普通话的一点就是,目前共产党在整个经济结构的比重是很重,他们不算是很虚伪,都只是一个开箱,稍微有点够轻。那么这块的网络其实不算是很虚伪的网络,因为可能是把很多网络分子整个销毁了以后,所以这一块的网络是很虚伪的。 那么对于我们的输入语这个发音就当是这种对输入中心的话就会变成双双这种输入的中心语语语语语语语语语语语语语语语语语语语语语语语 我会很想帮助他们加速这一块的话我觉得大家至少心里有一个我会很强烈的会说一对一然后把他们的经济设施进行一个专属的信息第二个问题是出口我不想我们看出口线或者视频相对直播类看但是从海外的一些公司中要盘过去然后是要求 我们关于事实的情况我可以收到影片了然后可以暂时关闭我觉得再观察一两个月就想一回应了那就没问题没问题当然也有很多理论可能讲不清楚如果不考虑不考虑的话我觉得他们也可以利用我的这个 那就是中国经济的发展,其中我们来到了虚呢?那么之前有投资人跟业务人员,其实投资人当然很开心,要更有信任的,因为这个预期和数据其实反复交注,你预期不反复注册的话,其实你就会少了,那如果你长到一个地方,预期就打不高了, 其实是在总经理这个政府的大耳包拢下边把这大耳放小龙舟已经开始组织政府了然后我们政府已 ...

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Excuse me, I have an important call to make. The market is in a state of emergency, and there is a slight recovery. Of course, the recovery is not as obvious in terms of high-frequency data. But if you look at the whole industry horizontally, the overall feeling is that the cost of buying or the cost of decision-making is relatively low. bedding, mattresses, and other products. Their recovery may be earlier than the customized version in May. We are also observing such a change in data. Because, first of al ...

尊敬的各位投资人大家晚上好 非常高兴各位能够接入今天的电话会议我们再来跟各位汇报一下关于电网设备电源设备还有就是电感这样的整体的行业情况下我们怎么去看一些投资机会那么关注我们的投资者也能看到对于 电网设备其实去年我们一直都在做重点的一个推荐尤其是去年的九月份我们也发了全市场第一篇的关于电力设备出海的报告对于电源设备的话我们是在今年的三月底四月初发布了关于火电设备跟核电设备的报告那么近期的话其实我们也发布了关于电改的这样的一些分析思路跟框架希望能够把这个这样的一些 情况更加简化的提供给各位其实对于整体上这样的一个大的电网的一个投资电源设备的一个投资还有就是电感的一个发展的趋势我们不仅仅重点去跟踪了海外的情况国内的情况我们也力图就是寻求 能够以一个全球的视角来看待这一轮的关于电网设备和电源设备的一个投资那么我们认为其中的一些领域跟方向依然值得去做一个重点的关注包括的话像最近的话两网连接包括海上的柔质甚至说海外的特高压 另外的话电源设备的话一些集合电源和灵活电源的建设那么首先我们先有请中芯电信组的飞机师华夏就电网设备这块大的一些行业的情况后续的发展趋势和我们后续的一些推荐思路跟逻辑先跟各位做一个汇报先有请华夏 好的 ...

Global Market Dynamics - The report highlights that the U.S. job openings in April reached a three-year low, indicating a cooling labor market, which has increased expectations for the Federal Reserve to lower interest rates this year [4][47] - Major U.S. stock indices closed higher after initial declines, with the Dow Jones up 0.36%, Nasdaq up 0.17%, and S&P 500 up 0.15% [4][30] - In the Asian markets, the Nikkei 225 index closed at 38,837.5, reflecting a slight increase of 0.2% [14] Sector Performance - In the Hong Kong market, healthcare and real estate sectors showed strong performance with increases of 3.0% and 1.5% respectively, while energy and financial sectors declined [8] - The mainland Chinese stock market also saw positive movement, with healthcare and real estate sectors rising by 1.6% and 1.4% respectively [11] Investment Opportunities - The report suggests that the recovery in the mainland real estate market is not a temporary phenomenon, with stronger policy support leading to a sustained increase in second-hand housing transactions [9] - Recommended companies in the real estate sector include Beike (2423 HK), Wanwu Cloud (2602 HK), and China Resources Land (1109 HK) [9] - Emerging industries such as synthetic biology, low-altitude economy, and hydrogen energy are highlighted as areas for investment, with specific companies like Yunlu Co. (688190 CH) and Ganfeng Lithium (002460 CH) suggested for consideration [12] Commodity and Fixed Income Markets - International oil prices have dropped to four-month lows, with WTI crude oil down 1.3% to $73.25 per barrel [16] - The report notes a decline in gold prices, with futures down 0.9% to $2,325.5 per ounce, and copper prices falling below $10,000 per ton [59] Political and Economic Context - The recent election results in India have led to increased market volatility, with the CNX Nifty index dropping 5.93% [26][37] - The report indicates that the Indian stock market is heavily influenced by the ruling party's ability to form a stable government, which may impact economic reforms [26]

尊敬的各位投资人大家晚上好 非常高兴各位能够接入今天的电话会议我们再来跟各位汇报一下关于电网设备电源设备还有就是电感这样的整体的行业情况下我们怎么去看一些投资机会那么关注我们的投资者也能看到对于 电网设备其实去年我们一直都在做重点的一个推荐尤其是去年的九月份我们也发了全市场第一篇的关于电力设备出海的报告对于电源设备的话我们是在今年的三月底四月初发布了关于火电设备跟核电设备的报告那么近期的话其实我们也发布了关于电改的这样的一些分析思路跟框架希望能够把这个这样的一些 情况更加简化的提供给各位其实对于整体上这样的一个大的电网的一个投资电源设备的一个投资还有就是电感的一个发展的趋势我们不仅仅重点去跟踪了海外的情况国内的情况我们也力图就是寻求 能够以一个全球的视角来看待这一轮的关于电网设备和电源设备的一个投资那么我们认为其中的一些领域跟方向依然值得去做一个重点的关注包括的话像最近的话两网连接包括海上的柔质甚至说海外的特高压 另外的话电源设备的话一些集合电源和灵活电源的建设那么首先我们先有请中芯电信组的飞机师华夏就电网设备这块大的一些行业的情况后续的发展趋势和我们后续的一些推荐思路跟逻辑先跟各位做一个汇报先有请华夏 好的 ...

Summary of Conference Call Company or Industry Involved - The conference call involves a publicly listed company, although the specific name is not mentioned in the provided content. Core Points and Arguments - The company addressed investors, indicating a formal communication setting aimed at discussing financial performance and strategic direction [1]. Other Important but Possibly Overlooked Content - No specific financial data, industry trends, or detailed insights were provided in the excerpt [1].

上周环球债市表现 市场 久期 当前（%） 1周变动(bp) 1个月变动(bp) 1个月回报 3个月回报 本年度回报 国债 美国国债 6.0 4.69 -2 -19 1.5% (0.3%) (1.9%) 欧洲核心 7.3 2.76 4 6 (0.2%) (1.1%) (3.4%) 英国金边债 9.2 4.46 2 -5 0.8% (0.6%) (4.1%) 日本国债 9.0 0.98 5 16 (1.7%) (3.0%) (3.4%) 中国国债 7.4 2.13 -1 -7 0.5% 1.0% 3.2% 企业债 美国投资级 7.1 5.52 -2 -21 1.9% 0.6% (1.1%) 美国高收益 3.7 8.18 5 -9 1.1% 1.3% 1.6% 欧洲投资级 4.6 3.88 2 0 0.3% 0.6% (0.1%) 欧洲高收益 3.1 6.70 2 -21 1.0% 1.4% 2.8% 英国投资级 6.3 5.57 2 -11 1.0% 0.7% (1.0%) 新兴市场外币 7.3 7.80 -1 -19 1.7% 2.0% 1.4% 新兴市场本币 6.5 6.30 1 -6 1.2% (1.6%) ...

环球市场动态 6 月 内 地 债 市 波 动 或 加 大 重点新闻：美国供应管理协会报告显示 5 月份制造业活动意外加速萎缩；纽交所周一出现技术性问题致多只股 票因波动而停牌；印度将公布大选结果，总理莫迪料赢得第三个任期；初步选举结果显示 Sheinbaum 有望成为 墨西哥首位女总统，执政党以压倒性优势获胜；中国上海和深圳新房和二手房的消费者购房意愿有所上升；中 国各地"以旧换新"政策带动下 5 月新能源车销量亮眼；今年以来港股回购额超 900 亿港元；微软在 Azure 云业 务裁员数百人；据悉 Shein 计划最快本周以保密方式提交伦敦 IPO 文件；字节跳动任命前华纳兄弟高管 John Rogovin 为全球总法律顾问；中粮国际据悉正在探索包括出售其芝加哥谷物码头在内的各种选项。 周一，亚太股市普遍上涨，印度 NIFTY 指数创收盘新高；港股三大 指数止跌大涨；A 股三大指数涨跌 不一。欧洲市场整体上扬，德国和 法国股市上涨，但英国股市收跌； 美股三大指数个别发展，纳指和标 指上涨，道指收跌。 美国制造业加速收缩，降息预期升 温，美元指数创逾七周低位，加拿 大央行周三或降息，加元表现落 后。国际金铜价 ...

Financial Data and Key Metrics Changes - In 2023, the company's operating revenue reached 794 million, representing a year-on-year growth of 15.4% compared to 688 million in 2022 [4] - The net profit for 2023 was 296 million, showing a year-on-year increase of 10.1% from 269 million in 2022 [4] - The gross margin and net margin for 2023 were 95.81% and 37.28%, respectively, indicating strong profitability [4][23] Business Line Data and Key Metrics Changes - The software licensing business accounted for 91.65% of total revenue in 2023, up from 82.42% in 2020 [11][17] - The revenue from the core product, the Dameng Database Management System, constituted approximately 89.87% of software revenue in 2023 [11][17] - The company has diversified its revenue sources, with significant growth in the military sector, which saw a 98.11% year-on-year increase in 2022 [19] Market Data and Key Metrics Changes - The domestic database market is projected to grow at a CAGR of 26.1% from 2022 to 2027, driven by increasing enterprise business volume and data explosion [2] - The company has maintained a leading market share among domestic database vendors, with a 7% market share in the local deployment relational database market [2] - The demand from key sectors such as finance, energy, and telecommunications is expected to accelerate, with major state-owned enterprises beginning to issue tenders for domestic databases [2][12] Company Strategy and Development Direction - The company aims to leverage its three core competitive advantages: high autonomy, technical leadership, and high compatibility to capture market opportunities [3] - The strategic focus is on expanding from government sectors to various industries, enhancing its product offerings to meet high-performance requirements [2][12] - The company plans to continue investing in R&D and sales to capitalize on the opportunities presented by the domestic replacement trend [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the acceleration of domestic replacement in the database market, anticipating strong growth in mid-term performance [1][2] - The company is well-positioned to benefit from the increasing demand for secure and reliable database solutions amid the ongoing digital transformation [2] - Management acknowledged potential risks, including slower-than-expected progress in domestic replacement and increased market competition [3] Other Important Information - The company has a stable shareholding structure with significant state-owned enterprise involvement, which aids in market expansion [8] - The workforce has grown significantly, from 697 employees in 2019 to 1474 in 2023, reflecting the company's commitment to enhancing its capabilities [22] Q&A Session Summary Question: What are the company's growth prospects in the database market? - The company is expected to benefit from the rapid growth of the domestic database market, with projections indicating a CAGR of 26.1% from 2022 to 2027 [2] - The management highlighted the importance of expanding into various industries beyond government sectors to sustain growth [12] Question: How does the company plan to address competition in the market? - The company aims to leverage its high autonomy and technical capabilities to differentiate itself from traditional database vendors [3] - Management noted that the focus on product compatibility with existing systems, particularly Oracle, will be crucial in attracting new clients [3]