The growth rate of the global semi-conductive income from sales begins to drop since 2004, and then been maintaining the low-order operation situation all the time. And because of impact on world economy of loan crisis once of U.S.A., oil price, metal forward price and global inflation of the high enterprise at present at the same time, the uncertainty that the electron trade recovers is strengthened greatly.

In cases there is no great change in the demand of downstream industry, the global electron trade will keep developing steadily, we estimate tentatively amplification lie between 4.5% - 5.5% on the whole.

Chinese electronic devices and components trade still keep high-speed development, but face the pressure too. Because rising, petroleum, metal of labor cost,etc. price of raw material run high at the same time, it influences the earning power of enterprises to some extent that the entreprise cost rises. But because the general electronic devices and components trade belong to technology-intensively or the fund is intensive, this kind of influence comes to talk smaller than the traditional manufacturing industry. As to the thing that we estimate about 20%- 21.5% speedup of the Chinese information industry tentatively, about 30%-35% of income speedup of electronic devices and components trade.

The global electron trade has uncertainty to recover at present, but pass a adjustment, rounds of bottom that cycle change at whole the intersection of A and absolute estimate value of stock market close to already at present, the absolute estimate value level of the Chinese electron trade has already created the new low point. Though it is still a bit high to compare with the international estimate value level at present, it is a secular trend too to be in line with international standards, this will be a long-term repeated course. We are according to long-term development and growth of electronic devices and components of China, has already had certain investment value at present, grade us to think to " in pace with large city " as to the trade Grading comparatively reasonable.

After the electron trade grew at top speed in 03- 06, most electronic manufacturers have already entered middle and later periods when productivity has shifted, under the influence of all sorts of unfavourable factors outside China, Chinese electron trade grows up ability and earning power glide. We think only technology upgrading can bring and offer a new opportunity of development to the trade, target will transform from investing in the driving type, cost driving type into the driving type of the craft and direction of the technology driving type investment.

Technology upgrading is a main thinking

On the initial stage that the productivity is shifted, Chinese enterprises possess comparatively obvious cost and price advantage, face substituting the space in the obvious inlet at the same time, enterprises possess the higher earning power and growth. But as the productivity is shifted and entered later period, the introduction of new technology and new product becomes keys, because the new technology corresponds to greater market share and better competitive environment, enterprises can enter the new round of productivity and shift cycle through technology upgrading. So, we think technology upgrading is main thinkings which invest in the electron trade.

We think most enterprise have, raise, throw project or productivity, open 08 year, listing new stock, sub-new stock enter, raise, throw harvest time such as event too 06- 07 year very, so long-term needn't getting more pessimistic too about electron trade,it is short-term risk merit attention.

The investment driving trade taking semiconductor, faceplate trade as typical representative faces the problem that it is excited to expand producing in the manufacturer, for example the expenditure of the greater fixed capital makes the manufacturer pay attention to the stability of the output rather than price even more, so though the trade enters barrier great, present the competitive state of the price by a wide margin easily. The trade products of the driving type of the cost are often high in canonicalization, the difference is relatively weak. Enterprise's competitive method is competed for and competes with price for the simplex cost.

Technology upgrading mainly includes driving type of the craft and technology driving type. The craft driving trade needs the longer time craft to accumulate and improve products quality and products high quality ratio, so enter the relative great of the barrier. And it is technology research and development and product design that the technology driving trade is most central, possess the great and enter the barrier too. In terms of rival, driving type of technology and craft driving trade rival rely mainly on good at technical day, American manufacturering, the trade substitutes the space bigger, the majority is in initial stage or middle period when productivity is shifted, it is a direction of investment value in the future.

Four major characteristics announce the innovative trade

Technological innovation trade possesses technology lasting staging, much technology crossing, good industry chains and visits four high-quality characteristics of relation and sharp competition pattern from head to foot, and these four high-quality characteristics have guaranteed more quick development speed and enterprise's stable earning power of the trade.

It is the lasting staging of the technology at first, employs and expanding constantly. Whether technically or on the products, technological innovation trade products sustainability are strong, employ and expand the space greatly, the trade is in product life cycle in early days more, the speedup is very fast in the future; Secondly, many trades, many technology cross. Whether no matter financial electron, electroacoustic device, safety protection trade or apparatus trade, all the crossing of many technology, many trades; Moreover, have good visiting industry's chain relation from head to foot. Look from upstream angle, different from traditional manufacturing industry, technological innovation enterprises upstream and often relying mainly on electronic devices and components industry process the industry, this kind of trade falling tendency year by year of product cost, so technological innovation enterprise's original material cost is often lower, look from downstream angle, the technological innovation enterprises of enterprises create value for the downstream customer directly or indirectly through security, stability and efficiency. Good visiting industry's chain relation from head to foot is the technological innovation value place of enterprise investment; Finally, the competition pattern is clearer, the native manufacturer occupies the advantage.

We have an optimistic view of technological innovation trade, think future have more high-quality technological innovation enterprise through list investment visual field to enter us at the same time.

ATM potentiality of rising is enormous

The data display which the national development and reform committee announced a few days ago, the first 5 months of this year, electronic industrial production kept very fast growth overallly, the speedup is accelerated in the same period compared with that of last year, but the trade splits up obviously, the electronic devices and components are produced and accelerated increasing, communicating device, automatic computer speedup continue slowing down.

The statistics show, in January - May, the electronics industry finishes the total industrial output value (the current rate) totally 1,659,700 million yuan, increase by 19.6% compared with the same period of last year, the speedup accelerates 3.8 percentage points in the same period compared with that of last year. Industrial added value increases by 17.8% compared with the same period of last year, the speedup accelerates 2.5 percentage points. The rate of production and marketing is 97.78%, similar to the same period of last year, is in the great level.

In 7 electronic branch trades that the development and reform committee count, besides communicating device, radar, the total industrial output value has realized two figure growth. Among them, the manufacturing industry of communication apparatus is 314,900 million yuan, increase by 7.3% compared with the same period of last year, the speedup reduces 2.4 percentage points compared with the same period of last year; Radar and corollary equipment manufacturing industry are 4,600 million yuan, increases by 2.8%; Broadcast 12,300 million yuan of manufacturing industry of the television equipment, increase by 19.1%; The manufacturing industry of the automatic computer finishes 581,600 million yuan of output value totally, increases by 17.6% compared with the same period of last year; The manufacturing industry of electronic device is 241,200 million yuan, increase by 35.1%, the speedup accelerates 17.9 percentage points in the same period compared with that of last year; The manufacturing industry of electronic element is 335,100 million yuan, increase by 29.8%, the speedup accelerates 8.3 percentage points in the same period compared with that of last year; Home audio-visual equipment manufacturing industry is 140,700 million yuan, increase by 12%.

After the electron trade grew at top speed in 03- 06, most electronic manufacturers have already entered middle and later periods when productivity has shifted, under the influence of all sorts of unfavourable factors outside China, Chinese electron trade grows up ability and earning power glide. We think only technology upgrading can bring and offer a new opportunity of development to the trade, target will transform from investing in the driving type, cost driving type into the driving type of the craft and direction of the technology driving type investment.

Technology upgrading is a main thinking

On the initial stage that the productivity is shifted, Chinese enterprises possess comparatively obvious cost and price advantage, face substituting the space in the obvious inlet at the same time, enterprises possess the higher earning power and growth. But as the productivity is shifted and entered later period, the introduction of new technology and new product becomes keys, because the new technology corresponds to greater market share and better competitive environment, enterprises can enter the new round of productivity and shift cycle through technology upgrading. So, we think technology upgrading is main thinkings which invest in the electron trade.

We think most enterprise have, raise, throw project or productivity, open 08 year, listing new stock, sub-new stock enter, raise, throw harvest time such as event too 06- 07 year very, so long-term needn't getting more pessimistic too about electron trade,it is short-term risk merit attention.

The investment driving trade taking semiconductor, faceplate trade as typical representative faces the problem that it is excited to expand producing in the manufacturer, for example the expenditure of the greater fixed capital makes the manufacturer pay attention to the stability of the output rather than price even more, so though the trade enters barrier great, present the competitive state of the price by a wide margin easily. The trade products of the driving type of the cost are often high in canonicalization, the difference is relatively weak. Enterprise's competitive method is competed for and competes with price for the simplex cost.

Technology upgrading mainly includes driving type of the craft and technology driving type. The craft driving trade needs the longer time craft to accumulate and improve products quality and products high quality ratio, so enter the relative great of the barrier. And it is technology research and development and product design that the technology driving trade is most central, possess the great and enter the barrier too. In terms of rival, driving type of technology and craft driving trade rival rely mainly on good at technical day, American manufacturering, the trade substitutes the space bigger, the majority is in initial stage or middle period when productivity is shifted, it is a direction of investment value in the future.

Four major characteristics announce the innovative trade

Technological innovation trade possesses technology lasting staging, much technology crossing, good industry chains and visits four high-quality characteristics of relation and sharp competition pattern from head to foot, and these four high-quality characteristics have guaranteed more quick development speed and enterprise's stable earning power of the trade.

It is the lasting staging of the technology at first, employs and expanding constantly. Whether technically or on the products, technological innovation trade products sustainability are strong, employ and expand the space greatly, the trade is in product life cycle in early days more, the speedup is very fast in the future; Secondly, many trades, many technology cross. Whether no matter financial electron, electroacoustic device, safety protection trade or apparatus trade, all the crossing of many technology, many trades; Moreover, have good visiting industry's chain relation from head to foot. Look from upstream angle, different from traditional manufacturing industry, technological innovation enterprises upstream and often relying mainly on electronic devices and components industry process the industry, this kind of trade falling tendency year by year of product cost, so technological innovation enterprise's original material cost is often lower, look from downstream angle, the technological innovation enterprises of enterprises create value for the downstream customer directly or indirectly through security, stability and efficiency. Good visiting industry's chain relation from head to foot is the technological innovation value place of enterprise investment; Finally, the competition pattern is clearer, the native manufacturer occupies the advantage.

We have an optimistic view of technological innovation trade, think future have more high-quality technological innovation enterprise through list investment visual field to enter us at the same time.

ATM potentiality of rising is enormous

The data display which the national development and reform committee announced a few days ago, the first 5 months of this year, electronic industrial production kept very fast growth overallly, the speedup is accelerated in the same period compared with that of last year, but the trade splits up obviously, the electronic devices and components are produced and accelerated increasing, communicating device, automatic computer speedup continue slowing down.

The statistics show, in January - May, the electronics industry finishes the total industrial output value (the current rate) totally 1,659,700 million yuan, increase by 19.6% compared with the same period of last year, the speedup accelerates 3.8 percentage points in the same period compared with that of last year. Industrial added value increases by 17.8% compared with the same period of last year, the speedup accelerates 2.5 percentage points. The rate of production and marketing is 97.78%, similar to the same period of last year, is in the great level.

In 7 electronic branch trades that the development and reform committee count, besides communicating device, radar, the total industrial output value has realized two figure growth. Among them, the manufacturing industry of communication apparatus is 314,900 million yuan, increase by 7.3% compared with the same period of last year, the speedup reduces 2.4 percentage points compared with the same period of last year; Radar and corollary equipment manufacturing industry are 4,600 million yuan, increases by 2.8%; Broadcast 12,300 million yuan of manufacturing industry of the television equipment, increase by 19.1%; The manufacturing industry of the automatic computer finishes 581,600 million yuan of output value totally, increases by 17.6% compared with the same period of last year; The manufacturing industry of electronic device is 241,200 million yuan, increase by 35.1%, the speedup accelerates 17.9 percentage points in the same period compared with that of last year; The manufacturing industry of electronic element is 335,100 million yuan, increase by 29.8%, the speedup accelerates 8.3 percentage points in the same period compared with that of last year; Home audio-visual equipment manufacturing industry is 140,700 million yuan, increase by 12%.

The data display which the national development and reform committee announced a few days ago, the first 5 months of this year, electronic industrial production kept very fast growth overallly, the speedup is accelerated in the same period compared with that of last year, but the trade splits up obviously, the electronic devices and components are produced and accelerated increasing, communicating device, automatic computer speedup continue slowing down.

The statistics show, in January - May, the electronics industry finishes the total industrial output value (the current rate) totally 1,659,700 million yuan, increase by 19.6% compared with the same period of last year, the speedup accelerates 3.8 percentage points in the same period compared with that of last year. Industrial added value increases by 17.8% compared with the same period of last year, the speedup accelerates 2.5 percentage points. The rate of production and marketing is 97.78%, similar to the same period of last year, is in the great level.

In 7 electronic branch trades that the development and reform committee count, besides communicating device, radar, the total industrial output value has realized two figure growth. Among them, the manufacturing industry of communication apparatus is 314,900 million yuan, increase by 7.3% compared with the same period of last year, the speedup reduces 2.4 percentage points compared with the same period of last year; Radar and corollary equipment manufacturing industry are 4,600 million yuan, increases by 2.8%; Broadcast 12,300 million yuan of manufacturing industry of the television equipment, increase by 19.1%; The manufacturing industry of the automatic computer finishes 581,600 million yuan of output value totally, increases by 17.6% compared with the same period of last year; The manufacturing industry of electronic device is 241,200 million yuan, increase by 35.1%, the speedup accelerates 17.9 percentage points in the same period compared with that of last year; The manufacturing industry of electronic element is 335,100 million yuan, increase by 29.8%, the speedup accelerates 8.3 percentage points in the same period compared with that of last year; Home audio-visual equipment manufacturing industry is 140,700 million yuan, increase by 12%.

The data display which the national development and reform committee announced a few days ago, the first 5 months of this year, electronic industrial production kept very fast growth overallly, the speedup is accelerated in the same period compared with that of last year, but the trade splits up obviously, the electronic devices and components are produced and accelerated increasing, communicating device, automatic computer speedup continue slowing down.

The statistics show, in January - May, the electronics industry finishes the total industrial output value (the current rate) totally 1,659,700 million yuan, increase by 19.6% compared with the same period of last year, the speedup accelerates 3.8 percentage points in the same period compared with that of last year. Industrial added value increases by 17.8% compared with the same period of last year, the speedup accelerates 2.5 percentage points. The rate of production and marketing is 97.78%, similar to the same period of last year, is in the great level.

In 7 electronic branch trades that the development and reform committee count, besides communicating device, radar, the total industrial output value has realized two figure growth. Among them, the manufacturing industry of communication apparatus is 314,900 million yuan, increase by 7.3% compared with the same period of last year, the speedup reduces 2.4 percentage points compared with the same period of last year; Radar and corollary equipment manufacturing industry are 4,600 million yuan, increases by 2.8%; Broadcast 12,300 million yuan of manufacturing industry of the television equipment, increase by 19.1%; The manufacturing industry of the automatic computer finishes 581,600 million yuan of output value totally, increases by 17.6% compared with the same period of last year; The manufacturing industry of electronic device is 241,200 million yuan, increase by 35.1%, the speedup accelerates 17.9 percentage points in the same period compared with that of last year; The manufacturing industry of electronic element is 335,100 million yuan, increase by 29.8%, the speedup accelerates 8.3 percentage points in the same period compared with that of last year; Home audio-visual equipment manufacturing industry is 140,700 million yuan, increase by 12%.

The data display which the national development and reform committee announced a few days ago, the first 5 months of this year, electronic industrial production kept very fast growth overallly, the speedup is accelerated in the same period compared with that of last year, but the trade splits up obviously, the electronic devices and components are produced and accelerated increasing, communicating device, automatic computer speedup continue slowing down.

The statistics show, in January - May, the electronics industry finishes the total industrial output value (the current rate) totally 1,659,700 million yuan, increase by 19.6% compared with the same period of last year, the speedup accelerates 3.8 percentage points in the same period compared with that of last year. Industrial added value increases by 17.8% compared with the same period of last year, the speedup accelerates 2.5 percentage points. The rate of production and marketing is 97.78%, similar to the same period of last year, is in the great level.

In 7 electronic branch trades that the development and reform committee count, besides communicating device, radar, the total industrial output value has realized two figure growth. Among them, the manufacturing industry of communication apparatus is 314,900 million yuan, increase by 7.3% compared with the same period of last year, the speedup reduces 2.4 percentage points compared with the same period of last year; Radar and corollary equipment manufacturing industry are 4,600 million yuan, increases by 2.8%; Broadcast 12,300 million yuan of manufacturing industry of the television equipment, increase by 19.1%; The manufacturing industry of the automatic computer finishes 581,600 million yuan of output value totally, increases by 17.6% compared with the same period of last year; The manufacturing industry of electronic device is 241,200 million yuan, increase by 35.1%, the speedup accelerates 17.9 percentage points in the same period compared with that of last year; The manufacturing industry of electronic element is 335,100 million yuan, increase by 29.8%, the speedup accelerates 8.3 percentage points in the same period compared with that of last year; Home audio-visual equipment manufacturing industry is 140,700 million yuan, increase by 12%.