctuating oil prices. However, as concerns over the environmental impact of energy production and consumption persist, oil and gas companies are actively seeking innovative approaches to achieve their business goals, while reducing environmental impact. Additionally, the price of oil reduced by 40%, since hitting four-year highs of above USD 76 a barrel in October 2018, in the United States, nur turing concerns for oil and gas firms. Hence, companies in the oil and gas sector are experimenting with contemporary technologies to increase their efficiency and revenue. By leveraging AI in oil and gas operations, corporations can design algorithms to guide drills on land mass and ocean floor. AI is also been used to increase the safety of gas stations for preventive maintenance. But there have been growing incidences of fires at the gas stations. For instance, a gas station in Arkansas had an accidental fire. Such events can prove to be deadly and destroy gas stations and the area surrounding it. However, intelligent cameras based on AI can access the risk area and lessen the extent of potential damage.

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