内 地 4 月 工 企 利 润 和 营 收 增 速 双 双 转 正 股 票 外 汇 / 商 品 美国市场阵亡将士纪念日休市；中 资美元债在美债市场休市之际比较 安静，价格变化不大，地产板块继 续有买盘，万科昨天成功兑付一支 到期的境外人民币债，同时有消息 称万科出售深超总地块，买家包括 大股东深铁。 产品及投资方案部 I 环球市场动态 I 2024 年 5 月 28 日 周一拉美主要两大股市微涨，其中巴西央行行长表示通胀预期得到改善，但市场上调未来两年通胀预测，巴西 IBOVESPA 指数涨 0.15%至 124,495 点。巴西矿业和能源部部长表示政府不会干预巴西石油公司治理，相关 股票涨逾 1%，拉升能源板块涨 0.96%；信息技术为跌幅最大板块，跌 0.58%。标普墨西哥 IPC 指数涨 0.07% 至 55,452 点，盘面上金融板块涨幅较大，涨 0.89%；非日常生活消费品为跌幅最大板块，跌 1.36%。 中信证券财富管理 (香港) 免责声明请参考封底 | --- | --- | --- | --- | --- | --- | |---------------------|------------- ...

Summary of Conference Call Company/Industry Involved - The conference call was conducted by CITIC Securities, a prominent investment firm in China [1] Core Points and Arguments - The meeting was exclusive to invited clients, indicating a focus on high-value relationships and tailored investment insights [1] - There are strict confidentiality measures in place, prohibiting any dissemination of the meeting content without written permission from CITIC Securities and the speakers [1] Other Important but Possibly Overlooked Content - The firm reserves the right to pursue legal action against any individuals or organizations that violate the confidentiality agreement [1]

Summary of Key Points from Conference Call Records Industry or Company Involved - The conference call primarily discusses the commodities market, focusing on oil, precious metals, non-ferrous metals, coal, chemicals, and agricultural products. Core Insights and Arguments Oil Market - The outlook for crude oil remains bearish, with recommendations to maintain a small short position. The IEA has revised down its 2024 oil demand growth forecast by 140,000 barrels per day to 1.1 million barrels per day [6][12] - Recent meetings between Saudi officials and U.S. representatives indicate a potential easing of supply constraints, suggesting that oil production cuts may not meet expectations [6][12] - The correlation between U.S. inflation expectations and oil prices is noted to be above 0.85, indicating that WTI crude oil prices should not exceed $80 per barrel for the U.S. to achieve its 2% inflation target [6][12] Precious Metals - The strategy for precious metals remains cautious, with a recommendation to wait for the U.S. PCE data before establishing new long positions. The current market sentiment is influenced by the recent comments from Federal Reserve officials regarding interest rate policies [8][12] - The recent drop in WTI crude oil prices below $80 and a potential turning point in core service inflation are seen as positive indicators for precious metals [8][12] Non-Ferrous Metals - The copper market is experiencing tight supply conditions, with concerns over production issues in Zambia and the Democratic Republic of Congo. The copper price is under pressure due to high absolute prices and slow inventory depletion in China [6][12] - Aluminum demand is recovering, particularly in the solar and electric vehicle sectors, but processing fees are declining, and domestic inventory depletion is slowing [6][12] - Zinc prices are expected to remain strong due to tight supply, despite high domestic inventories [6][12] Coal Market - The coal market is experiencing a mixed outlook, with some production cuts due to environmental inspections and seasonal demand fluctuations. Prices are expected to remain stable but may face upward pressure due to market sentiment [9][12] Chemical Industry - The chemical sector is showing signs of recovery, with various sub-sectors experiencing growth. However, the overall demand remains weak, and the market is cautious about future performance [12][14] Agricultural Products - The soybean market is under pressure due to slower planting progress in the U.S. and high supply levels. Domestic demand for soybean meal is weak, and the market is advised to remain cautious [10][14] - The pig farming sector is facing challenges with fluctuating prices and demand, leading to a cautious outlook for future profitability [10][14] Other Important but Possibly Overlooked Content - The overall sentiment in the commodities market is influenced by macroeconomic factors, including U.S. Federal Reserve policies and global supply-demand dynamics [6][12] - The potential for geopolitical risks and economic downturns in the U.S. is highlighted as a concern that could impact commodity prices [10][12] - The importance of monitoring upcoming economic data, particularly related to inflation and consumer confidence, is emphasized as critical for making informed investment decisions [22][24]

Group 1 - The report indicates that the economic data recovery in mainland China has slowed down, and the internal demand recovery momentum has not accelerated, necessitating further stimulus through broad monetary tools [1][2] - The Politburo meeting expressed a positive stance on broad monetary tools, suggesting potential for further monetary easing in China, including interest rate cuts and reserve requirement ratio reductions [1][2] - The European Central Bank (ECB) has recently signaled a dovish stance, which may lead to a scenario where the ECB eases monetary policy before the Federal Reserve, potentially improving the external policy environment for China [1] Group 2 - The report highlights that Nvidia (NVDA US) exceeded expectations in its quarterly performance, driven by strong demand in data centers, which positively impacted technology stocks [12] - The report notes that Nvidia's H-series product shipments continued to grow, with significant revenue expected from the upcoming GB200 product launch [12] - The report emphasizes the long-term growth potential for Nvidia in the AI sector, supported by its advanced computing hardware and software capabilities [12] Group 3 - Xiaomi Group (1810 HK) reported a net profit that doubled year-on-year in Q1 2024, with total revenue reaching 755.07 billion RMB, a 26.95% increase [18] - The smartphone business revenue grew by 32.9%, with global smartphone shipments increasing by 33.7%, particularly strong in new markets [18] - The report anticipates continued momentum for Xiaomi, projecting a 27% year-on-year revenue growth in Q2, despite potential profit declines due to electric vehicle investment costs [18] Group 4 - The report discusses the performance of the A-share market, noting a significant decline across major indices, with the Shanghai Composite Index dropping 1.33% [19] - It highlights that all major sectors in the A-share market experienced declines, particularly materials and real estate [19] - The report also mentions the impact of military exercises on the defense and military industry sectors, which saw gains amid broader market declines [19]

Summary of the Conference Call for Wansheng Intelligent Company Overview - Wansheng Intelligent was established in 1997 and went public on the Shanghai Stock Exchange 20 years later [1] - The company's research institute and R&D center are located in Hangzhou, with an independent office space [1] - The R&D team consists of 204 members, including 3 PhDs and 12 master's degree holders [1] R&D Investment - The R&D investment over the past three years totaled 58.55 million yuan, accounting for 5.23% of revenue, an increase of 1.76% compared to the previous year [2] - In Q1 2023, R&D investment reached 16.38 million yuan, representing 5.9% of revenue, with a year-on-year growth of 33.7% [2] Production Efficiency - The introduction of new production lines has improved production efficiency by over 40% [3] - The new production lines began operation in May 2022, with full implementation expected in 2023 [3] Business and Product Lines - The company primarily provides smart meters to the State Grid Corporation, which accounts for over 90% of its revenue [3] - The business also includes smart IoT and smart opening country services, offering devices such as adapters, visual gateway integration terminals, and smart sensors [3] - Significant growth in overseas market sales is anticipated in 2023 [3] Market Expansion - The demand in overseas markets is strong, with expected sales in 2023 projected to exceed 40 million yuan, representing a growth of 245.79% [4] - An overseas collaboration team has been established to specifically research international markets [4] Financial Status - The company faced a decline in demand in 2021 due to the pandemic [4] - Revenue and net profit have shown steady growth [4] - A significant increase in demand is expected in 2023 due to the rotation cycle [4] Investor Questions - Topics discussed included the stability of the company's bidding scale, pricing and volume strategies, measures in the Southern Power Grid region, overseas expansion, export strategies, and dividend ratios [5] Additional Information - The company holds 152 invention patents and 54 utility model patents [5] - A nationwide technical service and after-sales service network is in place, with over 100 service personnel [5] - The company actively responds to national policies and participates in the development of the smart meter industry [5]

Summary of the Research Report on Cold Plate Liquid Cooling Development in Computing Power Centers (2024) Industry Overview - The report focuses on the computing power center industry, emphasizing the importance of liquid cooling technology in enhancing energy efficiency and meeting the growing demands of high-density computing environments [8][9][10]. Key Points and Arguments 1. Necessity for Cold Plate Liquid Cooling Development - **Policy Background**: The increasing focus on green development and stringent energy consumption requirements necessitate the adoption of energy-efficient technologies in computing power centers [9][10]. - **Development Environment**: The rise in single-machine power density and the associated heat dissipation challenges highlight the need for advanced cooling solutions [11][12]. - **Standard Trends**: Continuous improvement in standards and regulations is driving the development and adoption of liquid cooling technologies [13][14]. - **Industry Status**: Significant potential for energy savings exists, with ongoing technological innovations in the sector [15][16]. 2. Technical Analysis of Cold Plate Liquid Cooling - **Solution Overview**: Cold plate liquid cooling technology transfers heat from high-performance computing components to a cooling liquid, which is then circulated for effective heat dissipation [17][18]. - **Key Technical Elements**: The system consists of primary and secondary circulation loops, utilizing high thermal conductivity materials for efficient heat transfer [21][22]. - **Advantages**: Cold plate liquid cooling offers higher cooling efficiency compared to traditional air cooling, significantly reducing the Power Usage Effectiveness (PUE) of data centers [36][38]. 3. Typical Application Cases - The report includes case studies demonstrating the successful implementation of cold plate liquid cooling solutions in various sectors, including internet services, education, and finance [16][39]. 4. Trends and Outlook - The report anticipates a continued shift towards liquid cooling technologies in response to the increasing computational demands driven by AI, big data, and other advanced technologies [8][10]. Additional Important Content - **Energy Consumption Trends**: The total energy consumption of computing power centers in China has been rising, with projections indicating a potential increase to approximately 3,800 billion kilowatt-hours by 2030 [40]. - **Environmental Impact**: The adoption of liquid cooling technologies is aligned with national goals for carbon neutrality and energy efficiency, promoting sustainable development in the computing power sector [9][10]. - **Challenges**: The transition to liquid cooling systems involves significant challenges, including potential leakage risks and the need for extensive infrastructure modifications [35][36]. This comprehensive analysis underscores the critical role of cold plate liquid cooling technology in the future of computing power centers, addressing both operational efficiency and environmental sustainability.

Group 1 - The report highlights a significant boost in the Chinese real estate sector due to favorable government policies, leading to a rise in major stock indices in Hong Kong and A-shares [2][42]. - The report notes that the Hang Seng Index and other major indices reached new highs, with the real estate sector showing a notable increase of 3.9% [42]. - The report emphasizes the importance of stabilizing housing prices as a key factor for the recovery of the real estate market, suggesting that recent policy adjustments will effectively stimulate demand [21]. Group 2 - The report discusses Alphabet's advancements in AI technology, particularly the Gemini model, which enhances cost-effectiveness and performance, supporting the company's advertising business [5]. - The report indicates that the semiconductor industry, particularly companies like Huahong Semiconductor, is expected to see a turning point in 2024, driven by increased demand and capacity expansion [46]. - The report mentions that the oil and gas sector, represented by companies like China Petroleum, is experiencing high profitability due to favorable market conditions and operational efficiencies [61]. Group 3 - The report outlines the performance of various sectors in the A-share market, with real estate, financials, and materials leading the gains, while healthcare and utilities lagged [8][20]. - The report indicates that the Japanese stock market is benefiting from favorable financial conditions and recovering tourism, with a projected 10% upside for the Tokyo Stock Exchange index over the next 12 months [11]. - The report highlights the performance of the US stock market, noting that the Dow Jones Industrial Average closed above 40,000 points for the first time, reflecting strong investor sentiment despite mixed economic indicators [4].

Group 1: Japan Market Focus - Japan's GDP contracted by 0.5% in Q1 2024, marking the first year-on-year decline since 2021 [4] - Domestic spending is pressured by rising import prices, but real household income data indicates wages are catching up with prices, suggesting better personal consumption and investment in H2 2024 [5] - Nissan Motor Co. forecasts a 51% increase in operating profit for FY2024, exceeding previous guidance, driven by a significant recovery from chip shortages [9] Group 2: UK Market Focus - The UK is expected to lower interest rates ahead of the US, with a focus on banking and energy sectors, particularly HSBC and Shell [10][12] - Factors pushing inflation include currency depreciation and rising global commodity prices, although these factors may have peaked [13] Group 3: South Korea Market Focus - South Korea's private consumption has stagnated since late 2022, with housing prices down over 10% since 2022, potentially leading to negative wealth effects [15] - Kia Corporation's Q1 2024 operating profit exceeded market consensus by 21.2%, with an operating margin of 13.1%, indicating undervaluation [19] - Meritz Financial's Q1 2024 net profit reached 586 billion KRW, a 62% quarter-on-quarter increase, driven by strong insurance business performance [29]

Global Market Dynamics - The report highlights that the U.S. Federal Reserve officials suggest not to overly focus on the April CPI data and will continue a cautious policy [2] - The report notes that the U.S. Treasury Secretary Janet Yellen seeks to release approximately $280 billion of frozen Russian assets [2] - The report mentions that the European Central Bank officials indicate a potential interest rate cut starting in June [2] Asia-Pacific Market - The report indicates that the Philippine stock market leads gains in the Asia-Pacific region, while the Indonesian market is the only one to decline [3][24] - It states that the Hong Kong and China stock markets continue their upward trend, with major indices rising [3][17] - The report mentions that the overall trading volume in the Hong Kong market reached HKD 156.48 billion, with net inflows from southbound trading [17] Energy and Utilities Sector - The report states that electricity consumption in China grew by 7.0% year-on-year in April, indicating a recovery in economic momentum [7] - It highlights that the utility sector is expected to see a continuous value reassessment due to declining interest rates and lower return expectations [7] - The report recommends focusing on companies with high underlying asset returns and safe valuations, such as China General Nuclear Power (1816 HK) and Xinao Energy (2688 HK) [7] Energy and Chemical Sector - The report suggests that new real estate policies are expected to support the industry chain, improving economic expectations and demand [8] - It emphasizes that the energy and chemical sector is entering an upward cycle, with recommendations to focus on real estate-related chemical products and upstream resources [8] - The report notes that domestic companies are expanding overseas, which may lead to increased market opportunities for domestic chemical products [8] Stock Market Performance - The report indicates that the A-share market saw major indices rise, with the Shanghai Composite Index reaching a new high for the year [31] - It mentions that the energy sector led gains with a 2.78% increase, while the real estate sector saw a decline of 1.39% [31] - The report highlights that over 2,700 stocks in the A-share market rose, reflecting positive market sentiment [31] Commodity Market - The report notes that copper and gold prices reached historical highs, with LME copper surpassing $11,000 per ton [39] - It states that international oil prices fell by 0.3%, with WTI crude oil at $79.80 per barrel and Brent crude at $83.71 per barrel [26] - The report emphasizes that market expectations of supply shortages are likely to intensify [39]

Group 1 - The report highlights that international oil prices have recently declined, with New York crude oil down 0.7% to $79.3 per barrel and Brent crude down 1.0% to $82.88 per barrel [2] - The report indicates that the Chinese domestic bond market is showing a slight increase, with the current yield on 2-year US Treasury bonds at 4.83%, reflecting a decrease of 1.93 basis points [3] - The report notes that the overall performance of Chinese dollar bonds has been slightly volatile, with real estate bonds experiencing a high-level retreat but stabilizing after a 1-2% drop [7] Group 2 - The report discusses the performance of the metal sector, indicating that the first quarter of 2024 has shown an improvement trend, particularly in gold and copper, with expectations for continued performance improvement in the second half of 2024 [16] - The report mentions that the recent real estate policies in China aim to boost confidence in the core city housing market, optimize inventory, and lower the threshold for home purchases, which may lead to increased bank loan disbursements [20] - The report emphasizes that the A-share market has shown a lack of clear direction despite recent gains, with the Shanghai Composite Index closing at 3,157.97 points, down 0.42% [30] Group 3 - The report highlights that Baidu Group is entering a critical phase in its AI transformation, with stable first-quarter performance and expectations for revenue growth in its cloud business [11] - The report indicates that NetEase is expected to achieve steady growth in the first quarter of 2024, driven by new game launches and collaborations with international developers [29] - The report notes that Semiconductor Manufacturing International Corporation (SMIC) has exceeded revenue and gross margin expectations for the first quarter of 2024, with plans for significant capacity expansion [32] Group 4 - The report states that the Indian banking sector has shown strong growth, with a 15% increase in bank loans in FY23, although there are concerns about deposit growth and liquidity in FY24 [56] - The report mentions that the performance of the Hong Kong stock market has seen a significant pullback, with the Hang Seng Index dropping 2.12% to 19,220 points [48] - The report indicates that the recent real estate policies in China are focused on genuine housing demand and emphasize a city-specific approach to inventory reduction [49]