Casino gaming equipment such as slot machines, gaming tables, video poker machines, VLTs, and lottery machines, among others facilitate smooth day-to-day casino operations. These sophisticated gaming equipment are the back-bone of the gambling industry where casinos are the major revenue contributors. The sale of gaming equipment is proportional to the growth in the gambling market worldwide. Gambling is an activity where one wagers money or something of value on events with uncertain outcomes. When permitted by the law, gambling is often referred to as gaming in many countries. Consideration, chance, and prize are the three major elements of gambling that need to be present. Some of the major gambling activities are poker, casino, betting, and lottery.

散热下游应用领域众多，涵盖消费电子、和汽车、基站、服务器和数据中心等，市场空间在千亿级别。根据前瞻产业研究院预估，2018 年~2023年散热产业年复合成长率达 8%，市场规模有望从 2018 年的 1497 亿元增长到 2023 年的 2199 亿元。手机散热约占行业总规模的7%，2018 年约为 100 亿元，未来受益于 5G 智能终端持续升级的驱动，手机散热市场增速在 2019~2022 年有望提升至年平均复合增长率 26%。

我们认为，5G时代基站滤波器行业市场弹性大。考虑到5G时期基站对小型化、轻量化、低损耗以及性价比的要求提升，陶瓷介质滤波器将是未来主流方案。

上两周，市场整体维持下行态势，沪深 300 指数下跌 0.98%，所有申万一级行业中仅有 4 个行业上涨，申万电子行业指数上两周表现强于市场整体，上涨 3.98%，涨幅位居所有申万行业第二位。

本周，上证综指上涨1.77%，创业板指上涨4.00%，电子（申万）指数上涨7.97%。本周涨幅前五的股票是弘信电子、维科技术、美格智能、长信科技、领益智造；跌幅靠前的是锐科激光、*ST盈方、春兴精工、贤丰控股、亚世光电。目前，电子板块TTM市盈率（整体法，剔除负值）为31.59倍，相对于全部A股（非金融）的溢价比为1.66。