2021年港股科技行业板块投资策略.docxVIP

1 1.1 “ ” 1.2 1.3 PS 1.4 2 / 2.1 21 2.2 5G SOC 2.3 2.4 IoT 2.5 / 3 3.1 3.2 1H21 3.3 3.4 4 4.1 5G ARPU capex- 4.4 SaaS 20 21 IT SaaS SaaS SaaS SaaS 6 7 7.1 + 7.2 7.3 7.4 12 7.5 ASM Pacific 8 1 ..........................................................................................................7 2 ..........................................................................................................7 3 ..........................................................................................................................................8 4 2020 % ..............................................................................................8 5 ..............................................................................................................9 6 ..................................................................................................9 7 ..........................................................................................................9 8 ..............................................................................................9 9 ................................................................................................................10 10 ......................................................................................................10 11 ..............................................................................................................10 12 ..................................................................................................10 ROE 11 ROE 11 15 1Q17-3Q20 15 16 1Q17-3Q20 15 17 2020 5G 15 18 1Q19-2Q20 ASP 15 19 1Q20-3Q20 16 20 1Q19-3Q20 16 21 3Q20-4Q20 16 22 2019-2021 ............................................................................................16 23 IoT 18 24 ..........................................................................................................18 25 ......................................................................................................