Summary of Conference Call Company/Industry Involved - The conference call is related to Guoyuan Securities Core Points and Arguments - Guoyuan Securities emphasizes that the meeting does not constitute investment advice for participants [1] - Participants are advised to fully understand various investment risks and make independent investment decisions based on their own circumstances [1] - The intellectual property of the meeting content is solely owned by Guoyuan Securities, and prior written permission is required for any use [1] Other Important but Possibly Overlooked Content - The company highlights the importance of understanding investment risks, indicating a focus on investor education [1] - The legal disclaimer suggests a cautious approach to investment discussions, which may reflect the current market conditions [1]

您的知识产权仅为国员证券所有未经国员证券事先书面许可任何机构或个人不得以任何形式转发翻版复制发布或引用会议全部或部分内容 亦不得从未经国元证券书面授权的任何机构、个人或其运营的媒体平台接收、翻版、复制或引用会议全部或部分内容不得制作会议机要对外发送擅自制作会议机要引起不当传播的后果自负版权所有 违者必究各位投资者早上好今天我们国元证券非常荣幸邀请到了很帅股份的董宓廖总 来为我们就公司的一个近期的经营状况做一个分享廖总这边您看能不能先简单介绍一下我们公司近期的一个大致的经营情况然后我们再回答您的一个分享做提问廖总好的感谢国人政权然后也感谢各位投资人能坐空参加本次的一个交流因为我们的年报跟一级报的财务数据比较早以前就公布了嘛那我这边总要简要做个总结吧 一季度的话整体同比的从收入的角度然后从利润的角度还有那个盈利状况的角度呢应该都是非常的健康然后一季度我们的销售净利率达到了26%多吧也算是那个是一个利率比较高的一个点位然后毛利率呢产品的毛利率整体也处于一个比较健康的一个状态 我们的毛利率从那个疫情开放开始呢就是那个疫情过了之后呢整体呢是属于一个回升周期的一个过程所以从从二二年吧二二年下半年开始我们的整体的毛利率都是 ...

即时点评 1-4 月火电利用小时数增加，电网投资高增长 电力行业 2024-05-23星期四 事件： 5月23日，国家能源局发布1-4月份全国电力工业统计数据。 截至4月底，全国累计发电装机容量约30.1亿千瓦，同比增长14.1%。 其中，太阳能发电装机容量约6.7亿千瓦，同比增长52.4%；风电装机 容量约4.6亿千瓦，同比增长20.6%。 1-4月份，全国发电设备累计平均利用1097小时，比上年同期减少49 小时。其中，风电789小时，比上年同期减少77小时；太阳能发电373 相关报告 小时，比上年同期减少42小时；核电2471小时，比上年同期减少1小 时；水电785小时，比上年同期增加48小时；火电1448小时，比上年 同期增加23小时。 1-4 月份，全国主要发电企业电源工程完成投资 1912 亿元，同比增长 5.2%。电网工程完成投资1229亿元，同比增长24.9%。 点评观点： ➢ 风光装机保持增长，但利用率下降，火电盈利持续向好： 1-4 月，我国实现光伏新增装机 60.11GW，同比增加 11.79GW，同比增 长24.4%；风电新增装机16.84GW，同比增加2.64GW。国家能源局预计 2 ...

各位领导好今天由我来分享一下观点债券市场近期波动总体来说还是不小的从长端与超长来看从四月底调整高点到五月十年期国债活跃券二四零零四波动幅度达到十个比比从高位二点三八到于五月内低点二点二八三十年国债活跃券二三零零二三波动幅度也达到八个比比从四月二十九号一级发飞那一天高位二点六一到月内低点二点五三 相比之下 中短段受到资金面宽松的利好 主流流动性分层消失则表现相对平稳五年期国债24004收益率回到2 1下方三年期国债也回到前期低点1 91附近一年期国股大行存单利率这两天也稳定在208左右从排面表现来看 四月底开启的本轮回调仲价区在长久期与超长久期上 原因上仍旧是超长期特别国债供给与央行对超长利率的指导所引起九七月长的品种跑的就越弱 举个例子二三零零二零零二三三十年国债前期低点在二点四二附近 经过五月反弹收益率仍在二点五上方而五年期国债二四零零零一前期低点在二点零五左右 目前收益率也已经达到二零零九 三年级国债甚至已有突破前期低点1.92的趋势并从收入率回调深度上来看中短久期债券也小于长久期对于后市观点个人认为目前市场的主要矛盾为财政政策明牌后货币政策的应对需要收入率曲线短端空间打开才可带动长端继续下行之前市场对本 ...

Investment Rating - The semiconductor industry is currently experiencing a cyclical adjustment, with a slight rebound in major indices observed last week. The Philadelphia Semiconductor Index saw a weekly increase of -0.26% [2][16]. Core Insights - AMD reported Q1 2024 revenue of $5.5 billion, a year-on-year increase of 2.2%, driven primarily by growth in the Data Center and Client segments, which saw revenue increases of 80.5% and 85.1% respectively. The management anticipates Q2 revenue to be $5.7 billion, mainly supported by the Data Center segment [9][16]. - The labor market in the U.S. is showing signs of cooling, with initial jobless claims reaching 231,000, the highest since August 2023, indicating a potential shift in economic conditions [10][16]. - TSMC's stock price increased by 4.50% last week, while Intel's stock decreased by 3.62%. Other notable performances include Broadcom with a 1.72% increase and Nvidia with a 2.45% decrease [6][8]. Summary by Sections Market Review - The U.S. stock market experienced a slight rebound last week, with the Dow Jones, S&P 500, and Nasdaq showing weekly increases of 1.70%, 0.81%, and -0.05% respectively. The Philadelphia Semiconductor Index had a weekly change of -0.26% [2][6]. Company Performance - AMD's Q1 2024 revenue was $5.5 billion, with a gross margin of 46.8% and an operating profit of $1.13 billion. The company’s client market share increased to 16.3%, reflecting a 3.6 percentage point year-on-year growth [9][16]. - TSMC's market capitalization is approximately $774 billion, with a PE ratio of 27.94, while Intel's market capitalization is around $127 billion with a PE ratio of 31.25 [17]. Events/Policy Analysis - AMD's growth is attributed to a recovery in the PC market and significant contributions from the Data Center segment. The management noted that the Data Center gross margin remains low but is expected to improve in the second half of the year [9][16]. - The labor market's cooling trend may influence the Federal Reserve's monetary policy, with expectations of potential interest rate cuts later in the year [10][16]. News Summary - The latest data indicates that initial jobless claims in the U.S. have reached a new high, suggesting a cooling labor market, which may impact economic forecasts [10][16]. - SMIC reported a Q1 2024 revenue of $1.75 billion, showing a year-on-year increase of 19.7%, indicating a positive trend in the semiconductor sector [13][16].

非农数据重燃降息希望，关注高通 AI 产品线 周报 半导体行业(美股) 2024-05-06 星期一 行情回顾 上周（2024年04月29日-2024年05月03日），美股市场持续调整, 市场出现反弹。道指、标普 500、纳指周涨幅分别为 0.75%、0.23%、 1.08%,费城半导体指数周涨幅为-1.04%。市场情绪面:芝加哥期权交易 所市场波动指数(VIX)周涨幅为-8.04%:美国散户投资人看空指数(AAII Bearish)为 32.5%，较上个报告期下降 1.4 个百分点；NAAIM 经理人持 仓指数为 61.97, 上个报告期为 59.48; CNN Business 5 日平均 Put/Call 比率为 0.78,上个报告期为 0.83。 事件/政策分析 令高通（QCOM.O）：手机业务主导营收，关注个人电脑、汽车等市场 扩展 新闻摘要 ◆美国４月非农数据大幅低于预期 ◆FOMC 声明及鲍威尔发布会要点总结 令比特币创最糟糕的单月表现,投资者特向香港市场加密货币产品 投资建议 当前半导体板快正在经历周期性调整后端,上周三大指数出现反弹。美 国费城半导体指数周涨幅为-1.04%。宏观方面，美国４ ...