The proliferation of handheld devices has led to developments in the field of gas sensors, detector, and analyzer, which has considerably widened the scope of application across multiple end-user segments. Due to their chemical composition and properties, metal oxide gas sensors are well-suited for a wide range of applications, including the detection of all reactive gases. Depending on the material used and the gases that need to be detected, typical operating temperatures range between 300°C and 900°C. Currently, some of the prominent companies are developing products across the detector, as well as the analyzer segment having application across clinical assaying, environmental emission control, explosive detection, agricultural storage, and shipping, along with workplace hazard monitoring.

复盘历史计算机行业超额收益相对明显的时期（高α 阶段）与信息技术创新周期和行业顶层设计政策周期高度重合，技术周期催生新一轮创新周期拓展行业空间，政策周期推动需求加速落地。当前时点，计算机行业正站在新一轮技术周期与政策周期的交汇处，我们判断A 股计算机将迎来一轮中长期的投资机遇。

3Q消费电子ROE达到近五年内峰值的70%~80%分位，板块进入利润高成长新周期。我们通过选取中信二级电子制造作为样本，通过分析发现2019年第三季度消费电子ROE达到近五年内峰值的70%~80%分位。

截至12 月13 日，2019 年通信（申万）上涨16.64%，跑输沪深300 15.16pct；上半年，受益5G 主题叠加4G 低频重耕超预期，通信板块跑赢沪深300 3.82pct；下半年，受5G 规模建设尚未启动拖累，通信板块出现较大幅度超跌。

技术进步与应用创新持续推动流量需求增高，通信行业成长的根本性驱动力持续增强，流量增长趋势前景较为乐观。传统通信叠加互联网基建，应用场景拓宽提升行业市场空间。传统通信规模巨大，新周期内景气度回升在即。