Adobe 为全球创意软件、PDF 文档管理软件SaaS 龙头，并在营销软件SaaS市场实现领先，亦是当前全球市值最大SaaS 厂商。中期来看，原有客户ARPU不断提升、创意软件产品用户基数不断拓展、数字营销产品盈利能力改善&营销数据积累等，预计仍将是公司中长期主要成长路径。虽然疫情推升短期不确定性，但考虑到公司较高订阅收入占比、欧美企业数字化转型持续推进以及公司当前通过压缩费用维持利润率的积极举措等，我们持续看好公司中长期成长性以及运营利润率继续小幅改善的可能。

The Micro-electromechanical systems (MEMS) technology includes very small, moving mechanical parts, and the electrical components. This technology is used to fabricate sensors such as accelerometers, gyroscopes, digital compasses, inertial modules, pressure sensors, humidity sensors, and microphones among others. The MEMS technology holds the largest share in overall sensor market across the globe. The implementation of sensors made with MEMS technology in consumer electronic devices is driving its growth in overall sensor market. The sensor manufacturing companies use MEMS technology to fabricate a wide range of sensors owing to its low power consumption, small size, and high precision. The sensor manufacturers develop new MEMS based sensors for various areas of application to increase their market presence in distinctive applications as well as regions across the globe

Laser is an acronym used for light amplification by stimulated emission of radiation, which has a specific wavelength and creates high-intensity light. Medical lasers are devices that are used for the treatment of various diseases, such as eye-related diseases, cardiology-related diseases, urology diseases, and tissue removal leading to increased adoption of lasers for diverse medical application, including ophthalmology, dermatology, urology, and cardiovascular. The market revenue includes revenue generated from the devices used for the therapy and excludes the revenue generated from medical lasers used for diagnosis purpose and the services provided by the manufacturers of medical lasers. The market is experiencing a significant growth owing to factors such as high prevalence of eye-related diseases, cardiology issues, neurological issues, and urology related health conditions.

The LDS technology is one of the fastest expanding segments of the molded interconnect devices (MID) market. With the miniaturization trend gaining prominence across various industries, the LDS market is growing in popularity by allowing smaller designs with integrated functionalities. The era of modern electronics has presented manufacturers with many challenges. However, the introduction of LDS antenna technology offers an effective way to overcome these challenges, by offering a high degree of freedom in terms of metallization shape, thus, allowing improved radiation performance. Previously, 3D molded interconnect devices (MIDs) were hailed as a breakthrough in electronics. They were expected to eliminate conventional circuit boards by putting conductive paths directly onto the surface of molded plastic devices.

The evolution of user interfaces has allowed gesture recognition to emerge as an essential solution for a significant number of applications. The challenge of using big and bulky phones, which incorporate long antennas, physical switches, and buttons, has been overcome using advanced technology. With innovation, the touch-sensitive interaction was incorporated in trackpads, like the IBM Simon. Currently, the touchscreen interface of IBM Simon is an efficient and familiar interface for cellular phone users around the world. Gesture recognition technology is also used in smartphones in the form of recognition of hand gestures to wake the screen.

Several systems installed in the aircraft like display systems, content, and software for improving the passenger experience and connectivity systems like Wi-Fi routers, will allow the passengers to be stay connected to online platforms. These systems are currently playing an important role in the selection of airlines by the passengers and are playing a major role in the digitization of the aircraft. With FAA permitting the use of electronic devices on the aircraft from gate to gate, inflight entertainment service providers are focusing more on inflight entertainment through the personal electronic devices (PEDs). Inflight live streaming of content has been introduced by some airlines, and currently, other airlines are tr ying to incorporate these into their offerings. Also, the provision of in-seat power has seen an increase in the PED usage, which became the main reason for the growth of Bring Your Own Device initiative. In this market, the operators (IFEC providers like Panasonic) can provide their services in wholesale, retail (revenue sharing), or a third model.

若没有20Q1 的疫情冲击，考虑到地产竣工带动需求的回暖预期，19Q3 基本可确认为本轮需求周期板块收入增速的最低点，增速开始环比回升。由于疫情对安装属性较强的白电和大厨电需求冲击较大，20Q1 家电板块收入同比增速降至-19%（剔除格力）/-24%（包含格力），复苏节奏被疫情打乱。但压力下亦有亮点，小家电和黑电因线上占比高，需求结构性收益，整体受影响相对较小，20Q1 收入分别同比-14%/-15%。

家电板块上市公司2020 年第一季度营业收入同比下滑24.8%，这是继周期顶部2017Q2 的收入同比增长42%后，第11 个季度收入增速趋势性往下，增速下行通道中，2019Q2 由于白电降价促销，家电板块有阶段性企稳；归母净利润同比下滑55.0%。一季度受众所周知的因素影响，线下消费受冲击，需求端受抑制。预计二季度有一定程度的复苏，三季度反转。

行情回顾：本周计算机行业(中信)指数上涨2.17%，沪深300 指数上涨3.04%，创业板指数上涨3.28%。目前年报已经披露完毕，2019 年板块营收增速14.9%，环比有所回落，但增速超过20%的公司数量占比接近三成，其中信息安全、互联网医疗、云计算营收增速最高，分别为18.9%、16.1%、12.0%；整体净利润增速环比回升，扣非正增长的公司数量占比达到65%，其中金融科技、人工智能、信息安全扣非归母净利润增长最快，分别为38.3%、22.6%、12.6%。一季报已经结束，市场对计算机行业季报悲观预期此前已经反映，由于一季度占比低和轻资产模式，看全年的话计算机板块受疫情影响较小。

事件：近日，国家互联网信息办公室等12 部门正式发布了《网络安全审查办法》（以下简称《办法》），将于今年6 月1 日起实施。