Summary of Conference Call Company or Industry Involved - The document does not specify a particular company or industry as it only contains a statement indicating that the meeting is ready to start [1]. Core Points and Arguments - No core points or arguments are provided in the document as it does not contain substantive content [1]. Other Important but Possibly Overlooked Content - The document does not include any additional information or context that could be considered important [1].

Investment Rating - The report maintains a "Strong Buy" rating for Meituan-W (03690.HK) [15][19]. Core Insights - In Q1 2024, Meituan achieved a revenue of 732.8 billion CNY, representing a year-on-year growth of 25.0%. The net profit was 53.7 billion CNY, with an adjusted net profit of 74.9 billion CNY, up from 54.9 billion CNY in the same period last year [15][16]. - The core local business revenue reached 546.3 billion CNY, growing by 27.4% year-on-year, driven by improvements in delivery services, commission income, and online marketing services [16][19]. - New business revenue was 186.5 billion CNY, an increase of 18.5% year-on-year, with significant reductions in operational losses due to improved warehouse operations and marketing efficiency [16][19]. Financial Performance Summary - Revenue and Profitability: - 2022A Revenue: 2199.5 billion CNY, 2023A Revenue: 2767.4 billion CNY, 2024E Revenue: 3186.7 billion CNY [7]. - 2022A Net Profit: -66.9 billion CNY, 2023A Net Profit: 138.6 billion CNY, 2024E Net Profit: 265.8 billion CNY [7]. - Operating Metrics: - Operating profit for Q1 2024 was 52.1 billion CNY, with an operating profit margin of 7.1% [16]. - The gross margin improved to 35.1%, up 1.3 percentage points year-on-year [16][19]. Future Outlook - The report anticipates continued growth in the core local business and improvements in new business operations, with projected net profits of 265.8 billion CNY, 385.4 billion CNY, and 492.3 billion CNY for 2024E, 2025E, and 2026E respectively [19].

Core Insights - The introduction of the "2024-2025 Energy Conservation and Carbon Reduction Action Plan" aims to enforce strict new project approvals, requiring new lithium battery anode and cathode projects to meet industry-leading efficiency standards [1][9][22] - The plan will gradually lift restrictions on new energy vehicle purchases across various regions, promote electrification in public sector vehicles, and initiate pilot projects for the electrification of coastal and inland river vessels [1][9][22] Investment Strategy - In the photovoltaic sector, as the process of eliminating excess capacity accelerates, industry chain prices are expected to bottom out in Q2. It is recommended to focus on auxiliary materials, integrated component companies, and inverters, with key stocks including Tongling Co. and Sunshine Power [2][23] - In the lithium battery sector, attention should be given to the resilient profitability of battery segments and the potential profitability turning point in the anode and cathode materials segment. Recommended stocks include Guoxuan High-Tech, benefiting companies include CATL, Longpan Technology, and Shantou Technology [2][23] Important Company News - The report highlights the active promotion of higher quality development in the new energy vehicle industry, indicating a strategic focus on enhancing industry competitiveness and sustainability [3][41] Monthly Industry News - In April, the production and sales of new energy vehicles reached 870,000 and 850,000 units, respectively, representing year-on-year increases of 35.9% and 33.5%. Exports of new energy vehicles totaled 114,000 units, up 13.3% year-on-year [10][35] - The overall performance of the energy storage market in Q1 2024 was relatively weak, with a year-on-year decline of 2.2%. However, the second quarter is expected to see a rebound in energy storage cell shipments based on production plans from energy storage cell companies [10][35] Industry Policy - The National Development and Reform Commission has proposed measures to consolidate and expand the advantages of the new energy vehicle industry, actively promoting higher quality development [41]

行 业 研 究 电力设备及新能源行业：节能降碳 2024年6月12日 看好/维持 方案推出，锂电行业供需两侧有望 东 电力设备及新 行业报告 兴 迎来量利改善 能源 证 券 摘要： 未来3-6个月行业大事： 股 无 份 市场回顾：2024年5月，电力设备及新能源板块（CI005011）上涨0.18%， 行业基本资料 占比% 有 同期沪深300指数下跌0.68%。 限 行业重要事件：《2024—2025年节能降碳行动方案》提出严格新增项目准入， 股票家数 242 5.27% 公 新建锂电池正负极项目能效须达到行业先进水平；逐步取消各地新能源汽车购 行业市值(亿元) 41150.48 4.9% 司 买限制，推动公共领域车辆电动化，有序推广新能源中重型货车，推动开展沿 流通市值(亿元) 35259.26 5.23% 证 海内河船舶电气化改造工程试点。 行业平均市盈率 24.42 / 券 我们认为《方案》的推出，有望引导锂电产业链高质量发展，对产业链的量利 行业指数走势图 研 边际改善均存在较为积极的作用，从量的维度，有望在进一步提振现有乘用车 究 需求的同时，延伸锂电应用场景，引导释放商用车与船舶领域的电动化需求， ...

东 兴 证 券 股 份 有 限 公 司 美国 5 月季调后非农就业增 27.2 万，预期 18.5 万，前值 16.5 万；失业率 4%，预期 3.9%，前值 3.9%。 就业紧绷程度已降至疫情前的高位，短期内非农总量无忧。 收入增速和失业率具有中后期周期性特征。 没有明显风险点，长期中性。 风险提示：海外通胀超预期，海外经济衰退。 （分析师：康明怡 执业编码：S1480519090001 电话：021-25102911） 理器，快手发布视频生成大模型——（20240611） 行业新闻重要公告： 敬请参阅报告结尾处的免责声明 东方财智 兴盛之源 （2）苏宁易购联合美团闪购推"空调 2 小时即送即装"，覆盖全国 35 城。 A 股新股日历（日内上市新股） 名称 价格 行业 上市日 2024 年 6 月 11 日星期二 数据来源：恒生聚源,东兴证券研究所 （分析师：石伟晶 执业编码：S1480518080001 电话：021-25102907） 东 兴 晨 报 分析师推荐 主要观点： 1~5 月周期性行业就业没有本质变化，总量受医疗和政府两大非周期性行业 影响较大。 当前政策利率离中性利率并不太远，预防性降息次数 ...

Employment Data - In May, the adjusted non-farm employment increased by 272,000, exceeding the expectation of 185,000 and the previous value of 165,000[1] - The unemployment rate stood at 4%, matching the previous value and above the expected 3.9%[1] Labor Market Dynamics - The demand for labor, measured by the ratio of job vacancies to total non-farm employment, decreased from a post-pandemic high of 103.77% to 100.93%, nearing the pre-pandemic high of 100.91%[2] - Job vacancies in certain sectors, such as trade, transportation, and energy, are significantly below pre-pandemic levels (85%), while healthcare (134%) and manufacturing (126%) remain above pre-pandemic levels[2] Sector Analysis - Major employment gains in May were concentrated in healthcare (68,000), government (43,000), leisure and hospitality (42,000), and professional and business services (33,000)[33] - Manufacturing employment showed signs of recovery with an increase of 8,000, primarily driven by non-durable goods[33] Economic Outlook - Current policy interest rates are close to neutral, with limited room for preventive rate cuts[2] - The 10-year U.S. Treasury yield is expected to remain between 3.65% and 4.85%, with a low likelihood of returning to the long-term low rates seen from 2008 to 2022[4] Inflation and Wage Trends - Wage growth remains high, with May's average hourly earnings increasing by 4.2% year-on-year, indicating persistent inflationary pressures[10] - The income growth rate for middle and high-income groups has significantly declined, while low-income growth remains elevated but slightly decreased[10]

行 业 研 究 传媒互联网&通信行业：浪潮信息率 2024年6月11日 看好/维持 先支持英特尔最新至强处理器，快 东 传媒 行业报告 兴 手发布视频生成大模型 证 券 股 份 周观点： 未来3-6个月行业大事： 有 浪潮信息借助 AI服务器东风，增值渠道升级为元脑生态。2017-2019年，公 限 司软硬一体化2B销售体系处于1.0阶段，公司与软件厂商存在“供养式”合 公 行业基本资料 占比% 作关系，以及利益分配规则不明确等问题。在AI时代来临后，2019年4月， 司 公司在IPF2019大会上正式推出“元脑生态”（Meta Brain），联合具备AI技 股票家数 190 4.14% 证 术开发能力的左手伙伴与分销渠道的右手伙伴，共同为行业提供端到端的 Al 行业市值(亿元) 14156.25 1.69% 券 解决方案。AI时代为公司与软件开发厂商合作建立了实践场景，同时市场存在 流通市值(亿元) 12277.46 1.82% 研 大量增量客户对人工智能较为关注。公司推出“元脑生态”，标志公司软硬一 究 体化2B销售体系成型，进入快速发展2.0时代。 行业平均市盈率 40.31 / 报 行业指数走势图 走 ...

2024 年 6 月 7 日星期五 求增长不及预期、锂电等其他可替代技术发展超预期的风险。 （分析师：李金锦 执业编码：S1480521030003 电话：010-66554142 分 名称 价格 行业 上市日 利安科技 28.30 电子 20240607 东兴晨报 P1 发展氢能的必要性：在全球各国达成长期减排脱碳趋势强共识背景下，氢能 可推动能源、交通及工业等主要碳排放领域实现大规模深度脱碳，在建筑供 热、重载航运及冶金等领域进行减排替代，并可作为长时储能媒介耦合可再 生能源，提升能源利用效率并稳定电网，为全球脱碳减排不可或缺的能源构 成。我国石油与天然气等主要工业与交通消费能源对外依存度较高，能源安 全问题面临严峻考验，作为全球最大的产氢国家，我国可基于氢能资源禀赋 优势替代对外依存度较高的化石能源，实现能源自主可控。国家高度重视氢 能发展，预计 2050 年氢能在我国能源体系中占比将超过 10%。 行业市场空间：氢能需求空间广阔，除传统石油炼化/合成氨/甲醇化工外， 名称 价格 行业 发行日 数据来源：恒生聚源,东兴证券研究所 东兴晨报 P2 领域，氢能布局再下一城（20240607） 事件：公司于 ...

会议屏面上受邀的东兴证券研究所的白名单客户会议中嘉宾的发言内容仅代表其个人观点所有信息或所表述的意见均不构成对具体证券在具体价位具体时点具体市场表现的判断或投资建议研究人员的发言内容仅代表当日的判断具体请参见完整版的研究报告依照监管要求和保密原则 感谢您的理解和支持,谢谢 那好的就是各位投资人然后各位领导大家早上好我是东一证券计算机行业的分析师张永佳那近期呢我们也是发了这个奇说智能化板块的一个深度报告 我们之所以选在现在这样的时间来进行一个推荐呢主要还是因为两方面原因那第一呢就是现在市场的一个催化因为一方面特斯拉自动驾驶入华这个预期是在提升的同时政策这一端也发了就是这个车路协同的一个机械方面的一个政策而且北京这边的一个订单已经开始招投标了 这样在政策和这种订单上都看到一个利好第二就是汽车智能化这个板块现在相对来说估值还是比较有一定性价比的而且从整体来看车员的发展空间以及未来的发展趋势都还是在逐步渗透然后有一个比较好的发展前景 那基于以上的逻辑呢我们现在就开始对车智能化板块以及智能交通板块做一个推荐这报告的逻辑呢就主要是基于以下几部分那首先我们会对行业整体来做一个分析同时对格局层面的一些现在像参与者像现在的一些 ...

Investment Rating - The report maintains a positive outlook on the hydrogen energy industry, particularly highlighting the fuel cell heavy-duty truck segment as a key beneficiary [1]. Core Insights - Hydrogen energy is recognized as a strategic emerging industry in China, with significant growth potential driven by the global consensus on long-term decarbonization and the need for energy independence [2][10]. - The demand for hydrogen energy is expected to expand across various sectors, including transportation, energy storage, green ammonia, and metallurgy, with a notable increase in fuel cell vehicle adoption [2][3]. - The report emphasizes the importance of hydrogen in achieving deep decarbonization in major carbon emission sectors, enhancing energy efficiency, and stabilizing the power grid [2][15]. Summary by Sections 1. Necessity of Developing Hydrogen Energy - Hydrogen is essential for global decarbonization efforts, with a consensus among over 100 countries on carbon neutrality goals [11][12]. - China's high dependence on imported fossil fuels necessitates the development of hydrogen energy to enhance energy security and achieve self-sufficiency [23]. 2. Market Space of the Industry - The hydrogen energy market is poised for growth, with projections indicating that by 2030, the share of electrolysis in hydrogen production could reach 33% [2][34]. - The report forecasts a significant increase in fuel cell vehicle sales in China, estimating 130,000 units by 2025 and 550,000 units by 2030 [2][3]. 3. Development Stage and Investment Opportunities - The fuel cell vehicle sector is lagging behind lithium battery technology by over ten years, but it is expected to accelerate due to policy support and cost reductions [3][34]. - Heavy-duty fuel cell trucks are anticipated to benefit first from this growth, supported by favorable policies and a narrowing cost gap with traditional fuel trucks [3][34]. - Investment strategies focus on the entire value chain of fuel cell trucks and core components, with recommendations for companies like China National Heavy Duty Truck Group and Foton Motor [5][3].