一、国内手机市场总体情况 5G 手机 1.02 亿部，同比增长 20.3%，占同期手机出货量的 83.9%。 239 339 513 535 579 473 338 327 445 266 408 395 555 172 358 377 475 1646 1770 1734 1330 2017 1732 1506 1564 2872 2644 2709 2420 2617 1253 1774 2023 2553 87% 83% 77% 71% 77% 78% 81% 82% 86% 91% 87% 86% 82% 88%83% 84% 84% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 500 1000 1500 2000 2500 3000 3500 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 2月 3月 4月 5月 2023年 2024年 2G/3G 4G 5G 5G手机占比 2024 年 1-5 月，国内手机上市新机型 179 款，同比下降 1.1%，其中 5G 手机 98 款，同比增长 25.6%，占同期手机上市新 ...

Financial Data and Key Metrics - The stock market performed weakly last week, with cyclical sectors such as consumer, real estate, and pharmaceuticals experiencing declines [1][2] - The bond market showed strong performance, with long-term government bond yields falling below 2.5% [1][2] - The RMB faced depreciation pressure, with the USD/RMB exchange rate breaking through 7.25 and offshore RMB reaching above 7.3 [1][2] Business Line Data and Key Metrics - The A-share market is currently focused on two sectors: dividends and technology [1][4] - The industrial mother machine concept gained recognition due to the tech conference, and AI-driven changes in the consumer electronics and Apple supply chain have attracted attention [1][4] Market Data and Key Metrics - The real estate market continues to face challenges, with market confidence in policy remaining low despite some easing measures [2] - The export sector showed strong performance from the beginning of the year to mid-May, but this trend is unlikely to sustain without a new global easing cycle [4] Company Strategy and Industry Competition - The company highlighted the need to eliminate negative factors such as tight global USD liquidity and domestic real estate issues to fully repair the A-share market and create conditions for a new bull market [5][6] - The company emphasized that the current phase of risk aversion is marked by the shift in market capitalization from Moutai to ICBC, signaling the end of the leveraged growth era [1][3] Management Commentary on Operating Environment and Future Outlook - Management noted that the current risk aversion in the market is due to global USD liquidity tightening and domestic real estate issues, which need to be resolved to restore market confidence [5][6] - The company expects that the A-share market will require both overseas USD liquidity easing and domestic interest rate cuts to achieve a full recovery [7] Other Important Information - The company discussed the potential impact of the upcoming Third Plenum, which is expected to focus on central-local fiscal relations and systemic reforms to address current economic challenges [9][10] - The company highlighted the importance of fiscal and tax reforms in addressing the unsustainable fiscal model and supporting future economic growth [11][16] Q&A Summary Question: What were the main characteristics of the capital market last week? - The capital market was dominated by risk aversion, with weak stock market performance and strong bond market performance [2] Question: What is the significance of Moutai's market capitalization being surpassed by ICBC? - This shift marks the end of China's leveraged growth era and reflects the current extreme risk aversion in the market [3] Question: What sectors in the A-share market are worth paying attention to? - The A-share market is currently focused on dividends and technology, with particular attention on AI-driven changes in consumer electronics and the Apple supply chain [4] Question: When will the risk appetite for Chinese assets open up? - The risk appetite for Chinese assets will open up once negative factors such as global USD liquidity tightening and domestic real estate issues are resolved [5][6] Question: What are the main reasons for the poor performance of the A-share market over the past two years? - The poor performance is attributed to global USD liquidity tightening and domestic real estate issues [6] Question: What conditions are needed for the repair and rebound of Chinese asset risks? - The repair and rebound of Chinese asset risks require overseas USD liquidity easing and domestic interest rate cuts [7] Question: Why has China not implemented large-scale easing policies? - China has not implemented large-scale easing due to RMB depreciation pressure and incomplete financial supply-side reforms [8] Question: What impact will the Third Plenum have on market expectations? - The Third Plenum is expected to focus on central-local fiscal relations and systemic reforms, which could influence market expectations [9][10] Question: What are the main challenges facing China's real estate market? - The real estate market faces challenges such as oversupply, demographic changes, and reduced demand due to population aging [12] Question: How does local fiscal contraction affect the economy? - Local fiscal contraction has significantly impacted government spending and public services, contributing to overall economic weakness [13] Question: What are the long-term impacts of demographic changes on China's economy? - Demographic changes, including aging and declining birth rates, will have profound impacts on labor supply, consumption, and social security systems [14][17] Question: What are the key drivers of China's rapid prosperity over the past 20 years? - The key drivers include industrialization, urbanization, and a leveraged growth model supported by a large working-age population [15] Question: How is fiscal reform interconnected with other institutional reforms? - Fiscal reform is closely linked to other institutional reforms, including government expenditure optimization, social security system improvement, and financial regulation [16] Question: What are the current and future trends in China's population structure? - China's population is aging rapidly, with the proportion of elderly expected to double by 2051, and a significant decline in the working-age population [17][18] Question: What are the causes and effects of the declining birth rate? - The declining birth rate is caused by a reduction in the number of women of childbearing age and is expected to exacerbate labor shortages and economic challenges [19][21] Question: How will population distribution between urban and rural areas affect social development? - The concentration of young people in cities and the aging population in rural areas will lead to resource allocation imbalances and increased fiscal pressure [20][23] Question: What measures should the Chinese government take to address aging and declining birth rates? - The government should focus on employment, education reform, vocational training, and improving the social security system to address these challenges [24][25] Question: How should healthcare reform be conducted? - Healthcare reform should focus on cost control through centralized procurement and the development of a multi-tiered medical security system [26] Question: What are the expected reforms in consumption tax? - Consumption tax reforms are expected to shift from the production to the consumption stage and be decentralized to local governments [30] Question: What is the outlook for the copper market? - The copper market is expected to remain weak until there is a clear signal of monetary easing in the US or China [35] Question: What is the outlook for the bond market in July? - The bond market's performance in July will depend on RMB exchange rate pressures, with limited downside if the pressure is high [37]

好欢迎参加升万红元计算机中国民航信息网络上市公司交流会目前所有参会者均处于静音状态现在开始播报免责声明 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 各位投资人下午好欢迎参加中国民航信息网络公司的交流会那么今天我们有幸邀请到了公司的领导投关经理申尹杰总财务部会计经理冯璐萍总投关专员杨虹总和魏晓亮总那么我们首先邀请杨虹总介绍一下公司的最新的经营情况然后我们各位投资人Q&A 好的谢谢施浪洪源然后我们这边呢就先有请公司的投资专员魏小亮先生跟大家介绍一下近期定足量的一个更新情况好的各位投资者大家好我是投资专员魏小亮下面由我来为各位更新一下公司的处理量的情况那么2024年1到5月公司累计系统处理总量2.93亿同比增长27.09%较2019年同期增长4.21% 其中的国内行的国内段同比增长18.19%到2019年同期增长11.94%国内行的国际段同比增长232.66%恢复到2019年同期的75.12%外国及地区行同 ...

好 欢迎参加升万红元计算机中国民航信息网络上市公司交流会目前所有参会者均处于静音状态现在开始播报免责声明 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声望洪源研究保留追究泄露转发者法律责任的权利 各位投资人下午好欢迎参加中国民航信息网络公司的交流会那么今天我们有幸邀请到了公司的领导投关经理申尹杰总财务部会计经理冯璐萍总投关专员杨虹总和魏晓亮总那么我们首先邀请杨虹总介绍一下公司的最新的经营情况然后我们各位投资人Q&A杨虹总 好的 谢谢沈桦红委员然后我们这边呢就先有请公司的投关专员魏小亮先生跟大家介绍一下近期定组量的一个更新情况好的 各位投资者大家好我是投关专员魏小亮下面由我来为各位更新一下公司的处理量的情况那么2024年1到5月公司累计系统处理总量2.93亿同比增长27.09%较2019年同期增长4.21% 其中的国内行的国内段同比增长18.19%到2019年同期增长11.94%国内行的国际段同比增长232.66%恢复到2019年同期的75.12% ...

欢迎来到全新改版的对话节目我是成都书局的创始人吴承经济学人商论的总编辑我们正处在一个巨变的时代外部地缘政治的板块碰撞推动了全球化的转向而内部经济发展需要寻找新的动能解决结构性的问题高科技的高温稳定更让我们每一家企业跟每个个人都深切意识到了洪皇后效应 你只有不断奔跑才能待在原地终身学习是我们每个人标配的能力那对话系列在过去两年已经播出了超过87位全球的经济商业管理跟技术领域的前瞻思想者与著名的写家进行了一系列深入的对谈帮助大家思考在快速变化的世界我们每个人应该怎么做去快速应变 今年全新改版的对话系列增加了三个专注点分别是企业家系列中国企业出海系列和深度人文对话系列欢迎大家点击左上角头像关注成都书局的视频号双击右下角给我们点点赞也希望大家能够多多转发分享这场直播让更多人看到我们的内容 我的私域社群无尘商业观察营也正在招募中那无尘商业观察营会定期更新全球财经商业科技等议题的深度梳理感兴趣的朋友们可以点击左上方关注成都书局的公众号后台回复直播录取 欢迎来到成都书局的第96期对话节目这期我们探讨的话题是中国汽车行业的变局跟终局我们也特别有幸请到了资深的独立汽车专家然后也是亚视龙汽车科技的创始人兼CEO担任全球著名的两家 ...

那么很高兴大家来参加我们这个低波红利的能源领域的这个上市公司的交流会那我们这次也是精选了板块当中业绩稳定然后又不错的这个分红的公司跟大家做一个交流那么今天下午是请到了中国广核的投资者关系总监陈总跟大家做一个交流陈总好 你好邱总各位同事大家好对大家对公司也比较熟悉了我想还是请陈总把公司最近的一些经营情况给大家做一个介绍好的我这边是我和我的同事陈俊齐我是陈破我们两位跟大家一起交流有请我的同事俊齐先简单跟大家把公司的情况介绍一下 大家好我是中国广合电力的经纪企业我给大家简单的介绍一下公司的一些状况吧然后因为现在这个二季度的情况还没出来那我就给大家简单的介绍一下公司的概况然后还有一季度的情况然后公司呢是中国广合集团旗下然后 负责核电的投资建设运营的这么一个板块然后我们除了建设运营核电站之外还有核电站的电力销售以及科研以及其他的业务我们是2014年12月在S股上市然后2019年然后在A股上市然后总股本是505亿我们现在的占用机组是28台 然后最近投印的一台是在5月25号投印的黄金档4号机组它也是我们黄龙一号投印的第二档机组那么我们在运在线现在总的装机容量一共是4381万千瓦然后占全国的比例达到44%左右44%左右公司 ...

： s h u i n u 9 8 7 0 加 V 据 更 In多 v资 e料 st加 m入 en知 t识 c星 on球 s： u水 lti木 ng调 研 bu纪 s要 in e关 s注 s公 q众 ua号 li： fi水 ca木 ti纪 on要： 研 报 数 和 SEC License [2012] No. 669 要 纪 研 调 投资咨询业务资格：证监许可【2012】669号 手 一 多 更 ： s h u i n u 9 8 7 0 加 V 据 中国商品供数 需平衡表 报 一 手 调 研 纪 要 和 研 加 V ： s h u i n u 9 8 7 0 多 据 更 数 报 加 V ： s h u i n u 9 8 7 0 China Commodity 一 手 调 研 纪 要 和 研 据 多 数 更 报 一 手 调 研 纪 要 和 研 Supply and Deman 加 Vd ： s h uB i n u 9a8 7 0 lance 多 ...

： s h u i n u 9 8 7 0 加 V 据 数 报 研 和 要 纪 研 调 手 一 多 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 更 Investment consulting business q ：u s ha ul iinfuic9 8 a7 0 tion： CRSC License [2012] No. 669 加 V 据 数 报 研 和 投资咨询业务资格：证纪监要 许可【2012】669号 研 调 ...

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 中国联通 原文 20240626_ 2024年06月27日20:27 发言人 00:07 那是这样，然后后面的话具体的问题大家可以再去深入的交流。好的，谢谢林总。我先想想请 问一下一个问题，就是因为现在大家都比较关注这个AI领域，就人工智能。刚刚我还没太听清， 就是我们在人工智能这块，比如说整体的这个自动开支600亿、50亿当中，是人工智能相关的 AI相关的投资大概能有多少呢？是100亿这个弹性投资吗？ 发言人 00:46 我们首先一个100亿的弹性投资，其实我们主要是聚焦上网数字，主要是一些算力方面的一个 一些投资。没错。但是是不是我们算力投资只有这100亿？当然不是。也就是说其实我我们相 当于是我们550亿是一个固定的投资额，是占用了各省的年度的预算投资的预算。这100亿是 一个灵活的弹性的投资。也就是说各省公司如果看到更好的投资机会的话，他可以去申请使用 这100百亿的这种弹性投资额。 发言人 01:16 整体的我们的人工智能相关的这个投资的金额，其实我们并没有对外披露。为什么没有对外披 ...

Financial Data and Key Metrics Changes - The company reported steady business progress in 2024, achieving a strong start with positive results in the first quarter, which sets a proactive position for the year [2][3] - The second quarter is expected to show less impressive results compared to the first quarter due to high base effects from the previous year, but the company remains confident in achieving overall growth for the first half and the entire year [3] Business Line Data and Key Metrics Changes - The company is focusing on both protection and savings products, maintaining a steady push across various channels while adhering to its strategic positioning [3] - The growth rate of claims in the life insurance industry has accelerated, with a year-on-year increase of over 70% in the first four months, indicating a challenging environment for the company [9] Market Data and Key Metrics Changes - The company acknowledges the impact of industry-wide pricing adjustments and the resulting market dynamics, which have influenced its performance [3] - The demand for non-standard replacement products remains strong despite some pricing adjustments, indicating a resilient market environment [35] Company Strategy and Development Direction - The company is committed to urban-centered institutional elderly care as its primary development focus, while also diversifying into home and community care services [6] - The strategic emphasis is on enhancing product design and sales approaches to meet evolving customer needs, particularly in the context of long-term care and health services [15] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current operating environment, emphasizing the importance of strategic consistency and proactive management to achieve set goals [3] - The company is optimistic about its ability to deliver satisfactory results despite potential short-term challenges, focusing on long-term growth and value creation [3] Other Important Information - The company is adapting to regulatory changes and market demands, particularly in the context of pension finance and long-term investment strategies [22][25] - The new regulatory framework is expected to enhance the quality of listed companies and protect investor rights, promoting healthy long-term development in the capital market [22] Q&A Session Summary Question: What are the strategic considerations for the company's product and channel strategy in the current environment? - The company is addressing the demand for high-guarantee rate products and is focusing on promoting dividend insurance and personal pension products that reflect the attributes of pension finance [35]