大家好 欢迎参加开源宏观VS固收 战事牛熊之变第一期主导战事的逻辑是什么电话会议目前所有参会者均处于静音状态 下面开始播报名字声明声明完毕后主持人可以直接开始发言 谢谢本次会议紧面向开源证券的专业投资机构客户 大家好 我是開元宏觀首席何寧 那么我们看到今年以来债券利率下行的幅度是比较大的那么一方面从基本面来看在517地产政策以来我们看到5月份和6月份地产数据边界上有一个好转那么7月份以来边界改善的效果边界上是有所下降的那么二季度的GDP数据公布之后也是略不及市场预期 那么目前这个市场对于基本面的影响解读是比较一致的但是另一方面我们看到近期央行也是更新了货币政策框架那么随着这个正义回购以及债券卖出的这样的一个操作落地之后那么也有一些声音对于债券市场的利率的反转也有一些这样的声音出来 那么随着央行对于长端的债券收益率的调控从喊话到实质性的落地那么我们看到近期整体的债券利率有所上调之后又开始回落那么市场也是对于后续偿债的走势陷入了分歧那么因此我们开源宏观和固收团队开启了一个新的电话会议的一个系列叫债势民雄之变 那么我们也是从不同的角度来论证一下对于债市的看法那这一次的电话会议是该系列的第一集总体来讲这个宏观团队的观 ...

Hello, good afternoon. My name is Alicia and I'll be your conference operator today. At this time, I would like to welcome everyone to the Park Aerospace First Quarter Fiscal Year 2020-2025 Earnings Release Conference Call, an investor presentation. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, then the number 1 on your telephone keypad. If ...

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 各位投资者朋友大家晚上好我是声浪宏园宏观小游戏非常欢迎各位来参加我们声浪宏园 三中全会系列专题汇报第一篇财政改革篇的内容聚焦财政改革的电话会议这一个系列的报告我们也是希望把我们对于改革的一个理解和未来可能的改革的思路从我们研究的视角分享给大家今天的聚焦财政 而财政我们认为可能是会议的一个比较核心的内容之一尤其是在改革的领域因为从数据角度来看财政已经到了必须要改的这么样的一个地步同时财政改革也可能引领我们后面的经济以及需求类政策的改革它已经变成了我们需求类政策里面更核心的内容相比于货币政策来讲 但是这个里面就会有一个突出的矛盾就是财政的收入和财政支出的矛盾已经变得非常的明显尤其是在这近几年房地产运行不畅的这种过程当中我们也都知道财政的账本实际上是分成四个的分别是一般公共预算 政府性基金预算、国有资本经营预算和社会保险基金预算而把它们进行一定的加减并且剔除掉重复 ...

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 各位投资者朋友大家晚上好我是声浪宏园宏观小刘旭非常欢迎各位参加我们声浪宏园三中全会系列专题汇报第一篇财政改革篇的一个内容聚焦财政改革的什么样的一个电话会议这一个系列的报告我们也是希望把我们对于改革的一个理解和未来的可能的改革的思路 从我们的研究的视角分享给大家那今天呢聚焦财政而财政的我们认为呢可能是会议的一个比较核心的内容之一尤其是在改革的领域因为呢从数据角度来看财政啊已经到了 必须要改的这么样的一个地步同时财政改革也可能引领我们后面的经济以及需求类政策的改革它已经变成了我们需求类政策里面更核心的内容相比于货币政策来讲而但是这个里面就会有一个突出的矛盾就是财政的收入和财政支出的矛盾已经变得非常的明显了尤其是在这近几年房地产运行不畅的这种过程当中 我们也都知道财政的账本实际上是分成四个的分别是一般公共预算政府性基金预算国有资本经营预算和社会保险基金预算而把它们 ...

Financial Data and Key Metrics - The company reduced the price of its lidar products from 3500 yuan to 2000+ yuan in 2024, while significantly improving gross margins [3] - The company's gross margin has recovered to nearly 13% as sales volume increased, with expectations of narrowing losses in 2024 and achieving profitability by 2025 [15] - The company's lidar sales in the first half of 2024 reached nearly five times the total sales of 2023, with total sales exceeding 580,000 units and a market share of nearly 50% [18] Business Line Data and Key Metrics - The company's lidar shipments in the automotive sector reached nearly 250,000 units last year, with a global market share of nearly 50% [8] - In the robotics sector, the company shipped less than 20,000 lidar units last year, but the gross margin was significantly higher than in the automotive sector [20] - The company's AI solutions generated revenue of approximately 100 million yuan last year, with expectations for this segment to occupy a larger share of revenue in the future [10] Market Data and Key Metrics - The penetration rate of lidar in the automotive sector is currently less than 1%, but there is significant growth potential as new energy vehicles and intelligent driving accelerate [5] - The company has secured an OEM order from an overseas automaker with annual sales of 10 million units and has deep collaborations with companies like Baidu, Didi, and Pony.ai in the Robotaxi sector [10] - The company has established offices in Detroit, Silicon Valley, and Stuttgart, with a strategic focus on expanding overseas markets [16][21] Company Strategy and Industry Competition - The company aims to become a global leader in lidar and robotics solutions, with a focus on maintaining leadership in automotive lidar and expanding into robotics and other fields [6][17] - The company has invested heavily in AI and chip development, with at least 50% of R&D spending allocated to these areas, aiming to provide end-to-end solutions from sensors to AI to chips [4][25] - The company believes that multi-sensor fusion will be the mainstream trend in autonomous driving, offering higher safety and reliability compared to pure vision solutions [14][29] Management Commentary on Operating Environment and Future Outlook - The company expects 2026 to be a turning point for Robotaxi, with L4 lidar becoming a necessary sensor, requiring 3 to 5 units per vehicle, and offering a different business model and gross margin compared to L2 autonomous driving [19][25] - The company is optimistic about the future of the robotics industry, particularly with the emergence of humanoid robots, and sees lidar as an essential sensor in this field [24][27] - The company believes that good products and technology will be recognized globally, despite current geopolitical pressures [33] Other Important Information - The company has a strong competitive advantage in cost control, achieved through in-house chip development, highly integrated system architecture, and large-scale production automation [26] - The company's core competitiveness in the lidar industry includes self-developed chips, a highly integrated system architecture, and the ability to adapt quickly to market demands [12][27] - The company is exploring various lidar technologies, including MEMS, Flash, and FMCW, and will continue to innovate to meet performance and cost requirements [14][23] Q&A Session Q: How is the company performing in the automotive lidar market? - A: The company has a strong market position, with nearly 250,000 lidar units shipped last year and a global market share of nearly 50% [8] Q: What are the company's advancements in robotics lidar applications? - A: The company has shipped nearly 20,000 lidar units in the robotics sector, with higher gross margins than in the automotive sector [20] Q: What is the company's investment in AI and chips? - A: The company has invested heavily in AI and chip development, with at least 50% of R&D spending allocated to these areas [4][25] Q: How does the company view the competition in the automotive lidar sector? - A: The company believes its self-developed chips and highly integrated system architecture give it a competitive edge, and it aims to make lidar a universal sensor like cameras [7][27] Q: What is the company's view on the future of autonomous driving and Robotaxi? - A: The company expects 2026 to be a turning point for Robotaxi, with L4 lidar becoming a necessary sensor, and believes multi-sensor fusion will be the mainstream trend [19][25][29] Q: What is the company's strategy for cost control? - A: The company has achieved cost leadership through in-house chip development, highly integrated system architecture, and large-scale production automation [26] Q: What are the company's plans for overseas markets? - A: The company has established offices in Detroit, Silicon Valley, and Stuttgart, with a strategic focus on expanding overseas markets [16][21] Q: What is the company's outlook on lidar technology and pricing? - A: The company has developed two products, one for high-end autonomous driving and another targeting affordability, with the goal of making lidar accessible to vehicles priced around 150,000 yuan [31] Q: What is the company's personnel growth plan for 2024-2025? - A: The company plans to focus on increasing talent density and efficiency, with a focus on AI and chip development, but does not expect significant headcount growth [32]

是不是各位直播间的投资者大家好欢迎来到中信箭头证券的直播间今天下午一个小时左右的时间我们在这里陪伴大家新进来直播间的朋友我们牵一个道好不好点个赞或者发一个小爱心发一个表情包刷一个666好不好我们看让我们看到大家对于今天的这个行情其实特别亢奋特别振奋人心 我们等了半天终于等到我们可以在KTV里狂欢了终于可以唱歌了但是昨天这个消息出来之后我发了一条朋友圈我说是不是终于可以KTV里重播会员了这一次但是大家就说这次会员到底是包月的包年的还是包天的 你们会怎么觉得在评论区我们一起来探讨今天下午大家对于这个盘面有什么样的期待什么样的预期今天大家的持参体验操作体验怎么样都可以在评论区我们持续的互动起来看不到我的人吗进来直播间的朋友我们先刷一个666或者先签到一下今天下午我们跟韩涛老师 在现场来跟大家一起看市场看行情见证这个激动人心的一天同时我们线上还有两位老师我们的余显峰老师还有郭旭斌老师都会在线上我们一会儿跟他们进行连线来陪伴大家我相信没有吧你们能看到看到了 对于今天的这个行情大家是不是有很多的话想说有很多的问题想问呢我们看到看到大家进来了啊萨萨在签到0999还有1154感谢大家准时来到我们的直播间进来直播间的朋友给我们 ...

Thank you for your participation.The meeting is ready. 本次电话会议仅供符合国海证券投资者适当性管理要求的客户以及受邀客户使用国海证券不会因接收人收到本次会议相关通知或参加本次会议而释其为客户本次会议内容不构成任何投资建议据此作出的任何投资决策与国海证券国海证券员工或者官邻机构无关本次会议只是转发国海证券已发布研究报告的部分观点仅反映国海证券研究人员于发布完整报告当日的判断 相关内容请以研究所已公开发布报告为准会议严禁录音或转发 任何人不得对本次会议的任何内容进行发布复制编辑改编转载播放展示或以其他任何方式非法使用本次会议的部分或者全部内容否则将承担相应的法律责任国海证券就此保留一切法律权利在任何情况下国海证券及其员工对使用本次会议信息或内容所引发的任何直接或间接损失概不负责市场有风险投资需谨慎 各位投资者大家下午好欢迎大家来到我们本次国海化工的这个报告讲解我是国海化工的联系首席广播剧那么我们在7月9号发布了万恶化学的六月月报海外MDI装置不可抗御频发凝固20万吨DCGX替改矿泉项目一个环境攻势那么今天呢由我来给大家汇报一下我们本篇这个万恶化学六月月报的一 ...

大家好 欢迎参加国营电视专门嘉宾的电视亚太民主党参议会今天主要是负责这些状态接下来是播报你的声明声明过完后举起声明口头再给大家发言 本次会议请面向国胜证券的专业投资机构客户或受邀客户会议中嘉宾的发言内容仅代表其个人观点国胜证券研究人员的发言内容仅代表当局的判断具体请参见完整版的研究报告未经国胜证券事先书面许可任何机构或个人严禁录音转发及相关解读事前违反上述情形的我们将保留追究相关方法律责任的权利 各位读者大家上午好我是国生认识的生肖编辑师秦升宇然后今天我们也是非常荣幸的邀请到了亚生医药的IRD领导然后来给大家做一个公司整体的一个分析包括我们后面还有一个区域RNA的一个环节生肖生医药的话最近的话是整体的这个联合网站的一个进展但是大家有关注到 然后包括跟现在的经济合作也是非常非常好然后下面我也是把那个时间交给温总然后来给大家做一个详细的介绍欢迎温总 谢谢陈老师也是非常感谢国生医药国生证券邀请我们参加这一次的交流会也非常感谢各位投资人的时间参加交流会我是亚生医药的投资与关系部责人文定仲之前应该都可能跟不少的投资人天上的投资人都有一些交流 整体来说我们可能先给大家一个简单的公式介绍然后也是有一些东西那么其他的如果有什 ...

Good morning and welcome to the Constellation Brand's first quarter fiscal year 2025 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the call over to Joseph Suarez, the SVP of Investor Relations. Thank you. You may begin. Thank ...

高盛：汽车现金成本分析——关注拐点（部分） ...