投资建议  
        正如我们的预期，十一月，苹果存量市场份额继续下滑，跌至第四位，市场份额下跌至18%，月增量市场份额7%。http://www.hibor.com.cn【慧博投研资讯】建议关注苹果手机销量变化对其股价及产业链的影响。http://www.hibor.com.cn（慧博投研资讯）  
        手机后置多摄趋势明显，10月底至11月，多款三摄手机开售，11月三摄新增设备数172万台，预计明年将推出更多三摄机型，三摄渗透率进一步提升。老牌供应商将优先享受三摄红利。    
        重点关注：舜宇光学科技  
        受全面屏影响，前置摄像头份额下跌，屏幕指纹识别更具科技感，可满足全面屏手机的生物识别需求，因此，屏幕指纹识别商用后，份额迅速提升。目前，屏幕指纹识别的主要供应商有汇顶科技、Synaptics以及思立微。    
        重点关注：汇顶科技  
        行业动态  
        苹果新机型首个完整销售月，总体销量欠佳：11月是今年三款苹果新机型的首个完整销售月，iPhone  XR新增设备127万台，iPhone  XS、iPhone  XS  Max新增设备数较上月分别下滑57%、58%至58、22万台。  
        华为增长显著，Mate  20系列月增百万：                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      华为（含荣耀）手机存量市场份额继续提升，已逼近vivo第二位置，11月新增设备数达千万台。Mate  20  系列自发布起便备受瞩目，11月，Mate  20  新增设备57万台，Mate  20  Pro新增设备27万台，Mate  20  X新增设备18万台。  
        三摄手机增量明显，看好三摄手机未来增长：11月，多款三摄手机上市放量，新增设备数总计达172万台。目前新增量主要来自于华为P20  Pro、Mate  20系列，均为中高端机型。  
        屏幕指纹识别放量，价格下探至千元机型：屏幕指纹识别是全面屏时代                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    可行的生物识别方式，多款机型已采用此方式，并已连续三月放量，价格下探至千元机型（OPPO  K1）。    
        风险提示  
        1）手机创新不及预期；2）技术创新对行业格局产生影响；3）三摄、屏幕指纹识别需求不及预期。