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。

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。