1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - The company will focus on the R & D of automated line - controlled vehicles as its line - controlled vehicles have a competitive edge in the industry, and it will not engage in the intelligent driving system for now [25] - The market for autonomous mining trucks is driven by market forces, with the cost - effectiveness of electric vehicles becoming more prominent. The market demand and product iteration are mutually reinforcing [25][26] - The cost difference between autonomous and manned vehicles is mainly due to new energy and fuel vehicles, and the price - performance ratio of products will increase as costs decline [27] - The pure - electric solution will be more advantageous in the future, and the application of pure - electric products will accelerate with the improvement of charging and power - swapping facilities [27] - The company will vigorously expand overseas markets, with good opportunities in regions such as Mongolia, Central Asia, Southeast Asia, and South America [28] 3. Summary According to the Table of Contents 3.1 Research Basic Situation - The research object is Tongli Co., Ltd., belonging to the construction machinery industry. The reception time was June 9, 2025. The company's reception personnel were Chief Engineer Wang Yong and Board Secretary Yang Peng [16] 3.2 Detailed Research Institutions - The participating institutions include asset management companies such as Shanghai Huijin and Fusheng Asset, securities companies such as China Galaxy Securities and Orient Securities, insurance asset management companies such as China Life Asset, and other types of institutions [17][18][19] 3.3 Research Institution Proportion - Securities companies account for 37%, asset management companies 17%, fund management companies 24%, insurance asset management companies 7%, and other types and investment companies each account for 7% [21] 3.4 Main Content Information - **Regarding the intelligent driving system**: The intelligent driving system for mine unmanned vehicles is difficult to standardize, and the company will not engage in it for now, focusing on automated line - controlled vehicles [25] - **Market outlook for autonomous mining trucks**: Market - driven development, with rapid investment in charging and power - swapping facilities, and an increasing market demand for autonomous vehicles [25][26] - **Price difference between autonomous and manned wide - body vehicles**: The cost difference is mainly due to new energy and fuel vehicles, and the price - performance ratio will increase with cost reduction [27] - **Potential of pure - electric solutions**: With the improvement of charging and power - swapping facilities, pure - electric solutions will be more advantageous than range - extended solutions in the future [27] - **Overseas market**: The company will expand overseas markets, with slow progress in high - end markets such as Australia and North America, and good opportunities in other regions [28]

众生药业分析师会议 调研日期：2025年06月09日 调研行业：中药 参与调研的机构：平安证券股份、深圳创华启盛顾问咨询、远东 宏信等 / | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | | | 例体位次数 4 | 24/40 33 | | FININ EXIAN, BENN, LEWI | | | 極力集团 | | | · 例计以上的 8 | 品机构管 23 | 调研基本情况 调研对象：众生药业 所属行业：中药 接待时间：2025-06-09 上市公司接待人员：公司董事会秘书 杨 ...

Group 1: Research Basic Information - The research object is Huasen Pharmaceutical, belonging to the traditional Chinese medicine industry, and the reception time is June 9, 2025. The listed company's reception staff includes Zhou Zhiru, the representative of the securities affairs, and Long Jie, the commissioner of the securities affairs [17] Group 2: Detailed Research Institutions - The research institutions include Zhonggeng Fund (a fund management company) with researcher Li Niuniu, and Guojin Medicine (others) with researcher Wang Benben [18] Group 3: Proportion of Research Institutions - Fund management companies account for 50%, and others account for 50%, with 1 fund management company and 1 other institution [19] Group 4: Core Views - The five key Chinese patent medicines of the company maintained a good growth momentum in 2024 and Q1 2025, and the company focuses on their technology market promotion and access work, especially in non - grade public hospital channels [23] - The company's current sales terminal is mainly public hospitals, accounting for about 70%. It will actively layout the out - of - hospital market to increase its proportion [24] - In May 2025, Huasen Yinuo increased its stake in and controlled Aorui Pharmaceutical, integrating its R & D pipeline, team, and equipment. It now has 7 self - initiated Class 1.1 innovative drug R & D projects, with the most advanced one in clinical Ia/Ib phase [25] - The company's short - and medium - term R & D strategy focuses on product listing, and it has built a "333" pipeline pattern and multiple innovative drug R & D platforms [25][26]

Group 1: Report Basic Information - Report research company: Kangli Elevator [16] - Research industry: Special equipment [16] - Reception time: June 4, 2025 [16] - Company reception staff: Investor relations representatives Luo Chengbin and Yu Hao [16] Group 2: Research Institutions - High - end China (Securities company, representative: Du Qian) [17] - Goldman Sachs (Other, representative: Daniela Costa) [17] - Hel Ved Capital (Other, representative: Yang Yang) [17] - China Merchants Fund (Fund management company, representative: Wang Qichao) [17] - JP Morgan (Foreign bank, representative: Chen Binghong) [17] - 3W Fund (Other, representative: Liu Haocong) [17] - Panze Asset (Other, representative: Xiong Weiming) [17] Group 3: Core Views - The downstream demand structure of the elevator industry has changed significantly. The real - estate market demand is declining, but factors such as the increase in elevator allocation ratios, emerging demand in sub - sectors, and overseas markets will offset some of the decline. The industry is at the start of large - scale renovation, showing a new situation where the incremental market declines and the stock market rises, and the overall market scale will gradually stabilize [25][26] Group 4: Industry and Company Situation Updated Renovation Market - There are over 1 million old elevators with a service life of over 15 years, and the number is rising. In 2024, about 41,000 elevator renovation projects were supported by ultra - long - term treasury bond funds, with a target of 60,000 in 2025. Policy support will lead to a rapid release of renovation demand [23] Real - Estate Industry - In 2024, the real - estate market demand declined, with the sales amount of newly built commercial housing falling below 10 trillion yuan. From January to April 2025, the sales area and amount of newly built commercial housing decreased by 2.8% and 3.2% year - on - year respectively, with the decline rate narrowing significantly. The current recovery is still phased and partial [24] New Elevator Market - From January to April this year, the new building start - up area decreased by 23.8% year - on - year, leading to intense price competition for new elevator orders [27] Customer Payment and Accounts Receivable - Government public construction project payments are generally normal, while real - estate customers' liquidity remains tight. The company manages cash flow effectively, with a sales collection rate of 125.91% in 2024 and a 1.96% decrease in accounts receivable balance at the end of the period compared to the beginning [28][29] Elevator After - Market - The elevator after - market includes maintenance, repair, parts, and renovation. The market concentration of maintenance and repair is low, with small enterprises accounting for over 60% of the market share. Renovation is mainly dominated by整机 manufacturers. The self - maintenance ratio of整机 manufacturers is low due to strategic choices and low user stickiness. All major整机 enterprises are increasing investment in the after - market [30][31] Company's After - Market Business - In 2024, the company's installation and maintenance business revenue accounted for 15.39%. The company plans to promote after - market business development by upgrading department positioning, improving renovation solutions, and strengthening cooperation through joint ventures [32] Regulatory Policy Impact - The General Administration of Market Supervision released a draft revision of the Regulations on the Supervision of Special Equipment in January 2025. It's uncertain whether all provisions will be passed and what impact it will have on the elevator maintenance industry [33]

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints - The report focuses on the 2025 business plans and market strategies of Changhong Meiling in the home appliance industry, covering overseas and domestic markets for refrigerators, air conditioners, and washing machines, as well as aspects like innovation capabilities, risk management, and production line construction [22]. 3. Summary by Related Catalogs 3.1. Research Basic Information - The research object is Changhong Meiling, belonging to the home appliance industry. The reception time was on June 4, 2025. The listed company's reception staff included Vice President and Board Secretary Li Xia, and Securities Affairs Manager Lü Ming [17]. 3.2. Detailed Research Institutions | Reception Object | Reception Object Type | Institution - Related Personnel | | --- | --- | --- | | GF Fund | Fund management company | Chen Yingzi, Wang Song, Zhang Yi | | Guolian Fund | Fund management company | Zheng Ling, Liang Qinzhi, Xiang Wei | | Southwest Securities | Securities company | Gong Menghong | [18] 3.3. Research Institution Proportion No information provided in the content. 3.4. Main Content Materials - **2025 Business Plan**: Strive for both scale and profit growth, ensuring a virtuous development trend of profitable scale growth [22]. - **Overseas Refrigerator Business**: Adhere to product - oriented approach, increase R & D on products like "large - volume, multi - temperature zone, high - efficiency, low - noise", improve marketing, strengthen internal and external collaboration, and accelerate brand expansion overseas [22]. - **Overseas Air - Conditioner Business**: Follow the concept of "profitable scale growth, profit growth with cash flow", prioritize the brand, expand base markets, develop regional brand agents, focus on advantageous channels, and improve product quality and customer service [22]. - **Domestic Air - Conditioner Business**: Enhance user experience and differentiated design based on AI technology, create product cards, increase market investment, implement regional strategies, and improve service capabilities [24]. - **Overseas Ice - Wash Business**: Align product layout with global consumption trends, build a product matrix, improve marketing, expand business in existing and emerging markets, and enhance brand competitiveness [24]. - **Innovation Capabilities**: Include four aspects: technological innovation (increase R & D investment), product innovation (create super - products), manufacturing innovation (promote intelligent manufacturing), and management innovation (improve organizational and process efficiency) [25]. - **Exchange Rate Risk Management**: Adopt the principle of exchange - rate risk neutrality, use foreign exchange forward contracts as hedging tools, and match contract terms with predicted sales and回款 [25]. - **Share Repurchase**: Approved a share - repurchase plan on May 8, 2025, with an implementation period of no more than 12 months. Decisions will be made according to market conditions, and progress will be disclosed [25]. - **Overseas Air - Conditioner Production Line Construction**: The project of Zhongshan Changhong to build an annual production capacity of 4 million sets of air - conditioners will meet future overseas sales needs, improve production efficiency, and enhance market competitiveness [26].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The company is a well - known domestic manufacturer of mobile industrial vehicles, with strong advantages in electric forklifts and new - energy forklifts [25]. - The cooperation with Jungheinrich will help the company deepen its global multi - channel strategic layout, promote product upgrades centered on electrification and intelligent technologies, and strengthen its core competitiveness [31]. - In the context of the development of intelligent logistics, the company's X - Mover Banma robot has been applied in logistics company transfer centers, effectively improving handling efficiency [32]. 3. Summary by Directory 3.1. Research Basic Situation - The research object is Zhongli Co., Ltd., and the reception time is June 4, 2025. The company's reception personnel include the director, board secretary, deputy general manager Liao Fapei, the director and financial officer Wang Shifeng, and the securities affairs representative Wu Biqing [17]. 3.2. Detailed Research Institutions - The research institutions include GF Fund Management Co., Ltd. with representatives He Juewei, Zhang Yi, and Cao Yue, and Guotai Haitong Securities Co., Ltd. with representative Ouyang Tianyi [18]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - **M&A Project Introduction**: The "Annual Production of 300,000 Storage Handling Equipment and 1,000,000 Sets of Mechanical Parts Processing, Intelligent Robot Manufacturing (Phase I)" and the "First - phase Project of Electric Forklift Assembly Production Line of Hubei Zhongli Machinery Co., Ltd." mainly produce electric forklifts. The "First - phase Project of Electric Forklift Parts Casting of Hubei Zhongli Foundry Co., Ltd." is a supporting link in the forklift industry chain. The "Mofu Intelligent (Anji) Research Institute Project" will upgrade and improve the company's R & D structure [22][23]. - **Company's Market Competitive Position**: The company is a well - known domestic manufacturer of mobile industrial vehicles. It has ranked first in the production and sales of electric storage forklifts for 12 consecutive years since 2013 and first in the production and sales of lithium - battery forklifts for 6 consecutive years since 2019 [25][26]. - **Introduction of "Oil - to - Electric" Forklifts**: The company's electric counterbalanced rider - type forklifts have an overall upward ranking. The "oil - to - electric" forklifts combine the advantages of internal combustion forklifts and electric forklifts, with features such as green environmental protection, low cost, and suitability for multiple scenarios [27][28]. - **Impact of Cooperation with Jungheinrich**: Jungheinrich is a global leader in material handling solutions. The cooperation will help the company deepen its global layout and strengthen its core competitiveness [29][31]. - **Intelligent Logistics Situation**: In the context of the development of intelligent logistics, intelligent industrial vehicle products are the trend. The company's X - Mover Banma robot has been applied in logistics company transfer centers, improving handling efficiency [32].

宏柏新材分析师会议 调研日期：2025年06月04日 调研行业：化学制品 参与调研的机构：投资者等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 关注公众号即可体验 机构调研pro小程序~ 扫码关注 调研纪要精选公众号 的問悉各行业更流企业调研情况。 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年 ...

Group 1: Research Basic Information - The research object is Keyuan Wisdom, belonging to the Internet services industry, and the reception time was on June 4, 2025. The listed company's reception staff included the board secretary, Zhao Wenqing, and the securities affairs representative, Wu Yating [16] Group 2: Detailed Research Institutions - The research institutions include Huachuang Securities, Western Securities, Guangzheng Asset Management, Changjiang Securities, Zhongguangyun Investment, and Yuanwangjiao Investment, along with their corresponding personnel [17] Group 3: Company Overview - The company is a leading domestic provider of industrial automation, informatization, and intelligent technology, products, and solutions, with two major business segments: Automation & Intelligence BG and Industrial Digitalization BG, serving downstream industries such as energy and power, petroleum and chemical, steel and metallurgy, municipal building materials, and some discrete manufacturing industries [21] - The company is actively deploying an embodied intelligence product line, developing an embodied intelligence drive and control integrated platform, and aiming to become a "shovel-type" company in the AI robot era [21][22] Group 4: Company Strategy and Business Layout - The company focuses on industrial automation, industrial Internet, and industrial software businesses, seizing opportunities in industrial digitalization, digital industrialization, and domestic substitution, and strengthening the development of independent and controllable industrial control systems and PLC products [22] - The company's business layout covers industrial automation, intelligence, and digitalization, serving multiple industries. The growth logic lies in the policy-driven domestic substitution wave and the potential of the industrial AI business [23] Group 5: Company Business Strategies - The company's industrial AI business commercialization strategy focuses on solving industrial pain points, using a combination of software and hardware to achieve closed-loop monetization, starting with pilot projects in state-owned enterprises and gradually expanding to other industries [23] - The company's robot business focuses on industrial scenarios, positioning as a core component supplier for industrial robots, and using a "selling shovels" model to enter the industrial robot field [24]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The domestic charging pile market is shifting from emphasizing construction speed to high - quality development, with potential for increased market share and attention to niche applications [22]. - The charging module market requires technology innovation and high - quality development due to high technical barriers [23]. - China's new energy vehicle battery swapping market will grow rapidly with policy support and technological and business model maturation [23]. - The global energy system's low - carbon transformation provides a policy guarantee for the new energy storage industry, and the power market reform creates development space for it [24]. - The company responds to the competition in the energy storage market by enhancing product efficiency, reliability and driving differentiation through innovation [25]. - The company's power quality products have a wide range of applications, and it maintains an advantage in the market through R & D and channel expansion [26]. - The company's products for data centers and smart computing centers benefit from the growth of the AI - related sectors, and it makes forward - looking preparations for this field [27]. 3. Summary by Directory 3.1 Research Basic Information - The research object is Shenghong Co., Ltd., belonging to the power equipment industry. The reception time was May 30, 2025, and the receptionist was Hu Tianshun, the board secretary [16]. 3.2 Detailed Research Institutions - Institutions participating in the research include Great Wall Fortune (other), Boshi Fund (fund management company), Rongyuan Dafang Investment (other), Baoying Fund (fund management company), Jinyuan Securities (securities company), Jianxin Pension (other financial company), Oriental Alpha Fund (fund management company), and Guolian Minsheng (securities company) [17]. 3.3 Research on Company's Business - **Domestic Charging and Battery - Swapping Market**: The domestic charging pile market is moving towards high - quality development, and the battery - swapping market will grow rapidly with policy support [22][23]. - **Energy Storage Market**: The low - carbon transformation of the global energy system and power market reform provide development opportunities for the energy storage industry, and the company takes actions to deal with competition [24][25]. - **Power Quality Products**: The company's power quality products are widely used in over 30 industries, and it maintains market leadership through R & D and channel expansion [26]. - **AIDC Field**: The company's products are used in data centers and smart computing centers, and it makes forward - looking preparations for this field [27].

Group 1: Research Overview - The research object is Pengyao Environmental Protection, belonging to the environmental protection industry, and the reception time was on May 30, 2025. The listed company's reception staff was Chen Weifeng, the director of the company's investment relations [17] - The detailed research institution is Jintake Asset, a asset management company, and the relevant personnel is Shen Hai [20] Group 2: Company SAF Status - In 2024, Panjin Pengyao completed the technical transformation of SAF and successfully produced sustainable aviation fuel (SAF) in September 2024, with an overall product yield of 82%, and 46 indicators meeting international standards. In December 2024, Panjin Pengyao signed a cooperation agreement with China National Petroleum International Business Corporation and exported 4,950 tons of SAF to the international market for the first time. Currently, the company is continuing to optimize the SAF process and is expected to increase the SAF yield in the future [24] Group 3: Domestic SAF Policy - In September 2024, China officially launched the SAF application pilot project, covering four airports including Beijing Daxing, Chengdu Shuangliu, Zhengzhou Xinzheng, and Ningbo Lishe. Three major airlines, Air China, China Eastern Airlines, and China Southern Airlines, participated, and a total of 12 flights completed SAF refueling, initially verifying the applicability and operational safety of SAF on domestic routes. The first - stage (from September to December 2024) of this pilot project focused on initial application and experience accumulation. From 2025, the second stage will gradually expand the scope of participating airlines and airports to form a larger - scale SAF promotion network [25] Group 4: International SAF Policy - The EU is quite active in developing the SAF industry. After setting the goal of achieving carbon neutrality by 2050, the EU proposed the European Green Deal long - term development strategy in 2020. Under this strategy, the EU has issued a series of policy measures to support carbon emission reduction in the aviation industry, collectively referred to as "The EU fit for 55 package". Key policies affecting the SAF industry include the reform proposal of the European Emissions Trading System (EU ETS), the ReFuelEU plan, and the revision of the European Energy Taxation Directive (ETD) [27] - The ReFuelEU plan, approved by the European Parliament in October 2023, defines the raw materials for SAF, prohibits the use of feed and food crop raw materials, and sets mandatory SAF usage quotas for aviation fuel suppliers. The EU Aviation Safety Agency is empowered to expand environmental supervision from 2025 [27][28] - The revised ETD will tax traditional fossil fuels, with the energy tax for transportation gradually increasing to 10.75 euros/GJ and for heating to 0.9 euros/GJ from 2023 - 2033 [28] Group 5: Comprehensive Analysis of SAF Development - SAF is still in its early stage globally. The EU and the US have relatively complete policies, while China has gradually attached importance to it in recent years and actively participated in international cooperation. China's SAF policies are mainly encouraging, without requirements for blending ratios or a clear development timeline, but the government has shown positive support [29] - From the planning of domestic energy companies' participation in the SAF industry and the enthusiasm of new companies, the future of the industry is promising [30] Group 6: Company's Advantages - Pengyao Environmental Protection adopts a light - asset operation model, using leased sites and renovated old equipment for HVO and SAF production. The production process technology package is developed and improved by its own technical team, without additional process package costs. With the same scale, it has lower capital investment and daily operating costs, resulting in a lower full cost of SAF products. The company's SAF products have been exported, and their quality and cost advantages have been verified by the market [31] Group 7: Company's Main Business Performance - This year, the company has won new bids for major water - related projects, including a water purification project with a daily water supply capacity of 99,000 cubic meters in Hami, Xinjiang, and a 5 - year operation contract; a sewage treatment BOT project in Nantangyin, Henan, with a design scale of 30,000 cubic meters per day; a sewage treatment equipment procurement project in Fangshan District, Beijing; and a 600,000 T/D entrusted operation project for a water purification plant in Nantong [32][33][34] - The company promotes the prefabricated water plant construction model this year. Its SEED water plant combines new energy technology with prefabricated water plant technology, featuring photovoltaic - building integration, faster construction speed, better quality control, and more efficient, green, and low - carbon operation, which is in line with the dual - carbon goal and has broad prospects [34]