【瑞博生物】电话会小结 – 与Madrigal达成BD，6千万美元首付款+43亿美元里程碑【东吴医药朱国广团队】 与MDGL的互补合作：MASH适应症大市场，双方互赢，①肝病非常适合小核酸去做，MDGL对未来临床需要达到 的效果有很好的刻画，瑞博具备临床前到临床的转化经验和数据，因此可以倒算出临床前的数据要求，完全符合 要求，因此达成了合作。 ②MDRL已经是MASH领域先行者，MDRL拥有Rezdi ④对瑞博来说，MASH临床前数据优秀，但是并不是公司临床聚焦的方向，临床也很难做，最优解就是合作授 权。 ⑤达成合作的6个管线，并不相同，具有互补机制。 #未来2年内至少达到一个mash的IND，或有数kw美元的收入。 与BI的合作：BI与MDGl的靶点、适应症领域均有区别，BI更注重晚期肝病和并发症，聚焦FIC的科学突破性创新 靶点。 目前进展符合预期，已经拿到2个里程碑，预计与MDGL的合作管线同期会进入IND。 创新技术：肾靶向领先全球 + 其他的肝外递送早期资产 + 双靶点。 与MDGL的互补合作：MASH适应症大市场，双方互赢，①肝病非常适合小核酸去做，MDGL对未来临床需要达到 的效果有很好的刻画， ...

存储芯片市场持续处于供不应求状态，客户端反应极为积极，甚至经常在两个月前就主动接洽，希望能洽谈未 来三至四年的长期需求规划。 存储芯片市场持续处于供不应求状态，客户端反应极为积极，甚至经常在两个月前就主动接 华邦电子宣布，公司产能已全数售罄至 2027 年，并强调 "再卖下去就会超卖"。 总经理陈沛铭针对存储芯片市场供需情况表示，当前 DDR4 供给缺口 "大到不晓得怎么来补起来"，尽管华邦 电子正在推进扩产，但仍预期缺口将持续较长时间；其中 SLC NAND 芯片因缺口更大，涨幅甚至会超过 DRAM。 华邦电子宣布，公司产能已全数售罄至 2027 年，并强调 "再卖下去就会超卖"。 总经理陈沛铭针对存储芯片市场供需情况表示，当前 DDR4 供给缺口 "大到不晓得怎么来补起来"，尽管华邦 电子正在推进扩产，但仍预期缺口将持续较长时间；其中 SLC NAND 芯片因缺口更大，涨幅甚至会超过 DRAM。 ...

Company and Industry Summary Industry: North American Gas Turbine Market Key Points - **Market Progress**: The North American gas turbine market is experiencing positive developments, particularly with the Caterpillar 3500 series engines. The expected market volume for this year is 2,000 units, with a unit value of $150,000, leading to a casting market space of $3 billion. Assuming a 35% market share for the company, this translates to $8 billion in revenue and a profit increment of $2 billion [1][1][1] - **Cooling Technology Trends**: There is a shift towards increased use of mechanical cooling in gas turbines, despite previous suggestions from NV to utilize natural cooling methods. This trend is expected to continue long-term, with NV not enforcing strict requirements on cooling methods [1][1][1] Company: 联德股份 (Lian De Co.) Key Points - **Client Acquisition**: The company is actively onboarding new clients, including international giants like Caterpillar, and continues to introduce related new products [2][2][2] - **Production Capacity**: The commissioning of the company's facility in Mexico is anticipated to enhance its ability to fulfill overseas orders [3][3][3] - **Subsidiary Performance**: The performance of the company's subsidiaries is improving, which is expected to release profit elasticity [4][4][4] - **Profit Visibility**: The gas turbine and diesel generation segments are closely tied to major client Caterpillar, with profit visibility projected to reach $5 billion. The estimated performance for 2025 is between $2.2 billion and $2.5 billion. By 2026, with improved performance from domestic subsidiaries and the commissioning of the Mexican plant, capacity is expected to reach approximately 90,000 tons, corresponding to $18 billion in revenue and around $3.7 billion in net profit. The company anticipates breaking through 110,000 tons next year, with profits exceeding $5 billion, and full capacity could yield profits of $10 billion, leading to a market valuation exceeding $200 billion [5][5][5]

Summary of Conference Call Notes Company and Industry Involved - The notes focus on the AIDC (Artificial Intelligence Data Center) sector and the power supply industry, specifically mentioning companies like 富特科技 (Futec Technology), 维缔 (Weidi), 英维克 (Invid), and others. Core Points and Arguments 1. The entire sector experienced a significant increase today, primarily due to Weidi's explosive order data and the 2026 performance guidance exceeding expectations [1] 2. The outlook for 2026 indicates that AIDC is entering a phase of order fulfillment and performance realization, with sustained investor interest [1] 3. Major companies have collectively indicated a high year-on-year increase in capital expenditure (capex) for 2026 [1] 4. The NVGTC conference in March clarified the liquid cooling architecture for power supplies [1] 5. During the Spring Festival, AI applications from ByteDance, Alibaba, and Tencent gained significant traction [1] 6. The leading third-party vehicle power supply company is actively adjusting raw material prices, and with the anticipated high-margin growth from Renault and Stellantis in 2026, overall profitability is expected to remain stable with an increase [1] 7. The projected profit for the main business in 2026 is estimated at 400 million [1] 8. AIDC is expanding its domestic CRPS and overseas 800V HVDC, with smooth product development and channel expansion; post-New Year, there is potential for marginal changes in AI power supply layout [1] 9. The current stock price shows minimal option market value, indicating significant elasticity [1] Additional Important Content 1. The recent capital increase announcement has been approved, which will expand the Thailand base, indicating strong market value drivers [2] 2. The short-term marginal changes in AI power supply are expected to contribute to a market value increase target of 5 billion to 10 billion for 2026, with a potential price increase of 60% to 120% [2] 3. Key recommendations include: - Liquid cooling: Focus on leading company Invid, with attention to overseas potential stocks like Tongfei and domestic temperature control leader Shenling [2] - Power supply: Key recommendations include solution leader MaiMi, UPS leader Keda, and HVDC leader Zhongheng [2] - Transformer SST: Companies like Jinpan, Igor, Siyuan, and Jingquan are highlighted [2]

Summary of Key Points from Conference Call Company and Industry Overview - **Company**: Dongyangguang (东阳光) - **Industry**: AI and Data Center Infrastructure Core Insights and Arguments - **Establishment of National AI Ecosystem**: ByteDance has made significant moves by launching Seedance 2.0, Doubao 2.0, and the multimodal model Seedream 5.0, solidifying its position as a national-level AI traffic entry point. The strategic intent to build a national AI ecosystem is clear, with user penetration rates increasing exponentially, indicating a qualitative change in the AI ecosystem's prosperity [1][1]. - **Increased Demand for Computing Power**: The rapid iteration of models and diverse applications highlight an extreme demand for computing power. Once Doubao establishes its national-level status, the consumption of inference-side computing power is expected to increase significantly. The training and deployment of multimodal models like Seedance and Seedream will also consume substantial computing resources. By 2026, data centers, as core computing power carriers, are anticipated to enter a significant expansion phase [2][2]. - **Transition to AI Computing Power Service Provider**: Dongyangguang has successfully transitioned from traditional manufacturing to an AI computing power service provider. The core asset value is becoming more prominent: - **IDC Operations**: The company has completed the asset transfer of Qinhuai Data, improving governance structure. As a core IDC supplier for ByteDance, the revenue share is high, and Qinhuai Data's resource reserves in key areas will benefit from increased capital expenditures in computing power, leading to expected performance elasticity [2][2]. - **Liquid Cooling Technology**: The company has made substantial progress in the liquid cooling sector, transitioning from a materials supplier to a comprehensive solution provider through self-research and acquisitions, aiming to capture a larger share in the global supply chain of leading manufacturers [2][2]. - **Development of High-End Components**: To address the miniaturization challenges in AI power supplies, the company has established a new research and production base for supercapacitors [3][3]. Additional Important Content - **Industrialization of Layered Foil Technology**: The move signifies that layered foil technology has transitioned from the laboratory to large-scale industrialization, with customized solutions deeply integrated into data center power supply systems [4][4]. - **Risk Factors**: Potential risks include the underperformance of AI large models and user growth, fluctuations in capital expenditures from downstream internet giants, and significant volatility in raw material prices [4][4].

油运：预防节后上行风险致板块大涨（GS交运氢能，0212） 为什么轮船海能双板：（1）我们认为核心是本身机构持仓不高的情况下，市场为预防节后股价上行风险而入场或 加仓——之前1月中旬至下旬产业大佬对春节期间运价的乐观展望是8-10万，当时大家持怀疑态度，认为一旦节间 保持此运价，节后股价上行风险很大，现在12万的运价导致大家节间预期乐观。 （2）轮船昨天大三角航线定载价格11.15万创新高、传sinokor重 油运：预防节后上行风险致板块大涨（GS交运氢能，0212） 为什么轮船海能双板：（1）我们认为核心是本身机构持仓不高的情况下，市场为预防节后股价上行风险而入场或 加仓——之前1月中旬至下旬产业大佬对春节期间运价的乐观展望是8-10万，当时大家持怀疑态度，认为一旦节间 保持此运价，节后股价上行风险很大，现在12万的运价导致大家节间预期乐观。 （2）轮船昨天大三角航线定载价格11.15万创新高、传sinokor重新启动此前未能取得进展的船舶采购谈判、美派航 母也有催化，但可能不是当前时点最核心的驱动。 市场关注度反而比之前提升：一方面，之前部分以1000e为阶段顶，如今已突破；一方面，部分领导开始关注美 股 ...

Summary of Conference Call Notes Industry Overview - The electronic fabric market is experiencing a strong price increase, with notable price points for various products. For instance, the mainstream price for electronic yarn G75 is reported to be between 10,400-10,700 RMB/ton, while the prices for different types of electronic fabric are as follows: 7628 electronic fabric at 5.3-5.5 RMB/m, 2116 electronic fabric at 6.1 RMB/m, and 1080 electronic fabric at 6.3 RMB/m [1][3]. Key Insights - The price of 7628 electronic fabric has increased by 0.75 RMB/m compared to the end of last year, driven by several factors: 1. Slow expansion of weaving machine production capacity, with some companies switching equipment to produce low-dielectric products required for AI, thereby reducing the production of ordinary 7628 electronic fabric. 2. Production of ultra-fine and ultra-thin electronic fabric by a single weaving machine may result in a loss of over 50% of capacity due to production difficulties and differences in yarn density [1][3]. - There is an expectation that the price increase trend for electronic fabric may continue in the short term [2]. - By 2026, the supply and demand for ordinary electronic yarn may reach a balance, but the ordinary electronic fabric may still face supply constraints due to a shortage of weaving machines, which provides a basis for potential price increases [3]. Additional Important Points - The new production capacity for electronic yarn by 2026 includes: 1. A 100,000-ton production line by China Jushi in Huai'an, expected to start in March-April. 2. A 70,000-ton electronic yarn project by Jiantao Chemical. 3. An 85,000-ton ordinary electronic yarn project by International Composite Materials, which was launched at the end of December 2025, with plans for potential upgrades to older lines [3]. - Leading companies may optimize their product structures, with significant profit elasticity for ordinary electronic fabric. In Q3 2021, the average price of 7628 electronic fabric was 8.8 RMB/m, while China Jushi's non-tax selling price for electronic fabric was 6.7 RMB/m, yielding a net profit of 2.8 RMB/m, indicating substantial profit potential at current price levels [4]. - If the price of electronic fabric increases by 1 RMB/m, it could lead to a profit increase of 1 billion RMB for companies with an effective production capacity of 1.1-1.2 billion meters of electronic fabric [4].

Summary of Earnings Call for NetEase Cloud Music Company Overview - **Company**: NetEase Cloud Music - **Fiscal Year**: 2025 Key Financial Metrics - **Total Revenue**: 77.6 billion, down 2% year-over-year (yoy) [1] - **Operating Profit**: 16.2 billion, up 39% yoy [1] - **Adjusted Net Profit**: 28.6 billion, up 68% yoy [1] - **Operating Profit for 2H25**: 7.8 billion, up 36% yoy [1] - **Adjusted Net Profit for 2H25**: 8.6 billion, up 15% yoy [1] - **Online Music Revenue**: Up 12% yoy [1] Membership and User Growth - **Monthly Active Users (MAU)**: Significant growth with independent monthly users exceeding one million, up 29% yoy [1] - **Daily Active Users (DAU) to MAU Ratio**: Greater than 30% and steadily increasing [1] - **Subscription Revenue**: Up 13% yoy, with mid-teens growth expected [2] - **Non-Subscription Revenue**: Up 5% yoy, but down 7% in 2H25 [2] Revenue Breakdown - **Subscription Revenue**: - 1H25: 15% growth - 2H25: 12% growth, indicating a slowdown [2] - **Non-Subscription Revenue**: - 2H25 decline attributed to fluctuations in digital sales and advertising base effects [2] - **Social Entertainment and Other Revenue**: - Down 32% yoy, with a notable recovery in the latter half of the year [2] Profitability and Cost Management - **Gross Margin**: 35.7% for the year, with a notable improvement from 32.4% in 2H24 [3] - **Cost Control**: - Sales expense ratio stable, management and R&D expenses decreased, indicating high operational efficiency [3] Strategic Insights - **Market Position**: Company has been minimally affected by competition, with stock price adjustments reflecting pessimistic expectations [3] - **Future Outlook**: - Emphasis on young users and potential for subscription business growth in 2026 through promotional reductions rather than price increases [3] - Focus on operating profit growth, with a projected 3-year compound annual growth rate (CAGR) of over 20% [3] - **Cash Position**: Over 12 billion in net cash at the end of 2025, indicating strong value proposition [3]

Summary of Conference Call Notes Industry Overview - The conference call discusses the optical components industry, specifically focusing on InP (Indium Phosphide) production and supply chain dynamics. Key Companies and Their Production Capacities - **Coherent**: - Production capacity of approximately 50 million units (including 100G/200G) - Expansion of InP production capacity in Texas and Sweden, expected to double within a year - 200G EML (Electro-Absorption Modulated Laser) is in the ramp-up and customer certification phase, prioritizing high-end clients like Google and NVIDIA - Long-term order lock-in accounts for about 50% of total orders, with a delivery cycle of approximately 14 weeks [1][2][3] - **Lumentum**: - Production capacity of approximately 60 million units (including 100G/200G) - FY26 Q1 EML shipments reached a record high, with all InP wafer production allocated - Plans to expand unit production capacity by about 40% over the next few quarters - 100G EML quarterly shipments increased to 15 million units, with simultaneous growth in 200G EML shipments - Long-term order lock-in also accounts for about 50%, with orders primarily secured by North American cloud providers and leading optical module manufacturers - Delivery cycle ranges from 12 to 24 weeks [1][2][3] - **东山精密 (Tongshan Precision)**: - Production capacity of approximately 80 million units (including 100G/200G) [1] - **源杰科技 (Yuanjie Technology)**: - Production capacity of approximately 10 million units (100G) [1] Additional Insights - The industry is experiencing significant demand from high-end clients, indicating a robust market for optical components - The focus on long-term contracts suggests a strategic approach to securing revenue streams amidst fluctuating market conditions - The delivery cycles indicate potential supply chain challenges, which could impact customer satisfaction and future orders if not managed effectively [1][2][3]

【兴证策略|地缘战略】国际政治信息整理0212 特朗普与内塔尼亚胡举行闭门会晤。 特朗普告诉内塔尼亚胡，如果能同伊朗达成协议，"这将是我们的首选"；如果无法达成协议，"我们只能静观其 变"。 特朗普10日称正在考虑派遣第二个航空母舰打击群前往中东，以准备在与伊朗谈判失败时采取军事行动。 委内瑞拉代总统会见美国能源部长。 【兴证策略|地缘战略】国际政治信息整理0212 特朗普与内塔尼亚胡举行闭门会晤。 特朗普告诉内塔尼亚胡，如果能同伊朗达成协议，"这将是我们的首选"；如果无法达成协议，"我们只能静观其 变"。 特朗普10日称正在考虑派遣第二个航空母舰打击群前往中东，以准备在与伊朗谈判失败时采取军事行动。 委内瑞拉代总统会见美国能源部长。 罗德里格斯在会见后对媒体表示，双方讨论了石油、天然气、采矿和电力领域的项目。 美国能源部长赖特称将会晤委内瑞拉石油天然气行业高管，并评估委内瑞拉油气生产状况。 美国向欧盟国家移交部分北约指挥权。 按照新的分工安排，英国、意大利将分别接管目前由美国主导的位于美国弗吉尼亚州的"诺福克联合部队司令 部"和位于意大利的"那不勒斯联合部队司令部"的指挥权。 德国与波兰将以轮换方式负责位于 ...