更多资料加入知识星球：水木调研纪要关注公众号：水木纪要 掘金“科特估”－策略及行业联合电话会议2024061 摘要 ·科创板作为政策所倡导的资本市场，对新兴生产力提供了支持，未来这种支撑可能会持 Q&A 科特活行情的背景和政策支持是什么？ 科特沽（科技特色估值）的背景主要源于资本市场对新智生产力发展的支持。自去年9月习近 十大工作任务之首。此外，证监会也在资本市场中不断推出支持科技产业的政策。这些举措反 映了国内经济体制的整体转型和政府对未来发展动力的展望。资本市场不仅承担投融资功能， 还负责价格发现和价值发现。因此，为科技行业提供合理定价，不仅能在二级市场中带来显著 回报，也能激发一级市场及以下投资者对科技行业的持续兴趣和资金投入。 国内科特沽资产与国际资产相比有何差异？ 手调研 以国内具有代表性的科创950 指数为例，其估值与纳斯达克 100 指数相比存在一定差距。目前, 科创50 的 PS市销率）估值约为3.3倍，创业板指约为2.7倍，而纳斯达克 100则高达5.2 倍左右服在PB（市净率）方面，这种差异更加明显，但PE（市盈率）的差距相对较小。这表 纪明国内科技产业仍处于发展阶段，整体盈利能力有待提升 ...

2024 年公共设施管理与服务行业分析 联合资信 公用评级二部 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Goldman Equity Sachs Research 11 June 2024 | 11:53PM HKT China Transportation: Shipping: Share price volatility following UN Gaza resolution Our covered shipping companies and ports share prices dropped by 7%-13% and 4%-9% today (Exhibit 3) following news that the UN Security Council had adopted a_i调 Goiaman Sachs (Asia) L.L.c. resolution aimed at establishing a ceasefire deal. Since Dec-23, as we highlighted in our initial discussion and several follow-ups (Jan 24, Mar 25, May ...

Hello, my name is Ellie and I will be your operator for today. I would like to welcome everyone to UNF on fiscal 2024 third quarter earnings call. Please note that all participants are in listen only mode. After the prepared remarks, we will have a question and answer session. It is now my pleasure to turn today's speaking over to Steve Blomquist, Vice President, Investor Relations. Steve, please go ahead. Good morning, everyone, and thank you for joining us on UNFI's third quarter fiscal 2024 earnings conf ...

本次会议请面向开源证券的专业投资机构客户 在新媒体背景下研究观点的及时交流第三方专家发言内容仅代表其个人观点所有信息或所表述的意见并不构成对任何人的投资建议未经开源证券事先书面许可任何机构或个人严禁录音转发及相关解读这将违反上述情形的我们将保留一切法律权利感谢您的理解和支持谢谢 好的 尊敬的各位投资者朋友 大家晚上好欢迎大家来参加我们开源证券组织的大消费行业联合电话会议我是本场会议的主持人 开源证券的视频研究员张宇光四月和五月过完 现在马上就已经到了六月了也是夏季的一个消费的高峰期因为六月有着专务节 像618这样的一个节日 那么站在六月初这样一个时间点市场其实更关心的是后面如何展望以及怎么来把握消费领域里边的投资机会今晚我们是请到了开源证券的各个消费团队包括科学消费商贸零售农林牧鱼生物医药社会服务传媒互联网以及食品料团队的首席分析师来和大家分享一下消费观点我们就开门见山直接进入正题 首先有请开源证券的农林牧鱼的首席陈雪莉总来和大家分享一下农林牧鱼的行业观点有请雪莉总好的各位朋友大家晚上好我是开源农业的陈雪莉很荣幸跟大家汇报一下农业近期的观点首先我们的基本观点和上个月没有太大的变化 依然是重点看好生猪养殖同时也 ...

Investment Rating - The report does not explicitly state an investment rating for the financial leasing industry [2]. Core Insights - The financial leasing industry in China is transitioning from rapid growth to steady development, with a total asset scale of 3.78 trillion yuan as of the end of 2022, reflecting a year-on-year growth of 5.60% [5]. - The industry is experiencing a clear differentiation, with larger companies benefiting from economies of scale and better access to low-cost funding, while smaller firms face challenges due to capital constraints [4][5]. - Regulatory changes are pushing financial leasing companies to return to their core leasing business, emphasizing service to the real economy and optimizing business structures [8][9]. Summary by Sections Industry Overview - As of the end of 2023, there are 71 approved financial leasing companies in China, with a total registered capital of 308.93 billion yuan, indicating a growing capital base [3]. - Bank-affiliated leasing companies generally have stronger financial backing and lower financing costs, focusing on sectors like aviation and large equipment manufacturing [3]. Operating Conditions - The financial leasing industry is facing pressures from economic downturns, increased competition, and stricter regulations, leading to a slowdown in asset and business growth [4]. - By the end of 2023, 13 financial leasing companies had total assets exceeding 100 billion yuan, with China Guangfa Financial Leasing Co., Ltd. and China Merchants Jinling Financial Leasing Co., Ltd. leading the sector with assets of 409.70 billion yuan and 404.66 billion yuan, respectively [4]. - The overall profitability of financial leasing companies remains stable, with most companies reporting growth in revenue and net profit in 2023 [5]. Regulatory Policies - Recent regulatory measures aim to enhance governance and compliance within financial leasing companies, requiring them to strengthen internal controls and focus on core leasing activities [8]. - The National Financial Regulatory Administration has mandated a reduction in the proportion of sale-leaseback business in new operations, aiming for a 15 percentage point decrease compared to the first three quarters of 2023 [9]. - The draft management regulations for financial leasing companies propose higher standards for governance and risk management, reflecting a shift towards more stringent oversight [9].

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 28 May 2024 | 10:16PM JST Japan Automobiles: Toyota/Subaru/Mazda joint briefing: ICE vehicles, mainly PHEV/HEV models, could provide competitive edge First attempt at tripartite cooperation Kota Yuzawa 加 V ： s h u i n u 9 8 7 0 据 +81(3)6437-9863 | kota.yu数zawa@gs.com Toyota, Subaru and Mazda held a “multi-pathway” workshop during afternoon Goldman Sachs Ja研pan报 Co., Ltd. 和 trading on May 28 (from 12:00 JST). The three companies’ CEOs/CTOs gave Hirok纪i M要uramatsu 研 调+81(3)6437-98 ...

Industry Overview - The shipping industry is a crucial subset of the transportation sector, broadly divided into ship operation and ship leasing [2] - Over 80% of global trade goods are transported via shipping, making the industry vital to international trade [2] - The industry faces challenges such as stricter environmental regulations, oil price volatility, unstable cargo demand, and fluctuating ship supply [2] Industry Performance - Global shipping trade volume has grown steadily, reaching 11 billion tons in 2021, 12 billion tons in 2022, and 12.4 billion tons in 2023 [3] - Dry bulk, oil, and container shipping account for approximately 45%, 30%, and 15% of global shipping capacity, respectively [3] Dry Bulk Shipping - Dry bulk shipping demand recovered in 2023, with trade volume reaching 5.508 billion tons, a 3.9% YoY increase [5] - The Baltic Dry Index (BDI) averaged 1,378 points in 2023, a 28.7% decline from 2022, returning to 2019 levels [5] - Global dry bulk fleet capacity reached 1.003 billion deadweight tons by the end of 2023, a 3% increase from 2022 [5] Oil Shipping - Global crude oil shipping volume reached 2.037 billion tons in 2023, a 3.2% YoY increase [6] - The Baltic Dirty Tanker Index (BDTI) experienced significant fluctuations due to OPEC+ production cuts, high US Gulf and Russian exports, and geopolitical conflicts [6] - Global crude oil tanker capacity reached 462 million deadweight tons by the end of 2023, a 1.98% increase from 2022 [6] Container Shipping - Global container trade volume remained flat at 201 million TEUs in 2023, following a 3.1% decline in 2022 [7] - The China Containerized Freight Index (CCFI) averaged 941.99 points in 2023, down 3.62% from 2020 but up 14.27% from 2019 [7] - Global container fleet capacity reached 28.5193 million TEUs by the end of 2023, with a 6.08% CAGR from 2021 to 2023 [7] Shipping Costs - Fuel costs, the largest expense for shipping companies, are highly volatile due to fluctuating crude oil prices [8] - Brent crude oil prices averaged $82.64/barrel in 2023, down 18.4% from 2022 but up 16.5% from 2021 [8] Industry Concentration - The global container shipping market is highly concentrated, with the top 10 companies holding an 84.7% market share as of February 2024 [9] - MSC leads with 5.7691 million TEUs (19.68%), followed by Maersk (4.26 million TEUs, 14.53%) and CMA CGM (3.6263 million TEUs, 12.37%) [9] - Dry bulk and oil shipping markets are less concentrated, with the top 10 companies holding approximately 43% and 47% of global capacity, respectively [10] Industry Outlook - Dry bulk and oil trade demand will remain uncertain due to global economic conditions, trade policies, and geopolitical factors [11] - Container shipping demand may recover cyclically, but oversupply is expected to limit freight rate growth [11]

Investment Rating - The report does not explicitly state an investment rating for the financing leasing industry Core Insights - Since 2020, the financing leasing industry in China has experienced a decline in the number of companies and business scale, indicating a consolidation trend [2] - By the end of 2023, the total number of financing leasing enterprises was approximately 8,846, a decrease of 993 from the end of 2022, representing a decline of 10.09% [2] - As of September 2023, the contract balance was approximately 57,560 billion, down 940 billion from the end of 2022 [2] - The issuance of bonds by financing leasing companies has seen a notable decrease in weighted interest rates, with a weighted rate of 3.39% in 2023, down from 3.41% in 2022 [4] Industry Overview and Regulatory Policies - The financing leasing industry is divided into two types of companies: financial leasing companies approved by the former China Banking and Insurance Regulatory Commission and leasing companies approved by the Ministry of Commerce [2] - The regulatory environment has become stricter, leading to a reduction in the number of financing leasing companies and a contraction in business scale [2][5] - The National Financial Regulatory Administration has issued guidelines to encourage financial leasing companies to return to their core business of "financing and leasing" [5][6] - The transition period for compliance with the interim measures for the supervision of financing leasing companies has ended, leading to increased pressure for some companies to rectify their operations [6] Future Development - The financing leasing industry is expected to develop slowly in 2024, with continued pressure on asset quality and liquidity [7][8] - The differentiation trend within the industry will persist, with leading financing leasing companies having stronger capital and risk management capabilities compared to lower-rated companies [8] - The industry faces challenges such as high credit bond maturity in 2024 and 2025, increasing liquidity pressure, and potential risks associated with local government financing platforms [8]

Investment Rating - The airport industry is rated with a stable outlook due to robust domestic passenger demand growth and ongoing recovery in international passenger demand [16]. Core Insights - The airport industry is a crucial part of China's transportation infrastructure, closely linked to macroeconomic development and the aviation sector [2][4]. - As of the end of 2023, there are 259 certified civil airports in China, with a notable increase in the number of airports handling over 10 million passengers annually [7][11]. - The industry has seen a significant rebound in operational metrics in 2023, with passenger throughput recovering to 93.20% of 2019 levels, driven by strong domestic travel demand [8][14]. Industry Overview - The airport industry is categorized into three classes based on business volume, with revenue derived from both aviation and non-aviation services [3][4]. - The current regulatory environment restricts adjustments to aviation service fees, while non-aviation service fees are gradually becoming market-driven, enhancing revenue structure [4][5]. Policy Environment - Various supportive policies have been implemented since 2022 to alleviate financial pressures on airport enterprises, including increased funding for civil aviation infrastructure [4][5]. - The "14th Five-Year Plan" emphasizes the expansion of the airport network, aiming to increase the number of civil transport airports from 241 to at least 270 by 2025 [12][14]. Operational Performance - In 2023, domestic passenger throughput reached 1.212 billion, fully recovering to 2019 levels, while international passenger throughput remains at 33.73% of 2019 levels [8][14]. - The number of airports with passenger throughput exceeding 10 million increased to 38, accounting for 81.30% of total domestic airport passenger throughput [11][12]. Supply and Demand Dynamics - The airport industry has significant growth potential, with plans to increase the number of transport airports to around 450 by 2035 [12][14]. - Capacity utilization and airspace resource constraints are critical factors influencing the deployment of new flight slots [12][13]. Future Development - The airport industry is expected to continue its rapid development, supported by substantial fixed asset investments and favorable policy conditions [15][16]. - The focus for 2023 to 2025 is on expanding the domestic market and restoring international markets, with ongoing investments in airport infrastructure [15][16].