1 货币政策取向方面，本次例会的具体提法与上季度完全相同，继续强调"更加注重做好 逆周期调节"，"保持社会融资规模、货币供应量同经济增长和价格水平预期目标相匹 配"，"促进物价温和回升"，"推动企业融资和居民信贷成本稳中有降"。这意味着接下 来货币政策将在稳增长方向持续用力，而在经历 2 月以来的政策观察期后，三季度降息降准 窗口有望再度开启。 值得注意的是，近期央行表示"未来可考虑明确以央行的某个短期操作利率为主要政策 利率，目前看，7 天期逆回购操作利率已基本承担了这个功能。其他期限货币政策工具的利 率可淡化政策利率的色彩"。这意味着若 MLF 政策利率色彩淡化，也不排除三季度 MLF 操作 利率不动，央行在下调 7 天期逆回购操作利率的同时，直接较大幅度引导 LPR 报价下调的可 能。近期银行同业存单利率显著下行，存款利率也在下调，银行资金成本已有所下降。更重 要的是，央行已明确提出要"持续改革完善贷款市场报价利率（LPR），针对部分报价利率显 著偏离实际最优惠客户利率的问题，着重提高 LPR 报价质量，更真实反映贷款市场利率水 平。"当前 LPR 报价下调的主要障碍是银行净息差已降至历史低位，且已明显 ...

1 主要观点：受基本面及特殊因素影响，5 月财政收入端表现仍偏弱，对支出端发力产 生一定约束。其中，一般公共预算收入同比下降 3.2%，降幅较上月有所收窄，扣除特殊因 素影响后，可比口径下同比增长 2.0%左右；受土地市场持续低迷拖累，5 月政府性基金收 入同比降幅扩大至-22.2%。 一、主要受去年同期中小微企业缓税入库抬高基数、去年年中出台的部分减税政策翘 尾减收等特殊因素影响，5 月一般公共预算收入同比延续负增；扣除特殊因素影响后，可 比口径下同比增长 2.0%左右，增速高于上月的 1.4%。 主要受去年同期中小微企业缓税入库抬高基数、去年年中出台的减税政策翘尾减收等 特殊因素影响，5 月一般公共预算收入同比延续负增，降幅较上月收窄 0.6 个百分点至- 3.2%。根据我们的测算，在扣除特殊和不可比因素影响后，5 月一般公共预算收入可比增 长 2.0%左右，增速高于上月的 1.4%。从税收和非税收入表现来看，5 月税收收入同比下降 6.1%，降幅较上月的-4.9%有所扩大，可比增速与上月大致持平，显示当月实际税收收入 力度边际减弱，背后是二季度以来经济增长动能边际放缓，与基本面形势一致；5 月非税 收入 ...

Summary of Conference Call on Vehicle-Road-Cloud Integration Industry Overview - The conference focuses on the vehicle-road-cloud integration industry in China, which has been supported by government policies since 2016, promoting the development of intelligent connected vehicles and smart cities [1][3][4]. Key Points and Arguments Policy Direction - The Chinese government has issued several core policies to support vehicle-road collaboration, including: - National Intelligent Connected Vehicle Testing Demonstration Zones established since 2016, with 17 approved zones [3]. - National Vehicle Networking Pilot Zones initiated in 2019, covering 70% of government construction scale [3]. - Smart City projects launched in 2020, with 16 projects approved [3]. - Vehicle-road-cloud integration pilot policies announced in January 2024, aiming for comprehensive coverage in multiple cities by 2026 [4]. Industry Chain Status - A complete and mature vehicle-road collaboration industry chain has formed, including: - Chip manufacturers, module suppliers, terminal device manufacturers, vehicle manufacturers, and operation service providers [1][5]. - Key players include Huawei, Qualcomm, and various startups and traditional companies in the smart transportation sector [1][5]. Market Space Forecast - The construction scale for highways is estimated at approximately 177 billion yuan, while urban road construction is projected at around 670 billion yuan [1][8]. - The cloud platform market is expected to reach 59 billion yuan for highways and 223.3 billion yuan for urban roads [1][8]. - Future urban road construction is anticipated to exceed 200 billion yuan annually [1][9]. Vehicle Market Growth - Over 30,000 new vehicles equipped with V2X (Vehicle-to-Everything) functionality were reported in 2023, with a market penetration rate of 1.4% [1][9]. - The market size for V2X is projected to approach 10 billion yuan in the next two to three years, with potential growth to 50 billion to 100 billion yuan in a fully mature market [1][9]. Technological Evolution - Future developments will focus on networked collaborative decision-making and control, transitioning from L2+ to L3 level autonomous driving technology [2][13]. - Enhancements in perception accuracy, positioning precision, and traffic participant recognition are critical for achieving true vehicle-road integration [2][14]. Business Model and Funding - The vehicle-road-cloud integration projects are currently in the demonstration phase, with funding primarily from government bonds, local government financing, and state-owned enterprises [7]. - The business model involves three user categories: government (G-end), enterprises (B-end), and consumers (C-end), with potential for cost-sharing and commercial viability in the future [7][12]. Challenges and Opportunities - The low coverage of vehicle-side units is attributed to a lack of motivation among manufacturers to install V2X communication devices [7]. - The cost of installation for these devices is around 5,000 yuan, which could decrease significantly with mass adoption [7]. - The market for V2X technology is expected to grow as manufacturers enhance vehicle functionalities and applications, driving user engagement [10][12]. Conclusion - The vehicle-road-cloud integration industry is poised for significant growth, supported by government policies and technological advancements. The market dynamics indicate a promising future, with substantial investment opportunities and evolving business models that cater to various stakeholders in the ecosystem [1][4][9].

大家好,这里是东方正剑食品社服团队。大家好,这里是东方正剑食品社服团队。我是今晚主持人谢金铭,还有一个同事是张玉洁。我是今晚主持人谢金铭,还有一个同事是张玉洁。我们今天请到了华中地区非常大的一个调味品的经销商来跟大家分享一下六月份市场这边各种他所售卖的这些调味品以及相关的一些食品的表现,然后看一下这个市场的人恶的程度。然后看一下这个市场的人恶的程度。下面先请玉洁这边号召你问一下吧。下面先请玉洁这边号召你问一下吧。好的,徐总您好。好的,徐总您好。 你好你好要不先请您帮我们介绍一下吧就是二季度以来就你感觉到的这个需求收复的一个情况因为我们感觉到可能行业整体都还是比较淡就不知道华中那边大概是怎么样那个情况大家好然后我这边呢是属于华中区域治病的一个调品教授然后我们治病大家的品牌相对的讲话会比较多有海庭令记厨房清禾 像熊猫拉美日双塔等等这些品牌而目前来讲应该是算是在整个湖南最大的一个家商然后整体体量大概有三个亿左右的一个团子主要渠道的话是流通口苍蝇然后苍蝇这一块的话应该可以占到52%到55%的样子然后流通这一块的话大概是在45%的样子海天这一块的话就是我们 我们整个今年这一块的话就是跟去年同期是有10%的增长截止到六月 ...

Summary of Conference Call Company/Industry Involved - The document does not specify a particular company or industry, but it references a conference call involving 中信建投 (CITIC Securities) Core Points and Arguments - The document lacks specific financial data, insights, or core arguments from the conference call, as it primarily contains a disclaimer regarding the unauthorized reproduction of the meeting content [1] Other Important but Possibly Overlooked Content - The document emphasizes the importance of obtaining written authorization from 中信建投 for any reproduction or citation of the meeting content, indicating a focus on intellectual property rights and confidentiality [1]

感谢大家参加本次会议会议即将开始请稍后感谢大家参加本次会议会议即将开始请稍后 大家好欢迎参加东方时评社服彩票行业专家交流目前所有参会者均处于静音状态下面开始播报免责声明声明播报完毕后主持人可直接开始发言免责声明本次分享仅代表专家个人观点不代表东方证券的投资建议不代表专家所在单位的观点不代表第三方咨询公司观点我方不对此次会议内容承担法律责任不得私自传播会议信息特此声明 好的大家好这里是东方正月食品社服团队我是今晚的主持人另外一个主持人是我们组的蔡紫婷那我们邀请到了彩票行业资质资深的专家来跟大家分享一下这个彩票行业今年的最新的一个情况特别是五六月的一个情况因为一介入财政部的那个数据出来大家已经知道是一个20多这样子的一个很快速的一个增速了那不知道说最新的这几个月是怎么样那请专家跟我们分享一下吧下面先请紫婷和赵允于问一下问题 好的 庄先生您好 请问可以听到吗可以听到好的 那我主要想问刚才谢老师说的那个问题就是今年以来的销售情况同比增速特别是456这三个最新的月份的销售的情况还有同比增速我就主要对皮卡这块增速的数据给大家说一下 彩票从6月1号到咱们6月25号然后现在一个同比情况大概是比去年的增速大概是9.6%就是9. ...

Financial Data and Key Indicator Changes - The company's revenue for 2023 was 5,242 million, a decrease of 3.7% compared to 2022, which had a revenue of 5,445 million [6] - Operating profit for 2023 was 428 million, down 44.5% from 771 million in 2022 [6] - Net profit attributable to the parent company for 2023 was 466 million, a decline of 39.4% from 769 million in 2022 [6] - The earnings per share for 2023 was 1.01, down from 1.67 in 2022 [6] - The gross margin for 2023 was 36.9%, compared to 39.3% in 2022 [6] Business Line Data and Key Indicator Changes - The smart software business generated revenue of 1,416 million in 2023, a decrease of 25.12% year-on-year [21] - The smart connected vehicle business achieved revenue of 2,337 million, an increase of 30.34% year-on-year [21] - The smart IoT business reported revenue of 1,489 million, down 15.45% year-on-year [21] - The combined revenue from the smart connected vehicle and smart IoT businesses accounted for 72.99% of total revenue in 2023 [21] Market Data and Key Indicator Changes - The company has a global presence with operations in 43 regions, allowing it to stay ahead of market trends and customer needs [19] - The shift towards AI PCs and the adoption of Arm architecture is becoming a focal point for major manufacturers, indicating a growing market opportunity [34][40] Company Strategy and Development Direction - The company focuses on a "technology + ecosystem" platform development strategy, emphasizing collaboration with leading OS, chip, and AI platform manufacturers [16][19] - The strategic partnership with Qualcomm positions the company favorably in the emerging AI PC ecosystem [34] - The company aims to explore new application scenarios for edge AI, indicating a commitment to innovation and growth in this area [1] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of macroeconomic conditions and significant investments in AI on short-term performance, but remains optimistic about long-term growth prospects [21] - The company plans to continue its focus on the second growth curve (existing business + edge intelligence) and the third growth curve (edge intelligence + innovative business) [1] Other Important Information - The company has implemented a stock incentive plan to align employee interests with long-term growth, with performance targets set for revenue growth over the next three years [19][20] - The company has a strong R&D team of over 11,705 personnel, reflecting its commitment to innovation and technology development [30] Q&A Session Summary Question: What are the expectations for AI PC adoption? - The company noted that the rapid development of edge AI and the introduction of AI PCs by major manufacturers like Microsoft and Qualcomm indicate a significant market opportunity [34][40] Question: How does the company plan to manage the impact of AI investments on short-term performance? - Management emphasized a focus on long-term growth and innovation, despite short-term pressures from increased investments in AI [21] Question: What is the company's strategy regarding partnerships in the AI ecosystem? - The company highlighted its strategic collaboration with Qualcomm as a key advantage in positioning itself within the AI PC ecosystem [34]

1 | --- | --- | --- | |-------|-------|-------------------------------------| | | | ——美联储 6 月货币政策会议点评与展望 | | | | 研究发展部高级副总监 白雪 | 会后公布的利率点阵图显示，美联储官员大幅下调了对今年降息次数的预期，从上次点阵图显示 的三次降至一次。会后公布的经济展望显示，美联储官员保持今明后三年及更长期的 GDP 增长预期不 变，将明后年和更长期的失业率预期小幅上调 0.1 个百分点，将今年的 PCE 通胀预期和核心 PCE 通胀 预期增速均上调 0.2 个百分点，分别至 2.6%和 2.8%。 图 1 2024 年 3 月利率点阵图 图 2 2024 年 6 月利率点阵图 东方金诚宏观研究 5 月 CPI 通胀数据继续回落在一定程度上缓解了美联储对于二次通胀的隐忧，但通胀绝对值仍在 高位、劳动力市场依然偏强，使美联储对政策转向宽松仍保持谨慎基调，降息前的观察窗口期相应延 长。 一是通胀数据继续回落在一定程度上缓解了美联储对于二次通胀的担忧，从而为年内降息打下基 我们认为，这背后的原因是近期美国各项 ...

"以旧换新"政策能否带动楼市回暖? 2023 年,在消费品行业盛行多年的"以旧换新"政策首次进入房地产市场,其最初由 部分房企自行发起,随着"去库存"需求逐渐强烈,部分城市逐渐演变为由地方政府牵头。 据不完全统计,目前已有超过 70 座城市表态支持住房"以旧换新",该政策的一大亮点在 于部分国企将参与旧房收购,从而打通新房和二手房市场交易通路,以实现促进商品房销售、 带动楼市回暖的最终目的。那么,"以旧换新"政策出台以来市场反馈如何?其能否带动楼 市回暖? 一、政策出台背景 商品房"以旧换新"是指房地产开发商或政府机构等通过收购、置换、补贴等多种方式, 鼓励和帮助已有住房的居民"卖旧换新"。商品房"以旧换新"最初由部分房企自主发起, 今年以来政策的影响范围逐渐扩大,许多地方政府逐步介入。从各地发布的相关政策来看, "以旧换新"主要有两种方式,一是房企联合中介机构帮助有置换需求的购房者通过市场化 渠道出售旧房,如在约定期限内旧房顺利售出则按流程购买新房;二是由国企或开发商出资 按照评估价格收购旧房,旧房房款直接用于购买指定新房项目。此外,部分地区对于"以旧 换新"的购房者会给予一定购房补贴、契税减免等,以鼓励购 ...

Key Points 1. **Company Focus**: The document focuses on Ousen Electric, a company with significant highlights and worth of attention. It is a leader in the export market for small air compressors and wet and dry vacuum cleaners in the context of the current wave of going abroad [1]. 2. **Industry**: The industry discussed is the export market for small air compressors and wet and dry vacuum cleaners [1].