关于赛力斯人形机器人业务，早期的时候几个院士、重庆大学和两 江新区政府在撮合这个事情，赛力斯下面有个科技公司后来承接了 这个任务。赛力斯目前资金实力不错，政府也给了很多研发补助。 需要机器人的场景包括园区工厂还有很多政府场景。我们规划了包 括人形机器人和机器狗。目前，买了个基于英伟达 Orin、可以快速 原型验证的平台，团队已有一百多人，现在整体参与项目的有大概 200 多人，目前整个项目已经点亮，还邀请了微软研究院 AI 团队的 原成员张博士来牵头这个团队。目标明年底量产。 赛力斯机器人是与华为汽车 BU 合作？ 华为有专门的机器人公司「极目机器人」。 华为在机器人行业的定位或者战略是什么？华为制造机器人的战略 是否与汽车相同？ 目前来看，对于华为消费者 BG 来说，包括电风扇、空调、电视机等 实际上都是外部制作。模式是跟很多家基于鸿蒙系统合作，给鸿蒙 系统去开发机器人操作系统，类似于 ROS。基于模拟搭建操作系统， 基于华为的深层芯片搭建控制器方案，逻辑非常相似。这对华为来 说利益最大化。华为最终想要卖芯片与系统，这与英伟达是一个逻 辑。更直白地表达，实际上扮演了售卖铲子的角色。 余承东是负责汽车 BU， ...

Investment Rating - The report maintains a cautious outlook on the real estate market and related fiscal policies, indicating that there will be no return to the previous real estate bubble [6]. Core Insights - Current economic policies are unlikely to shift significantly, with the government primarily using increased debt issuance and interest rate cuts to mitigate pressures from the real estate downturn [2][6]. - Local governments face challenges in infrastructure construction and debt management, including declining project returns and a significant drop in land sale revenues from 8.5 trillion in 2021 to 2.2 trillion this year [3]. - Special local bonds are being allocated more to developed regions to expedite existing projects, with relaxed return requirements to stimulate infrastructure investment [4]. - Industrial investment growth has slowed, primarily due to reduced bank loan guidance and tax subsidy investigations, highlighting an issue of overcapacity rather than insufficient demand [5]. - The real estate market is expected to remain cautious, with inventory in first-tier cities gradually improving by the third quarter of next year [6]. - The People's Bank of China emphasizes improving the efficiency of existing loans rather than pushing for increased loan growth, particularly affecting small and micro enterprises [7]. Summary by Sections Economic Policy and Trends - The likelihood of a significant policy shift is low, with government debt issuance increasing from 4 trillion to 9.2 trillion this year and cumulative interest rate cuts of 195 basis points [2]. - Local governments are strictly controlling new debt, especially for low-quality projects, and enhancing oversight through audits [2]. Infrastructure and Debt Management - Local governments are facing challenges such as declining project returns and a significant drop in land sale revenues, which have impacted local finances [3]. - The issuance of special local bonds has been more focused on developed areas to support existing projects, leading to a slight recovery in infrastructure investment [4]. Industrial Investment - Industrial investment growth has slowed from an initial 9% at the beginning of the year, primarily due to reduced bank loan guidance and tax subsidy investigations [5]. - The current situation indicates a greater issue of overcapacity compared to demand insufficiency, necessitating adjustments in financial support [5]. Real Estate Market Outlook - The real estate market and related fiscal policies are expected to remain cautious, with inventory levels in first-tier cities improving gradually [6]. - Governments will continue to use special bonds to support the market without inflating the real estate bubble [6]. Banking and Financial Guidance - The People's Bank of China is focusing on enhancing the efficiency of existing loans rather than increasing loan growth, which has implications for small and micro enterprises [7]. - This shift in guidance is expected to create short-term economic pressure but aims for higher quality and efficiency in the long run [7].

好的各位投资者大家下午好那么感谢大家在这样一个周日的下午接受到我们的电话会议那么这个我是开源证券地产建筑首席提供那么这个也是大家老朋友了那废话不多说我们今天主要汇报的主题还是关于地产的政策因为大家也知道那么在对于房地产板块的投资之中的话政策是这个最重要的变量那么在过去两年因为行业基本面的一个持续的 这个下下走啊所以说在这种情况下啊政策就显得更加重要因为从对面出发的话基本寻找不到什么比较合适的买点而政策催化带来的短期的啊这样的一个这个市场的关注啊以及政策催化的这样的一个预期的改善那么会带来阶段性的波段机会啊 但是我们觉得从今年这一次的政治局会议之后的话还是出现了一个非常大的一个基本面的变化所以我们今天这个第二会议的题目叫做 渐行渐进看好反转我们觉得往中央企来看我们觉得当前是基产行业整体来看过去三到四年的一个比较大的一个我们觉得是一个比较大的一个修正那么整个的基本面当前会出现一个比较明确的触及的反转那么这个是我们当前对于行业基本面和政策的一个看法 那么为什么我们会做出这样的一个判断核心就来自于我们可以看到当前我们这一轮的政策不再是像过去我们的政策那么的孤立那么大家也看到了从以往比如说2022年或者2023年我们去 ...

方证策略组的分析师许佳琪那么我今天呢来汇报一下我们关于三季报的这个一个观点整体上呢我们看到三季报落地下来但是近期的市场呢和以往的业绩披露期有点不同以往的业绩披露期呢市场会定价优秀的企业的业绩但是呢第四呢市场更多定价的是企业的困境缓转预期那么我们说近期呢可能炒小炒烂的这个风格可能 要好于去炒这个一些既有股的这个风格那么我们可以说市场目前呢仍然是处于重预期清线时的这样的一个阶段那么我们认为呢在政策尚未对企业盈利形成实际改善的这个窗口期之内呢重预期清线时的格局会继续持续但是清线时并非意味着完全不看现实 当预期偏离现实太远的时候呢估值的力量将重新驱动市场定价现实当前呢我们说基本面反转的这个预期呢已经有所定价而既有股的这些既有的这些大残公司呢相对来说是低估的啊我们说可能在短期震荡的这个格局之内的市场风格可能随时会发生切换随时有可能会切换到这个呃 定价优质公司优质业绩的这么一个过程当中去啊那么回到三级报呢我们的主要结论呢如下第一呢是A股总体的三级报的营收同比增速呢继续回落但是盈利的同比增速收窄降幅收窄呃我们看到呢A股整体三级报的营收同比增速呢是-0.88中报是-0.54啊非金融的营收同比增速呢是-1.68中报呢是-0.6 ...

对于电力设备的观点那么两个部分一个是基于因为三级报已经披露完了我们看到一些产业的趋势总结一下和各位做一个沟通第二个方面是这周这周有一部分公司也披露了财报那么我们想就这周披露财报的部分公司和各位做一个更加细致的拆解以及我们近期的一个观点首先第一个部分就是 先快速的过一下我们前三季度整个电力设备板块的一个情况收入整体来看电力设备板块整体的收入是同比增长了4%如果分板块来看的话硬件类的收入同比增长了3%软件类的收入同比增长了8%规模净利润的话整个电力设备板块同比降了10% 那么硬件类的是降了12%软件类降了4%是这样的一个情况从成长性前三季度的一个情况盈利水平毛利率基本维持稳定整个一个电力设备板块毛利率同比降了一个点硬件类的毛利率降了有1.3个点软件类的毛利率同比去年是持平的期间费率的话基本稳定 整个电力设备板块同比增长了0.6个百分点其中硬件类呢增长了0.5个百分点软件类呢增长了0.7个百分点这个是我们快速的过一下前三季度电力设备板块的数据下面讲的具体的 整个产业的趋势我们看到前三季度基于财报和各位做一个沟通首先在特高压以及超高压的交付方面首先是直流的特高压前三季度直流特高压的换流阀和控制保护系统基本没有交付那么 ...

A c t i o n | 31 Oct 2024 12:55:52 ET │ 17 pages Sungrow Power Supply (300274.SZ) 3Q24 Profit Miss for Short-Term Items; Long-Term High Growth Persists CITI'S TAKE Sungrow's net profit -8.0% yoy to Rmb2,641m in 3Q24, but we are not very concerned about this earnings miss dragged by such short-term issues as forex loss, more freight costs and geographical sales mix change. It should have high growth in 2025E amid global inverter and energy storage system ('ESS') demand to add 15-20% and 50% yoy, respectively ...

31 October 2024 | 7:37AM HKT 2131d4eaf4cb4d50b1d51c8af07b64b4 Sino Biopharmaceutical (1177.HK): 3Q sales recovery on track; Acquiring an A-share platform 3Q sales recovery on track: Sino Biopharm reported 3Q sales of Rmb5.47bn (+14.3% y/y vs. +11.9% in 1H), a growth rate on par vs. Hengrui's 13% and Fosun Pharma's 12%, and faster vs. 1H due to the lower base in 3Q23 when there was an anti-corruption probe. We believe new products, e.g. biosimilars / long-acting G-CSF, were the key drivers. 3Q core earnings ...

A c t i o n | 30 Oct 2024 12:10:11 ET │ 14 pages YTO Express (600233.SS) 3Q24 Inline; Bottom-line Saved by Tax Reduction under More Aggressive Market Share Acquisition CITI'S TAKE YTO reported 3Q24 results largely in-line at RMB943mn, 18.1%YoY, accounting for 22% of CitiE/consensus's full-year estimates. YTO was more aggressive than expected in competition in slow season. The ASP dipped 6%YoY in exchange of 28%YoY parcel volume growth, outpacing industry to gain 1.2pp market share. Though core cost and unit ...

Summary of Mindray (300760.SZ) Earnings Review for 3Q24 Company Overview - **Company**: Mindray (300760.SZ) - **Industry**: Medical Technology (Medtech) Device Manufacturing - **Focus Areas**: Patient Monitoring Systems, Medical Imaging, In Vitro Diagnostics (IVD) Key Financial Results - **3Q24 Earnings**: Rmb3.1 billion, a decrease of 9.3% year-over-year (y/y) and 21.6% below Goldman Sachs estimates (GSe) [2][3] - **3Q24 Revenue**: Rmb9.0 billion, an increase of 1.4% y/y but 11.2% below GSe [2] - **Domestic Revenue**: Decreased by 9.7% y/y in 3Q24; if excluding APT Medical consolidation, the decrease is 19.5% y/y [2] - **Revenue Breakdown**: - **PMLS (Patient Monitoring and Life Support)**: -49% y/y - **Medical Imaging**: -10% y/y - **IVD**: +1% y/y - **Overseas Revenue Growth**: Increased by 18.3% y/y in 3Q24, driven by regions such as Asia, Europe, and Latin America [2] Segment Performance - **Domestic Segments**: - **PMLS**: Revenue decreased significantly by 49% y/y - **Medical Imaging**: Revenue decreased by 10% y/y - **IVD**: Revenue remained stable with a 1% increase y/y - **Overseas Segments**: - **PMLS**: Increased by 8% y/y - **Medical Imaging**: Increased by 12% y/y - **IVD**: Increased by 30% y/y [2] Margins and Expenses - **Gross Profit Margin (GPM)**: 64.9% in 9M24, compared to 64.2% in 9M23 [3] - **R&D Expenses**: Increased by 24.3% y/y in 3Q24, leading to a slight decrease in EBIT margin to 40.1% from 41.9% y/y [3] Future Outlook and Estimates - **Revenue Estimates for 2024**: Revised down by 4.5% to Rmb38.014 billion [7] - **Earnings Estimates**: Adjusted down by 7.4% for 2024E, 2025E, and 2026E due to weak domestic demand and slower trade-in program implementation [6][7] - **12-Month Price Target**: Lowered to Rmb400 from Rmb430, maintaining a "Buy" rating [6][9] Investment Thesis - **Market Position**: Mindray is a leading medtech device manufacturer in China, with 61% of its 2023 revenue coming from the domestic market. - **Growth Drivers**: Strong healthcare infrastructure development and domestic substitution in China, along with potential growth in overseas markets due to low market share and cost-effective products. - **Risks**: Policy risks, impact from Value-Based Procurement (VBP), and challenges in entering North American and European markets [8][9]. Key Catalysts - Recovery in procurement activities - Updates on the medical device trade-in program - Launch of new products [8] Conclusion Mindray's 3Q24 results reflect significant challenges in domestic demand, particularly in key segments. However, the company continues to show robust growth in overseas markets. The revised earnings estimates and price target indicate cautious optimism, with a focus on potential recovery catalysts in the near future.

A c t i o n | 31 Oct 2024 05:19:26 ET │ 14 pages Sany Heavy Industry (600031.SS) Cost Discipline with Signs of Improving Non-Excavator in China; Buy with Higher TP CITI'S TAKE Sany delivered faster than peers YoY revenue growth in 3Q24 given its lower revenue exposure to the property-dependent machines (crane and concrete) in China and accelerating overseas revenue growth. Coupled with ongoing cost reduction effort, especially on R&D expense, Sany surprised us on the upside with its 100% YoY earnings growth ...