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2016
Tabl e_Title

Ta ble_Summary

2016-07-08

Table_Grade

Tabl e_Chart

2%

TTM 2016

-12%

PE

-26%

300

-40%
2015-07

2015-10

2016-02

2016-06

Table_Aut hor

S0260514030002
02160750605

gfliuxuefeng@gf.com.cn

Table_Report

2016

2015-12-15

Table_Contacter

021-60750629
wangwenlong@gf.com.cn

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1........................................................................................................................ 6
2 ............................................................. 7
2.1 ........................................................................ 7
2.2 ..................................................... 7
2.3 ..................................................... 9
3 .......................................................................... 11
3.1NB-IOT ................................... 11
3.1.1NB-IoT ................................... 11
3.1.2NB-IoT ............................ 12
3.1.3 LPWAN ............... 14
3.2 ................................................... 16
3.2.1.................................................................. 16
3.2.2 ....................................................... 18
3.2.3 ......................................................................... 20
3.3 ............................................................................. 23
3.3.1 ............................................... 23
3.3.2 ............................................... 24
3.3.3 .............................................................. 25
3.4 ON PREMISE SAAS .......................................... 26
3.4.1 SaaS: ........................... 26
3.4.216 ................................ 27
3.4.3 SaaS ................................................ 27
3.5SAAS ................................................. 29
3.6 3.6
......................................................................................... 31
3.6.1 ........................................ 31
3.6.2 ............................................ 32
3.6.3 ............................................ 34
3.6.4 .............................................................. 36
3.6.5 ......................................................................... 37
3.7 ................................................... 39
3.8 ............... 41
3.8.1 ..................................................................... 41
3.8.2Lending Club ................................................... 41
3.8.3 600 .................................................. 42
3.8.4 .................................... 43
3.8.5 ............................................... 47
3.9+ .................................................... 49
3.9.1 ............................. 49

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3.9.2+.................................... 49
3.9.3 ................................................. 51
4 .............................................................................................................. 52
4.1 .......................................................................................................... 52
4.2 .......................................................................................................... 52
4.3 .......................................................................................................... 54
4.4 .......................................................................................................... 56
4.5 .......................................................................................................... 56
4.6 .......................................................................................................... 58
4.7 .......................................................................................................... 59
4.8 .......................................................................................................... 60
4.9 .......................................................................................................... 60
4.10 ........................................................................................................ 60
........................................................................................................................... 62

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1 2016 2016 6 30 ................... 7


2 2015 40% 2016 6 30
................................................................................................................................ 7
3 PE ttm 2016 6 30 ............................................ 9
4 2016 PE 2016 6 30 ....................... 9
5NB-IoT ........................................................................................ 11
6NB-IoT .......................................................................... 12
7 26 .......................... 13
8 ............................................................. 14
92011 -2016 ................................................. 15
10GPU/FPGA .................................................. 19
11 .................................................................. 20
12Watson Explorer ......................... 22
13 ......................................................................... 23
14 300M~3G .......................................................................... 24
15 ............................................ 27
16 SaaS .................................................... 30
17 SaaS ....................................................... 30
18 .................................................................. 35
19 ................................................................................. 36
202008 -2015 ...................................................... 37
212008-2015 ................................................ 37
22 .................................................................. 37
23 2016 6 30 .. 41
24Lending Club 2016 6 30 ........ 42
25 ........................................................... 43
26iFinD .............................................................................. 46
27 ............................................................................. 50
28 ........................................................... 51
29 .............................................................. 53

1 2016 6 30 ..................... 8
2 2016 6 30 .......... 8
3 PE 2016 6 30 .............. 8
4 2016 6 30 .......... 9
5 ........................................................................ 13
6 ........................................................................... 20
7 2015 ..................................................................... 24
8 ......................................................... 25

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9SaaS On Premise ........................................ 26
10IBM ................................................................................ 31
1116 .................................................................... 33
12 .................................................................................... 45
13 ........................................................................................ 46
14 ............................................................................................ 57

5 / 63

TTM2016
PEPE
2016PE
0-1002016
40%PEG1.3

6 / 63

2
2.1
2016201662826.45%
30015.94%18.32%29
20162-343%
120162016630
110
100
90
80
70
60
50

()

300

PE TTM201518069
40%
2201540%2016630
250
200
150
100
50
0

IT

2.2
201649PE
1352016630
2.12015ttm2016
wind2017wind232

7 / 63

|
290414486ttm

PE8871
4942
1 2016 6 30
2016

2017

wind

wind

290

414

486

20418

20547

20354

20354

88

71

49

42

2015

TTM

232

PE

PE
2015PEPE ttm
20162017PE19646910355
PE2015
PEPE
2 2016 6 30

2015PE

PE ttm

2016PE

2017PE

196

469

103

55

135

130

69

55

118

114

66

54

67

75

64

47

PE 1000
PE 500
PE 200

3 PE 2016 6 30

PE 200

PE

2015

4266

13.48

23.70%

ttm

34758

277.62

20.00%

2016

1807

31.47

4%

2017

601

1.35

1.60%

PE2016
PE0-100

8 / 63

|
3PE ttm2016630

42016PE2016630

PE ttm

2016PE

52%

60%

22%

25%

50%

20%

40%
30%
20%
10%

4% 1%
0% 1% 2% 2%

10%

2% 5%

5%

0%

9%

8%

10%

11% 8%

16%
14%

14%

15%

0% 1% 0%

11%

4%

2%

0%

wind

wind

2.3
2016
40%PEG1.3
4 2016 6 30

2015

2016

2017

2016

2016

2016

PE

PEG

4.19

33.44

140.03

1.41

2.5

3.2

77%

55.97

0.72

7.89

67.20

530.47

8.31

13.0

20.3

56%

40.79

0.72

9.99

23.45

234.33

4.49

6.3

8.9

40%

37.19

0.92

8.35

35.95

300.19

2.55

4.0

5.8

59%

74.31

1.27

8.06

24.83

200.11

2.49

3.6

4.9

43%

56.29

1.31

6.43

18.92

121.56

2.08

2.8

3.6

33%

43.81

1.32

8.62

20.79

179

0.99

3.3

5.3

234%

0.23

2015

( 2015

2.4

54.45

2016

PEG

37%

1.47

1 40%
2 PEG1.3
3 PE

9 / 63

1 PE ttm2016PE

2 PE
PE
3 201640%
PEG1.3

10 / 63

3
3.1NB-IoT
NB-IoT: Narrow Band Internet of Things3GPP
GSM(Global System for Mobile Communications)LTE(Long Term
Evolution)LPWAN()

3.1.1NB-IoT
20166163GPP RAN72
NB-IoT
3GPP R133GPPRAN
NB-IoT2

NB-IoTNB-IoT RRAN1RAN2
RAN3RAN43GPP RAN49
NB-IoTeMTCC114

NB-IoT

20dB

10

50K

5NB-IoT

ERICSSON

11 / 63

Stand AloneNB-IoTGSM
LTEWCDMALTEWCDMA
GSMLTE
GSM/GPRSWCDMALTEGSM
GSM900MHz1800MHz

LTEIn Band

LTEGuard Band

6NB-IoT

ERICSSON

3.1.2NB-IoT

2017C114

2016520162017
2018

20166

Service Providers201526

12 / 63

|
48%
121SigFox2
LoRa3GPPNB-IoTLTE

726

SigFox

LoRa

NB-IoT

LTE-M

22%

48%
17%

9%

4%

Service Providers

LoRaNB-IoTNB-IoT

LoRa
LTE cat-1

LoRaWAN

SS Chirp

Narrow-Band

UNB

GFSK

BPSK

LTE Cat-1

LTE Cat-M

NB-LTE

2016(Rel12)

2018(Rel13)

2019(Rel13+)

OFDMA

OFDMA

OFDMA

Rx

500-125KHz

100Hz

20MHz

20-1.4MHz

200KHz

#Msgs/

UL:140msgs/

23-46 dBm

23 dBm

20dBm

30 dBm

146 dB

150dB

18 months

20dBm

20dBm

154 dB

151dB

105 months

90months

130dB+

13 / 63

|
-2000mAh

LoRa

NB-IoT

NB-IoT

3.1.3 LPWAN

10

40%
35%
30%
25%
20%
15%
10%
5%
0%
2013

2014

2015

TheMotleyFool
27%19%IT
430%

14 / 63

|
92011-2016

12,000

120%

10,000

100%

8,000

80%

6,000

60%

4,000

40%

2,000

20%

0%
2010

2011

2012

2013

2014

2015

2016

15 / 63

3.2
3.2.1
201620172016

201639~15AlphaGo41

201654+

//
20164original+

//
20164
15

AI

16 / 63

AI
AI
24X7

NLP(Natual Language Processing)

1 /
2

20~50%80~90%
4000
510%

JIMIi

20165

24SUV34

164265

//

17 / 63

|
1819

40~50m/s0.01
0.4~0.5
-40~120

GPUGPU

-
A

LFWLabeled Faces in the Wild


99.5%
:

100%

3.2.2

165TPUTensor
Processing UnitFPGA/GPU
7:

18 / 63

TPU

NOCnetwork on chips,

NOC
TPU

GPU/DSP

CPUCPU
3DGPU
CPU

DSP(Digital Signal Processor)


//
CPUDSP
DSPCPU

FPGA/GPU

DSP/GPU

10GPU/FPGA

GPU

FPGA

GPUFPGA

19 / 63

|
ASIC

11

CPU
2009

ASIC
2013

FPGA
2011

GPU
2010

2012GPU2014FPGA
ASIC

-VPU

3.2.3

(CLV)

Time WarnerComcast Cox

Communications

20 / 63

CRM

(CDR)

IBM

123456
78

////

IBM

1997IBM
IBM
-WatsonWatson

Watson-
AIWatson
TweetsTweetsTwitter
Watson
Watson

21 / 63

|
12Watson Explorer

Watson
AI

Watson

Watson
IBMWatson

Watson
Watson

Watson

IBM

IBMWatson
1. Watson Engagement Advisor

2. Watson Discovery Advisor

3. Watson Oncology

IBMWatson
WatsonWatson
IBMWatsonIBM
WatsonEngagement Advisor

Watson
GoogleAlphaGoIBMWatson
IT

IBM

GoogleAlphaGo

22 / 63

3.3

IoTInternet of Things

13

13

50%

90%
100%

100%

100%

50%

100%

100%

10%

100%

100%

100%

3.3.1

FCCFederal Communications Commission

23 / 63

|
720151
7 2015
/

AT&T

182

251

Verizon

104

181

T-Mobile

18

151

Dish

103

702

FCC

14300M~3G
142.4G Hz
WIFIZigbee

14300M~3G

///
//...

300M

/
/4G

1.8G

807M 900M

Zig
bee

WI
FI

2.3G
2.4G

/
/
4G

2.6G

3G

3.3.2

Nordic2.4GHz4000mAh
14

:
1
2

24 / 63

|
3.3.3
Fog Computing2011
Cloud Computing

//

Cisco

Rolls-RoyceRR
20TB
RR30

95%
RR
IDC FutureScape: Worldwide Internet of Things 2015 Predictions
40%

Intel

25 / 63

3.4 On premise SaaS


3.4.1 SaaS:
SaaS IDC 2018
SaaS 28% 2013
226 508

On premise SaaS

SaaS

9SaaS On Premise

On Premise

SaaS

IT

IT SaaS

IT

License

SaaS

SaaS

SaaS

SaaS On Premise

SaaS SaaS

IT

SaaS
IT

26 / 63

SaaS

3.4.216
SaaS
SaaS 328.6 2015
2.35
SaaS
2015 419 45%
Pre-A 11%A 28%

15
450
400
350
300
250
200
150
100
50
0

419

277

130
80

57

2011

2012

2013

2014

2015

51cto

SaaS :
1.

2. SaaS IT
4000
78 13%

3. SaaS

3.4.3 SaaS

SaaS SaaS

27 / 63

|
,CRM

SaaS

SaaS SaaS

SaaS

SaaS SaaS
SaaS SaaS
SaaS
SaaS
SaaS

SaaS SaaS
SaaS SaaS
IT

SaaS A
SaaS 2000

SaaS

28 / 63

3.5SaaS
2016

10010

SaaSSecurity as a Service

IT

24*7

SaaS

SaaS

IT24

24*7

DDoS

SaaS

SaaS

29 / 63

SaaSSoftware as a ServiceSaaS

SaaSARPUAverage
Revenue Per UserSaaS
10000/SaaS1000
/ARPU

SaaS

SaaS

SaaS
SaaSSaaS
SaaS
SaaS:
16SaaS
1.4
1.2
1
0.8
0.6
0.4
0.2
0

17SaaS
0.4

0.2
0
-0.2

-0.4
-0.6
1

30 / 63

3.6 3.6

3.6.1

IBM
Watson Health80%

20166IBMWatson HealthADA

2016IBMVADNA

130
DNA

IBMVA3.5
cnbeta

10IBM

HealthKit
ResearchKit

Medtronic

31 / 63

(Mayo

Epic

Clinic) Epic

Epic

(EHR)

14

Lineberger

CafeWell

Centura Health

Concierge

Welltok

Talkspace

hc1.com

hc1 Patient

Insights

3.6.2

32016
16
1415

5
7100

32 / 63

1116

12017
2016 6

22020

100

2016 5

100


2016 5

11

2016

200

10

2016 4

2016 2015
380 420
300 240
71%57%

2016 200
300
2000 100
2015
40 45

85%

33 / 63

|
70%
35%
24%
2016 4

2016

2016 3

20152020

160
2016 3

2016 380 420

40 45

3.6.3

34 / 63

|
18

HIS

+
/

+
PPP/

35 / 63

|
19

HIS

ESI

GPO

PBM

3.6.4

20161-5191490%
2015241052%14
19%8%20%

36 / 63

|
202008 -2015

212008-2015

()

3,000

60%
50%
40%
30%
20%
10%
0%
-10%

2,500
2,000
1,500
1,000
500
0

900
800
700
600
500
400
300
200
100
0

50%
40%
30%
20%
10%
0%
-10%
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11

22
5%
8%
7%

36%

44%

3.6.5

37 / 63

38 / 63

3.7
2015

()

AT&T20141New Sponsored Data


Program
New Sponsored Data Program
app

2014AT&T

Sponsored Data Program


app

2015

AT&T6
AqutoSyntonic
HipcricketDatami5 screen mediaWPS Office

AT&TVerizon
FreeBee Data AT&T
Sponsored Data ProgramFreeBee Data FreeBee Data
360FreeBee Data360App
FreeBee Data
App

39 / 63

|
Verizon125BetaAOLHearst Magazines
Game Day1000

Verizon
T-Mobile
pcwrold.com
2016
App2491AppApp
/

1.
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App
App

40 / 63

3.8
3.8.1
20151219P2P
10.07
413.988.18

232016630

200
180
160
140
120
100
80
60
40
20
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2016
2015

wind

2015
20152.10
558%438320145
8507187%2013
355%
P2P

3.8.2Lending Club
201659lendingclub
2200

,lendingclub30%

41 / 63

|
Lending Club20141217.59

329020152014
P2P

201510P2PTrust Buddy
Lending ClubP2P

24Lending Club2016630

140
120
100
80

60
40

20

Lending Club

2016-06-11

2016-05-11

2016-04-11

2016-03-11

2016-02-11

2016-01-11

2015-12-11

2015-11-11

2015-10-11

2015-09-11

2015-08-11

2015-07-11

2015-06-11

2015-05-11

2015-04-11

2015-03-11

2015-02-11

2015-01-11

2014-12-11

wind

Lending Club2015
20161
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3.8.3 600
2016426B45
292600

42 / 63

|
3895

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Lending Club
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3.8.4
2016

1.2.

1.2.
/

25

43 / 63

1 -
:1.
2.3.30%25%15%30%

2 -
ETF

3 -

4 -

wealthfront
bettermentpersonalcapital

44 / 63

|
12

wealthfront

BETTERMENT

personal capital

schwab

&

5000

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20 ETF

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(2015 )

29

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45 / 63

|
iFinD1)
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46 / 63

|
2.3.

1872012
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1.2.
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47 / 63

48 / 63

3.9+
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+20153
+
++
5
202020
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3.9.2+
+:

49 / 63

|
27

O2O

50 / 63

|
3.9.3

+ +
++

28

51 / 63

4
4.1
100%
+

1998

11
500

1998

SaaS

SaaS

Arpu
+

4.2

52 / 63

IBM

29

IBM

+IT

Pacs

Lis

53 / 63

511
70%19.95/

6
2070%

2070%

2070%5
11

4.3
IT201522.26
56.52%4.5425.85%
4.4855.75%

44%

89%

2015IT6.17

33

2016513

360202
56%

300

20156232.0

54 / 63

20166232016
5
2.0UF2.0

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2 O4

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2015624

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55 / 63

4.4

60%2015
2015 7
2017
3.020157.5736.62%
2.0930.21%2016
14.89

20161

4.5
002123

20153
100%29.05
7.187.94/

56 / 63

|
9.16/
2015
1.643201520164.0062016
2.363201543.8%
100%
20159

95%

14

EMP

ASP IDC

ADC
3

ADC

7*24

951069

2015

31%

57 / 63

WIFI3/4G

166
84.91%
90%80.01%
2.20

4.6
2015
4000200
4+1 (
+)

HIS
60052015
4172015724

""15000

100
435

+++

58 / 63

|
+TPA

4.7

QNX/Linux

OEM

2017

59 / 63

4.8
6.37100%
3.862.51
20.05/

15921530182981
151.26308146717938
16-18
387450366547
2.64
1.3155277801.26
320.05/23.66
/15%2520%

4.9

ARM
Intel
/VR

VR

VR

4.10
20169.7474%2.41
85%2.1370%
43.66%
2016

60 / 63

|
//

CDN

2016-201852.3%49.7%49.4%44.6
66.899.856.4%55.8%51.9%13
20.230.8

61 / 63

62 / 63

Table_Research

1997 IT
2010 7 2014 1

2015

2015

Table_RatingIndus try

12 10%

12 -10%+10%

12 10%

Table_RatingCompany

12 15%

12 5%-15%

12 -5%+5%

12 5%

Table_Address

99

A 1401

17

18

18

510620

518000

100045

200120

gfyf@gf.com.cn

Table_Disclaimer

63 / 63