本次会议仅面向永兴证券的专业投资机构客户或受邀客户会议嘉宾发言内容仅代表其个人观点会议内容不构成对任何人的投资建议也不构成任何保证敬请会议参加者充分了解各类投资风险根据自身情况独立自主做出投资决策并自行承担投资风险参会者负有合规参会和保密义务不得交流任何敏感内幕和保密信息并严禁录音录像未经永兴证券事先 各位领导和投资人 晚上好非常欢迎参加本期财政券组织的总量联合行业电话会我是唐文清那么过去一周以来其实资本市场出现了非常多问题我在这里稍微列举一下上周末的时候公布了涉伦和货币增速的相关数据本周又发布了超长期特惠国债的发行以及四月经济数据的出炉包括周五的时候央行和金管局的三剑齐发 整个A股市场的走势呈现出的也是一个先抑后痒的状态那么对于如何理解当前的经济动能恢复情况以及如何去寻觅下一阶段A股的投资机会那么今天非常有幸的邀请到永庆电券多位首席分析师以及资深分析师同各位领导和投资者们一起交流 那么首先有策略给我领导和投资朋友们汇报一下我们是下一阶段我们是如何看待A股市场那么先简单的说一下结论我们认为投资A股可以变得更加积极一些那么用八个字简单的概括一下就是时机而上 见之加定那么目前其实我们认为对于整个A股市场而言其实尤 ...

【财新网】房地产行业持续颓势，意在消化存量房产和优化增量住房的政策措施正在酝酿中。 据国务院新闻办公室消息，5月17日下午 4时，住房城乡建设部和自然资源部、中国 人民银行、国家金融监督管理总局负责人将召开国务院政策例行吹风会，介绍切实做好保交 房工作配套政策有关情况。 财新从多个渠道确认，在下午的政策吹风会之前，5 月 17 日上午，国务院将组织召开 房地产工作相关会议，届时或将宣布房地产领域相关举措。中国人民银行（下称“央行”）、住 房城乡建设部（下称“住建部”）、 国家金融监督管理总局（下称“金融监管总局”）、财政部、 各地方政府相关领导以及国有银行等大型金融机构负责人将悉数参会。5 月 16 日，部分总 部不在北京的股份制银行相关负责人已动身前往北京准备参会。 财新独家获悉，早在“五一”小长假后，住建部、金融监管总局、国有大行等各部委及机 构已分别抽调各自房地产领域内的骨干人员，成立联合工作组集中办公。该工作组由此前的 城市房地产融资协调机制（下称“房地产融资协调机制”）延续而来。 2024年1月5日，住建部和金融监管总局联合发布《关于建立城市房地产融资协调机 制的通知》（下称《通知》）。根据《通知》 ...

【机构龙虎榜解读】合成生物+人造肉+外销占比高，与江 南大学有研发技术方面的合作，联合申报了重大科技创新工 程，外销占比接近40%，这家公司获净买入 电报解读 2024.0515 19:00 星期三 I/电报内容 【龙虎榜|正丹股份今日涨停拉萨天团包揽上榜席位】财联社5月15日电，正丹股份今日涨停，成交额22.25亿 元，换手率18.02%。龙虎榜数据显示，买入前五和卖出前五席位均为东方财富拉萨营业部。其中，东方财富拉萨 东环路第一证券营业部买入2848万元并卖出2479万元，东方财富拉萨团结路第一证券营业部买入2327万元并卖 出2902万元。 1/电报解读 一、盘面简述 荡走强，亚振家居、三棵树涨停。化工、化纤股表现活跃，正丹股份20CM涨停，南京化纤、龙星化工、川发龙蟒涨停。总体 个股跌多涨少，全市场超3800只个股下跌。板块方面，房地产、ST板块、磷化工、贵金属等板块涨幅居前，证券、电力、Sora 概念、CRO等板块跌幅居前。 二、 机构动向 控2960万、凯撒文化1731万，净卖出晓程科技3219万、北化股份2457万、星湖科技1729万。 三、焦点公司 双塔食品：合成生物+人造肉+外销占比高，公司 ...

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（机构调研）这家大数据基础软件开发商联合惠普发布三款 风口研报 2024.05.1420:15星期二 调研要点： ①这家公司实现多模型数据统一处理，联合惠普发布三款A工作站，聚焦AI知识库、智能视觉和大模型服务平台， ②风险提示：调研内容仅为机构与上市公司间的业务交流，不构成投研观点，信息以上市公司公告和分析师公开报告为准。 功能。 公司于今年新推出的TKH（TranswarpKnowledgeHub）知识平台，覆盖图谱构建工具、语料开发工具、大模型基础服务平台 （含语料仓库、模型仓库、应用仓库等）、星环知识库（含星环自研的向量数据库、图数据库、搜索引擎、时序数据库、文件系 统等）以及知识应用，能够赋能各行业的客户进行语料的构建、知识库的建设、大模型的训练和微调及基于大模型的应用构建。 此外，公司联合惠普发布的三款AI工作站，分别聚焦AI知识库、智能视觉和大模型服务平台。 近期热门系列： 5月7日《这家公司设立商业航天业务团队，火箭箭体结构件产线预计本月建成》 4月30日《这家合成生物头部企业多个新建项自持续投产放量》 4月29日《这家动力电池结构件供应商切入人形机器人领域布局谐波减速机》 4月25日《这家公 ...

大家好,欢迎参加光大机器人与数人型智能体Unitree G1联合解读,目前所有参会者均处于静音状态。特别声明,本会议为光大证券专业机构投资者设计,任何情形下,会议内容不构成对任何人的投资建议。 参会者应当充分了解各类投资风险根据自身情况自主做出投资决策并自行承担投资风险嘉宾发言内容仅代表嘉宾的个人观点和立场研究人员发言内容来自于以外发报告或对研报的跟踪解读观点仅代表报告发布当日的判断本会议内容的知识产权仅归光大证券所有 北京书面许可任何机构和客人不得以任何形式任何目的进行转发翻版复制刷布或沿用会议全部或部分内容亦不得擅自录音制作会议机要对外传播好的各位投资者大家早上好我是光大机械首席货币昨天下午宇宿发布了新一代的Unitrix G1起售价9.9万元 惊艳了整个朋友圈那么视频里可以看到Unitrix-G1具备了波束振动力电驱板的一些特点其实可以折叠起身而且可以砸瓶盖砸核桃开瓶盖等等这个动作也十分灵活今天早上八点光大机器人团队为你联合解读Unitrix的一些东西的产品包括投资机会今天发言的老师有这个光大机器人黄帅斌 光大电信公用环保首席殷宗舒光大汽车行平和光大金属马俊然后呢我们下接下来就是我们逐一的为您解读这个宇 ...

Industry Investment Rating - The report does not explicitly mention an overall industry investment rating [1] Core Views - The "package debt resolution plan" including special refinancing bonds and financial institution participation in debt resolution has been steadily advancing in Q1 2024 [1] - New debt resolution methods such as "unified borrowing and repayment" and "central bank SPV" have been gradually implemented [1] - Urban investment bond issuance and net financing have improved quarter-over-quarter, with issuance terms lengthening and further concentration towards higher-rated issuers [1] - Urban investment bond issuance rates and spreads have continued to decline, with significant decreases in some key provinces [1] - Weak regional and low-quality urban investment enterprises have seen short-term liquidity pressure relief, but long-term debt resolution depends on local economies and enterprise development [1] - Urban investment enterprises face increasing transformation needs, with regional resource disparities potentially leading to differentiation during the transformation process [1] - Urban investment bond maturity and repayment pressures remain high in 2024, with some regions facing significant repayment challenges [1] Policy Environment - Special refinancing bonds continued to be issued in Q1 2024, with financial institutions participating in debt resolution [2] - New debt resolution methods such as "unified borrowing and repayment" and "central bank SPV" have been implemented in key provinces [2] - Regulatory authorities have further supplemented and refined debt resolution policies, with urban investment enterprise financing policies continuing to tighten [2] - In February 2024, Guizhou and Tianjin issued special refinancing bonds of 324.58 billion yuan and 201.8 billion yuan respectively [2] - Guizhou Hongyingda Construction Engineering Management Co issued an 18 billion yuan, 5-year corporate bond to repay maturing bonds of urban investment enterprises in the region [2] - In March 2024, Yinchuan completed 2.614 billion yuan in bank loan swaps for existing bonds and non-standard debt [2] - Liuzhou implemented the first 4.6 billion yuan central bank emergency liquidity support (SPV) funds [2] - The "14th document" in March 2024 allowed 19 provinces outside the 12 key provinces to independently report regions with heavy debt burdens and difficult debt resolution [2] Q1 Urban Investment Bond Market Review - Urban investment bond issuance and net financing improved quarter-over-quarter, with issuance terms lengthening [3] - Lower administrative level and weak credit quality issuers continued to see reduced financing scale and net repayments [3] - Urban investment bond issuance further concentrated towards higher-rated issuers [3] - Since the implementation of Document 35, except for Chongqing, other key provinces have continued to show net repayments or tight balances [3] - Issuance rates and spreads for urban investment bonds continued to decline, with significant decreases in some key provinces [3] - Yunnan's issuance rates and spreads remained high, with refinancing environment still needing improvement [3] - Some non-key provinces had spreads higher than the national average, with refinancing environment needing attention [3] - Q1 2024 urban investment bond issuance reached 1.56 trillion yuan, up 1.52% year-over-year and 31.86% quarter-over-quarter [3] - Net financing in Q1 was 72.83 billion yuan, down 85.64% year-over-year but improved from net repayments in Q4 2023 [3] - Early repayments of urban investment bonds in Q1 were about 80 billion yuan, with Anhui, Zhejiang, Hunan, and Guizhou each having early repayments of about 10 billion yuan [3] - Bonds with maturities under 1 year accounted for 24.87% of issuance, down 12.53 percentage points year-over-year [4] - Bonds with maturities over 3 years accounted for 40.04% of issuance, up 13.89 percentage points year-over-year [4] - 49 urban investment bonds with maturities of 10 years or more were issued in Q1, accounting for 3.26% of issuance [4] - Tianjin's medium and long-term urban investment bond issuance proportion rose significantly to 70.14% [4] - Yunnan's short-term urban investment bond issuance proportion remained close to 50% [4] - Interbank product issuance grew year-over-year and quarter-over-quarter, with medium-term notes up over 65% year-over-year and quarter-over-quarter [5] - Exchange products (including corporate bonds) declined slightly year-over-year but grew about 12% quarter-over-quarter [5] - Corporate bond issuance shrank significantly to about 30% of the same period last year [5] - AAA and AA+ rated issuers saw quarter-over-quarter growth in issuance scale and net financing [6] - AAA rated issuance maintained year-over-year growth, while AA+ rated issuance was flat year-over-year [6] - AAA and AA+ rated issuers accounted for nearly 80% of issuance, up about 6 percentage points year-over-year [6] - AA rated issuance declined 20.82% year-over-year, accounting for 19.97% of issuance, down from 21.14% in Q4 2023 [6] - Provincial and prefecture-level issuers saw year-over-year and quarter-over-quarter growth in issuance scale [6] - County-level issuers saw an 11% year-over-year decline in issuance scale and continued net repayments [6] - Jiangsu, Zhejiang, and Shandong ranked top three in issuance scale, accounting for over 50% of total issuance [7] - 12 key provinces issued 180.354 billion yuan in urban investment bonds, down 1.50% year-over-year and accounting for less than 12% of total issuance [7] - Except for Chongqing with 17.402 billion yuan in net financing, other key provinces continued net repayments or tight balances [7] - AA+ rated medium and long-term urban investment bond issuance rates and spreads declined year-over-year and quarter-over-quarter [9] - Guizhou, Tianjin, Guangxi, and Chongqing saw significant decreases in issuance rates and spreads [9] - Guizhou's issuance rates and spreads fell below the national average [9] - Yunnan's issuance rates and spreads remained high, with refinancing environment still needing improvement [9] - Shandong, Henan, and Shanxi had spreads higher than the national average [9] Outlook - Weak regional and low-quality urban investment enterprises have seen short-term liquidity pressure relief, but long-term debt resolution depends on local economies and enterprise development [11] - Urban investment enterprises face increasing interest payment pressure as new financing channels tighten [11] - Special refinancing bonds have helped resolve regional implicit debt, with local governments and financial institutions negotiating debt extensions and medium-to-long-term loans [11] - Urban investment bond issuance rates and spreads have continued to decline under favorable policies [11] - Regulators have implemented list-based management of urban investment enterprises, strictly controlling new financing for listed enterprises [11] - Some key provinces have clarified that refinancing can only be used for debt principal rollovers [11] - Urban investment enterprises' interest-bearing debt scale is large and continues to grow, with interest payments not supported by this round of financial debt resolution [11] - In 2022, nearly half of urban investment enterprises had net outflows from operating activities [11] - Profit coverage of interest expenses averaged less than 0.35x [11] - Most urban investment enterprises have had negative net increases in cash equivalents since 2021 [11] - Cash assets' coverage of interest expenses has declined yearly, reaching 2.5x at the end of 2022 [11] - Urban investment enterprises' transformation needs are increasing, with regional resource disparities potentially leading to differentiation during the transformation process [12] - The State Council and National Development and Reform Commission have emphasized promoting urban investment enterprises' transformation and high-quality development [12] - The 2024 government work report proposed improving the full-caliber local debt monitoring system and supporting high-quality urban investment enterprises' transformation [12] - List-based management and strict restrictions on new bond issuance for listed enterprises are forcing urban investment enterprises to accelerate transformation [12] - The number of bond-issuing urban investment enterprises and urban investment bond stock may gradually decrease [12] - Some lower administrative level and weak credit quality urban investment enterprises may exit the bond market faster [12] - Urban investment enterprises in regions with better resource endowments are expected to achieve transformation first [12] - Weak regional and low-quality urban investment enterprises may face dual pressures of transformation development and debt risk prevention [12] - The relationship between urban investment enterprises and local governments needs dynamic assessment during transformation [12] - Urban investment bond maturity and repayment pressures remain high in 2024, with some regions facing significant repayment challenges [13] - As of Q1 2024, outstanding urban investment bonds totaled 14.56 trillion yuan [13] - Assuming all callable bonds are exercised at the next call date, Q2-Q4 2024 urban investment bond maturities each exceed 1.3 trillion yuan [13] - Q1 net financing is far from covering Q2 maturities [13] - Jiangsu, Zhejiang, Shandong, Tianjin, and Sichuan have the largest Q2 maturities, accounting for over half of total Q2 maturities [13] - Shandong's refinancing environment recovery needs attention due to non-standard or commercial bill overdue negative sentiment [13] - Tianjin's issuance term structure, rates, and spreads have improved but still show net repayments, with significant Q2 maturity pressure [13] - Henan's Q2 maturities account for nearly 22% of its outstanding urban investment bonds, with concentrated repayment and liquidity pressure needing attention [13]

请参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要 泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为申望洪源研究保留追究泄露转发者法律责任的权利 各位投资者下午好我是声望宏园债券首席分析师金茜静欢迎大家参加我们声望宏园总量的电话会议那么上周应该说公布了一些比较重磅的数据金融数据以及通胀数据那么包括整个一季度的货币政策咨询报告那么里面应该说有不少新的表述那么使得市场对于未来的整个宏观经济以及流动性包括资产价值影响都是颇为关注 那么今天我们也是联合新浪宏园总量团队包括宏观、固收以及策略那么对最近的金融经济数据以及这次的货币政策执行报告进行一个比较全面的解读那么首先先有请我们宏观高级分析师贾东旭对于这次的通胀数据包括金融数据以及货币政策执行报告在宏观层面进行一个解读先有请东旭好的 谢谢金老师 各位投资者朋友大家下午好我是山岸宏园宏观贾中旭首先由我从自上而下的视角去从尤其是我们最新的货币政策执行报告的一个最大的一个最新的变化结合我们的最新的金融数据还有通胀数据进行一个综合性的分析首先我们认为给一个这一次的货币 ...

各位投资者晚上好我是方证军工联系首席新型产业首席刘明阳今天晚上我们联合金属新材料团队张明磊首席以及我们军工团队的两位同事黄凯伦以及张世普共同跟各位投资者汇报一下在军工板块方向近期的一个配置思路军工行业在去年是受到了中期调整以及人事变动的双重影响 可能在过去的一年多的时间里边不管是从订单下达节奏上面以及基本面上面确实都是低于市场预期的在过去的一段时间其实大家也看到了不少军工行业层面的一些变化 从去年年底的中调落地以及人事变动的落地然后再到今年上半年持续了几个月的时间几个军工的工业部门军工集团的一把手也都有了变更或者说上任的这样的一个过程 那从这个机关层面也就是各个军兵种以及装发来看的话其实很多人员变动其实也都在逐渐落地的这个过程里边当然对于这样的一个过程可能会持续一段时间因为对于很多这些 新上任的这些人员他们可能在过去的工作岗位上面并没有接触到现在目前工作的任务所以说得给他们一段适应熟悉的这样的一个阶段并且也需要去等待顶层领导 各个层面的这样的一个规划落地之后我们向二级市场重点去关注的所谓的大规模订单才会去下达并且在过去的年报一级报这个阶段其实大家也都跟很多的军工上市公司有过沟通交流大家基本上也都反馈到了可能对 ...