台人政策中间呢有一系列的因素那么其中呢尤其是关于化债啊其实有提到是近年来对市化债力度最大的一侧相信大家也都非常关注所以今天呢我们是邀请到了总量的两位首席分析师陈冈老师和李永老师呢来跟我们一起做一个交流和探讨首先呢我们请策略的这个陈冈总请您就这个政策的观点和解读给我们进行一个分享 好的 谢谢袁老师因为昨天财政部发布会大家关注非常高然后可能对于各项政策我们看这个事上解读也都非常多但是我们从以下几点来跟大家做分享首先我们讲第一点也是最重要的一点我们认为这次的最重要的一个变化是预期管理 在预期管理层面海外特别是美联储建立的预期管理制度确实值得我们去学习例如大家现在都知道美联储有定期的预期会议这个是当年伯南克主导建立的它的作用是用来前瞻性的指引整体的货币政策的一个目标当然了预期管理为什么要这么做实际上因为资本上在交易过程中间它的定价是非常快的如果大家预期总是发生变化或者是 预期变化的过于的快无论是向上还是向下的预期市场的波动就会加大而波动的过程中间资金又会流入流出资金流入流出它又会导致整个的资金链的这种政府反馈的这样一个效应所以实际上我们看到这次预期管理做的相对来说比之前要先进很多目前我们看到当前我们国内无论是对于政策 ...

大家好欢迎参加方针计算机 应收账款 轻质生产力两个角度看财政设计标的目前所有参会者已经处于静音状态下面开始播报面子声明声明播报完毕后主持人可直接开始发言转发转载传播复制编辑修改等涉嫌违反上述情形的我们将保留一切法律权利感谢您的理解和支持谢谢 好勒各位投资者大家晚上好然后我是张初晨然后跟各位分享一下呃就是这个周六啊财政的会议可能对于计算机板块的一个影响或者说一个投资的一个角度的一个探讨吧对那么最核心的话呢可能这一次还是大家看到就是财政的一个转向因为原来的话呢 计算机板块是2020年7月份第一次见顶然后到2021年基本上春节完之后就是随着整个白马泡沫的一个见顶的话是到现在为止已经是跌了三年多了那么这里面最核心的一点就是我们觉得说整个板块的一个基本面下行非常重要的一点其实就是关于财政这一块的一个 往下走的这样的一个压力其实比较大因为反正我们统计的352家计算机公司的话按收入占比来看有将近60%左右的收入其实是来自于政府端的就是如果穿透到最后的话还是独计的所以这一块的话我们觉得说针对财政这一次的一个表态并且态度的一个方向上面的一个转变支持整个风险的一个化解包括地产穿透等等 财政的一个刺激的话其实对于整个计算机板块而言 ...

各位投资者大家好我是中国银河证券研究院化工行业分析室翟起迪今天由我来代表我们团队汇报一下我们的出海深度报告大浪淘沙乘势而起首先我们来看一下整个化工行业出海的一个背景 目前中国已经是全球化工产业的中心我们从这个规模和结构层面两个层面来看首先规模方面我们看到2022年中国大陆地区的一个化工行业销售额是在23900亿欧元是以绝对的优势位居全球首位 同时从结构层面我们看到近些年受国内化工品产能扩张在过去三年我国化工品的一个产量增速是达到了6%到10%这样的一个水平高于全球的一个平均增速另外一方面我们看到欧美的一些国家以及日韩他们的化工品产量在近两年出现了一个下降所以在这样一个全球化工品供给结构性调整 叠加这个中国化工品整体竞争力逐步增强的背景之下我们看到我国的一个化工品在全球市场的一个出口份额是呈现稳步抬升的一个状态尤其是在近两年整体的一个抬升速度非常明显 那我们从这个国内化工品的一个进口依存度和出口依赖度整体的一个表现能够更好的看到目前整个化工品出海的一个背景那梳理下来主要有以下三条主线第一个是开发海外战略资源品例如原油、天然气和甲烟三个产品 那他们对外的一个依存度都是处于比较高的一个水平所以我国部分化工企业出海其 ...

Summary of Conference Call on the Building Materials Industry Industry Overview - The conference call focused on the building materials industry, specifically the overseas expansion of Chinese enterprises in this sector [1] Core Insights and Arguments - The analyst from Galaxy Securities highlighted the increasing trend of Chinese building materials companies expanding their operations internationally, driven by both market opportunities and competitive advantages [1] - Key factors contributing to this trend include the growing demand for construction materials in emerging markets and the strategic initiatives taken by Chinese companies to enhance their global footprint [1] - The analyst emphasized the importance of understanding local regulations and market dynamics in target countries to successfully navigate the international landscape [1] Additional Important Content - The call also touched upon the potential risks associated with overseas expansion, such as geopolitical tensions and fluctuating exchange rates, which could impact profitability [1] - The analyst suggested that investors should closely monitor the performance of these companies in international markets to identify potential investment opportunities and risks [1]

Investment Rating - The report emphasizes the importance of digital and green transformation, indicating a positive investment outlook for industries adopting these strategies [4][12]. Core Insights - The report highlights the synergy between digitalization and green transformation as a crucial trend for global economic development, supported by various national policies [2][4]. - It outlines the need for a collaborative approach among government, industry associations, and enterprises to drive the dual transformation [9][10]. - The report identifies nine key sectors where digital technology can empower green transformation, including electricity, mining, metallurgy, petrochemicals, transportation, construction, smart cities, modern agriculture, and ecological environment governance [46]. Summary by Sections General Principles - The guidelines target local governments, industry associations, research institutions, and enterprises to implement dual transformation strategies [8]. - The principles of innovation, collaboration, openness, and practicality are emphasized to guide the dual transformation efforts [9][10]. Digital Industry Green Low-Carbon Development - Provinces are encouraged to develop strategies for green low-carbon development in the digital industry, focusing on upgrading facilities like green data centers and communication bases [13]. - The report discusses the importance of enhancing energy efficiency and reducing carbon emissions in data centers through various technological advancements [14][15]. Empowering Green Transformation through Digital Technology - The report outlines specific pathways for digital technology to facilitate green transformation in key sectors, emphasizing the role of digital solutions in enhancing efficiency and reducing emissions [46][47]. - It highlights the need for intelligent resource allocation and management in the electricity sector to support low-carbon transitions [48][49]. Digital-Green Integration Innovation - The report suggests a three-pronged approach to integrate digital and green technologies, focusing on foundational capabilities, fusion technology systems, and industrial systems [12]. - It encourages the establishment of green supply chain management platforms to enhance collaboration and sustainability across industries [36]. Case Studies and Practical Applications - The report includes examples of successful implementations of green technologies in data centers and communication bases, showcasing significant reductions in energy consumption and carbon emissions [20][29]. - It emphasizes the importance of continuous innovation and adaptation in technology to achieve sustainable development goals [44][45].

I would now like to turn the call over to J.P. Morgan's Latin American pulp and paper equity research analyst, Rodolfo Angelay. Please go ahead. Thank you, Megan. Thanks, everyone, for joining. Today, we have another of our traditional rock, paper, scissors, and oil series. Today, the topic, of course, is paper, or pulp, more precisely. And I have the honor to host Marcelo Bacci, CFO Susana for a little bit less than an hour of a chat because we need to wrap up a little bit before the hour for agenda reason ...

和一下最新的情况就是双胞胎把正方整合了之后的话可以说现在基本上整合的算是人员各方面都很到位了然后就是在生产经营端进行一个改善然后生产经营端的效率的话从去年年底整合就收了整合到现在的话基本上三个季度的时间效率的改善是非常明显的就是从各种生产过程的指标以及母猪的一个数量端来说的话基本上把 正方的一个母猪全都被淘汰了然后上的全都是一些新的母猪而上的新的母猪的数量目前已经达到了20多万年底的话差不多能到30万这样的一个水平所以的话就相当于是第一个就是说双胞胎进入到正方之后整合的效果是超于期的而且速度还是比较快 第二个的话就是双胞胎的资产注入到正邦的这个体内的话相对来说两年之内注入两年之内开始四年之内注入就是当时公开公告的那个的话会按照这个节奏走我们认为是大概率可以实现的那相对双胞胎会是一个更好的资产 它会注入到正邦的这个体内只不过呢就是可能从价格上来算了一下因为算到明年的出来量大概能对应的一个预期的话对应到现在的一个市值端来说这个价格到底是不是划算我们还是要再仔细看一下就相当于是一个好公司好公司的价格的话还得再算一下那巨星的话它确实一个好公司那么我算到明年的量的话对应到现在的 就是这轮大起大落你不论是这轮大起大落跟着 ...

分析来给各位投资者进行汇报 那我们整个的研究思路是一个自上而下的一个大框架由宏观层面出发定义了文化出海我们非常看好的这个传媒行业细分的一个大方向那同时也建立了这个海外文化出海做的比较好的一个例子好莱坞我们进行了一个复盘分析那后面也是重点着重研究了这个文化出海和平台出海两个小方向以及重点分析了落地的几个行业游戏、影视、短视频、跨境电商这四个细分行业 但每一部分都包括历史图盘以及现在整体的出海现状的一个分析今天的会议主要是围绕着我刚才讲到的内容去进行展开 首先从宏观层面上目前来说我们国家作为世界第二大经济体货物性出口总值位于全球第一在这个悲惨环境下我们国家是拥有强大的经济实力去作为文化出海的坚实基础同时整体的GDP的稳定增长与对外贸易的这种扩大也为文化产业的国际化提供了物质和市场支撑这是我们认为我们看好文化出海的一个大的前提条件 那目前可以说我们国家的这个经济是其实步入了一个新的发展阶段切换为这种高质量增长所以我们国内的这种经济和产业结构其实也面临着一种重大转型整体都是在加快产业结构的调整和升级去促进这个新旧动能的平稳过渡那因此其实我们认为就是这种气氛行业的企业出海在经济的高质量发展阶段中它其实也是扮演着一种非常 ...

Financial Data and Key Metrics Changes - The company is currently in a high-cost phase for wireless charging products, with initial vehicle value around 20,000 yuan and ground equipment value between 10,000 to 20,000 yuan, expected to decrease to 8,000 to 20,000 yuan as market scales up [1][2] - The annual sales contribution from three major products for the company is estimated to be between 500 million to 1 billion yuan [3] Business Line Data and Key Metrics Changes - The company has become the first in China to mass-produce wireless charging products, having started planning three years ago and is now capable of meeting customer demand for mass production [2][4] - The company has been closely cooperating with Tesla, providing small batch supplies and expecting significant volume growth in the next one to two years [3][4] Market Data and Key Metrics Changes - The wireless charging technology is currently in a booming phase, with a market potential that is expected to grow significantly [1] - The company has established collaborations with various domestic manufacturers, including Huawei and Great Wall, and has been involved in technology exchanges with several other automakers [5][6] Company Strategy and Development Direction - The company is focusing on electromagnetic induction and electric field coupling as its main technical routes for wireless charging solutions, aiming to meet the demands for fast charging and high power [6][7] - The company is actively participating in the development of industry standards for wireless charging, indicating its leadership position in technology research and development [6] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the future market for wireless charging, particularly in relation to Tesla's Robotaxi models, which are expected to adopt wireless charging as a standard feature [2][4] - The company is aware of the competitive landscape in the wireless charging industry, noting the high technical barriers and challenges associated with large power wireless charging technology [5] Other Important Information - The company has launched its first generation of wireless charging products in November 2023, with nearly 10,000 new customers already using the system [6] - The dimensions of the vehicle-mounted equipment are approximately 100 cm long, 50 cm wide, and 10 cm high, while the ground equipment is larger, typically ranging from 1 to 1.5 meters in length and 30 to 50 cm in thickness [7][8] Q&A Session Summary Question: What is the current status and future prospects of wireless charging technology in the automotive industry? - Wireless charging technology is in a booming phase, with significant market potential expected in the future [1] Question: What is the charging efficiency of the current wireless charging technology? - The company's charging efficiency can reach over 92%, with 11 kW high efficiency [2] Question: Is Tesla acquiring other companies, and how will this affect its wireless charging production? - Tesla has acquired a German company but lacks manufacturing capabilities, necessitating collaboration with companies like this one for manufacturing [2] Question: Is the company currently in mass production, and what is the market outlook? - The company is in mass production and expects significant market progress in the next 1-2 years [2] Question: What is the competitive landscape of the wireless charging industry? - The competitive landscape is complex, with high technical barriers and challenges in overall solution design and safety performance [5] Question: What is the company's collaboration status with domestic clients like Huawei and Great Wall? - The company has collaborations with Huawei, Great Wall, and several other domestic manufacturers, providing samples and engaging in technology exchanges [5][6] Question: What are the key components of the vehicle-mounted and ground equipment, and their respective value proportions? - Key components include wireless coils, computing systems, and precision structural parts, with specific value proportions detailed [7]

A 股创天量成交！资金激烈博弈！后市该如何布局 20241009 摘要 • A 股和港股市场近期走势出现分歧，A 股市场整体表现较为亢奋，而港股 市场则出现回落迹象。港股回调的主要原因包括宏观经济环境的不确定性 增加、部分行业板块估值过高导致资金流出以及全球资本市场波动加剧。 • 未来市场短期内可能会进入一个休整期，投资者应注意仓位管理，不宜过 度追高，并密切关注政策层面的表述，这将成为影响市场情绪的重要因素。 • 当前市场资金主要表现为调仓换股，机构资金和个人投资者都倾向于寻找 价格相对便宜且优质的筹码，即所谓的"烟蒂股"。 • 美联储降息周期对非美资产具有积极影响，全球资金重新分配，流向非美 资产，包括中国港股市场。 • 近期交易数据显示，有近 6 万亿人民币的增量资金处于观望状态，这些资 金正在等待合适时机进场，以捕捉未来可能出现的结构性行情机会。 • 当前市场处于休整期，未来市场能否迎来进一步上涨行情，需要观察是否 会有超出预期的财政政策或其他金融市场相关政策的落地，以及场外观望 资金是否充裕。 Q&A 当前 A 股市场和港股市场的走势出现了分歧，能否详细分析一下原因及其对未 来市场的影响？ 从近期市 ...