受到下游应用需求的驱动以及疫情对行业供需关系的影响，全球半导体设备市场经历了一轮高景气周期。2022年半导体设备市场规模再创新高，根据SEMI的数据，2022年，全球半导体设备 销售额同比增长5.85%，根据2020-2022年复合增长率预测半导体设备市场持续增速。但在2023 年市场规模预计收缩，主要是由于在经历2021-2022年快速增长后，内存和逻辑器件需求疲软，预计2023年晶圆产能扩张将放缓，从而影响上游半导体设备市场的收缩。此外，根据SEMI官方 数据所得2020-2024ECAGR为8.1%，以及上述市场俣产业链影响原因合理预测2025-2027E复合增长率为6.0%

新房成交延续止跌，二手房成交处于历史高位。一季度重点 40 城新房成交面积 2580 万方，同比增长 4.5%。其中 3 月新房成交 面积为 1124 万平，同比增长 3.5%。在新开盘项目收缩背景下，3 月重点城市新房成交面积仍实现正增长，且一线城市新房成交面积同比增速达到两位数。二手房成交景气度好于新房，一季度重点 13城二手房成交面积为 1960 万方，同比增长 33% ，成交量处于历史高位。其中 3 月二手房成交面积为 850 万方，同比增 长 37%，北上广深成杭六个核心城市一季度二手房成交套数增速均在 30%以上，核心城市楼市景气度领先。

2024 年，内房公司整体业绩承压，销售与拿地金额均有所下滑，亮点在于 行业集中度迎来提升，头部房企在下行周期中展现出更强韧性。展望 2025 年，我们认为主流房企的开发业务利润率仍将处于底部区间，行业主基调将 延续“稳健经营、聚焦核心”，投资端保持“以销定投”的扩张策略，盘活老旧库存仍是当下主流房企的战略重心。与此同时，我们认为后续部分房企 的经营性业务利润占比有望继续提升，以及越来越多房企将围绕“好房子” 战略持续推动产品品质升级。

3 月前百开发商销售环比有所回弹。根据克而瑞的初步数据，2025 年 3 月 前百开发商的全口径销售总额由2月的1,981亿元（人民币，下同）环比提升 73.9%至 3,445 亿元。我们跟踪的 23 家主要上市开发商 3 月销售额也明显复苏，环比提升67.6%，其中多数开发商同比跌幅均有所收窄。3月销售额排名前十开发商中，国企数量为 9 家，民企仅 1 家（为龙湖集团，排名 第 10 位）。在前 50 的房企中，前三个月国企合同销售额市占率增加至 73.3%。

Digital video content is primarily accessed through two sources, namely OTT and Pay TV. These platforms are major sources of entertainment for users worldwide. Pay TV is a subscription-based TV service that delivers digital video content through analog, digital, and satellite connections. The OTT industry includes third-party service providers that deliver video content to users through the Internet.

A digital workplace is defined as a virtual and modern version of the traditional workplace. It helps provide customized role-based solutions and services to employees. The employees can quickly access services and data from anywhere and at any time based on their requirements. The digital workplace uses smart devices like smartphone, laptop, among others and digital technology to adapt to the way people work, in addition to improved employee engagement and satisfaction levels.

Dining out restaurants include both fast-casual restaurants and quick-service restaurants. These restaurants also include drinking establishments. Dining out restaurants serve food along with other dining services such as alcohol and non-alcohol beverages.

Direct selling refers to a method of marketing and selling goods and services directly to consumers. This is often done through person-to-person interaction in a non-retail environment, such as the home or workplace of the customer. Direct selling is typically done by independent sales representatives or consultants who are compensated based on their sales.

A document management system (DMS) is a software solution designed to store, manage, and track electronic documents and images of paper-based information. It provides a centralized repository for documents, enabling easy retrieval, sharing, and collaboration. DMS enhances productivity by reducing the time spent searching for documents and streamlining business processes. It also supports compliance with regulatory requirements by maintaining audit trails and ensuring data integrity.

Document outsourcing is a BPO service, whose adoption is driven by the need to reduce fixed and overhead costs, avoid capital expenditure, improve business processes, ensure compliance with complex regulations, and enhance communication with customers.