Digital Scent technology has witnessed exponential development from its initial deployment by the US Army in the Vietnam war to massive e-nose networks setup, around the world, presently. The digital scent technology has gained momentum recently with the development of emerging technologies like artificial intelligence and IoT. E-nose technology has seen widespread adoption in the waste management industry. Countries, such as the Netherland, UAE, Kuwait, and Italy have the most comprehensive e-nose networks. Countries like South Africa, Oman, and Estonia, have also invested in developing such e-nose networks. Odor pollution has become a sensitive issue in many parts of the world, with many severe instances reported by different countries in the world. The latest was from Malaysia in July 2019, when the authorities in Malaysia had to dispatch several teams to comb Batang Kali, which was considered to be the source of foul smell which spread through the region.

行业指数强于市场整体，主题投资提升整体估值：2019 年12 月国内A 股市场的申万电子行业一级指数上涨10.5%，位列第5 位，跑赢沪深300、中小板和创业板指数，二级指数中各子行业均上涨显著。海外市场方面，香港、美国和台湾走势普遍强于所在市场整体。

加快发展国内集成电路产业，《集成电路产业发展推进纲要》重磅推出。2014 年6 月《国家集成电路产业发展推进纲要》正式公布，纲要推出的目的就是为了加快推进我国集成电路产业发展，纲要制定了三步发展的目标，到2030 年将逐步缩小国内集成电路产业与世界先进水平的差距，实现国内产业链的自主可控。纲要从领导组织、金融支持、产业应用以及人才培养等多个方面制定了扶持政策，助力国内集成电路产业链快速发展，其中在金融方面，设立集成电路产业投资基金，直接向国内集成电路产业重点发展领域核心公司提供资金支持，协助企业做大做强。

接口更迭、无孔化趋势下，TWS 耳机应运而生。苹果于2016 年发布Airpods，本质原因是取消手机3.5mm 接口。安卓阵营走向USB-C，3.5mm 接口同样面临取消。存量竞争下，智能手机创新持续，无孔化已成大势所趋。TWS 耳机亦是实现无孔化的重要一环。

半导体行业在过去数十年内呈现螺旋式上升的规律，放缓或衰退后又会重新经历更强劲的复苏，技术变革是驱动半导体行业持续增长的主要推动力。根据WSTS统计，2020年5G、IOT等新兴领域有望带来超过500亿美元的半导体增量市场，预计2020年全球半导体销售额达到5200亿美元，2016-2020年复合增速为11%。我们认为在5G及新兴领域的持续驱动下，半导体行业将进入新一轮成长期。