： 2024/11/26 ： 一师国资委 ： 兵团国资委 ： 实控人变更： 阿拉尔统众公司以其持有的青松建化360，922，546股无限售股份向中新建能矿出资，出资完成 后，中新建能矿持有青松建化360，922，546股股份，占青松建化总股本的比例为22.49%，从而成为青松建化控股 股东。 本次权益变动导致青松建化实际控制人由一师国资委变更为兵团国资委。 ： 20 ： 2024/10/15 ： 阜康市财政局 ： 新疆国资委 ： 大股东/实控人变更： 公司原控股股东天池控股将持有的公司3664万股股票(占公司股本总额的23.64%)对应的表决 权委托授予新疆文化旅游投资集团有限公司行使。 新大股东/实控人旗下有优质资产： 新疆文旅投成立于2019年，集团旗下企业37家，是新疆维吾尔自治区党委、自 治区人民政府批准组建的国有文化旅游产业集团，目前由新疆国资委控股。 主要控股的相关上市平台： 西域旅游为新疆境内主要国有旅游上市平台。 陈书智放弃其剩余所持有的普路通45，483，664股股份(占普路通总股本的12.18%)所涉及的表决权（涉及股份转 让、股份质押等直接涉及陈书智所持股份处分事宜的事项除外）。 上市公 ...

Summary of Conference Call Notes Company and Industry Involved - The discussion revolves around the performance metrics of a company involved in manufacturing cartridges, specifically mentioning the APH Nantong facility. Core Points and Arguments - The yield rates for cartridges produced at the APH Nantong facility have shown consistent performance: - On the 13th, the yield was 80% with a production of 12,000 units - On the 14th, the yield remained at 80% with a production of 15,000 units - On the 17th, the yield was still at 80% with a production of 16,000 units - On the 20th, the yield improved to 82% with a production of 17,800 units - As of the 25th, the yield reached 88% with a production of 23,000 units [1][1][1] - The total testing data on the 25th indicated: - Total units tested: 230,669 - Units passed: 203,657 - Units failed: 27,012 - Overall yield percentage: 88.29% [1][1][1] - Daily stable shipment rates are reported to be between 100 to 150 sets, along with NVL36/72 [1][1][1]. Other Important but Possibly Overlooked Content - The testing process includes several critical evaluations: - High-frequency testing for SI performance - Testing for vertical and horizontal floating dynamics - Error code testing - Eye diagram testing [1][1][1] - The company is supplying products to major clients such as Quanta and Hon Hai [1][1][1].

Key Points Industry Overview 1. **Industry Sales Trends**: The industry has seen a monthly improvement in sales since November. The total industry volume is expected to reach 51-52 million units in 2024, with a potential to exceed 60 million units in 2025 [doc id='4']. 2. **Overall Industry Strategy**: Companies are adopting a more aggressive product, marketing, and channel strategy for 2025 [doc id='1', doc id='13']. 3. **Government Policies**: The new national standard revision is expected to be released around the New Year's Day in 2025. Key changes include the recommendation of civil Beidou navigation products and the mandatory use of commercial products. The scrapping program is expected to continue with expanded coverage and increased subsidies [doc id='23']. Company-Specific Updates 1. **Yadea Holdings**: - **Sales and Inventory**: December 2024 sales are expected to be around 900,000 units, with a low inventory level of about 15 days. The company is expected to see a sales turnaround in December [doc id='5']. - **Product Launch**: The company plans to launch over 100 new products starting in January 2025, focusing on new national standard electric bicycles [doc id='3', doc id='9']. - **Marketing**: A new young and trendy代言人 will be announced, and both online and offline marketing will be increased [doc id='3', doc id='8']. - **Channel Strategy**: The company will focus on improving store efficiency and prioritizing dealer sales and profits [doc id='23']. - **New Products**: The company plans to launch new products in the electric two-wheeler, electric motorcycle, and electric light motorcycle categories, targeting the 3000-4000 yuan price range [doc id='12']. - **Graphene Battery**: More products will come with Yadea's graphene battery, and the warranty period will be extended [doc id='28']. - **Overseas Expansion**: The company has two overseas factories in Indonesia and Vietnam, with the Vietnam factory expected to start production in May or June 2025 [doc id='19']. 2. **Ninebot**: - **Sales**: December 2024 sales are expected to exceed 100,000 units, with a full-year sales target of over 2.5 million units [doc id='6']. 3. **Other Brands**: - **Overall Sales**: Overall sales of other brands are expected to increase slightly [doc id='7']. 4. **Aima**: - **Sales**: December 2024 sales are expected to exceed 700,000 units, with a year-on-year growth of 40% [doc id='15']. 5. **Niu**: - **Sales**: December 2024 sales are expected to be between 70,000 and 80,000 units, with a year-on-year increase [doc id='16']. 6. **Feiyue**: - **New Products**: The company plans to launch a series of new products in May or June 2025, covering electric two-wheelers, electric motorcycles, and electric light motorcycles, targeting the lower-tier market [doc id='27']. 7. **Graphene Battery**: - The company plans to extend the warranty period for its graphene battery products [doc id='28']. 8. **Store Expansion**: - The company plans to increase the number of stores by a few hundred to a thousand in 2025 [doc id='29']. 9. **New National Standard**: - The company is working with the government to negotiate the weight limit and plastic component restrictions [doc id='30'].

明年第一季度高企的美债收益率会让美国政策和市场头疼不已； 【民生宏观】美债：背刺特朗普的"第一刀"？ 第一季度将集中到期超过3万亿美元的美债，以及股市的动荡； 除了充满不确定性的通胀和美联储的转向外，可能更多的会是交易的惯性和对于2016年底的"肌肉记忆"； 会带来哪些麻烦？ 美债当前定价了什么？ 美股连续调整、机构暴雷或数据连续转弱，使得美联储再次转向。 而这在近年并不少见。 【民生宏观】美债：背刺特朗普的"第一刀"？ 美债当前定价了什么？ 明年第一季度高企的美债收益率会让美国政策和市场头疼不已； 如何破局？ 第一季度将集中到期超过3万亿美元的美债，以及股市的动荡； 如何破局？ 除了充满不确定性的通胀和美联储的转向外，可能更多的会是交易的惯性和对于2016年底的"肌肉记忆"； 会带来哪些麻烦？ ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the A-share market and the implications of new delisting regulations expected to be implemented in 2025 [2][5]. Core Insights and Arguments - Financial delisting is anticipated to be a major risk in the coming year, with an increase in the number of companies potentially facing delisting due to financial criteria [1][5]. - The number of companies facing significant legal violations is expected to rise, with 176 new investigations initiated as of December 23, marking a 57.1% increase compared to 2022 and a 12.8% increase compared to 2023 [3]. - A total of 2,257 violations recorded among listed companies, reflecting a 12.8% increase from 2022 and a 12.9% increase from 2023, indicating a clear rise in compliance risks for listed companies [3]. - The number of companies with high stock transfers has significantly decreased over the past two years, and the "1 yuan stock" phenomenon is gradually being eliminated. The political bureau's goal to stabilize the stock market suggests a potential improvement in market conditions by 2025, leading to a reduction in the number of companies facing delisting due to low stock prices [4]. - The new regulations are expected to tighten financial delisting criteria, with 53 companies failing to meet the new revenue threshold of 300 million yuan, likely resulting in 48 companies being designated as ST (special treatment) and 5 companies facing delisting [6]. Other Important but Potentially Overlooked Content - The overall risk in the A-share market is considered manageable, with trading-related and dividend-related ST risks expected to ease [5][8][9]. - The regulatory environment is becoming increasingly stringent following the introduction of the new "National Nine Articles," leading to a noticeable rise in violations within the A-share market [7].

格局：发动机80%进口，2400台，国内厂商玉柴、潍柴各300台，国产替代后玉柴、潍柴每家每年1000台左右。 格局：发动机80%进口，2400台，国内厂商玉柴、潍柴各300台，国产替代后玉柴、潍柴每家每年1000台左右。 1科泰电源：明年预期3-4亿利润*30倍=100亿空间 2潍柴重机：明年4-5亿*30倍=150亿空间。 格局：国内华为（18%）、科华（13%）、维谛（13%）前三，其他施耐德、台达、伊顿合计占比18%，其中华 为、科华份额稳步提升。 2科士达后续有望进入互联网供应链，明年7.5亿*25倍=180亿空间。 国产油机抢占海外品牌让出 国产油机抢占海外品牌让出的市场，量价齐升。 太阳UPS：目前的最佳解决方案 需求：单瓦5毛，含电池7毛。 判断：目前互联网UPS增速较快，华为和客户有竞争关系，科华国产替代空间较大，看好。 【国君电新】数据中心备电：柴发紧缺涨价，UPS国产替代 【国君电新】数据中心备电：柴发紧缺涨价，UPS国产替代 泰豪、科泰、苏美达买发动机做集成，玉柴、潍柴做发动机。 泰豪、科泰、苏美达买发动机做集成，玉柴、潍柴做发动机。 3泰豪科技：3倍PB=80亿空间 细分互联网格局： ...

【广发通信】继续看好AEC板块，推荐瑞可达，建议关注兆龙/博创/立讯 我们在11月5日，12月3日/11日#多次前瞻推荐AEC板块，我们认为瑞可达主业修复、凭AEC&机器人逻辑实现估值 扩张逻辑可以被大部分类型投资者接受。 目前仍被低估。 #传统汽车板块业绩修复，四季度业绩有望超预期。 高压连接器板块价格下行进入尾声，公司凭借近几年布局头部车企实现份额扩张 【广发通信】继续看好AEC板块，推荐瑞可达，建议关注兆龙/博创/立讯 我们在11月5日，12月3日/11日#多次前瞻推荐AEC板块，我们认为瑞可达主业修复、凭AEC&机器人逻辑实现估值 扩张逻辑可以被大部分类型投资者接受。 目前仍被低估。 #传统汽车板块业绩修复，四季度业绩有望超预期。 高压连接器板块价格下行进入尾声，公司凭借近几年布局头部车企实现份额扩张，24Q4业绩有望超预期，25年有 望在24年基础上实现可观增长 AEC业务空间大，#商业模式可塑性强。 AEC高速增长，产业生态有望重构。 瑞可达AEC业务既可以通过自有品牌突破中小客户，亦可利用合作伙伴渠道优势快速进入海外&国内大型云厂商， 甚至可以为目前AEC头部厂商进行ODM，商业模式灵活、预计起 ...

我们持续看好风电未来装机占比提升及行业高景气： （1）短中期：2025年风电基本面高度景气； （2）短中期：行业后续会有持续变化、催化； （3）中长期：风电装机占比预计将持续提高，且没有被市场充分预期。 近期风电板块回调较为明显，我们分析原因主要在于行业近期缺乏积极催化以及大盘整体表现偏弱。 看好风电未来在新能源中装机占比提升 2024年，风电、光伏装机及招标占比预计均约为3：1，风电占比仅为25%。 2024年1-11月，五大发电集团风电核准量约74GW，同比增长61%，风电核准、光伏备案量比例1.6：1，比例相较 此前已经有所收窄。 （2）风电优势在于出力分布更加分散，电力系统更能够适应风电发力特点，系统更具保障。 考虑风电装机占比提升，我们预计"十五五"期间风电年均新增装机有望达到150GW，此前预期100-110GW。 主机企业未来业绩弹性主要来自：（1）价格稳定&成本下降，毛利率修复；（2）招投标规则优化，企业接单更 看重质量，价格超预期提升，带来盈利增长；（3）高盈利出海订单增长带来的业绩增量。 近期风电板块回调较为明显，我们分析原因主要在于行业近期缺乏积极催化以及大盘整体表现偏弱。 风电观点更新 ...

Summary of Conference Call Notes Industry Involved - The notes pertain to the **hydropower** and **construction materials** industries, specifically focusing on the **water conservancy** and **explosives** sectors in China. Core Points and Arguments - The Chinese government has approved the **lower Yarlung Tsangpo River hydropower project**, indicating the official launch of the **MT power station project** [1] - The approval is expected to benefit specific segments within the industry, particularly **regional cement** and **civil explosives** [1] - Key companies identified as beneficiaries include **Tibet Tianlu**, **Gaozheng Civil Explosives**, and **Yipuli** [1] - **Huaxin Cement** is also highlighted as a significant beneficiary due to its high market share in the **Southwest region** [2][3] Other Important but Possibly Overlooked Content - The approval of the hydropower project may lead to increased demand for construction materials and explosives, which could positively impact the financial performance of the mentioned companies [1][2][3]

太阳【浙商交运李丹】日本放宽华人赴日旅游签证政策,看好中日航线量价齐升 风险提示:油价、汇率、需求等 根据日本经济新闻报道,日本外相岩屋毅于12月25日在访问北京期间,表示针对中国公民签证的放宽措施。具体 包括设立有效期10年的旅游签证,并将团队旅行签证的可停留天数从15天延长至30天,以促进中日两国的经济与 人文交流。上述放宽措施预计在准备完成后于2025年春季开始实施。 赴日旅游签证政策放宽,有望刺激赴日旅游需求,驱动中日航线量价齐升。2024年12月底中日航线航班量恢复至 2019年同期的79%。随着日本地面保障能力持续恢复,叠加需求增长,中日航班有望进一步恢复。24冬春航季各 航司国际航线中日本航班占比为:吉祥42%、春秋37%、东航22%、国航21%、南航15%。 预计25-26年将是航司从成本改善到需求弹性逐步验证年!25年行业的利润释放更多依靠成本改善,26年供需剪刀 差有望进一步扩大,预计将逐步兑现票价弹性。持续推荐:吉祥/春秋/华夏/国航/南航/东航。 | --- | --- | --- | |-------|----------------------------|------------ ...