第一个问题是关于管理层对RAFPA的预期是什么样?可以说一说管理层对三级度还有全联的RAFPA的预期是什么? 第二个问题就是关于现在大孟山的投资酒店总体的情绪怎么样会不会因为最近两个季度road pass要跌下来的话看见投资者的情绪要放缓了几下谢谢王一辰好 我是经费回来回答这个问题 可能各位投资人分析师都看到了ICR的这个中国的下滑的这个酒店数据主要受到宏观的消费不慎和尤其是高端消费的规模我们也关注到了这个趋势另外一方面呢确实是中国去年三季度的高技术大家知道去年是疫情恢复后的第一个消费旺季 去年的确实也存在核背包技术的影响在这两个因素的影响下我们看到SPR7月8月的下滑大概在10%左右然后因为自身的碳基因 我们大概在综合为数吧影响当然我认为这还是一个健康潮汐的回归去年的高级数显然势不可挡加上今年在局部区域的公民量增加我们也看到了今年经营数据的分化有些区域依然表现得非常强劲的比如中国的中西部地区 保持非常强劲的流入的增长在华东可能受到国民增加的影响可能会出现一些分化所以我们对整个无论是今年还是长期我们依然保持对中国尤其是国民市场无论是商务还是休闲市场的可持续的长期增长我们依然保持非常强的信心 这是第一个问题第二 ...

本次电话会议仅服于新业证券客户会议音频及文字记录的内容版权为新业证券所有内容必须经新业证券审核后方可留存未经允许和授权转载转发此次会议内容均属侵权新业证券将保留追究其法律责任的权利电话会议所有参会人员不得泄露内幕信息以及未公开重要信息涉及外部嘉宾发言的 深夜证券不保障其发言内容的准确性与完整性深夜证券不承担外部嘉宾发言内容所引起的任何损失及责任不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提醒投资者注意投资风险审慎参考会议内容 各位尊敬的投资者朋友大家晚上好我是新人宏观段超欢迎大家来参加我们今天晚上的电话会议那么今天晚上也是2024年以来我们的第121期电话会议了在每个工作日都晚上我们希望为大家带来及时深度的分享 那么最近几天时间呢我们会看到美国的民主党正在召开党代表的这个大会他们的党纲呢也逐渐出炉对哈里斯未来这个执政的方针和可能一些政策进行了更多的一个阐述对全球资本上的影响也比较深远 那么今天晚上这个事件将会由我们新政红官的海外负责人周虹为大家带来哈里斯的主张怎么看民主党党纲解读的分享接下来的时间就交给周虹 有请 好的 感谢段博最近的各位领导 大家晚上好我是星夜政讯的宏观分析师卓红那么正如刚刚段博 ...

人物必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要泄露散布转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为声望洪源研究保留追究泄露转发者法律责任的权利 各位投资朋友下午好那今天非常荣幸邀请到了这个永顺生物的董秘林总还有分管这个研发和生产的副总经理齐总跟大家交流一下这个永顺生物的这个情况他公司也是刚刚发布了中报首先我们请这个林总跟大家讲一下这个今年永顺生物上半年的经营情况吧好的生物二红元的各位领导 下午好那我首先我简要的介绍一下这个上半年的经营情况主要大概是四个部分一个是公司简要的概况一个是经营业绩一个是经营的亮点还有未来我们的发展方向首先是公司的一个概况那我们公司是2002年12月份成立的 是一家受用生物制品研发生产销售技术服务为一体的生物制药企业那主要的产品是猪用疫苗禽用疫苗还有一些水产疫苗公司的核心产品是猪瘟火疫苗传染细胞源那这个产品是国内的一个首创那历年来这一个产品在国内的同行业里面排名都是第一的 这个产品填补了国内使用唐代细胞生产猪瘟的一个空白然后公司还有猪瘟猪单独猪多巴沙干菌三联活疫苗也是在行业内排名第一的那我 ...

Summary of Conference Call Company Overview - The conference call involved Zhongjian Technology, discussing its mid-year report and performance in the market [1] Core Insights and Arguments - Zhongjian Technology has shown a significant recovery in its main business during the first half of the year [1] - The company is increasing its channel layout in the U.S. market, indicating a strategic expansion [1] - There have been numerous new developments in the robotics sector, suggesting a focus on innovation and growth in this area [1] - Positive changes are anticipated for the company in the future due to these strategic initiatives [1] Additional Important Content - The presence of key executives, Mr. Dai and Mr. Huang, highlights the company's commitment to transparency and communication with stakeholders [1]

那今天为大家汇报的是我们兔宝宝的一个深度报告 我们这个系列电话会其实是专注于存量房时代的那么需求主要就是二次装修的需求销售渠道主要有这种零售2C的渠道还有家具厂、家装公司这种小b渠道那兔宝宝其实在我们提到的这几个存量房渠道的营收占比是达到80%以上所以我们觉得兔宝宝也是非常契合存量房时代的这个主题 总结一下公司的看点的话 我们觉得可以总结为以下几点首先第一个就是公司是板材行业的一个龙头企业在核心区域的基本盘是十分稳固的在历史上也是实现了非常稳健的一个增长 第二点公司也是在积极的契合消费习惯的一个转变持续的去推进渠道变革目前来看未来几年家具厂渠道和乡镇渠道将会成为未来几年的一个增长的抓手在板材业务这块还是有望实现稳健的一个增长然后第三点公司也是积极的从板材逐步的向下游去延伸全屋定制的这块业务也是在快速发展 然后第四点就是公司一直以来也是高分红目前股息率也是比较 我们预计公司24年的净利润大概是7.8个亿按照最新的收盘价去计算目前的PE只有10倍出头一点属于零售型建材企业里面估值非常低的一个标的目前也是公司历史上的一个估值低点股息率是在5.76%目前看投资的性价比还是非常高的 然后接下来我为大家展开介绍一下我们深 ...

Summary of Conference Call Notes Company and Industry Overview - The company operates in the motorcycle and all-terrain vehicle (ATV) industry, with a focus on both domestic and international markets, particularly in Europe, North America, and developing countries [1][4][11]. Key Points and Arguments 1. **Geopolitical Risks and Tariffs** The company believes that the likelihood of increased tariffs on the Mexican region is low due to fair competition in the market. The company plans to respond to any potential tariffs by establishing overseas production facilities and diversifying market presence [1]. 2. **Export Sales Fluctuations** The company noted a month-over-month decline in motorcycle export sales in July 2024, attributed to normal fluctuations in international orders, changes in European emission standards, and delays in customs clearance. An improvement is expected in the second half of the year [2]. 3. **Compliance with Emission Standards** The company is actively working on meeting the Euro 5+ emission standards through product upgrades and close collaboration with certification bodies. The progress is on track according to the company's plans [3]. 4. **Export Markets and Growth Areas** Europe and North America are the primary markets for the company's two-wheeled vehicles, with developing countries identified as key areas for future growth. The company plans to introduce models tailored to these markets [4]. 5. **Southeast Asia Market Potential** While the Southeast Asian market is currently not a primary focus due to strong competition from Japanese brands, it is viewed as a future opportunity. The company is exploring both fuel and electric vehicle options in this region [5]. 6. **Global Sales Channels for Extreme Core Brand** The company has established sales in over 30 countries and regions, focusing on coastal developed areas in the domestic market. Future plans include exploring additional potential markets based on local demand and regulatory environments [6]. 7. **Production Capacity in Mexico** The Mexican factory began trial operations in August 2023 and is expected to reach full production capacity by 2025. This facility is seen as crucial for enhancing competitiveness in the North American market [7]. 8. **Characteristics of the European Market** The European market is characterized by strong competition from Chinese manufacturers, necessitating a rapid expansion of the product line to meet diverse local demands [8]. 9. **Domestic Sales Strategy** Domestic demand for two-wheeled vehicles has exceeded expectations, with plans to expand distribution channels and introduce more products in the mid-range and scooter segments [9]. 10. **Outlook for High-Displacement Motorcycles** The company is optimistic about the long-term potential for high-displacement motorcycles, viewing them as leisure products that will benefit from increased consumer interest in recreational activities [10]. 11. **US ATV Market Trends** The ATV market has shown stability post-pandemic, with demand expected to remain strong due to rising outdoor activities and consumer preferences for high-quality leisure products [11]. 12. **Sales Expense Trends** Sales expenses have shown volatility but are expected to stabilize as the company manages inventory levels and promotional activities in response to market conditions [12]. 13. **Future of 250 and 450 Platforms** The company plans to continue innovating and expanding its mature 250 and 450 product platforms, focusing on market dynamics and consumer needs [13]. 14. **Highlights of New U10pro Model** The U10pro model features enhancements such as air conditioning and CarPlay, with strong performance in terms of smoothness and comfort [14]. 15. **Focus on Product Quality and User Experience** The company aims to prioritize product quality and user experience while expanding its product range to cater to diverse consumer needs [15]. 16. **Investment in Extreme Core Brand** The company has sufficient resources to develop the Extreme Core brand, aiming to establish it as a third growth curve for the business [16]. 17. **Equity Incentive Plan** The new equity incentive plan includes performance targets that are expected to increase annually, reflecting confidence in the growth of the ATV, motorcycle, and Extreme Core segments over the next three years [16].

银行上涨的逻辑_导读 2024年08月20日 22:55 关键词 银行股 中金公司 超额收益 基本面支撑 息差 利润 分红 国有大行 市净率 股息率 信贷增速 投资框架 高股 息 资本 资产质量 盈利增速 仓位 港股红利税 银行 净利差 全文摘要 本次会议由中国际金融股份有限公司主办，旨在深入探讨银行股近期显著的超额收益及其背后的根本原 因。尽管银行面临着来自经营的压力，它们通过有效控制负债成本、提升投资收益和加强拨备等方 式，实现了相对稳定和可观的利润以及分红。另外，政策的支持和资金面的积极变动也为银行板块的表 现增添了正面影响。报告特别指出，国有大行目前的市净率水平相较于其设定的目标仍有提升空间，预 计短期内银行股将持续上涨。不过，也提醒需密切关注信贷增速下降、房地产市场存量债务处理以及居 民偿债倾向等潜在因素对银行基本面的长远影响。过去一年来，研究团队发布了一系列关于银行股和国 有大行的深度研究报告，覆盖了估值分析、基本面评估以及投资策略等多个维度。报告强调，尽管银行 面临多重挑战，通过一系列策略调整和优化，依然保持了稳定的盈利能力和分红政策。未来，银行板块 的投资策略将更加侧重于息差、资产质量和信贷增 ...

Summary of Conference Call for Xiaogoods City Company Overview - **Company**: Xiaogoods City - **Industry**: Cross-border e-commerce and payment services Key Points and Arguments Financial Performance - The company reported strong operational results in the first half of the year, with significant growth in its core business after excluding last year's investment income [3][4] - Rental income increased by approximately 5%, contributing to an annual revenue of around 25 billion [4] - Net profit from new business initiatives exceeded expectations, with the China Post platform generating over 72 million in net profit and a GMV exceeding 45 billion, projected to surpass 80 billion for the year [5][6] Cross-border Payment Growth - The QuickPass payment service achieved a cross-border payment volume of 120 billion RMB (approximately 18 billion USD) in the first half of the year, a significant increase from 10 billion RMB in the same period last year [6][7] - The net profit from cross-border payments reached over 27 million RMB, showcasing the profitability of this segment [6][7] Market Trends and Future Outlook - The company anticipates continued growth in its core business, driven by the opening of new market areas and the expansion of emerging business lines [8][10] - The Global Digital Trade Center is expected to open on October 21, 2024, coinciding with a major trade event, which is anticipated to boost rental income and overall business performance [9][10] New Business Initiatives - The establishment of a joint venture with Tsinghua University for AI applications aims to enhance service offerings for small and medium-sized enterprises [14][15] - The integration of AI into business operations is seen as a strategic priority for the next five years, with applications in online services and marketing [16][17] Cross-border Payment Infrastructure - The company is actively participating in the development of a new cross-border payment infrastructure, including a "bridge" for digital currency transactions, which is expected to enhance transaction efficiency and reduce costs [22][24][32] - The company has received approval for a "lightning account" model for cross-border settlements, positioning it as a leader in this emerging market [23][24] Competitive Positioning - Xiaogoods City is positioned as a pioneer in the cross-border payment sector, leveraging its unique market environment in Yiwu to capture growth opportunities [19][27] - The company is optimistic about its growth potential, with plans to expand its overseas licensing and enhance its service capabilities [26][27] Additional Important Information - The company has noted a significant increase in customer traffic and export data from Yiwu, indicating a robust market environment [10][11] - The pricing for office space in the Global Trade Center is approximately 15,000 RMB per square meter, significantly higher than surrounding areas, reflecting strong market demand [11][12] - The company is focusing on emerging industries such as drone technology and health products, indicating a diversification strategy [12][13] This summary encapsulates the key insights from the conference call, highlighting the company's financial performance, growth strategies, and market positioning within the cross-border e-commerce and payment industry.

我们为何持续推荐制冷剂行业 20240821_原文 2024 年 08 月 21 日 10:23 发言人 00:00 机构客户或受邀客户仅供在新媒体背景下研究观点的及时交流。第三方专家发言内容仅代表其个人观点， 所有信息或所表述的意见并不构成对任何人的投资建议。为经开源证券事先书面许可，任何机构或个人严 禁录音转发及相关解读。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。 发言人 00:40 我是开源证券化工分析师碧辉，今天由我来给大家介绍制冷剂这个行业以及近期观点的一个更新。我们把 这两季作为我们系列汇报的第一篇。第一个品种，主要是首先就是我们认为从整个化工行业的当前的一个 情况来看，制冷剂依然是我们认为是啊可以说是确定性向上的景气向上的确定性最高的行业之一。另外我 们对于这个行业可以说是跟踪的也是比较久，所以说我们把这个品种作为我们第一个汇报的内容。因为各 位投资者，有的投资者可能是对这种记忆比较熟悉，然后有的投资者可能也是刚刚接触这么一个品种，因 为最近回调了，其实很多投资者还是把它关注起来。对，那么我们今天这个汇报，主要就是因为这个行业 这种这个行业受到政策的影响，它的一些细节 ...

四年二季度小同汽车的交付量是为3207台环比增长38%同比增长30%凭借技术降本的兑现以及我们全面经营管理效果的不断展现以及来自和大众战略合作的技术变现的收入我们的毛利率进一步提高到14%这在造车新势力中间都是位于前列的更重要的是 我们完成了新的一轮的组织能力的升级和自我的变革我们在营销、造型、AI等多个关键领域都有行业顶尖的人才加入我们并且正在迅速开始发布作用我们在不断地补齐短板并且使长板更强让小鹏成为综合竞争力的多边形战术从8月Mola M03 Start开始小鹏还会开始进入 一个强劲的产品收集和快速发展的顺风期那么从现在到2026年年末我们会有多款有竞争力的全新产品和改款册型立即的上市我们对AI技术跟品链创新的规划加上我们对于技术降本成果的体现都会体现在这些产品上并且通过小宏更强大的营销体系在中国和全球市场进行销售 我相信这会为我们的销量的可持续性、行稳致远的增长带来效益。我很有信心,小鹏今年在三季度和四季度交付量环比都会大幅度增长,并且在四季度创交付量的新高。 Hi, we are dealing with some of the technical issues, please wait a mom ...