更多资料加入知识星球:水木调研纪要 关注公众号:水木纪 专项债收储存量土地的政策背景和最新进展是什么? 专项债收储存量土地的政策始于 2024年 5 月。2024年 5 月 17 日,国务院新闻 办公室举行例行吹风会,住建部副部长表示要推进稳妥处置盘活存量土地,通 过收回、市场流通、转让或企业继续开发等方式处理未开发或已开发未竣工的 存量土地,以缓解房地产企业困难并压降债务,促进土地高效利用。2024年 9 好要知海外投行研报数据加V: shuinu9870 -- -调研纪录 - - 实际案例显示,越秀地产通过土地开发中心以票据形式获得广珑地块和暨 南大学北侧地块,总价值120亿元,接近原始成本。广州、珠海、惠州等 地也公告拟收储 44 宗闲置土地，总规模约 159 亿元。 土地收储对价通常小幅折价于拿地历史成本或基本等同于拿地历史成本, 避免开发商通过溢价获利,同时防止大幅折价导致开发商严重亏损,危及 各方风险,保持价格体系稳定。 专项债主要用于回购未开发或已完成建设的房产,而非在建工程,旨在严 控增量,避免政府接手在建工程导致必须完工,与政策目标相悖,同时规 避了在建工程难以估值的问题。 收回的土地主要用 ...

更多资料加入知识星球:水木调研纪要 关注公众号:水木纪要 "中阶智驾平权"将如何影响竞争 局? 班报数据加V：shuinu9870 E报数据加V：shuinu9870 1 摘要 中阶智驾系统硬件成本中枢值为 4,000 元，主要应用于 20 万元仪下车型, 来源： 大 网 时 永 来 ? 预计 2025 年 > 上 > . 于比亚迪在电动和混动领域的增长。 -手调研 主流头部企业已开始布局中阶智驾技术,多选择软件合作加硬件外采的局 部拆包模式,以掌握定价权;比亚迪等少数企业则选择高度垂直整合,覆 盖芯片到雷达等全方位。 • 头部企业新车型上市节奏与整体上市节奏存在约六个月的间隔,反映了不 同企业在新技术引入和产品更新速度上的差异化策略。 大众途观 Pro、帕萨特 Pro 等车型已采用大疆方案,具备一定智能化水平, ● 但因宣传不足未能引起广泛关注,表明油车智能化技术并不落后。 由阶智驾的典型特征主要包括三个核心功能:高速 NOA (Navigate on Autopilot)、城市城区通勤以及泊车。这些功能通过 OTA(Over-the-Air) 技 术可以不断升级和优化。中阶智驾系统通常搭载算力约为100 ...

Summary of Conference Call Notes Industry Overview - The focus of the conference call is on the autonomous driving industry, particularly the developments in self-driving technology and its market dynamics [1][2][3]. Key Points and Arguments - **Market Segmentation**: The market for passenger vehicles is segmented into different price ranges, with significant volumes in the following categories: - Vehicles priced above 300,000 (approximately 2-3 million units) - Vehicles priced between 200,000 to 300,000 (approximately 400,000 to 500,000 units) - Vehicles priced between 100,000 to 200,000 (approximately 12-13 million units) [2][3]. - **Emerging Players**: Companies like Xiaopeng Motors are highlighted as key players entering a new cycle of vehicle launches, particularly in the 150,000 to 200,000 price range [3][17]. - **Technological Advancements**: The call discusses the importance of hardware and software iterations in autonomous driving technology, emphasizing the rapid cost reduction of components like lidar and cameras, which are crucial for the development of self-driving vehicles [7][10][19]. - **Data Utilization**: The ability of manufacturers to collect and utilize data from a larger number of vehicles on the road is seen as a competitive advantage, enhancing their algorithms and decision-making processes [11][21]. - **Market Growth Projections**: The market for autonomous driving technology is expected to grow significantly, with estimates suggesting that the overall market size could exceed 30 billion by 2027 [16][23]. Additional Important Insights - **Integration of Technologies**: The convergence of autonomous driving and robotics is noted, indicating that advancements in one area will benefit the other [14][22]. - **Competitive Landscape**: The discussion includes the competitive dynamics among manufacturers, with larger companies having advantages in procurement and data collection, which could lead to a "winner-takes-all" scenario [21]. - **Focus on Key Companies**: Companies such as BYD, Geely, and others are identified as having strong potential to capitalize on the growth of the autonomous driving market due to their competitive products and market strategies [4][16]. - **Future Trends**: The call concludes with a focus on continuous monitoring of industry trends and the importance of adapting to changes in technology and market demands [24][25]. This summary encapsulates the critical insights and projections discussed during the conference call, providing a comprehensive overview of the current state and future outlook of the autonomous driving industry.

这种折腾来参加活动的这种形式类似这种活动实际上在12月份已经有老铺黄金的这个店铺参加到了15倍积分实际上就是我们万象的积分基本上是这个一块钱消费积分然后我们的回馈大概是千分之七所以实际上老铺参加这个15倍积分就相当于已经 买众奢的这种人群其实去万阳城消费的这个频率还是比较高的所以其实老铺的这个在陕阳万阳城的这种销售销售额也其实还是依托于本身这个项目它辐射高消费人群的范围啊会会比较广一点所以这个店目前仍然还是我们这个系统里啊单独单单项目来算的话 生意额最高的基本上也比二三年就是翻了一倍然后还有比较就是值得今年期待的哈就是说这个去年有两家扩了电的这个万用城一个是深圳的最早合作的这万用城然后之前呢是210多坪目前已经扩到了340多坪所以这个是在二四年已经完成这个扩电了啊所以其实我们要看比如说这个 像扩安店之后比如说二十四年十二月这个深圳万永城的这个三百多平米的店他基本上就做了五千四百多万将近五千五百万然后基本上一月份也也能达到四千七百多万就基本上他这个扩安店之后基本上单月的销售就已经是在这个四千万到五千万的这个这个销售区间了所以实际上 接近这个在九折以下八八折八七折这样的一个综合的这个折扣所以其实四季度整个的生意额 ...

Cross-Asset Valuations M Global Idea Risk Premiums Limbo – How Low Can They Go? Risk premiums can stay tight even if rates move +/-100bp from here. Credit does better than stocks when yields fall, but the macro backdrop and policy mix still favor stocks for now, yet timing is everything. Stay OW in global equities and spread products. February 7, 2025 06:25 PM GMT Key Takeaways Exhibit 1: Equity and credit risk premium 'smiles' – valuations can stay tight as long as rates move within a certain range -1.0 -0 ...

Equity Research 7 February 2025 Barclays Metals & Mining Mined Matters - Ukraine ceasefire winners and losers Our weekly briefing covering top news flow in the space, chart of the week, latest positioning data, commodity price moves, sound bites from the supply chain, recent global research, upcoming events and corporate access. We appreciate your 5-star vote in the 2025 Extel Developed Europe Research Survey in the Metals & Mining category. View our analysts → Vote for Barclays → Chart of the Week FIGURE 1 ...

CITI'S TAKE We expect Meituan to report 4Q24 by end-Mar and expect in-line result with possible slight upside on core-local commerce Op. Into 1Q25/2025E, investors are concerned about on-demand delivery volume growth, unit- economics trend amid high-base, potential revival of competition in local services and margins drag from its accelerated pace of overseas expansion initiatives. Keeta has progressed rapidly in topping download chart in Saudi Arabia, which we believe could prompt Keeta to expand into othe ...

FICC Research Economics 7 February 2025 Global Economics Weekly The art of rapid deal-making Last-minute negotiations averted tariffs on Mexico and Canada for now, showing a still-transactional Trump. But the trade war with China has begun and Trump's attention is expanding to the EU and geopolitical deals. Meanwhile, payrolls indicate a robust US labour market ahead of next week's CPI. Global Synthesis The art of rapid deal-making. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...

V i e w p o i n t | 07 Feb 2025 02:47:34 ET │ 26 pages Global Macro Strategy - Views and Trade Ideas Macro Themes for the Tariff-Fatigued (And One That Is Not) CITI'S TAKE There is a lot going on outside of the threat of tariffs for various countries. A Ukraine peace deal could be discussed soon. We sell EURPLN. National security-driven tariffs may be put on various industries. We go long COMEX/LME copper basis. US banks' capital requirements may be eased. We counsel patience for US steepeners. The BoE is s ...

February 7, 2025 03:01 AM GMT § = Consensus data is provided by Refinitiv Estimates Lenovo | Asia Pacific Dec-Q smartphone shipments are better than than expected What's new? According to IDC, Lenovo shipped 14.6mn units (-2% q/q, +11% y/y) of smartphones in the Dec-Q; this is 2.4% higher than MSe and 3.9% higher than the Street. EMEA and India continue to be good areas of growth for Lenovo, with EMEA shipments up 16% q/q to ~2.7mn units and India growing 7% q/q to ~2.8mn units. Stay OW: We had mentioned in ...