2024 年建筑施工行业分析 联合资信 公用评级一部 ...

2024 年铁路运输行业分析 联合资信 公用评级四部 ...

（机构调研）这家大数据基础软件开发商联合惠普发布三款 风口研报 2024.05.1420:15星期二 调研要点： ①这家公司实现多模型数据统一处理，联合惠普发布三款A工作站，聚焦AI知识库、智能视觉和大模型服务平台， ②风险提示：调研内容仅为机构与上市公司间的业务交流，不构成投研观点，信息以上市公司公告和分析师公开报告为准。 功能。 公司于今年新推出的TKH（TranswarpKnowledgeHub）知识平台，覆盖图谱构建工具、语料开发工具、大模型基础服务平台 （含语料仓库、模型仓库、应用仓库等）、星环知识库（含星环自研的向量数据库、图数据库、搜索引擎、时序数据库、文件系 统等）以及知识应用，能够赋能各行业的客户进行语料的构建、知识库的建设、大模型的训练和微调及基于大模型的应用构建。 此外，公司联合惠普发布的三款AI工作站，分别聚焦AI知识库、智能视觉和大模型服务平台。 近期热门系列： 5月7日《这家公司设立商业航天业务团队，火箭箭体结构件产线预计本月建成》 4月30日《这家合成生物头部企业多个新建项自持续投产放量》 4月29日《这家动力电池结构件供应商切入人形机器人领域布局谐波减速机》 4月25日《这家公 ...

大家好,欢迎参加光大机器人与数人型智能体Unitree G1联合解读,目前所有参会者均处于静音状态。特别声明,本会议为光大证券专业机构投资者设计,任何情形下,会议内容不构成对任何人的投资建议。 参会者应当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嘉宾发言内容仅代表嘉宾的个人观点和立场研究人员发言内容来自于以外发报告或对研报的跟踪解读观点仅代表报告发布当日的判断本会议内容的知识产权仅归光大证券所有 北京书面许可任何机构和客人不得以任何形式任何目的进行转发翻版复制刷布或沿用会议全部或部分内容亦不得擅自录音制作会议机要对外传播好的各位投资者大家早上好我是光大机械首席货币昨天下午宇宿发布了新一代的Unitrix G1起售价9.9万元 惊艳了整个朋友圈那么视频里可以看到Unitrix-G1具备了波束振动力电驱板的一些特点其实可以折叠起身而且可以砸瓶盖砸核桃开瓶盖等等这个动作也十分灵活今天早上八点光大机器人团队为你联合解读Unitrix的一些东西的产品包括投资机会今天发言的老师有这个光大机器人黄帅斌 光大电信公用环保首席殷宗舒光大汽车行平和光大金属马俊然后呢我们下接下来就是我们逐一的为您解读这个宇 ...

Industry Investment Rating - The report does not explicitly mention an overall industry investment rating [1] Core Views - The "package debt resolution plan" including special refinancing bonds and financial institution participation in debt resolution has been steadily advancing in Q1 2024 [1] - New debt resolution methods such as "unified borrowing and repayment" and "central bank SPV" have been gradually implemented [1] - Urban investment bond issuance and net financing have improved quarter-over-quarter, with issuance terms lengthening and further concentration towards higher-rated issuers [1] - Urban investment bond issuance rates and spreads have continued to decline, with significant decreases in some key provinces [1] - Weak regional and low-quality urban investment enterprises have seen short-term liquidity pressure relief, but long-term debt resolution depends on local economies and enterprise development [1] - Urban investment enterprises face increasing transformation needs, with regional resource disparities potentially leading to differentiation during the transformation process [1] - Urban investment bond maturity and repayment pressures remain high in 2024, with some regions facing significant repayment challenges [1] Policy Environment - Special refinancing bonds continued to be issued in Q1 2024, with financial institutions participating in debt resolution [2] - New debt resolution methods such as "unified borrowing and repayment" and "central bank SPV" have been implemented in key provinces [2] - Regulatory authorities have further supplemented and refined debt resolution policies, with urban investment enterprise financing policies continuing to tighten [2] - In February 2024, Guizhou and Tianjin issued special refinancing bonds of 324.58 billion yuan and 201.8 billion yuan respectively [2] - Guizhou Hongyingda Construction Engineering Management Co issued an 18 billion yuan, 5-year corporate bond to repay maturing bonds of urban investment enterprises in the region [2] - In March 2024, Yinchuan completed 2.614 billion yuan in bank loan swaps for existing bonds and non-standard debt [2] - Liuzhou implemented the first 4.6 billion yuan central bank emergency liquidity support (SPV) funds [2] - The "14th document" in March 2024 allowed 19 provinces outside the 12 key provinces to independently report regions with heavy debt burdens and difficult debt resolution [2] Q1 Urban Investment Bond Market Review - Urban investment bond issuance and net financing improved quarter-over-quarter, with issuance terms lengthening [3] - Lower administrative level and weak credit quality issuers continued to see reduced financing scale and net repayments [3] - Urban investment bond issuance further concentrated towards higher-rated issuers [3] - Since the implementation of Document 35, except for Chongqing, other key provinces have continued to show net repayments or tight balances [3] - Issuance rates and spreads for urban investment bonds continued to decline, with significant decreases in some key provinces [3] - Yunnan's issuance rates and spreads remained high, with refinancing environment still needing improvement [3] - Some non-key provinces had spreads higher than the national average, with refinancing environment needing attention [3] - Q1 2024 urban investment bond issuance reached 1.56 trillion yuan, up 1.52% year-over-year and 31.86% quarter-over-quarter [3] - Net financing in Q1 was 72.83 billion yuan, down 85.64% year-over-year but improved from net repayments in Q4 2023 [3] - Early repayments of urban investment bonds in Q1 were about 80 billion yuan, with Anhui, Zhejiang, Hunan, and Guizhou each having early repayments of about 10 billion yuan [3] - Bonds with maturities under 1 year accounted for 24.87% of issuance, down 12.53 percentage points year-over-year [4] - Bonds with maturities over 3 years accounted for 40.04% of issuance, up 13.89 percentage points year-over-year [4] - 49 urban investment bonds with maturities of 10 years or more were issued in Q1, accounting for 3.26% of issuance [4] - Tianjin's medium and long-term urban investment bond issuance proportion rose significantly to 70.14% [4] - Yunnan's short-term urban investment bond issuance proportion remained close to 50% [4] - Interbank product issuance grew year-over-year and quarter-over-quarter, with medium-term notes up over 65% year-over-year and quarter-over-quarter [5] - Exchange products (including corporate bonds) declined slightly year-over-year but grew about 12% quarter-over-quarter [5] - Corporate bond issuance shrank significantly to about 30% of the same period last year [5] - AAA and AA+ rated issuers saw quarter-over-quarter growth in issuance scale and net financing [6] - AAA rated issuance maintained year-over-year growth, while AA+ rated issuance was flat year-over-year [6] - AAA and AA+ rated issuers accounted for nearly 80% of issuance, up about 6 percentage points year-over-year [6] - AA rated issuance declined 20.82% year-over-year, accounting for 19.97% of issuance, down from 21.14% in Q4 2023 [6] - Provincial and prefecture-level issuers saw year-over-year and quarter-over-quarter growth in issuance scale [6] - County-level issuers saw an 11% year-over-year decline in issuance scale and continued net repayments [6] - Jiangsu, Zhejiang, and Shandong ranked top three in issuance scale, accounting for over 50% of total issuance [7] - 12 key provinces issued 180.354 billion yuan in urban investment bonds, down 1.50% year-over-year and accounting for less than 12% of total issuance [7] - Except for Chongqing with 17.402 billion yuan in net financing, other key provinces continued net repayments or tight balances [7] - AA+ rated medium and long-term urban investment bond issuance rates and spreads declined year-over-year and quarter-over-quarter [9] - Guizhou, Tianjin, Guangxi, and Chongqing saw significant decreases in issuance rates and spreads [9] - Guizhou's issuance rates and spreads fell below the national average [9] - Yunnan's issuance rates and spreads remained high, with refinancing environment still needing improvement [9] - Shandong, Henan, and Shanxi had spreads higher than the national average [9] Outlook - Weak regional and low-quality urban investment enterprises have seen short-term liquidity pressure relief, but long-term debt resolution depends on local economies and enterprise development [11] - Urban investment enterprises face increasing interest payment pressure as new financing channels tighten [11] - Special refinancing bonds have helped resolve regional implicit debt, with local governments and financial institutions negotiating debt extensions and medium-to-long-term loans [11] - Urban investment bond issuance rates and spreads have continued to decline under favorable policies [11] - Regulators have implemented list-based management of urban investment enterprises, strictly controlling new financing for listed enterprises [11] - Some key provinces have clarified that refinancing can only be used for debt principal rollovers [11] - Urban investment enterprises' interest-bearing debt scale is large and continues to grow, with interest payments not supported by this round of financial debt resolution [11] - In 2022, nearly half of urban investment enterprises had net outflows from operating activities [11] - Profit coverage of interest expenses averaged less than 0.35x [11] - Most urban investment enterprises have had negative net increases in cash equivalents since 2021 [11] - Cash assets' coverage of interest expenses has declined yearly, reaching 2.5x at the end of 2022 [11] - Urban investment enterprises' transformation needs are increasing, with regional resource disparities potentially leading to differentiation during the transformation process [12] - The State Council and National Development and Reform Commission have emphasized promoting urban investment enterprises' transformation and high-quality development [12] - The 2024 government work report proposed improving the full-caliber local debt monitoring system and supporting high-quality urban investment enterprises' transformation [12] - List-based management and strict restrictions on new bond issuance for listed enterprises are forcing urban investment enterprises to accelerate transformation [12] - The number of bond-issuing urban investment enterprises and urban investment bond stock may gradually decrease [12] - Some lower administrative level and weak credit quality urban investment enterprises may exit the bond market faster [12] - Urban investment enterprises in regions with better resource endowments are expected to achieve transformation first [12] - Weak regional and low-quality urban investment enterprises may face dual pressures of transformation development and debt risk prevention [12] - The relationship between urban investment enterprises and local governments needs dynamic assessment during transformation [12] - Urban investment bond maturity and repayment pressures remain high in 2024, with some regions facing significant repayment challenges [13] - As of Q1 2024, outstanding urban investment bonds totaled 14.56 trillion yuan [13] - Assuming all callable bonds are exercised at the next call date, Q2-Q4 2024 urban investment bond maturities each exceed 1.3 trillion yuan [13] - Q1 net financing is far from covering Q2 maturities [13] - Jiangsu, Zhejiang, Shandong, Tianjin, and Sichuan have the largest Q2 maturities, accounting for over half of total Q2 maturities [13] - Shandong's refinancing environment recovery needs attention due to non-standard or commercial bill overdue negative sentiment [13] - Tianjin's issuance term structure, rates, and spreads have improved but still show net repayments, with significant Q2 maturity pressure [13] - Henan's Q2 maturities account for nearly 22% of its outstanding urban investment bonds, with concentrated repayment and liquidity pressure needing attention [13]

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 各位投资者下午好我是声望宏园债券首席分析师金茜静欢迎大家参加我们声望宏园总量的电话会议那么上周应该说公布了一些比较重磅的数据金融数据以及通胀数据那么包括整个一季度的货币政策咨询报告那么里面应该说有不少新的表述那么使得市场对于未来的整个宏观经济以及流动性包括资产价值影响都是颇为关注 那么今天我们也是联合新浪宏园总量团队包括宏观、固收以及策略那么对最近的金融经济数据以及这次的货币政策执行报告进行一个比较全面的解读那么首先先有请我们宏观高级分析师贾东旭对于这次的通胀数据包括金融数据以及货币政策执行报告在宏观层面进行一个解读先有请东旭好的 谢谢金老师 各位投资者朋友大家下午好我是山岸宏园宏观贾中旭首先由我从自上而下的视角去从尤其是我们最新的货币政策执行报告的一个最大的一个最新的变化结合我们的最新的金融数据还有通胀数据进行一个综合性的分析首先我们认为给一个这一次的货币 ...

各位投资者晚上好我是方证军工联系首席新型产业首席刘明阳今天晚上我们联合金属新材料团队张明磊首席以及我们军工团队的两位同事黄凯伦以及张世普共同跟各位投资者汇报一下在军工板块方向近期的一个配置思路军工行业在去年是受到了中期调整以及人事变动的双重影响 可能在过去的一年多的时间里边不管是从订单下达节奏上面以及基本面上面确实都是低于市场预期的在过去的一段时间其实大家也看到了不少军工行业层面的一些变化 从去年年底的中调落地以及人事变动的落地然后再到今年上半年持续了几个月的时间几个军工的工业部门军工集团的一把手也都有了变更或者说上任的这样的一个过程 那从这个机关层面也就是各个军兵种以及装发来看的话其实很多人员变动其实也都在逐渐落地的这个过程里边当然对于这样的一个过程可能会持续一段时间因为对于很多这些 新上任的这些人员他们可能在过去的工作岗位上面并没有接触到现在目前工作的任务所以说得给他们一段适应熟悉的这样的一个阶段并且也需要去等待顶层领导 各个层面的这样的一个规划落地之后我们向二级市场重点去关注的所谓的大规模订单才会去下达并且在过去的年报一级报这个阶段其实大家也都跟很多的军工上市公司有过沟通交流大家基本上也都反馈到了可能对 ...

哦哦哦哦 好的各位直播间的朋友们大家下午好欢迎大家再次来到我们上海证券的直播间我是主持人娇娇那么最近要说哪个市场最能够抓住大家的眼球和关注呢那我觉得一定是港股市场是首屈一指了 根据万德的数据显示截止到5月6号的收盘恒生指数是上涨了0.55%恒生指数是罕见的走出了连续10个交易日的上涨行情也是创下了2018年以来最长的连涨纪录那港股连续暴涨和反弹现在 进场是否合适呢如何我们能够找到更确定性更强的投资机会呢带着这些问题呢我们今天就邀请到了来自中海基金的基金经理姚伟总跟我们一起聊一聊港股市场的机会那我们先请姚伟总给我们直播间的观众朋友们打声招呼吧各位上海证券直播间的朋友们大家下午好我是姚伟然后非常高兴能够做个上海证券直播间也很高兴有这样的机会跟大家进行探讨 好的非常欢迎姚伟总啊也是欢迎大家能够多多的点赞转发分享我们的直播间那咱们回到正题啊那姚总最近这个港股涨的是有点突然啊我是记得四月的中旬恒生还是连续跌了快一周 好像当时好像让我们觉得信心都快跌没了但是没想到在20号的时候突然反攻连续上涨了10个交易日绝对算得上近期市场上的佼佼者了那么我们先请姚总帮我们分析一下最近港股突然大涨它的背后的原因是什么呢 嗯近期港股大涨呢 ...

宏观政策将延续宽松态势。国家发改委表示，将加快制定 2024 年发行 1 万亿 特别国债的实施方案，支持国家设备更新和以旧换新行动方案，支持国家重大战略。 央行一季度货币政策委员会会议公告显示，二季度货币政策将"加大已出台货币政 策执行力度"，预计二季度货币政策的重点在于结构性货币政策工具，或新增结构 性货币政策工具额度，支持经济增长。在经济总量增长符合预期的背景下，总体价 格预期的掣肘因素在于房地产行业的债务因素向房地产价格的传导。如何在保障 房地产行业健康发展同时，不引发道德风险是货币政策面临的难题。考虑到一季 度制造业投资同比增长 9.9%，基建投资同比增长 6.5%，总体利率水平并没有对投 资增速体现出限制性，货币总环境是呈现宽松状态的。在维持短期利率稳定的情况 下，利率市场化报价机制很好降低了长端利率。对于二季度至三季度的降准、降息 预期，货币政策更主要的任务或是配合国债的集中大规模发行，维持流动性合理充 裕，保持利率期限结构的稳定。 图：主要的经济参考指标 联合资信 研究中心 一、经济总量增长超预期，制造业投资是主要拉动项 注：表中第一行代表货物净出口增速可能情况，第一列是社零增速的可能情况。为了 ...

2024 年旅游行业信用风险展望 联联合资信工商评级二部 杨学慧 ...