There was volatility in computer hardware spending over the review period, a trend that reflected the impact of PC saturation, the diffusion cycle for tablet ownership, and upgrade cycles in key product categories. After a steep and sustained decline 2012-2015 the AV segment returned to growth in 2016-2017 based on demand for new products and technologies. The smartphone boom occurred early in South Korea, and therefore handset segment performance was weak over the review period.

上周计算机行业(中信)指数上涨2.17%，沪深300 指数上涨5.19%，创业板指数上涨3.26%。近期计算机行业白马龙头和自主可控龙头股价出现较大波动，我们认为：1、客观上这些公司近期机构配置集中，收益远超过大盘指数，在大盘企稳情况下，机构可能调仓前期超跌板块；2、市场担忧中美贸易战走向硬对抗。虽然A 股计算机公司对外出口微乎其微，直接业绩冲击非常小，但贸易战影响市场风险偏好，作为高贝塔的板块，计算机行业首当其冲。

Demand cannibalisation by smartphones has lowered the Mexican PC market, which is still developing with a household penetration of 45.4% in 2017, despite showing stalled growth for the first time. TV ownership is widespread, but vendors should benefit from upgrades to new technologies.  Pressure on digital camera volumes from smartphones will continue to be a drag.  The handset segment was affected by peso depreciation in 2015-2016, but will gain a stronger footing once the smartphone migration upside is no longer obscured by economic challenges.

The blockchain technology is expected to disrupt the automotive value chain in the near future. The magnitude of its impact might vary from stake holders to stake holders, but it surely encompasses the whole value chain. This section of the research study throws light on the push and the pull forces operating in the automotive blockchain market. It further studies the impact of these forces on the market growth.

上周苹果发布iPhoneXS、XSMax、XR三款手机及AppleWatchSeries4。三款手机对于屏幕尺寸、双卡双待、处理器及通信性能、外观色彩等进行了升级，总体配置符合预期。从定价来看，iPhone延续了高端产品定位。我们判断新iPhone上市对供应链的影响包括：1）18年三款新机销量有望与17年新机销量持平或略增，产业链公司受益机会更多来自创新项目以及份额提升；2）终端定价较高有利于维持苹果自身毛利率，亦将缓解供应链降价压力；3）3D拍照、OLED、LCP天线等渗透率提升，利好业已卡位细分领域的龙头公司。苹果产业链我们首推立讯精密、欧菲科技、大族激光等。此外，苹果新品有望倒逼国产品牌加速围绕5G与AI的应用创新，持续看好国产机5G创新与核心元件进口替代，推荐三环集团、顺络电子等。

2018年上半年电子板块走势弱于沪深300指数。板块整体营收4794.10亿元，同比增长13.46%，增速较去年同期下降19.34pct。板块整体扣非归母净利润157.83亿元，同比下降24.32%。电子板块整体毛利率20.24%，相较去年同期下降1.72pct；板块整体净利率为5.20%，相较去年同期下降0.93pct。总体来看板块盈利质量下滑。

射频前端是通信终端核心，也是半导体行业增长最快的子市场。目前典型智能机射频前端单机价值超20美元，其中滤波器、PA、射频开关占90%，天线调谐、LNA、包络芯片占10%。随着通信技术升级，前端创新持续推进，单机价值不断提高。需求方面，除终端设备之外，物联网的渗透亦将提升射频前端需求。在前端技术创新和联网设备增长趋势下，2017-2023年射频前端市场有望从160亿美元增长到353亿美元，年均复合增长高达14%。

近年来，云计算、大数据、移动互联、物联网、深度学习等技术发展，智能语音在智能家居、可穿戴设备、汽车电子、教育、医疗、金融等场景化应用持续深化，推动市场规模快速增长。为此，赛迪顾问围绕智能语音市场进行深入研究，针对重点行业的场景化应用、市场竞争格局及主要厂商的战略布局进行深刻剖析，并结合市场发展态势和资本关注热点领域进行投资价值与投资机会挖掘，期望能通过此研究为促进我国人工智能应用发展提供有价值的参考。