The smart manufacturing industry value chain comprises of numerous stakeholders who form a complex structure of hardware solutions and service providers. The stakeholders include Original Equipment Manufacturers (OEMs), solutions providers, software providers, distributors, systems integrators and end users. The OEMs form the first part of the value chain and are producers and suppliers of equipment, parts and components to the industry players. The smart manufacturing industry makes use of numerous hardware components including communication systems, industrial robots, sensors, and cyber physical systems among others. The OEMs have been gaining an increasing amount of importance in the value chain owing to the smart manufacturing industry’s shift towards customization and customer-centric approach towards business conduction. In addition, the need to provide compatible and user-specific components to the solution providers is also a major enabler of suppliers becoming an active participant of the production environment.

One of the largest markets in the Middle East & Africa (MEA) region, similar in size to Iran. Market size is supported by a large population and Africa's most industrialised economy. Owing to the size of the population, per capita spending is low. Spending on medical devices as a proportion of wealth is below average for the MEA region. Other medical devices accounts for nearly 40% of the total market. Underdeveloped market offers considerable potential for growth but currently constrained by funding issues, poor infrastructure and staff shortages. National Health Insurance programme in the early stages of implementation, but question marks remain on funding and delivery of key targets. Limited medical device production, therefore market largely dependent on imports.

Second largest market in the CEE region. Per capita spending is below the CEE average. Slowest market growth in the CEE region, in US dollar terms. Other medical devices and consumables have the largest market shares.The market remains heavily reliant on imports. Turkey has a large number of manufacturers, but these tend to be small-scale, concentrating on cheap, low-technology items. In recent years, Turkey has focused on developing its healthcare system, with the goal of providing universal healthcare, although this is yet to be achieved. Over three quarters of total health expenditure comes from the public sector, primarily central & local governments and social security programmes.

The Global Automotive Semiconductor Market is evolving along with the changing demographics of the automotive industry. In terms of revenue, the Global Automotive Semiconductor Market is expected to grow at a CAGR of 6.9% during 2017−2023. Semiconductors form the backbone of next-generation automotive technology. The rise of new technologies, rapid developments in the emerging markets, the adoption of sustainable policies, and changing consumer preferences is expected to exponentially increase the usage of semiconductors in vehicles. Moreover, digitization and change in business models have spurred a revolution in many industries including automotive. Disruptive technologies such as electrification, diverse mobility, autonomous driving, and rapidly evolving connectivity services are propelling the growth of the Global Automotive Semiconductor Market in recent years.

信息消费升级，万物互联和政策推动是5G发展的三大重要驱动力。5G推动现有通信网络升级和换代，产业整体投资额相比4G显著提升。国内5G网络投资有望突破1.2万亿元，相比4G网络投资增长50%以上。无线侧（包括设备、天线和射频器件）是运营商资本开支的重要组成部分，占网络投资60%左右，技术的更迭使得天线和射频器件在无线侧价值量占比提升。在近年运营商投资过渡期内，无线侧产业链相关公司业绩承压明显。展望后续，中国三大运营商计划2020年实现5G商用，5G建设将推动运营商资本开支进入上行通道，无线侧作为重点投入方向有望充分受益。基站天线和射频产业链景气度迎来触底回升的节点。

受中美贸易摩擦影响通信指数大跌，最大跌幅达41.58%。因5G 提振，有两轮波段性上涨行情，10 月中以来更是显著反弹（上涨22.44%），截至12 月9 日指数累计下跌31.94%，列第22 位。

2018 年，我国国防支出预算将增长 8.1%，达到 11069.51 亿元。我们判断武器装备支出增长速度将高于国防支出总体增速，军工行业需求将加速。随着军改的推进，2018 年开始，军方科研项目和产品订单逐步释放航空、国防信息化、军用材料等板块预收款大幅增长反应了订单情况。2018 年军方验收速度仍受军改影响的掣肘，业绩的确认尚较为缓慢。目前军方对于军工企业订单验收情况已引起重视，我们预计2019 年进度将好于今年。

中国移动获得 2.6GHz+4.9GHz 5G 频段，相比 3.5GHz 产业链仍不成熟，需要中国移动推动产业链发展，因此单基站元器件价格预计较高，网络商用时间必然会因测试稍有推迟，但维持 2020 年商用。一旦产业链成熟，由于频率较低，基站建设数量和运营成本更低。

由于相当一部分计算机公司都是项目驱动型，订单来自于政府、国企和大中型民营企业，业绩背后的驱动力量和宏观经济环境呈现明显正相关性。展望 2019 年，整体宏观环境不确定性较大，外部贸易战和国内去杠杆进入攻坚阶段。在宏观经济不确定性很大的背景下，计算机行业整体业绩很难取得出色结果。 

The scope of the report is limited to the revenue generated from the sales of nuclear imaging systems, also known as nuclear medicine equipment, which include SPECT and PET. SPECT and PET can be further subcategorized as standalone and hybrid systems. The standalone equipment work independently, whereas two technologies, such as PET and computed tomography (CT) or SPECT and CT, are used together for better outcomes and are known as hybrid PET and hybrid SPECT, respectively.