各位全景网官微的粉丝朋友们大家晚上好欢迎大家来到全景网25周年的特别节目天狱约首集本月我们为大家请到的是招商证券专场今天我们这一场是请到了招商证券的电子行业手机分析师燕凡燕总您先给我们大家打个招呼吧大家好我是招商证券的电子手机分析师燕凡 也特别期待您的分享电子行业也是最近非常热门的一个行业也是作为科技股重要的阵地包括市场也一直在等待电子板块的周期的反转在您正式分享之前我要提醒大家多多转发一下我们全景网官微的直播间有什么问题也欢迎大家在线和互动交流 同时来晚的朋友们也可以收看我们的直播回放今天会有一些直播回放的内容那在节目真的正式开始之前我还要特别感谢一下让每个生命都是鲜活的感谢华西生物特别赞助播出创新存储引领未来开启国产智能存储新时代感谢朗科科技特别赞助播出鞍鱼正道创美圆梦感谢安正时尚特别赞助播出 好接下来进入我们的正题啊今天我们定的主题是成长重现周期回归电子行业的专场刚才我们提到了这个市场一直在等着电子板块的周期反转嘛但是今年以来呢科技成长是显著跑输了价值红利的 但4月份以来电子板块的整体表现其实也是有所改善的也有原件电子化学品两个细分行业在二季度已经翻红了那么在财报期存储板块的业绩也率先的修复大幅增长似乎 ...

Summary of Conference Call Company/Industry Involved - The conference call involves 招商证券 (China Merchants Securities) and its macroeconomic analysis division Core Points and Arguments - The call is part of a special program celebrating the 25th anniversary of 全景网 (Panorama Network) [1] Other Important but Possibly Overlooked Content - The call features a welcome message from the host to the audience, indicating a friendly and engaging atmosphere [1]

Summary of Conference Call Company or Industry Involved - The document does not specify a particular company or industry involved in the conference call Core Points and Arguments - The call begins with a standard greeting and acknowledgment of participants, indicating a formal setting for discussion [1] Other Important but Possibly Overlooked Content - No additional content or insights are provided in the document [1]

Summary of Conference Call for China Merchants Port Company Overview - **Company**: China Merchants Port - **Industry**: Port and Shipping Key Points Business Performance - The company reported a **22% year-on-year increase** in profit for Q1, driven by strong operational performance across both domestic and overseas ports [2][6][31] - Domestic ports, particularly in the **South China and Pearl River Delta regions**, experienced a growth rate of approximately **18%** [2] - The company’s overseas ports also saw a growth rate of around **12%** in Q1 [2] Cost Management - Cost control measures have been effective, with overall costs remaining stable compared to the previous year despite a significant increase in business volume [6][8] - Automation and smart port technologies have contributed to reduced labor costs, with a shift from a **1:1** labor-to-machine ratio to a **1:4** ratio in some operations [7] Market Outlook - The company is optimistic about maintaining strong growth throughout the year, particularly during the traditional peak season in July and August [3][22] - The overall business volume is expected to continue its upward trend, with confidence in achieving double-digit growth for the year [3][31] Investment Strategy - The company is focusing on overseas expansion, particularly in **Southeast Asia**, with recent investments including a port acquisition in Indonesia [9][10] - Future investments will also target Malaysia and Thailand, capitalizing on the growing trade between China and ASEAN countries [10] Profitability Comparison - The gross profit margin for overseas projects is significantly higher, ranging from **55% to 60%**, compared to **35% to 40%** for domestic projects [13] - The overall gross margin for the company is around **40%** [13] Pricing Strategy - Domestic port fees are expected to remain stable, while there is potential for price increases in overseas operations, which are anticipated to be more substantial than domestic increases [19][20] Capital Expenditure - The company plans to maintain capital expenditures within **20 billion RMB**, focusing on routine upgrades and expansions of existing facilities [30] Cash Flow Improvement - A significant contributor to improved cash flow in Q1 was the reversal of a provision for bad debts, amounting to over **300 million RMB** [27][28] Dividend Policy - The company has increased its dividend payout ratio to **40.6%**, with plans to further enhance this in alignment with market expectations [24] Challenges in Domestic Market - The complexity of port integration in Guangdong poses challenges, with multiple stakeholders having different backgrounds and ownership structures [16][18] Overall Sentiment - The company remains positive about its growth trajectory, with expectations of exceeding previous forecasts for business volume and profitability [31]

大家好 欢迎参加老白兰酒馆的现场交流目前所有参会者均处于静音状态下面有请主持人讲话 谢谢各位投资者 大家上午好欢迎参加我们举办的这个老白兰酒馆的一个现场交流电话会我是张老师给的流程 然后今天 我们也是很荣幸请到了老白安酒的董秘 刘总为我们介绍公司的整体的情况和发展的方向首先会议开始前 我们也先讲一下我们对公司的观点 其实我们从最新的年报一期报中我们也看出来了公司通过全面的预算管理还在成本管控持续推进加盟商票的活动宣传费用的精准和有效成立有效降低费票体和各项费用所以从盈利能力从净利润水平费用的指数我们都看到盈利能力持续的提升从整个发生前一年角度来看这个销售费用率 在整个公司持续推进内部改革的基础上包括在几个事业部持续向好发展的状态下公司未来盈利能提升的空间依然对于行业内的其他百姓来说反应很大的 然后就从这个资产的变化上来讲我们也看到就是首先从河北这块来看就是已经形成了两个品牌形成了一个互资的矩阵摆成聚焦这个中银帐 中银帐价格带摆成了1975也是形成了两百万箱以上的销量成为这个价格带的一个属于一款大单品然后老白干也是持续聚焦这个最高端以上的一个高端的一个品牌的一个构建然后包括这个三大全球产品1995年20年191 ...

未经招商证券事先书面许可任何机构或个人严禁录音、制作纪要、转发、转载、传播、复制、编辑、修改等涉嫌违反上述情形的我们将保留一切法律权利感谢您的理解和支持,谢谢 感谢会议助理各位投资者大家晚上好我是张静静那再次感谢大家在周日晚上九点钟跟我们相约在招商宏观周周谈那这次呢不是录音了因为这次没有在赶飞机那这期我为什么要跟大家分享目前大类资产的贝特牌序呢就是因为刚好上周 在因为赶飞机的过程当中嘛所以就讲了一段没有讲的特别展开当时我们的结论是就全球资产来讲应该是国内的权益好于海外内需呢好于外需那当然我们是在这个投资的视角上然后以及呢如果从大宗的角度来讲这个有色和黑色好于能源和贵金属那我们今天呢具体来展开一些 那事实上在这个调会之前呢有一个朋友问我为什么我们今天这社融的点评这么晚在发一会儿瑞超也会跟大家再分享四月份我们对于社融数据还有一季度获证执行报告的解读有人问是不是改过好几遍虽然我们是了解一些政策的想法因为我觉得我们还是比较跟政策的想法同频的因为在过去一年多的时间呢基本上就是政策的前景呢跟我们之前想的 差不太多但是呢坦率的说我觉得我们这次讲的每个问题呢都还是非常客观的所以大家不用有什么担心啊嗯首先呢我们来谈一个比较有趣 ...

专业投资机构客户及受邀客户会议嘉宾发言内容仅代表其个人观点所有信息或观点不构成投资建议未经招商证券事先书面许可任何机构或个人严禁录音制作纪要转发转载传播复制编辑修改等 涉嫌违反上述情形的我们将保留一切法律权利感谢您的理解和支持谢谢 各位投资者晚上好我是双方电子团队的研究员王甜那今天由我给大家汇报一下我们目前的观点那么在消费电子方面的话呢上周大家普遍会比较关注AI的终端特的一些创新尤其是针对苹果这样的龙头的创新那么在5月7号苹果也是举办了一场发布会在这场发布会上他发布了M4的芯片以及这个新款的iPad 以及pencil键盘这样子的新品那么M4芯片它的性能的话相对于上一代芯片有大幅的提升尤其是它在它的这个端测AI的任务处理上有非常明显的提升而这个事件的话是标志着苹果正在加速起端测的这个硬件的AI能力的提升那么市场也普遍比较关注那么6月10号即将准备的苹果开发者大会 那大家很期待在这个发布会上呢苹果去介绍更多在iOS18上相关的AI的创新的应用 我们其实在上周外媒也发布了不少关于这个苹果AI方面布局的一些传闻比如说外媒有公布说苹果跟OpenAI已经接近达成三关的合作协议以及苹果它在是中心侧的AI芯片上可能也有一些布 ...

Economic Performance - China's economy grew by 5.3% in Q1 2024, significantly exceeding market expectations[7] - Positive factors include effective counter-cyclical policies, resilient external demand, and recovery in domestic consumption[7] Policy Implementation - The meeting emphasized maintaining strong policy support to consolidate economic recovery and avoid fluctuations[8] - Fiscal policy focuses on accelerating financing and ensuring expenditures, with special bond issuance expected to speed up significantly from 18.5% completion in the first four months[10] Key Areas of Development - The Yangtze River Delta region accounted for 24.2% of national GDP in 2023, highlighting its importance as an economic pillar[16] - The meeting called for enhancing integrated development, breaking down administrative barriers, and leveraging regional advantages for deeper cooperation[16] Risk Management - The meeting addressed local government debt risks and emphasized the need for effective risk resolution strategies[15] - Real estate risks were highlighted, with a focus on ensuring housing delivery and optimizing housing policies to manage inventory[22] Future Outlook - The economic growth target for 2024 is expected to exceed 5%, with nominal GDP growth likely to significantly improve from 4.6% in the previous year[19] - Monetary policy will remain flexible, with potential for further reductions in interest rates and reserve requirements to support economic growth[20]

[Table_Yemei0] 行内偕作·行业深度 |研究院 战略客户部 授信审批部 2024年4月29日 [Table_Title1] 生物医药之创新药 ——ADC 行业加速发展，中国力量不容忽视 [Table_summary1] ■ADC药物概览。ADC药物主要是由抗体、连接子和有效荷载组成的精准靶 [Table_Author1] 吴凡 向释放药物，在肿瘤治疗中也是精准靶向化疗药物。ADC药物发展历史已经 行业研究员 长达百年，但随着技术的逐步成熟，近年来迎来研发热潮。 招商银行研究院 ■ADC药物迎来快速发展期，市场空间广阔。ADC药物2023年市场销售超百 ：0755-89272511 亿美元，2018-2022年复合增速超40%，预计2030年有望达到647亿美元， ：wf0215@cmbchina.com 已经成为全球创新药市场重要的细分技术领域。研发方面，全球已有超过 张晓鸿 1000 个 ADC 新药研发，377 个处于临床阶段，14 个获批上市。第一三共 医养行业战略客户部 Enhurtu在晚期乳腺癌中优异的临床数据，也掀起全球交易热潮，多家 MNC ：075588026590 均将ADC作为 ...

1 生产强于需求，外需强于内需 一、产需：产能相对需求仍有过剩 库存端，企业去库加快，前期库存积压初见缓解。4 月原材料、产成 品库存指数环比回落，新订单与产成品库存指数差连续两个月位于近一年 高位，对后续生产持续修复的压制或有减少。 素，共同推动制造业原材料价格指数大幅上行 3.5pct 至 54%，上行幅度为 去年三季度以来最高，指向 4 月 PPI 通胀压力或有所缓解。需求端"以价换 量"已有改善，制造业出厂价格、建筑业与服务业收费价格指数均环比回升 至略低于荣枯线，指向 4 月 CPI 通胀或温和上行。制造业生产强于需求的 局面仍在延续，致原材料价格上行幅度大于出厂价格，或持续挤压企业盈 利空间。 非制造业方面，居民服务类、交通运输类和房屋建筑类环比回升，信 息与商服类环比小幅回落。其中，小长假需求释放推升居民服务类 PMI 环 比上行 8.2pct 至 51.2%。 （评论员：谭卓 张冰莹） 资料来源：Macrobond、招商银行研究院 宏观点评（2024 年 4 月 30 日） 4 月制造业 PMI 环比回落 0.4pct 至 50.4%，环比降幅与疫前三年同期 均值一致，录得去年三季度以来次高值 ...