中文字幕由Amara.org社区提供 相对来讲1到5月份来讲应该来说都相对不错那么6月份是有所回落那么燃气板块其实A股比较A和H之间的分化比较大A股的话明显就是在反映燃气顺架的行情所以1到4月份表现非常突出那么后面快速的回落 那么六月份受到九峰能源等等公司分红的影响还是出现了比较明显的表现的那么港股的话整体来讲染期也是一个先涨后跌的过程但是可能反映的相对平缓一些所以这个是我们开篇做的一个复盘其实这里面比较有意思的地方就在于整个公众事业化的行情确实在推进那么水电 核电 火电甚至包括绿电我们认为都不同程度的来讲受益于公众事业化这个行情 但是从这里面我们还是看到核电和火电是有相对比较明显的α那么水电整体它是一个大β这样的一个过程那么在这个状态当中我们还是汇报一下估值的水平其实现在电力板块的PE估值整体来讲是大概60%的分位那么过去的这两年2022年和2023年其实因为大家业绩比较差所以估值看起来相对比较高现在估值逐步的回到合理水平但是越往后我的盈利预测还是会上修的至少在今年 那么PB这个水平其实今年1月份开始整个板块的PB估值开始出现了比较快速的提升那么现在的PB估值的分位大概是2016年以来的40%的分位那么这里 ...

各位投资人大家上午好我是广发证券传媒分析师许春俊今天是跟大家来分享我们在周日晚上发布的一篇电影行业的深度报告这篇报告一方面呢是对整个上百年电影市场的行情做一个回顾和分析另外一方面呢也是对今年暑期档的一个行情做一个前瞻性的分析 首先是从今年一至五月的票房来看全球电影市场的复苏其实都是低于预期的那么相对来说中国的票房已经是全球范围内恢复的比较快的根据拓扑数据今年一到五月我国路德韩服务费票房216亿元同比是下滑了两个百分点比19年同期呢是减少了20% 对比其他国家和地区的话中国其实现在是全球范围内最大而且复苏速度最快的票仓根据灯塔专业版的数据今年一到五月中国的累计票房比北美市场大概是要高30亿元人民币 还有英国、韩国、意大利等国家他们在今年一到五月的票房同比19年是下滑了30%多那么具体来看我国电影市场的一个恢复情况其实在一些法定节假日也就是热门档期它的票房规模和观影需求其实已经基本上是恢复到了疫情前的水平 比如说像今年的元旦党、春节党、清明党、五一党票房都比19年同期要更高但是不在这些节假日包括普通的周末这些日常的观影需求明显是要低于疫情前的水平的 今年第一周到第二十四周我们以周围度去看最低的观影体量大概是545 ...

Summary of Conference Call Industry Overview - The conference call focuses on the passenger car industry, specifically discussing the core changes in data for May and future outlooks [1]. Key Points Demand - The analysis begins with an examination of demand within the passenger car sector, indicating significant trends and shifts that have occurred in May [1]. Inventory - Inventory levels are addressed, highlighting how they have been affected by recent demand fluctuations and market conditions [1]. Exports - Export data is reviewed, providing insights into how the passenger car industry is performing in international markets [1]. Financial Landscape - The financial dynamics of the industry are discussed, including the impact of financing options available to consumers and manufacturers [1]. Additional Important Content - The call emphasizes the importance of understanding these four aspects—demand, inventory, exports, and financial landscape—to gauge the overall health and future prospects of the passenger car industry [1].

尊敬的各位领导大家晚上好我是广发证券的军工首席分析师冯祥杰本周的周末30分的话呢我们想在这个位置再给各位领导重点汇报一下中国动力的这个个股的深度中国动力的话呢是船舶集团旗下专门做这个各种舰船的发动机的这么一个上市公司 市场关心的话呢主要关心的还是他的这个柴油发动机尤其是低速柴油发动机在民船领域的配套但公司的业务的话呢像燃气动力啊蒸汽动力啊化学动力啊啊等等啊他的这个布局的这个产品的领域还是非常广泛的也包含一些这个极点的配套 那么第一期大家也看到川博市场整体表现还是持续的比较积极从另外一方面来看的话23年全球的总积单量化为1.07亿在中墩同比增长接近28%考虑价格的幅度整个增幅在40%左右 根据传奇发布的23年的船舶统计数据来看的话中国造船三大指标同比正增长完工量同比增长11.8%新接量同比增长56.4%手持量同比增长32% 从份额来看的话呢2023年这个中国造船完工量新接订单量手持订单量分别占世界份额的50.2%66.6%和55.0%那么在24年的一季度中国造船的完工量新接订单量和手持订单量分别占世界的份额为53.8%69.6%和56.7% 那么就是中国的份额的话呢也逐渐提升到像百分之五六五十这么一个份额的这个 ...

嗯,各位领导,大家晚上好,我是刘成明,然后今天晚上的话,我们还是围绕这个科创版这个话题哈,跟大家再汇报一些。 呃,最近我们路人家关注的一些焦点,嗯,因为过去这大概一个月以来吧,整体的呃,包括生长指数在内的整体的市场表现是比较萎靡的啊,然后科创版呢是为数不多吧,整个这个市场里面有类似于北塔性质这样的机会,或者是板块方向的,嗯,从我们的这个路人感受上来讲哈,呃,确实比5月底6月初刚刚推荐科创版的时候, 这个关注度是要回升了一些,但整体来讲,我觉得因为整体市场整个氛围和情绪还是比较差的,所以关注度虽然略有回升,但我觉得整体还是偏低的,整体还是偏低的这么一个状态,而且呢,最近这一周以来吧,大家也讨论了一些这个,呃,针对扩张版的一些新的问题,这里面我们注意跟大家再做一些分享,然后最后我们再跟大家汇报一下市场整体的这个观点, 首先的话就是关于这个科创的这个包括TMT的这个成交占比这个事儿,因为在5月中下旬的时候哈,当时我们说把这个科创版也好,TMT作为一个这个这个科技的也好,方向做一个推荐呢,其实也是因为当时这个成交占比确实是比较低的,就是这根蓝线。 蓝线的话,田地四行业成交占比在那个五月中下旬时,就那个尖儿,就最右侧那 ...

各位领导各位朋友大家好我是开源金融工程魏建荣欢迎收控收听我们开源金融工程一起谈系列对话那么这个系列是我们的招牌会议活动到目前为止已经做了一百多场今天我们非常荣幸邀请到了广发基金量化投资部李玉新总李总是香港中文大学的同期学博士2019年加入广发基金 投资的风格特点主要是从传统多因子模型和机器学习的模型的相结合通过量化模型驱动投资决策比较少的去进行主动的干预主要是专注于在不确定性的市场里面 去寻找高胜率的阿法追求投资策略的长期稳定性长期超额收益的稳定性李总目前担任了广发量化多因子混合基金的经理所以我们今天的对话主题取名叫做广发量化多因子的实践思考非常期待今天的对话下面我把时间交给我们团队核心成员开源金融工程资深分析师胡亮永有请亮永 各位投资者大家下午好我是开源证券金融工程分析师胡亮永然后今天很荣幸邀请到广发基金李玉清李总来参加我们的这个议题谈对话节目那并就相关的这个量化投资的话题进行一个深入的交流 在开始之前请允许我简单介绍一下李玉新李总的背景李玉新李总是香港中文大学的统计学博士在19年就开始加入了广化基金截至目前已经有5年的投资经验现任是广化基金量化投资部的基金经理就投资风格而言的话他自己有一个概括认为可能就是 ...

Financial Data and Key Metrics Changes - The company experienced a significant decline in revenue and profit from 2020 to 2022, attributed to multiple factors including macroeconomic conditions and increased competition in the seasoning market [5][6] - The net profit for 2024 is projected to correspond to a PE valuation of 15 times, with a dividend yield close to 6% [1] - The estimated reasonable value for the stock in 2024 is set at HKD 18, based on a PE valuation of 18 times [1][32] Business Line Data and Key Metrics Changes - The product structure consists of 67% hot pot base, 23% convenient fast food, and 10% seasoning, with hot pot base showing a compound growth rate of around 10% [8][9] - The fast food segment saw a year-on-year decline of 26% in growth during 2022-2023 [8] - Third-party revenue surpassed related party revenue for the first time in 2018, but the proportion has since decreased due to slowing growth in the fast food category [10][11] Market Data and Key Metrics Changes - The hot pot base market was valued at approximately RMB 400 billion in 2022, with an industry growth rate exceeding 10% [13] - The seasoning market is estimated to be around RMB 600 billion, with a fragmented competitive landscape [12][13] - The overseas market currently accounts for about 6% of total revenue, with growth rates surpassing the overall company growth [11] Company Strategy and Development Direction - The company is focusing on multi-category and multi-brand strategies, with an emphasis on enhancing product quality and price competitiveness [4][15] - The management is implementing a dual-channel strategy (B2B and B2C) to drive growth, particularly in the small B market [15][24] - The company aims to leverage its strong brand presence to penetrate the C-end market effectively [14][15] Management Comments on Operating Environment and Future Outlook - Management believes the worst phase of the supply-demand imbalance has passed, with expectations for a recovery in growth across various product categories [5][19] - The company anticipates a compound annual growth rate of around 19% for related party business over the next three years [20] - Management acknowledges the need for organizational adjustments to enhance market responsiveness and sales team motivation [25][26] Other Important Information - The company has a concentrated ownership structure, with significant stakes held by the founding couples, which aligns their interests with the company's performance [7] - The dividend payout ratio has increased significantly, reaching approximately 93% for both the company and its related parties [7][8] - The company is undergoing a transformation to improve its operational efficiency and market competitiveness [19][25] Q&A Session Summary Question: What is the outlook for the company's growth in the next few years? - The company expects a compound annual growth rate of around 19% for related party business over the next three years, with a focus on enhancing product quality and market penetration [20] Question: How is the company addressing the challenges in the fast food segment? - The company is adjusting its product pricing strategy to enhance competitiveness and is exploring new product lines to stimulate growth [18][19] Question: What are the key areas of focus for the company's future strategy? - The company is focusing on expanding its B2B channels, improving sales team motivation, and enhancing product responsiveness to market demands [24][25]

Summary of Conference Call Company/Industry Involved - The conference call is organized by GF Securities, focusing on the recent deep report regarding the recovery and reform of the international shipping industry, specifically highlighting the company "Hai International" [1] Core Points and Arguments - The report discusses how Hai International is emerging from a low point in its performance, indicating a potential turnaround in its business operations [1] - Emphasis is placed on the reforms being implemented within the company, which are expected to drive future growth and improve operational efficiency [1] Other Important but Possibly Overlooked Content - The call is part of a series of investor engagement activities, suggesting a proactive approach by GF Securities to keep investors informed about market developments and company performance [1]

Summary of Conference Call Industry or Company Involved - The conference call focuses on the construction industry, specifically discussing the impact of dual carbon policies on the sector [1]. Core Points and Arguments - The speaker, a senior analyst from GF Securities, presents a specialized report on the construction industry, emphasizing the implications of dual carbon initiatives [1]. - The discussion aims to analyze how these policies will affect the construction sector, particularly in terms of sustainability and regulatory compliance [1]. Other Important but Possibly Overlooked Content - The call highlights the importance of understanding the broader context of dual carbon policies and their potential long-term effects on the construction industry [1].

各位领导好欢迎参加本周的纺织服装与轻工行业周报解读会议我是广大纺服的研究员廖红一同在线的还有我们的轻工资深分析师张雨路老师那会议将会分为两个部分第一个部分将会由我来给大家汇报纺织服装的行业周观点第二个部分将会由雨路老师来给大家汇报轻工行业的周度观点 首先进入第一部分那关于本周的纺织服装行业周的观点的话首先看纺织制造板块一方面我们建议关注色之波罗纹头露台A短期业绩困难反转估值低且今年连续回购注销B股长期有望收益供求格局及其变化 供应端海外品牌供应链多地布局需由端下游品牌客户经典风格回归另一方面建议关注毛榜龙头西澳股份斯瓦沙龙头白龙东方去年业绩基数前高后低今年业绩有望前低后高加速向上那在服装加款板块一方面看好消费两级分化趋势的 一方面看好消费两极分化趋势的高端和性价比方向的龙驼公司建议关注海南之家、比音乐分、富安曼、港股波斯登、安踏体育等公司另一方面看好部分疫情期间品牌立项上的龙驼公司业绩 有望重回较快的增长建议关注景洪集团报行料那鲁台A我们预计20年的根本经济润为6.04亿元同比增长49.8%对应率的PE估值为9.68倍C2股C0预计20年根本经济润为4.53亿元同比增长12.1% 与对应的PE估值为12.26 ...