现在大家简单介绍一下今天以来我们公司制定了这种高质量经营工作的指导意见从项目源头入手 我们也对海外项目制定了这种海外员工的基地保障 数据化国际化人才管理等一系列这种手段加快推动我们海外优先战略这个技术订单呢大家可以看到我们是同意是增长了20%海外订单的增长会更高一些增长了17.85%应该说我认为 传统的像我们这种公众城邦呢国内项目来说应该说与以往有一些变化我们现在这个矿源开采水利水运还有电力工程这种增速都非常快因为这三个板块目前的每年的这个从二三年的来看吧都是超过一千亿的级别了已经是可以作为公司未来这种订单的这种支柱板块因为我们公司今年呢是 不过对于我们,我们对我们的二级公司实际上在考核上与以往是有比较大的调整我们要求我们所有的公司的经纪人要关注于项目的忙碌性水平要关注于项目能够形成那种先进的水平还有推进水平包括海外项目我们预计今年海外项目的推进度会要比往年 今年的海外项目的营业收入占比应该会形成一个新的突破公司今年以来也大力推进了改革善化的行动事先修订了32项制度文件通过20多项重点改革任务推动全领域全方位全链条的价值创造以落实足协总统维持权威重点加快完善中国特色社会主义现代化战争制度 以建立科学精准考核体 ...

此次电话会议仅服务于国泰捐赠券正式签约客户会议音频及文字记录的内容仅供国泰捐赠券客户内部学习使用不得外发并且必须经国泰捐赠券研究所审核后方可留存国泰捐赠券未授权任何媒体转发此次电话会议相关内容未经允许和授权 转载转发均属侵权国泰均安证券将保留追究其法律责任的权利国泰均安证券不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提请广大投资者谨慎做出投资决策大家好欢迎参加中国中铁介绍交流 目前所有参会者均处于静音状态在演讲结束后将给大家留有提问时间现在有请主持人开始发言谢谢各位同志各位朋友上午好我是国运建筑我还没想到今天我们团队非常荣幸的邀请到我们航运的龙头中国中铁的曲总和周总就是中国中铁就中国基建做一个深入交流本周我们邀请了16家建筑公司给大家做一个线上线下的交流欢迎大家持续的 呃会议分三个环节我爸在后面是曲总在后面是呃这时间点上我们人民六月份传统的五穷六绝市场在回调呃中国中铁也在回调但事实上我们觉得六月份就是中国中铁呃年庆再次加仓的一个月份我们看多七八带着了三级组合四级组合六月份就是那几步也是加仓的一个月份这是我们的结论所以在我看法我们当然有三个 看法为什么后面会上涨呃大家知道整个的一季度的这个建筑行业这 ...

Please remain on the line. 本次电话会议仅服务于长江证券研究所白名单客户未经长江证券事先书面许可任何机构或个人不得以任何形式对外公布、复制、刊载、转载、转发、引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究其法律责任的权利 各位头大家好我是长安街主的张雄欢迎大家参加我们船行长江船舶海工系列第15期的会议也是中国船舶我们新发的第二篇深度就是整个标题是与大洲区相互共振全球龙头阿富汗优势凸显也是在这个时间点我们再次发了中国船舶的 第二篇的深度报告我们去重点去看好或者是推荐整个中国传播包括他整个中国传播海工这个办 板块那么在当前这个时间点上面的话的话呢就是我们认为就是说对应到整个这种中国传播来看就是说呃核心的这种关注点可能还是在于在于几个方面包括的话我们在整个这种报告当中的话其实也说了一个这个比较呃详细的这个阐述一方面的话还是在于就是从整个大周期紧急的一个角度我们认为就是说目前的话整个行业的这个紧急趋势应该是呈现一个在持续向上比较明确的一个情况并且就是随着整个 传播行业用全球经济力提升以及这个传信结构的优化在本轮周期当中的话就是说整个传播行业的盈利的一个 ...

Please remain on the line. 本次电话会议仅服务于长江证券研究所白名单客户未经长江证券事先书面许可任何机构或个人不得以任何形式对外公布、复制、刊载、转载、转发、引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究其法律责任的权利 好的各位头在大家好我是长安街主的张雄欢迎大家参加我们船行长江船舶海工系列第15期的会议也是中国船舶我们新发的第二篇深度就是整个标题的话是与大洲区相产共振全球龙头阿富汗优势凸显也是在这个时间点的话我们再次发了中国船舶的 第二篇的深度报告我们去重点去看好或者是推荐整个中国传播包括它整个这种传播 板块那么在当前这个时间点上面的话的话呢就是我们认为就是说对应到整个这种中国传播来看就是说核心的这种关注点可能还是在于在于几个方面包括的话我们在整个这种报告当中它其实也说了一些这个比较详细的这个阐述一方面的话还是在于就是从整个大周期紧急的一个角度我们认为就是说目前的话整个行业的这个紧急趋势应该是呈现一个在持续性上比较明确的一个情况并且就是随着整个 传播行业用全球经济力提升以及传信结构的优化在本轮周期当中的话就是说整个传播行业的盈利的一个高点应 ...

我们现在进去的情况向大家简单介绍一下今天以来我们公司制定了这种高质量经营工作的指导意见从项目源头入手进一步提升经营工作质量积极承揽优质订单我们也对海外项目制定了这种海外员工的基地保障数据化国际化人才管理等一系列这种手段加快推动我们海外优先战略基础订单大家可以看到我们是同比是增长了2.05 海外订单增长会更高一些增长了11.85%应该说我认为上半年整体这种趋势是有这种延续的情况像我们这种工程承包国内项目来说应该说与以往有一些变化我们现在矿山开采水利水运还有电力工程这种增速都非常快因为这三个板块目前每年的 从二三两个来看吧都是超过一千亿的级别了已经是可以作为公司未来这种订单的这种支柱榜了因为我们公司今年呢是以高质量发展为指导意见所以我们对于国资局对我们我们对我们的二级公司呢实际上在考核上与以往是有比较大的调整我们要求我们所有的这个公司的经营要关注于项目的毛利率水平 要关注于项目这种能够形成那种现金的水平还有就是推进水平包括海外项目我们预计今年海外项目的推进度会要比往年要高一些所以我们预计全年今年的这个海外项目的这种营业收入占比应该会形成一个新的这个突破公司呢今年以来也大力推进了这些改革深化的行动制定修订了32项制 ...

高盛：房地产晴雨表减少库存政策开始执行，但尚未产生影响 ...

Summary of Conference Call for China Telecom Company Overview - **Company**: China Telecom - **Industry**: Telecommunications Key Points and Arguments Financial Performance - Over the past three years, China Telecom has achieved significant revenue growth and improved profitability, with a compound annual growth rate (CAGR) exceeding the industry average [2][3] - The company successfully increased its dividend payout ratio, demonstrating a commitment to shareholder returns, with a three-year CAGR of 31% in dividends [10] - In Q1 2024, service revenue grew by 5% year-on-year, and net profit increased by 7.7%, with mobile revenue rising by 3.2% [12] Digital Transformation and Innovation - The company is actively pursuing digital transformation and technological innovation, particularly in 5G package penetration and smart home services [2][3] - Despite a slowdown in growth rates for digital business, it continues to contribute significantly to overall revenue [5] - The focus is on enhancing C-end business value through broadband and gigabit ITCR upgrades, leveraging 5G and emerging technologies [6][18] Chip Procurement Strategy - In response to overseas chip restrictions, China Telecom is considering domestic 3D chip alternatives while maintaining flexibility in procurement [4][13] - The company remains open to compliant overseas chips to ensure supply chain stability and efficiency [13] AI and Computing Investments - China Telecom plans to invest 28 billion in computing, focusing on general, intelligent, and supercomputing [14] - The company is exploring AI computing service models, including direct leasing and comprehensive utilization through collaborative projects [8][20] Smart Home and Broadband Services - The importance of broadband access and value-added services is emphasized, with a focus on the potential of gigabit broadband [7] - Smart home services, including cloud storage and IPTV, are seen as key growth areas, contributing to broadband revenue [7][19] Market Position and Future Outlook - China Telecom's market position in the A-share market is highlighted, with a significant increase in market capitalization since its return to the market [11] - The company anticipates continued double-digit growth in its business, despite a slight slowdown compared to previous years [15] Challenges and Strategic Focus - The company acknowledges challenges in new digital businesses like AI and big data, which may initially face profitability issues [17] - However, mature ICT and IDC businesses are expected to provide stable profit contributions, supporting overall growth [17] Additional Important Content - The discussion included the integration of cloud services with smart home applications, enhancing user experience and safety [19] - The company is exploring various collaboration methods for AI computing, including platform-based resource allocation [20]

Summary of Conference Call Company and Industry Involved - The document discusses a company that is currently receiving significant attention in the capital markets, indicating a favorable performance in both asset and liability management [1]. Core Points and Arguments - The company has demonstrated superior performance in its overall financial metrics, which includes both assets and liabilities [1]. - The leadership of the company, referred to as "泰宝," is acknowledged for their engagement and communication with stakeholders [1]. - The format of the meeting was structured as a Q&A session, allowing for direct interaction between analysts and company representatives [1]. - The analysis team is expected to provide further commentary on issues of interest to investors following the initial Q&A [1]. Other Important but Possibly Overlooked Content - The document hints at a proactive approach to investor relations, suggesting that the company is open to addressing concerns and questions from investors [1].

Investment Rating - The report maintains a "Buy" rating for certain banks, specifically highlighting BONB and CCB, while rating ICBC and ABC as "Sell" and CMB as "Neutral" [128][132]. Core Insights - The total onshore local government debt is estimated at Rmb 102 trillion, reflecting an 8% increase from prior estimates, driven by a net increase of Rmb 6 trillion in official government debt [117][119]. - The report anticipates a continued decline in net interest margins (NIM) for covered banks, projecting a decrease to 1.4% by 2026 from 1.7% in 2023, due to higher local government debt growth and lower yields [127][128]. - A capital shortfall of Rmb 0.3 trillion is expected for covered banks over 2024-26, necessitating new capital to manage losses and maintain dividends [129][132]. Summary by Sections Local Government Debt - Local government debt has increased significantly, with covered banks growing their local government debt by Rmb 4.4 trillion, a 13% increase from previous estimates [119][120]. - The share of local government debt held by large SOE banks has risen to 33%, while non-covered banks have reduced their exposure to 62% [120]. NIM and Capital Requirements - The report projects a further decline in NIM for covered banks, estimating decreases of 16, 7, and 1 basis points for 2024E, 2025E, and 2026E respectively [7][8]. - Covered banks are expected to release Rmb 0.7 trillion in capital annually, positively impacting their CET1 ratio by 18 basis points each year through 2026 [128]. Property Loans and Losses - The report outlines three scenarios for property loan growth, with estimates of Rmb 2.2 trillion, Rmb 4.5 trillion, and Rmb 6.5 trillion in new property loans over the next three years [36][44]. - A projected loss of Rmb 0.3 trillion is anticipated on the Rmb 4.5 trillion in new property loans, with an implied non-performing loan (NPL) ratio of approximately 6% [23][128]. Capital Management - The report indicates that banks may need to lower their target CET1 ratios to release more capital, which could raise concerns about asset quality and leverage [11][47]. - Convertible bonds have been a popular method for banks to raise new capital, comprising 60% of total new capital raised in the past five years [88][129].

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 高成 Sachs 13 June 2024 | 9:23AM CST 研报数据加V：shuinu987 Our China Property Barometers (past publications here) report follows on with datapoints relevant to our earlier discussion in Focus shifting to the secondary market and "Stage ll easing" to encapsulate household demand and supply-side industry liguidity changes (details in our first edition) in light of the rising secondary supply which could generate AsP pressure'and create a negative feedback loop. Over the past month ...