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 ...

Copyright @2024 BCA Research Inc. All Rights Reserved. Refer to last page for an important disclaimer. 更多资料加入知识星球:水木调研纪要 关注公众号:水木纪委 Rethinking China's Industrial Overcapacity રક 40 25 10 40 45 Copyright ©2024 BCA Research Inc. All Rights Reserved. Refer to last page for an important disclaimer. reduced over the past four years, despite Special Report Rethinking China's Industrial Overcapacity China's State Subsidies: Importantly, Chinese subsidies have been Copyright ©2024 BCA Research Inc. All Rights Reser ...

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]

现在在资本市场也是比较受关注然后公司也整体是不管是资产端负债端都表现的比较优越所以这一块的话就是我们也非常感谢然后泰宝的领导来和我们去做一个交流然后我这边就我们就开始采用QA的形式然后我这边就问两个大家也比较关心的一个问题然后后面的话就是后面的话我们团队的那个分析师也会进一步的对大家比较关心的问题然后进行评论后面我们也会放开投资者提问 然后我这边有两个问题想请教一下泰宝的领导第一个就是可能大家最关心的还是新优价就是想了解一下就是上半年以及全年公司对于新优价值增长现在目前来讲是预期是什么样的另外一个方面就是现在就是公司的总经理也是做了一个更换在李总新的领导任职之后为公司的一些战略或者策略带来哪些变化这个是我的两个问题然后麻烦泰宝的领导 非常高兴能够今天参加我们这边的策略会我们也非常理解您刚刚提的两个问题可能是当前市场最关注的话题我们先来谈一谈关于NBV的情况确实我们一级报已经披露了我们NBV的增速也是非常不错的这个当中其实我觉得有两方面的因素一方面从需求端来看的话就是因为整个的长端利率还是在下行的过程当中 使得这个老百姓对于这种储蓄类保险尤其是这种确定收益的这种储蓄类保险实际上是更加青睐所以一定程度上是说这个客 ...

大国的贸易份额增长,当大多数交易以其货币进行时,它成为了储备货币,这导致更多的借贷。 同时,这种增加的繁荣导致财富分配不均,因此贫富差距通常会扩大。 最终，金融泡沫破裂，国家更多地印钞，进而增加了贫富之间的内部冲突，这导致某种形式的革命，以重新 分配财富。 内部冲突中的两大问题 利率足够高，对债权人足够有利，债权人可以从中获得良好的回报， 而借款人也不会因为利率太高而在财务上受到打击。 但是,债务相对于收入越高,情况就越困难。 现有资金不足以支持所有的社会项目、军事和其他事务，因此债务相对于收入持续增长，使得情况日益面临 挑战。 shuinu 央行通过购买债务，已经将其纳入资产负债表，这是一个风险情况，并且会随着时间的推移而演变。 这不是最紧迫的情况，但肯定会受到其他正在发生的事情的影响。 因此,影响周期的因素间的相互关系很重要。 第二个因素是内部冲突，这当然是今年的亮点。 所以，2024年，我们将了解到这些政策将会如何演绎。 中国资产价格非常有吸引力 第三个影响当然是大国冲突，这也是大家近期看到的。所见要和 中美双方，都面临着各自的挑战。 更多 在中国,房地产和债务问题以及由此产生的经济问题横亘其间。 还有 ...

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 ...

不自然大家中午好啊啊非常荣幸我们今天请到了这个中国友单这边的侯总来给我们做一个啊关于这个公司的一个近况的一个更新然后这个中国有开放这个啊一些提问然后也是非常难得有机会能和公司这边进行一个一对一的这个交流那啊首先我们先邀请侯总来先做一个分享来有请嗯 好的非常感谢王老师的介绍也非常感谢有机会能参加这个活动跟线上的投资人朋友们分享介绍一下友赞近期的一些情况主要我是来自中国友赞投资者关系团队的Selina然后如果大家后续对友赞有任何问题都欢迎 接下来呢我会花一点时间跟大家汇报一下友赞在这几年的一个业务的情况 然后财务数据的一个情况然后整体的数字抓手就是我们在2023年年度业绩为抓手向大家汇报因为我们也是按今年开始我们是不再发一季报三季报我们是按照半年报和年报的形式对外进行数据的披露所以我们会在预计应该是在8月份的时候发我们今年半年度的一个业绩那目前我跟大家介绍的是我们整个2023年度年度数据的一个情况 如果大家对这个PPT有兴趣的话也可以到我们中国友谈的官网投资者关系频道这个页面找到我们历次业绩的这个PPT我们都挂在我们的官网上也欢迎大家去下载查阅 那先花几分钟的时间跟线上的这个投资人朋友们介绍一下友在啊不知道大家6 ...

会议即将开始请稍候感谢大家参加本次会议会议即将开 大家好,欢迎参加国事院通讯AI战略产业论坛中国联通现场交流电话会议目前所参会者进入静音状态,以下测试播报你们的声音声音播完后,评审人口直接开始发言 本次会议紧面向国胜证券的专业投资机构客户或受邀客户会议中嘉宾的发言内容仅代表其个人观点国胜证券研究人员的发言内容仅代表当日的判断具体请参见完整版的研究报告未经国胜证券事先书面许可任何机构或个人严禁录音、转发及相关解读涉嫌违反上述情形的我们将保留追究相关方法律责任的权利 好的各位线上的朋友大家好我是国胜通信的黄汉今天和明天我们在上海罗华东方酒店在举办AI的算力的策略会这一场我们是邀请到了中国联通的移民总来跟我们联通在整个 赚利益这个大的背景下包括在整个中特估的背景下公司最近也发生了一些比较明显的变化所以今天也请到了易明董来跟大家做一个简单的分享跟交流那么时间先交给易明董先简单跟大家沟通一下咱们公司最近的情况然后后面我们再开放线上的提问易明董 好嘞好谢谢黄总谢谢各位投资人的时间我就简单的介绍一下公司近期的一个经营发展的情况其实大家从一季度的经营数字来看就也可以看到这个公司还是在一个保持稳健的一个经营态势的情况下实现了一 ...