Summary of Conference Call Company or Industry Involved - The document does not specify a particular company or industry, as it only contains an introductory statement for a speaker. Core Points and Arguments - There are no core points or arguments presented in the document, as it only includes a request for the speaker to begin. Other Important but Possibly Overlooked Content - The document lacks substantive content that would provide insights into any company or industry analysis. It only serves as a prelude to the conference call. Overall, the document does not provide any relevant information for analysis or investment insights.

晨 会 纪 要 [Table_Reportdate] 2024年6月7日 [证券分析师： Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 联系人： 付婷 futing@longone.com.cn ➢ 1.板块轮动中紧抓出海、新质生产力等主线——资产配置与月报比较（2024年6月） 财经要闻 正文目录 1. 重点推荐…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 3 1.1. 板块轮动中紧抓出海、新质生产力等主线——资产配置与比较月报 ( 2024 年 6月 ) 1.2. 利端短期承压，量端远期无虞——储能行业 2023 年报及 2024 一季报综述 4 4. 市场数据……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 7 2/8 [T ...

晨 会 纪 要 [Table_Reportdate] 2024年6月6日 ➢ 1.赛轮轮胎（601058）：重研发深耕耘，全球化广布局——公司深度报告 ➢ 3.加拿大央行降低关键利率25个基点，为首个降息的G7国家。 证券研究报告 HTTP://WWW.LONGONE.COM.CN 2/9 请务必仔细阅读正文后的所有说明和声明 预计行业高景气度延续，我国胎企有望凭借新能源车产业链国产化实现"弯道超车"。全 球轮胎市场需求保持稳定增长，我们预计中性情况下，到 2026 年全球轮胎市场销量将保持 约 2.73%的年复合增速。而我国胎企市占率逐年上升，后续仍有较大发展空间。我们认为国 产轮胎有望复制日本胎企伴随车企成长的路径，凭借新能源车产业链国产化实现"弯道超车"。 我们统计了 2023 年销量较高的 200 余个新能源车型所配套的轮胎品牌，其中我国胎企已成 功配套近半数销量较高的新能源车型。从细分车型来看，国产轮胎在 A 级车市场已具备比较 牢固的优势。随着我国胎企研发力度加强，产品性能逐步提升，我们认为在轮胎国产化的道 路上，国产轮胎最先有望替代中级车配套的市场份额。 加快推进全球化战略，助力海外经营规模持续 ...

[Table_Report] [板块轮动中紧抓出海、新质生产力等主 Table_NewTitle] 线 ——资产配置与比较月报（2024年6月） ➢ 权益板块轮动明显，继续看好出海及新质生产力。市场仍处于2月低位反弹以来的盘整阶 段，缺少增量资金的情况下板块轮动较为明显，同时地缘政治局势等因素也有扰动。总 体来看，内需政策积极推动，但基本面尚待更多数据验证。外需相对确定性更强，继续 看好出海相关主线；内需新旧动能转化期，继续关注新质生产力。 稳定的风险；中美关系的不确定性。 3.3.2. 基础化工：供需边际向好,重视下半年化工板块配置窗口期 ........................ 18 3.5.2. 消费电子：关注各大品牌商备货 Q3 新机发布……………………………………… 21 新 3.7.1. 银行：关注国有行及头部中小行 1. 回顾与展望 . | --- | --- | |--------------------------------------------------------------------------|-------| | | | | 2.1. 国内供给强于需求的格局延续…… ...

原油供需走弱，聚酯及下游仍推荐一体化标的 原油及聚酯产业链月报（2024年6月） 证券分析师：吴骏燕 执业证书编号：S0630517120001 证券分析师：谢建斌 执业证书编号：S0630522020001 证券分析师：张季恺 执业证书编号：S0630521110001 2024年06月05日 一、油价回顾与展望 目 二、 商品、利率及汇率 ...

[Table_Report] [晨会纪要 Table_NewTitle] 20240605 [table_main] 重点推荐 ➢ 2.锂电政策频出，全国工商业峰谷价差收窄——电池及储能行业周报（2024/05/27- 2024/06/02） ➢ 1.国务院国资委：央企原则上不得新设、收购、新参股各类金融机构。 | --- | --- | |-------|------------------------------------------------------------------------------------| | | | | | | | | 正文目录 | | | 1. 重点推荐……………………………………………………………………………………………………………………………………………………………………………………… 3 | | | 1.1. 政策推动预期向好,关注数据层面验证——2024 年 6 月投资策略及金股组合 | | | …… 1.2. 锂电政策频出，全国工商业峰谷价差收窄——电池及储能行业周报 | | | ( 2024/05/27-2024/06/02 ) | 3. A 股市场评述. ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its overseas capacity expansion and brand strength supported by high R&D investment [7]. Core Insights - The company is recognized as a new leader among domestic tire manufacturers, with continuous capacity expansion driving operational performance. In 2023, the company achieved a revenue of 26 billion yuan and a net profit of 3.1 billion yuan, establishing itself as a leading domestic tire enterprise [9][25]. - The company has established a global presence with production bases in Vietnam and Cambodia, contributing over 60% of its profits. Plans for new factories in Indonesia and Mexico are underway, enhancing its ability to meet market demands and reduce transportation costs [7][9]. - The company has demonstrated excellent management capabilities, with profit margins comparable to international leaders. Its gross margin exceeded 27% in 2023, and it maintained a strong cash flow to support capital expenditures [30][33]. Summary by Sections 1. Domestic Tire Industry Leader - The company is the first domestic tire manufacturer to establish overseas factories, with significant production capabilities in both domestic and international markets. It has a total production capacity of 13.8 million all-steel tires and 56 million semi-steel tires annually [9][23]. - The company has a strong focus on R&D, leading to innovative products like the "Liquid Gold" tire, which addresses key performance challenges in the industry [10][18]. 2. Industry Outlook - The global tire market is expected to grow steadily, with a projected compound annual growth rate of approximately 2.73% until 2026. The company's market share is anticipated to increase as domestic tire manufacturers capitalize on the growth of the new energy vehicle industry [9][36]. - The domestic market is seeing a concentration of leading tire manufacturers, with a clear trend towards domestic substitution in the tire supply chain [9][41]. 3. High-Intensity R&D and Product Development - The company is actively collaborating with research institutions to enhance its product offerings, particularly in high-performance tires. The "Liquid Gold" tire has shown superior performance metrics in various evaluations [10][14]. - The company has successfully developed large non-road tires, breaking through overseas technology monopolies and enhancing its competitive edge in the market [10][14]. 4. Global Expansion Strategy - The company is accelerating its globalization strategy, with plans to expand its production footprint in key markets. This includes establishing new factories in Indonesia and Mexico, which will allow for better alignment with consumer markets and improved logistics [7][9]. - The overseas factories are expected to significantly contribute to the company's revenue and profit margins, with a focus on maintaining high-quality earnings from international operations [30][29].

行 业 研 究 [Table_Reportdate] 2024年06月04日 [table_invest] [利Tabl端e_N短ewT期itle] 承压，量端远期无虞 标配 行 ——储能行业2023年报及2024一季报综述 业 [table_main] 深 [证Ta券b分le析_A师u thors] 投资要点： 度 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn ➢ 行业回顾：利端短期承压，需求远期无虞。1）量：全球储能装机高增，中美欧为主要市 联系人 场。2023年全球储能项目累计装机规模为289.2GW，同比+21.9%；其中新型储能装机占 赵敏敏 电 zmmin@longone.com.cn 比持续提升，2023年累计装机规模达91.3GW、同比+99.8%，装机占比达31.6%，同比 力 +12.3pct。从增量市场来看，2020~2023年新型储能年新增装机量由4.7GW提升至 设 [table_stockTrend] 16% 45.6GW，CAGR达113.6%；从新增装机地区分布来看，中美欧为全球主要储能市场，2023 备 5% 年在全球新增新型储能装机 ...

Group 1: Lithium Battery Industry - The supply side of the lithium battery industry is undergoing orderly adjustments, leading to price stabilization. Industrial-grade and battery-grade lithium carbonate are experiencing ongoing supply-demand negotiations, resulting in price fluctuations [3] - The positive electrode material, lithium iron phosphate, is currently at the breakeven point due to an overall oversupply in the market. The negative electrode material is seeing an increase in downstream orders, but manufacturers remain cautious about production [3] - The separator market is showing improved demand, particularly for wet-process separators, with overseas demand rising. Overall, the separator industry is in a state of basic supply-demand balance [3] Group 2: Energy Storage Market - The energy storage bidding market has seen a decline, with a total scale of 1.37 GW/2.31 GWh for newly awarded projects. The average bidding price for energy storage EPC has decreased to 1.16 yuan/Wh, reflecting a downward trend [5] - The national peak-valley price difference is narrowing, enhancing the economic viability of commercial energy storage. Recent policies in various regions have led to a significant reduction in peak-valley price differences, with over 70% of regions experiencing year-on-year declines [5] - Despite the narrowing price difference, the continuous decline in energy storage system prices indicates that commercial energy storage remains economically viable [5] Group 3: AI and Semiconductor Industry - The establishment of the third phase of the National Integrated Circuit Fund, with a registered capital of 344 billion yuan, is expected to catalyze key areas in the AI industry chain. The first quarter of 2024 saw a 28.1% quarter-on-quarter increase in NAND Flash industry revenue, driven by rising prices and expanding AI server demand [8][11] - The third phase of the fund is anticipated to focus on core technologies and key components, particularly in AI chips, advanced materials, and advanced equipment, aiming to address critical bottlenecks in the semiconductor industry [10] - The AI industry chain is expected to benefit from the integration of AI and semiconductor sectors, with significant investment opportunities in AI servers and related services [10] Group 4: Textile and Apparel Industry - The export of textiles and apparel from China has slightly slowed, with a total export value of 898.4 billion USD from January to April, reflecting a year-on-year increase of 0.3%. The demand from the US, ASEAN, and Central Asian countries has supported textile manufacturing exports [19] - Vietnam remains the primary export destination for Chinese textiles and apparel, with exports to Vietnam increasing by 12.2% and 5.7% for textiles and apparel, respectively [19] - The overall recovery in the US and EU markets is evident, although high prices and interest rates continue to pressure consumer demand for textiles and apparel [19]

财经要闻 2/9 新增风电装机规模同比维持增长，关注各地海风项目开工进程 市值方面，当前A股申万医药生物板块总市值为6.12万亿元，在全部A股市值占比为 6.91%。成交量方面，上周申万医药板块合计成交额为2537亿元，占全部A股成交额的6.33%， 板块单周成交额环比下降27.28%。主力资金方面，上周医药行业整体的主力资金净流出合 计为70.9亿元。 政策端供需双向发力，行业有望底部企稳 联系人：付婷，邮箱：futing@longone.com.cn [Table_Report] [晨Tabl会e_N纪ewT要itle] 20240531 [table_main] 重点推荐 1.习近平：中方愿同阿方构建"五大合作格局" 3.全国消费品以旧换新行动工作推进电视电话会在京召开 正文目录 1.1. 光伏政策端供需双向发力，关注各地海风项目开工进程――新能源电力行业 周报 ( 20240520-20240526) 1.2. 行 业 政 策 频 出 ， 关 注 相 关 投 资 机 会 — — 医 药 生 物 行 业 周 报 证券研究报告 HTTP://WWW.LONGONE.COM.CN 晨会纪要 | --- | ...