本次会议为中国国际金融股份有限公司中金公司闭门会议 仅限受邀嘉宾参会未经中金公司和演讲嘉宾书面许可 任何机构和个人不得以任何形式将会议内容和相关信息对外公布转发 转载 传播 复制 编辑 修改等如有上述违法行为 中金公司保留追究相关方法律责任的权利 这次会议是中国国际资产合作组织CICC的闭门会议只有邀请客人可以参加在CICC和评论员的签名和允许之外无许组织或人员可以删除、翻载、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、� 大家晚上好欢迎大家来参加这个礼拜的周期半夜谈我是基础材料与工程的首席分析人陈彦非常高兴今天我们连同其他周期组的同事一块来给大家汇报一下我们对周期的最新的看法 应该说这一期的话可能最重要的事有两个一个的话就是业绩期终于过去了然后我们是各个团队是希望在年报和季报里面去寻找一些投资的线索这是第一个第二个的话我们也看到最近几个礼拜房地产的政策陆陆续续暖风平吹这里面的话 对我们做漆板块来说到底是个什么样的投资机会我们也都会给大家介绍我们最新的看法首先是在我们团队这边基础材料理工 ...

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 海外市场观察 证券研究报告2024.05.12 美国二次通胀风险有多大？ 2024年5月6日～12日 刘刚，CFA 分析员 SAC 执证编号：S0080512030003 SFC CE Ref: AVH867 kevin.liu@cicc.com.cn 李雨婕分析员 SAC 执证编号：S0080523030005 SFC CE Ref: BRG962 yujie.li@cicc.com.cn 更多一 去年底以来，市场对美联储降息预期的“折返跑”很大程度上来自通胀的波动。可以说，接下来的一两个通胀数据如何， 基本就决定了年内的降息节奏，毕竟当前降息不是为了应对经济的恶化（《美联储降息的门槛》）。一季度美国经济数据如 就业、通胀和PMI均持续超预期，加上同期大宗商品价格大涨，不仅导致降息预期回落，甚至在二次通胀担忧下，加息的 声音也再度出现。然而进入4月，利率走高的反身性逐渐显现，房地产、PMI、非农等数据又接连放缓，降息预期也再度 升至年内两次（9月和12 月)周这种正反两个方向超预期数据“扎推”且来回摇摆的现象其实并不奇怪，恰恰是我们此 前提到的金融条件 ...

Summary of Conference Call Company/Industry Involved - The conference call pertains to China International Capital Corporation (CICC) [1] Core Points and Arguments - The meeting was a closed-door event, limited to invited guests only, indicating a focus on confidentiality and exclusivity [1] - Any dissemination of the meeting content or related information without written permission from CICC and the speakers is strictly prohibited, highlighting the importance of proprietary information [1] - CICC reserves the right to pursue legal action against any individual or organization that violates these confidentiality terms, emphasizing the seriousness of the information shared [1] Other Important but Possibly Overlooked Content - The nature of the meeting suggests that significant insights or strategic discussions may have taken place, although specific details are not disclosed due to confidentiality [1]

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 宏观经济研究 2024.05.12 中国宏观热点速评 淡化总量，协同财政 | 一季度货币政策 执行报告点评 周彭 分析员 黄文静 分析员 张文朗 分析员 SAC 执证编号：S0080521070001 SAC 执证编号：S0080520080004 SAC 执证编号：S0080520080009 SFC CE Ref：BSI036 SFC CE Ref：BRG436 SFC CE Ref：BFE988 peng3.zhou@cicc.com.cn wenjing.huang@cicc.com.cn wenlang.zhang@cicc.com.cn 本次货币政策执行报告1指出要科学认识信贷和经济增长的关系趋于弱化，不应片面追求规模，“当前的货币存量已经 不少”，应更重提质效、优结构、政策协同、顺畅传导。监管空转或有助于收窄信用利差。在政策目标上，央行更加 重视通胀回升与汇率稳定。实际上，我们认为，财政政策发力可能更有利于通胀与汇率回升，而房地产市场、地方债 务等问题的缓解也有帮助。中国利率体系可能从广谱下行进入结构性调整期，融资成本下行与部分利率的阶段 ...

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 证券研究报告 2024.05.11 简评 贷款和 M1 走弱，货币政策放松可期——4 月金 融数据点评 陈健恒 分析员 范阳阳 分析员 东旭 分析员 SAC 执证编号：S0080511030011 SAC 执证编号：S0080521070009 SAC 执证编号：S0080519040002 SFC CE Ref：BBM220 SFC CE Ref：BTQ434 SFC CE Ref：BOM884 chenjh@cicc.com.cn yangyang.fan@cicc.com.cn xu.dong@cicc.com.cn 事件 2024年5月11日，央行公布2024年4月金融数据。2024年前4个月新增人民币贷款10.19万亿元，月末人民币 贷款余额同比增长9.6%；前4个月社会融资增量累计为12.73万亿元，同比少增3.04万亿元；4月M2同比增长 7.2%，M1同比下降1.4%。 简评 4月金融数据整体表现不及预期，累计值倒推单月新增人民币贷款7300亿元，同比仅小幅多增112亿元，剔除表内 票据和非银贷款口径的人民币贷款4月减少3688亿元，同 ...

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 中金公司全球研究——全球区域行业市场动态 杨鑫 陈健恒等 中金点睛 ： s h u i n u 9 8 7 0 加 V 据 数 报 研 和 要 纪 研 调 手 一 多 更 ： s h u i n u 9 8 7 0 加 V 中金研究 数 据 报 研 和 要 纪 研 全球研究月度手概调览每月汇总全球各区域经济市场变动、行业动态及重点关注 ...

Financial Data and Key Metrics Changes - In FY23, the company achieved revenue of 4.92 billion yuan, a year-on-year increase of 3.8% [1] - The overseas business revenue accounted for 86% of total revenue, growing by 8.4% year-on-year [1] - The gross profit margin reached 78.8%, with a net profit attributable to shareholders of 1.26 billion yuan, up 9.15% year-on-year [1] - In Q1 2024, revenue was 1.21 billion yuan, with overseas revenue accounting for 88.4%, reflecting a year-on-year growth of 6.2% [1] - The gross profit margin for Q1 2024 was 78.4% [1] Business Line Data and Key Metrics Changes - R&D expenses in 2023 were 970 million yuan, a 40.2% increase year-on-year, representing a record high of 19.7% of total revenue [1] - The number of R&D personnel increased by 16.1% to 1,508 [1] - Opera's revenue in 2023 was 397 million USD, a 20% increase year-on-year, with adjusted EBITDA of 93.72 million USD, up 38% [1] - In Q1 2024, Opera generated 102 million USD in revenue, a 17% year-on-year increase, with adjusted EBITDA of 24.91 million USD, a 15% increase [1] Market Data and Key Metrics Changes - The global monthly active users of Opera reached 304 million as of Q1 2023 [1] Company Strategy and Development Direction - The company is focused on AGI and AIGC, aiming to build a diverse AI business matrix including AI search, music, video, social, and gaming [3] - The company plans to enhance its AI capabilities through continuous R&D investment and talent acquisition [1][3] - The company aims to become a leading infrastructure and application platform in the AI era, enhancing user efficiency and enabling high-quality content creation [5] Management Comments on Operating Environment and Future Outlook - Management noted that the AI industry is evolving rapidly, with a focus on both general AI and AIGC [5] - The company believes that the AIUGC platform will be a long-term competitive strategy, enhancing user value and generating profits [5] - Management expressed confidence in the company's ability to keep pace with global AI advancements, particularly in the AIGC sector [11] Other Important Information - The company has released multiple iterations of its TianGong model, with the latest version (3.0) being one of the largest and most powerful open-source models globally [2][4] - The company is collaborating with various industry players, including Alibaba Cloud and Huawei Cloud, to enhance its AI capabilities [4] Q&A Session Summary Question: How does the company assess the development pace of the AI industry and its own product rhythm? - The company categorizes Chinese manufacturers into two directions: general AI and AIGC, noting that domestic models are nearing GPT-4 levels [5] Question: What is the company's positioning in large models and C-end products? - The mission is to achieve general AI, focusing on text large models to meet demands in AI search and AIGC [5] Question: What are the reasons for the lack of blockbuster AI applications overseas? - The core reason is the reliance on paid music models, which limits growth speed [6] Question: What is the future product form of TianGong AI? - The company aims to create an AI Super APP that enhances user creativity and lowers content creation barriers [7] Question: What are the plans for promoting AI music products? - The company plans to launch an independent AI music product similar to a UGC community platform [8] Question: How is the testing data for the AI social application Linky? - Linky has exceeded 1 million downloads and ranks in the top ten in several countries [8] Question: What are the company's plans for video applications? - The company has long-term plans for AI video applications, including the release of a new multimodal model [9] Question: What characteristics will companies need to dominate the AI search market? - AI search is a new product form, and the company believes in a free information service model supplemented by advertising [10] Question: What is the expected capability of global models compared to 2023? - The company anticipates that its models will reach or exceed GPT-4 levels this year [11]

Summary of Conference Call Company or Industry Involved - The conference call is associated with Guohai Securities, a financial services company in the investment banking sector [1] Core Points and Arguments - The meeting is intended solely for clients who meet Guohai Securities' investor suitability management requirements and invited clients [1] - The views expressed by the conference guests are personal opinions and do not represent Guohai Securities' stance, nor do they constitute any investment advice [1] - Recording or forwarding the meeting is strictly prohibited, and violators will bear legal responsibilities [1] - Guohai Securities reserves all legal rights in this matter and disclaims any responsibility for direct or indirect losses arising from the use of the information or content from this meeting [1] - The market carries risks, and investments should be approached with caution [1] Other Important but Possibly Overlooked Content - The conference emphasizes the importance of compliance with legal and regulatory standards in the financial services industry [1] - The disclaimer highlights the potential risks associated with investment decisions, underscoring the need for due diligence by investors [1]

注：本纪要根据公司公开会议资料整理，非分析师观点，严禁未经许可转发、转载或 自媒体传播，以下所有内容或存在疏漏及错误，请以公司公告为准，谢谢配合！ 季度财务情况 收入：7.315亿美元（创纪录），同比增长10%，环比增长3%。收入超预期，数通和 电信光通信收入环比上升，非光通信收入略降。光通信领域中，数通增长比电信块，数通 同比+150%，主要受益于用于AI的800G。 Non-GAAP净利润为8770万美元，Non-GAAPEPS为创纪录的2.39美元，GAAP净利 润为8000万美元，GAAPEPS为2.21美元每股，外汇重估收益为每股0.09美元；利息收入 为850万美元。Non-GAAP下，第三季度毛利率与第二季度持平，为12.6%；营业成本为 1450万美元，占收入的2%；营业利润为7800万美元，营业利润率为10.7%，与第二季度 持平，公司的低固定成本结构使利润率在行业领先。GAAP下，3QFY24有效税率为2.9%， 预计2024财年税率仍保持在中个位数。 现金及短期投资为7.94亿美元，环比增长5340万美元，主要系1亿美元的强劲营业 现金流，本季度资本支出为1360万美元，自由现金流为87 ...

本次会议为中国国际金融股份有限公司中金公司闭门会议 仅限受邀嘉宾参会未经中金公司和演讲嘉宾书面许可 任何机构和个人不得以任何形式将会议内容和相关信息对外公布转发 转载 传播 复制 编辑 修改等如有上述违法行为 中金公司保留追究相关方法律责任的权利 这次会议是中国国际资产合作组织CICC的闭门会议只有邀请客人可以参加而没有CICC的签名和评论人的允许任何组织或人员不得删除、翻载、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複 各位投资者下午好我是中金公司银行组的侯德凯线上还有我们的同事江辉老师前一周汇丰渣打还有中银香港这三家银行分别披露了一季度的业绩 那其实我们覆盖的还包括恒生和东亚像这种香港本地的这个上市公司他们一般是只发半年报和年报的所以他们没有一个一季报的情况所以我们今天主要是讲这三家银行一季度的一个业绩简单来说就是这三家银行它都是 超预期的其中汇丰和渣打相对来讲超预期的这个幅度比较大中银香港我们认为是基本符合我们的一个预期但是因为它的一个业绩趋势是算好的所以它也有一个股价的正面的一 ...