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 Equity Sachs Research 18 June 2024 | 1:44PM HKT China Tech Tour Takeaways: Positive on SPE and Al; discussions on demand, pricing and product expansion 要和研报数 Allen Chang allen.k.chang@gs.con chs (Asia) L.L.C 及数据加V： Verena Jeng Goldman Sachs (Asia)L.L.C Lynn Luo +886(2)2730-4244 |lynn.luo@gs.com Goldman Sachs (Asia) L.L.C., Taipei Branch Ting Song Goldman Sachs (Asia) L.L.C Buy: (1) SPE: NAURA (on CL)ACMR, ASMPT, Accotest; (2) Smartphones: AAC, Transsion, BYDE, Luxshare;( ...

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 2024/6/20 08:27 想让中国家庭消费为何如此之难？ - WSJ This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://cn.wsj.com/articles/想让中国家庭消费为何如此之难-e9af038f 国际 中国 想让中国家庭消费为何如此之难？ 更多一手调研纪要和研报数据加V：shuinu9870 尽管政府鼓励大家花钱，但中国消费迟迟不见起色。 Lingling Wei 更新于 2024年6月19日 16: ...

版 权 归 属 于 中 园 氢 能 联 盟 · Copyright belongs to China Hydrogen Alliance 1-3 碳足迹评价工作进展_鲍可以验链色 电解槽组件类 别 15+ 组件连接件类 别 60+ 审核了1300+组 共5000+条活动数据 恭喜以下四种1000Nm³/h碱性电解水制氢系统产品进入白名单 1-4 成果发布 氢能领跑者行动发布成果 电解槽碳足迹和性能评价 | --- | --- | --- | --- | --- | --- | --- | --- | |------------|------------|---------------|------------------------------|----------|------------------------------------------------------|--------------------|----------| | | | | | | | | | | | | ICS 13.020.60 | T/CAB | | 2023年7月 启动首批4个碱性水电解制氢系统 | 产品碳足迹评价工作 ...

感谢大家参加本次会议会议即将开始 请参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要 泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为申望洪源研究保留追究泄露转发者法律责任的权利 各位投资者早上好我是来自声望鸿源证券的非银行业分局分析企业首先非常感谢各位投资者在当前百忙之中抽出时间来参加我们本次的线上会议那么我们今天也非常荣幸地邀请到了中国人保的领导来给我们进行就近期的经营情况以及对于整个中贸的展望展开交流那本次会议分为两个部分 第一个部分就是我们基于之前跟投资者交流了解到的大家比较关注的重点问题请教一下仁宝的领导然后在此基础上第二个板块就是线上问答环节那么我就先抛砖引玉然后小军总您看咱们现在开始可以吗好的没问题 首先第一个问题就我先来抛砖引玉一下就是现在其实也到了六月下旬了嘛然后二季度进入到了收官的阶段您看能不能先给我们介绍一下公司目前整体的业务经营表现那么对于利润表现咱们会有什么样的预期整体来讲因为一季度受大灾和这个资本市场的一个波动的影响公司是一个负增长同比负增长的情况 二季度十五月份这本书上有 ...

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Financial Data and Key Metrics - The company's financial indicators have shown positive trends in 2023, with significant improvements in profitability and operational efficiency [1] - The company expects a higher proportion of profits in the second half of 2024 [3] - The revenue target for the current year is relatively low due to the delivery of cruise ships and the disposal of offshore platforms, which contributed nearly 10 billion yuan last year [3] Business Line Data and Key Metrics - The company has focused on high-end and green ship types, as well as segmented ship types, to meet the demand from major and high-quality shipowners [1] - The proportion of high-priced ships in the current order book is 2/3, with the first half of the year primarily focused on clearing low-priced ship orders [1] - The company has maintained flexibility in order acceptance to mitigate risks, including taking on some short-term orders [1] Market Data and Key Metrics - The global shipbuilding market is experiencing a strong cycle, with high order volumes and rising prices [1] - The current shipbuilding cycle is driven by four factors: normal ship replacement, a backlog of orders from 2013-2020, decarbonization in the shipping industry, and geopolitical factors increasing demand for ships [1] - The ship price index is expected to rise further, with the current cycle characterized by higher quality and complexity of ships compared to the previous cycle [1] Company Strategy and Industry Competition - The company is transitioning from being a large shipbuilding nation to a strong one, with a focus on international competition and leveraging its industrial base [2] - The company is competing fully with South Korea, particularly in high-end ship types like LNG carriers [3] - The industry is experiencing a concentration of orders towards leading companies, with limited new capacity expansion due to cautious market conditions [2] Management Commentary on Operating Environment and Future Outlook - The company believes the current shipbuilding cycle may exceed expectations, with higher down payments, more high-quality customers, and lower speculative orders compared to the previous cycle [1] - The company is optimistic about future profitability, with improving gross margins due to rising ship prices, favorable steel prices, and exchange rates [1] - The company is closely monitoring international market developments and geopolitical uncertainties to better position itself in the market [1] Other Important Information - The company does not foresee significant risks of order cancellations, as even if cancellations occur, the orders can be easily reallocated [2] - The company's engine production capacity is currently stable, with no signs of a shortage like in the previous cycle [3] Summary of Q&A Session Question: How does the company view the future trends of the shipbuilding market and the differences between the current cycle and 2007? - The current cycle shares similarities with 2007 in terms of rising order volumes and prices, but is driven by different factors including ship replacement, decarbonization, and geopolitical influences [1] - The current cycle is characterized by higher ship quality and complexity, with a ship complexity coefficient of 0.4 compared to 0.2 in the previous cycle [1] Question: How will the company improve order intake and profitability? - The company is focusing on high-end and green ship types, as well as segmented ship types, to attract major and high-quality shipowners [1] - The company is maintaining flexibility in order acceptance to mitigate risks [1] Question: Is there a possibility of domestic shipyard consolidation? - The global shipbuilding capacity is tight, with some new capacity expansions in China and limited activity in South Korea and Japan [1] - There are still idle capacities from bankrupt shipyards that have not been reactivated [1] Question: Can the company's profit margins return to the highs of the previous cycle? - The company expects a gradual improvement in profit margins, with higher gross margins in the second half of the year as low-priced orders are cleared [1] Question: What factors determine the company's ability to compete with South Korea and Japan for orders? - The company has become the largest shipbuilding nation and is transitioning to a strong competitor, leveraging its industrial base and labor-intensive advantages [2] Question: What is the company's dividend payout ratio? - The company indicated that the dividend payout ratio will not be low [3] Question: How is the company preparing for competition with South Korea in high-end ship types? - The company is fully competing with South Korea, particularly in LNG carriers, and expects its market share to increase over time [3] Question: What is the outlook for engine production capacity? - The company's engine production capacity is stable, with no signs of a shortage like in the previous cycle [3] Question: What is the revenue target for the current year and why is it relatively low? - The revenue target is lower due to the delivery of cruise ships and the disposal of offshore platforms, which contributed nearly 10 billion yuan last year [3]

大家好会议即将开始请您稍后谢谢大家好会议即将开始请您稍后谢谢 大家好会议即将开始请您稍后谢谢大家好会议即将开始请您稍后谢谢 大家好会议即将开始请您稍后谢谢 本次电话会议仅服务于国泰金安证券正式签约客户会议音频及文字记录的内容仅供国泰金安证券客户内部学习使用不得外发并且必须经国泰金安证券研究所审核后方可留存国泰金安证券未授权任何媒体转发此次电话会议相关内容未经允许和授权 转载转发均属侵权国泰金安证券将保留追究其法律责任的权利国泰金安证券不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提请广大投资者谨慎做出投资决策 大家好欢迎参加中国能见线上交流目前所有参会者均处于静音状态在演讲结束后将给大家留有提问时间现在有请主持人开始发言谢谢好的各位投资者下午好我是国军建筑韩杰成今天我们团队非常荣幸的邀请到中国能见江总跟我们就中国能见就电改就特高压就这个气能 做深入交流会议分三个环节我都会介绍在后面姜总都会介绍在后面问答环节整个建筑我们觉得下半年的行情主要围绕着改革这个主题进行无论是土地要素还是体制变革打开这个经济的空间还是电力体制改革所代表的科技创新的方向都应该是这样一个围绕着改革作为基础然后左手抓科技右手抓高五系 ...

端午节前我们也是参加了中国中方教育的普通大会然后在过节期间发布了关于公司的第二天深度报告那短期我们是判断公司在成本控制方面出现成效包括营销费用、资金还有人力这三大固定成本之间都会有一些改善 所以我们判断公司的中暴是有望超越期的这是短期中期我们也认为疫情还有政策对于公司的影响都在减弱比如说烹饪通过关闭亏损的学校电脑通过去做升学专业汽车保持快速的发展欧米奇还有美叶欧米奇是有望减亏美叶是有望跑通成为一个新的增长点然后长期公司也是有望通过区域中心拉长学质然后应对公办在升学方面的一个竞争 那从公司的安全经济来看我们看到目前公司的市值也就是40多亿但账上金钱金还有30亿那补息率有10%所以我们是非常推荐大家底部来关注这样一个投资的机会今天我们也非常荣幸邀请到公司的投资部长华总还有财务部的丁部长和大家做一个交流那首先把时间交给华总就工作情况来做一个介绍谢谢华总好的 首先谢谢双双也谢谢各位投资人今天上午能够来到这个会议上 刚才双双已经讲得很清楚就是其实我们的业务的拐点其实在今年的上半年已经非常明确了特别是财务方面的一些数据那么我再更加清晰一点的把一些财务的一些方面跟大家再做一个相对来说比较详细一点的解析那么今年上半年我们的半 ...

Financial Data and Key Metrics Changes - The company has maintained a good growth trend in product sales compared to the same period last year, outperforming the industry level [1] - The sales of natural gas heavy trucks have shown significant growth, with a year-on-year increase of 127% in the first five months of 2024 [7] Business Line Data and Key Metrics Changes - The sales of natural gas heavy trucks have steadily increased since April 2023, driven by the economic advantages of gas vehicles [2] - The company has achieved a sales volume of over 21,000 units of new energy heavy trucks in the first five months of 2024, with a penetration rate of 8.4% [3][6] Market Data and Key Metrics Changes - The total sales of heavy trucks in the market reached 433,100 units in the first five months of 2024, representing an 8% increase year-on-year [4] - In May 2024, approximately 78,000 heavy trucks were sold [4] Company Strategy and Development Direction - The company is focusing on product optimization and structural adjustments to enhance product quality and competitiveness [1] - The company plans to continue optimizing products and expanding market share in the new energy heavy truck segment [6] Management's Comments on Operating Environment and Future Outlook - The management highlighted the ongoing structural growth opportunities in the gas vehicle segment and the increasing market share of new energy heavy trucks [2][6] Other Important Information - The company has successfully exported heavy truck products to over a hundred countries and regions, maintaining good export performance in 2024 [1] Q&A Session Summary Question: What is the current situation of the natural gas heavy truck sales? - The company reported a significant increase in the sales of natural gas heavy trucks, with a year-on-year growth of 127% in the first five months of 2024 [7] Question: How does the company view the development of new energy heavy trucks? - The company is leveraging its new energy division to boost sales, with a steady increase in penetration rates and sales exceeding last year's total [6]

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 Commodities Sachs Research Coal Views China coal production likely to catch up Following our China deep-dive, this Coal View focuses on China production as its year-to-date weakness raises concerns for some market participants of significant upside risks to Newcastle and APl2 prices. Since 2021, Mainland China's coal production has risen to record-high levels, with still significant amounts of new capacity that has not started to produce. However, year-to-date coal produ ...