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.  High single-digit market CAGR driven by the National Health Strategy.

Largest medical device market in the Central & Eastern Europe (CEE) region.  Per capita spending is low for the CEE region.  Market will record high single-digit growth in local currency terms. Other medical devices and diagnostic imaging have the largest market shares. The government has increased the number of medical devices subject to import restrictions, which could negatively impact the sales of foreign manufacturers. Import shares may fall by 2020, in accordance with the Ministry of Industry and Trade's import substitution plan, which aims to reduce the import shares of 111 groups of medical devices. The greatest opportunities exist around the major cities of Moscow and St Petersburg, where most companies are based and per capita incomes are well above the national average.

11月初的民营企业座谈会和能源局座谈会奠定后续光伏政策基调，我们认为，自531以来的行业低潮已过去，政策底已出现，现上调预期——预计2019年光伏国内新增装机量为50GW（同比+25%）；全球新增装机量为120GW（同比+26%）；2020年国内和全球装机量分别为60GW、150GW。

被动元件作为电子产业的基石，国产化率亟待提升。被动元件中电容、电阻、电感市场份额达90%，全球范围内日系厂商占据了被动元件的半壁江山，国内厂商相较于国际巨头不论从销售规模或是技术实力差距都还较大。未来智能手机红利的逐渐消退，5G以及汽车电子将接棒推动被动元件市场规模的增长，我国在5G和汽车电子发展走在世界前列，未来必将给国产被动元件厂商提供广阔的发展空间。

Silicon carbide (SiC) power semiconductor is a power device, which is used to control the distribution of power in an electronics system. The wider band gap, high switching frequency, and high electric field strength of SiC power devices allow them to be operated at higher temperatures and volumes as compared to their silicon counterparts. the silicon carbide power devices market has witnessed significant growth, owing to increasing number of industrial sectors that require SiC power devices such as manufacturing, automotive, and energy & power sectors.

电子行业最核心的价值是，实现满足“需求”的“创新”，这亦是驱动企业跨周期发展的原始动力。大陆电子产业结构调整加速，生产和融资环境不断完善，全球产能转移和进口替代仍将是未来一段时间的主旋律，自主可控+市场竞争将伴随作为硬件核心的电子行业实现高速发展。