Second smallest market in the CEE region. Per capita spending is well below the CEE average. Market will record moderate single-digit CAGR in local currency terms. Consumables and other medical devices have the largest market shares. Most requirements need to be imported; the US and Germany are major partners. Weak and undercapitalised domestic production sector. Relatively strong hospital sector, although the need for modernisation is great. EU negotiations began in December 2015; 12 chapters have been opened to date. 

Small but sophisticated medical device market. Imports supply most of the market. Other medical devices and diagnostic imaging have the largest market shares. High per capita spending in the Middle East Africa region. Double- digit market CAGR driven by the National Health Strategy.

The market is the eighth largest in our Asia Pacific (APAC) region and ranks among the top 30 in the world.  Per capita spending is above average for the APAC region but close to the global average. Other medical devices has the largest market share, while the markets for dental products and orthopaedics & prosthetics remain underdeveloped. The market will see moderate growth in local currency terms and higher growth in US dollar terms due to the appreciatory trend of the MYR. Despite an expanding manufacturing industry, the market remains heavily dependent on imports in most product sectors. Malaysia is a net exporter of medical devices, due to a large trade surplus for rubber based products such as surgical gloves and catheters, and more recently other portable aids. Healthcare expenditure is near evenly split between public and private sector. The private sector is the main purchaser of high-tech equipment.

The medical device testing services include biocompatibility studies, chemistry studies, microbiological & sterility testing, and package validation services. The demand for all these services is expected to rise owing to growing trend of outsourcing in preclinical and clinical phase of R&D by medical device companies.

行业跌幅居前，机构持仓比例，行业估值接近历史底部区域。通信行业十年技术周期，5G商业部署曙光临近。

行业跌幅居前，机构持仓比例，行业估值接近历史底部区域。通信行业十年技术周期，5G商业部署曙光临近。

流量爆发（中移动数据）：基于2016年，预测2020年8倍，2030年119倍，国内流量（工信部数据）：2018年10月DOU5.66G，同比+151%。

2018 年国内A 股市场整体呈下行趋势，通信板块前三季度盈利情况增长较佳，子版块增长速度分化明显；中美贸易摩擦不断升级，理性看待华为事件影响；2019 投资关注5G、云服务及北斗主线。

通信板块年初至今跑输大盘，子板块中，三季度综合电信服务指数强势上涨一枝独秀，通信设备指数与行业持平但跑赢大盘。二季度跑输大盘主要是因为中兴通讯受罚事件对通信板块信心影响较大，三季度开始跑赢大盘主要源于中兴“解禁”市场情绪预期修复。