Financial Data and Key Metrics - No specific financial data or key metrics changes mentioned in the provided content Business Line Data and Key Metrics - No specific business line data or key metrics changes mentioned in the provided content Market Data and Key Metrics - The A-share market is showing differentiated pricing, with the dividend sector (e g, banks, utilities, and petrochemicals) favored due to counter-cyclical logic and bond market pricing logic, while the tech sector, especially sub-sectors related to industrial mother machines, is gaining attention [17] - The A-share market is generally risk-averse, with pessimistic expectations for both domestic and external demand growth, and trading activity is concentrated at both ends of the dividend and tech sectors [17] Company Strategy and Industry Competition - The shift from Moutai to ICBC as the largest A-share company by market capitalization signals a change in China's economic structure and risk appetite, reflecting a shift towards defensive assets and the end of the leveraged growth era [8] - The upcoming Third Plenum is expected to address deep-seated economic contradictions, including the relationship between the real estate market and local fiscal policies [31] Management Commentary on Operating Environment and Future Outlook - The Third Plenum is highly anticipated as it will focus on macroeconomic issues such as central-local relations and fiscal reform, with potential structural adjustments to address economic challenges [31] - The fiscal system in China is under significant pressure, and fiscal reform is expected to be a core issue at the Third Plenum [18] Other Important Information - The aging population and declining birth rates are significant challenges for China's economic growth, fiscal policies, and institutional design, requiring timely adjustments and reforms [39] - The labor force is aging, with the average age approaching 40, and future labor will be dominated by middle-aged individuals, posing challenges for education resource allocation and socio-economic development [3] Summary of Q&A Session - No specific Q&A session content mentioned in the provided content

本次会议为华经证券客户开发设计在任何情形下都不构成对会议参加者的投资建议 敬请会议参加者充分了解各类投资风险根据自身情况自主做出投资决策并自行承担投资风险本次会议内容的知识产权仅为华经证券所有未经华经证券事先书面许可任何机构和或个人不得以任何形式转发、翻版、复制、发布或引用会议全部或部分内容亦不得从未经华经证券书面授权的任何机构、个人或其运营的媒体平台接收、翻版、复制或引用会议的全部或部分内容 不得制作会议纪要对外发送擅自制作会议纪要引起不当传播的后果自负版权所有 违者必究好的 各位投资人晚上好我是华信证券通信分析师李洪涛很高兴我们能够在此相聚迈动电磁波这周的话就是通信行业表现还是非常好尤其是周五的时候应当是在全行业涨幅应当是在前三的就是 整个通信行业应当还是有比较好的机会总体因为大盘的影响通信指数是下跌了1.19然后上证是1.03深证是2.38总体上通信表现还是比较好的通信比较好在这些大的行业背景里面但是在细分来看细分来看的话就是我们仍然认为细分来看的话就是我们 在这个微信互联网这个板块还有算力这个板块仍然是长得比较好然后还有那个部分的那个物联网板块因为整个业绩业绩相对来说比较好有温暖所以也表现比较好这些领 ...

高盛：教育解决近期市场营销中的主要投资者问题及五月季度预览；买入EDU和TAL ...

高盛：第三次全会预览为“后房地产时代”准备的渐进改革计划 ...

Investment Ratings - TSMC: Buy with a target price of NT$1,160/US$218, expecting 24% YoY revenue growth for 2024 [2] - China Education: Buy for EDU and TAL, with a robust revenue and profitability outlook driven by favorable market dynamics [3] - Yum China: Buy, forecasting +3.5% YoY sales growth despite SSSG pressure [3] - Roborock: Buy, with robust sales momentum and positive surprises from US offline channel expansion [3] - China Autos: Buy for BYD, Li Auto, and XPeng, monitoring potential inflection points in the industry [3] - Japan Industrial Electronics: Buy for Hitachi and Fujikura, focusing on growth and financial strategies [4] Core Insights - The Third Plenary Session is expected to focus on gradual reforms rather than major structural changes, with an emphasis on fiscal and tax reforms [2] - TSMC's revenue growth is supported by pricing strategies and AI cycle visibility, with expectations of a low single-digit price hike for advanced nodes starting in 2025 [2] - The China education sector is expected to maintain a stable regulatory environment, supporting the profitability outlook for key players [3] - Yum China's store expansion remains solid, with expectations of 400 net store openings in 2Q24 despite margin pressures [3] - Roborock's expansion into US offline channels is projected to significantly contribute to revenue growth, with a total expected growth of over 70% in 2024 [3] - The China auto industry is still above cash cost for many companies, indicating potential for profitability recovery despite some conservative outlooks [3] - Japan's industrial electronics sector is focusing on growth strategies, with Hitachi and Fujikura highlighted for their comprehensive approaches [4] Summary by Sections Third Plenary Session Preview - The focus will be on gradual reforms in the "post-property era," with expectations for fiscal and tax reforms to be signaled [2] TSMC Earnings Preview - TSMC is expected to maintain its full-year guidance with a revenue growth forecast of 24% YoY for 2024, despite a projected decline in gross margin due to N3 ramp dilution [2] China Education Sector - The sector is expected to see robust revenue and profitability driven by favorable supply-demand dynamics and a stable regulatory environment [3] Yum China Earnings Preview - Forecasts indicate a +3.5% YoY sales growth, with KFC and Pizza Hut facing SSSG pressures but maintaining a solid pace of store expansion [3] Roborock Sales Momentum - The company has exceeded expectations in US offline channel expansion, contributing significantly to its projected revenue growth [3] China Autos Analysis - The report indicates that while some companies are cutting capacity, many remain above cash cost and optimistic about profitability recovery [3] Japan Industrial Electronics Insights - Companies like Hitachi and Fujikura are highlighted for their effective growth and financial strategies, despite challenges faced by others in the sector [4]

Summary of Conference Call Notes Company and Industry Involved - The discussion revolves around China National Pharmaceutical Group (China Biopharmaceutical), a leading company in the pharmaceutical industry in China, focusing on oncology, liver diseases, respiratory issues, and pain management [1]. Core Points and Arguments - China Biopharmaceutical is recognized as a representative leading company in the domestic pharmaceutical sector, which has been deeply covered and strongly recommended by the investment firm [1]. - The company has successfully transitioned from generic drugs to innovative drugs over the years, indicating a significant evolution in its product offerings [1]. - The valuation enhancement of traditional pharmaceutical companies is highlighted as one of the top ten judgments in the annual strategy [1]. Other Important but Possibly Overlooked Content - The emphasis on the company's focus areas (oncology, liver diseases, respiratory issues, and pain management) suggests potential growth opportunities in these therapeutic segments [1].

尊敬的各位嘉宾尊敬的来自学术界的和新闻界的朋友们关注中国宏观经济的各位老师和同学们大家上午好由中国人民大学宏观经济论坛举办的热点问题研讨会第88期与大家见面了 本期的论坛我们聚焦中国出口状况以及下半年的出口形势虽然受到全球经济形势动荡贸易保不住加剧地缘政治恶化等不利的影响我们国家对于贸易在今年上半年仍然交出了一份亮眼的答卷 进出口的规模和增速均录得了一个优异的成绩无论是从外贸国家的广泛性还是从国内企业的参与度特别是民营企业的参与程度以及出口产品的类别等多个维度来看 中国对外贸易的格局呈现出一种很好的特征总体的复苏形势势头比较明显应该说对外贸易的这种超预期的原因或者它的支撑力是多方面的但是重点在哪些方面它是一种临时性的政想冲击还是存在着更为深层的趋势性的背景 我们能否在一个相对比较长的时间一定规模上保持这样一种良好的态势未来面临的主要问题是什么我们又可以在多大程度上给予应对这些问题其实都是我们中国对外贸易问题中绕不开的 所以今天我们论坛有幸邀请到了对外贸易研究和实务部门的专家学者一会儿我们听听他们的解析首先允许我向大家介绍一下今天参加论坛的各位嘉宾 他们是中国人民大学经济研究所联席所长宏观经济论坛的创始人宗成信 ...

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% ...