各位投资者朋友们大家好欢迎来到中国银河证券直播间观看数说新制专题节目我是中国银河证券策略分析师杨超今天我们非常高兴邀请到了ESG研究员马宗明博士与大家就数字经济富能ESG的一个途径进行深入讨论有请马博士各位投资人大家好我是中国银河证券ESG研究员马宗明 呃众所周知呢ESG呢已经与我国所倡导的高质量发展理念呢形成一个高度的一个契合也是上市公司高质量发展的重要抓手已经成为呢衡量企业可持续发展能力呃价值理念和运营方式的一个新的一个标准了而且ESG生态圈呢目前仍然面临着诸多的一个挑战了 那么马博士如今高速发展的一个数字化技术能不能对ESG进行一个赋能它的赋能方式又是如何好的谢谢杨博士的问题首先ESG是上市公司高质量发展的重要抓手那么我们现在非财务绩效性的指标在上市公司估值当中也占据越来越重要的地位但是ESG的绩效的量化其实是目前企业信息披露当中遇到的一个非常大的难题 那么数字化技术呢其实是为ES的量化提供了一个新的路径我们可以从宏观的视角分别从环境社会和治理三个角度来看一下 首先第一数字化技术可以优化碳核算与监管有利于协助应对全球的气候变化我们可以借助先进的数据搜集和分析技术以及物联网等数字化技术去构建碳排放的因子库 ...

空了对吧有机会的话可以尝试做缉毒不太会的话暂时就把它关忘毕竟它趋势要往下白云其实它更多的应该是昨天晚上涨的纯减纯减的话我们前两天还担心说这个东西怎么回事一直跌跌不休阴跌嘛就跟天气一样阴雨炎炎是不是那么今天的话就出现了技术型的反弹 但是按照基本面来看的话呢他也就是个反弹而已金银欧献昨天可能很多朋友吓一跳吧不靠这个走势的话感觉就像是要暂停一样08合约 整个原因我昨天在节目的最后给大家看了一个图片是不是那个图片的话是地缘的一个冲突引起的所以欧献08合约还没有不能说08因为我们讲过的当前还不太合适去做下阶尽管这个下阶的空间是这么的诱人 但是我们只能看一看10合约上面是不是有机会但08应该是不要去碰它的就特别是往下想算的话还有一定的空间到底是多少如果你感兴趣的话我会把点位告诉你这个氧化鲤鱼昨天有人问到了对吧但是我们的排序当中没有讲它其实它是因为矿的一个紧张所以偏强还有就是烧碱烧碱的话是盐化工跟纯碱是一个性质 那么白银啊黄金黄金跟银一样啊今天他们是属于一个呃在有色版在贵金属里面属于偏强态势这个是1%以上的涨幅1%以上的跌幅呢也有8个但是他的这个幅度啊跟涨幅比的话呢略微的小一点啊猛龟依然是在往下走呃猛龟的话呢可能前期的那个 ...

一脚踢出几个亿真的有这么夸张吗足球到底能有多赚钱北京时间的6月15日凌晨万众瞩目的24年欧洲杯赛德国的莫尼黑正式拉开序幕球迷们看得兴高采烈都在为自己喜欢的球队加油但你知道吗这比赛的背后可是有大把大把的钱在流动今天咱们就来看看这欧洲杯到底能有多赚钱 首先是关赛的收入之前由于疫情的影响上届欧洲杯在经济上是收效甚微的现在随着全球旅游业元气的恢复加上欧洲杯奥运会等顶级赛事的助力欧洲旅游市场是迎来了跨境游的高峰据英国媒体统计光是餐饮酒店服务和零售这几个行业对于英国的额外收益总额就将达到260亿人民币 那如果再加上法国和德国整个欧洲的额外收益预估会达到千亿规模其次呢是周边的收入像足球球衣啤酒杯这样一些和足球相关的东西现在呢在欧洲网上卖的特别火啊根据国外某电商平台的数据显示从三月份开始作为欧洲杯宗道主的德国对欧洲杯相关的一些物品需求大增 像是德国国家队的球衣围巾这些用品销量呢就增长了400%球迷们喜欢的那些小商品啊增长了147%还有那些看比赛时用的东西比如望远镜啊小旗子啊销量呢也是增长了98%这还不包括其中最直接的收入赛事转播和广告收入你想啊欧洲被这么火哪家电视台网络平台不喜欢转播呢这转播权可是要花大价钱的 再说这广告啊比 ...

Key Points Meeting Details - **Meeting Type**: Closed-door research meeting - **Host**: Hongze Research - **Document ID**: 1 Company/Industry Specific - **Company/Industry**: Not specified - **Core Viewpoints and Evidence**: - [1] Detailed financial analysis of the company/industry - [2] Identification of potential investment opportunities and risks - [3] Discussion on industry trends and macroeconomic factors impacting the company/industry - **Other Important Content**: - [4] Presentation of key financial metrics and ratios - [5] Comparison with industry benchmarks and peers - [6] Analysis of management team and corporate governance - **Document ID**: 1

Financial Data and Key Metrics - Revenue for 2022 was 6622 billion JPY, with an operating profit of 329 billion JPY, resulting in an operating margin of 5% [16] - From 1998 to 2012, revenue declined from 5945 billion JPY to 4549 billion JPY, but operating profit improved from 62 billion JPY to 162 billion JPY, with the operating margin increasing from 1% to 3.6% [16] - The company's self-operated factory capacity utilization rate increased from 48% in 2000 to 65% in 2006 [11] Business Line Data and Key Metrics - The company operates in four main segments: frozen food (42% of revenue), aquatic products (10%), livestock products (13%), and low-temperature logistics (37%) [16] - Frozen food became the main driver of performance in the 1990s, with revenue exceeding 1000 billion JPY in 1993, accounting for 26% of total revenue [16] - The company reduced SKUs by 21% for C-end products and 8% for B-end products from October 2008 to March 2009 [11] Market Data and Key Metrics - Per capita consumption of frozen food in Japan increased from less than 11 kg in 1990 to about 19 kg in 2000, with a CAGR of 5.6% [16] - From 2000 to 2012, per capita frozen food consumption grew from 19 kg to 21 kg, with a CAGR slowing to 1.1% [16] - The company's market share in the rice-based frozen food category reached first place with the launch of the "Authentic Fried Rice" product in 2001 [16] Company Strategy and Industry Competition - The company implemented structural reforms in the 1990s, including organizational restructuring, business integration, and the sale of loss-making subsidiaries [33] - The company focused on reducing SKUs, optimizing personnel, cutting excess capacity, and lowering fixed costs to improve capital efficiency [33] - The company's 2001-2003 mid-term plan aimed to reduce manufacturing costs by 5% compared to 1999 and maximize economies of scale by integrating production lines and suppliers [33] Management Commentary on Operating Environment and Future Outlook - The company faced challenges in the 1990s, including stagnant growth in the aquatic products sector, slowing frozen food growth, and internal management issues [16] - The company's performance improved in the 2000s, driven by cost-cutting measures and the success of new product launches [16] - The company's 2007-2009 mid-term plan aimed to increase the self-operated factory production ratio to over 50% and capacity utilization to 74% [11] Other Important Information - The company reduced its workforce by 41% from 2890 employees in 1993 to 1691 employees in 2003 [33] - The company closed four factories and reduced capacity by 2.1 million tons, a 10% reduction compared to March 2000 [33] - The company's 2004-2006 mid-term plan continued the strategy of increasing self-operated factory production and capacity utilization [11] Summary of Q&A Session - No specific Q&A session content was provided in the documents [1][2][3]

Financial Data and Key Indicator Changes - The overall construction scale of low-altitude air traffic management systems is expected to reach 28-56 billion yuan by 2027, with an average annual construction scale of 7-14 billion yuan, indicating a significant increase in demand for domestic air traffic management platforms [1][23]. Business Line Data and Key Indicator Changes - The air traffic management system integrates ground infrastructure and aerial management, comprising communication, navigation, and surveillance (CNS) systems, along with air traffic management (ATM) systems, which are essential for ensuring flight safety and efficiency [5][7]. Market Data and Key Indicator Changes - The global air traffic management system market exceeds 8.5 billion USD, with significant growth potential driven by the booming low-altitude economy and technological innovations [2][20]. - As of 2023, China's low-altitude economy market is estimated to exceed 500 billion yuan, with projections to reach 2 trillion yuan by 2030 [18][19]. Company Strategy and Development Direction - Companies in the air traffic management sector are advised to focus on the development of low-altitude air traffic management products and technologies, as the demand for these systems is expected to grow alongside the expansion of low-altitude aviation activities [3][20]. - Key players in the domestic market include Lais Information, which holds over 40% market share, and other companies like New Morning Technology and Sichuan Jiuzhou, which are actively developing related products [2][3]. Management's Comments on Operating Environment and Future Outlook - The management emphasizes that the air traffic management system's importance will increase with the expansion of low-altitude aircraft types and numbers, leading to a growing demand for low-altitude airspace regulatory products [3][20]. - The industry faces risks such as technological development not meeting expectations, policy advancements lagging, and potential safety incidents negatively impacting growth [3]. Other Important Information - The air traffic management system industry is characterized by a concentrated supply chain, with upstream suppliers providing essential equipment and data services, midstream developers integrating systems, and downstream users including airlines and airport operators [11][12]. - The low-altitude economy is supported by various government policies aimed at promoting the development of air traffic management systems and related technologies [14][16]. Q&A Session Summary Question: What is the expected growth of the low-altitude economy? - The low-altitude economy is projected to exceed 500 billion yuan in 2023 and is expected to reach 2 trillion yuan by 2030, driven by government support and technological advancements [18][19]. Question: What are the key players in the domestic air traffic management market? - Key players include Lais Information, New Morning Technology, Sichuan Jiuzhou, and others, all of which are actively developing products for low-altitude air traffic management [2][3]. Question: What risks does the industry face? - The industry faces risks such as slower-than-expected technological advancements, policy implementation delays, and potential safety incidents that could negatively impact growth [3].

不够的应用措施而当前国内外大广的业变化所谓经济浪高经浩海浪正在使得出发事件越来越频繁导致了效率制造业策略不再适用冗余开始变得必须那么冗余不只是一个全球概念也是一个全国的全球的经济现象我们可以看到在各个经济体美国欧洲日本等全球制造业扩张正在成为一个趋势 这也是在地缘格局的变化下全球为了以一个安全的视角 最增强应对错误关键矿产以及关键地图设施上的一个博弈正在逐渐拉大最近国家安全部也发文指出一些国家正在全球矿产领域拉建供应链联盟企图构建小院高墙为获取关键资源不择手段严重阻碍全球化的一个进程 那么在4月15日我们也看到国家安全部还公开披露了武器案件涉及到海外去窃取我们的稀土国家监狱等等 总之各个国家围绕关键矿产的争夺的烈度在不断提升一些美西方国家也进一步在航运 金融 通讯等关键基础设施上去把他们武器化甚至去攻击我们国家在上游上面的一些布局后面我们主要围绕关键矿产以及关键基础设施的一些情况进行展开 那么为什么关键矿产这么重要它取决于四个方面首先对于一个国家的经济包括一个国家的国防安全是有不可忌惮性的其次对于一个全球的控制力来说谁具备全面矿产的分配权谁就更具话语权当然如果一个国家不具备这样的资源条件那么所构成的供应链风险 ...

低空经济产业投资机会 20240619 | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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农业：宠物经济核心七问 Q1、我国宠物行业空间多大？ 透率和单只宠物消费均有提升空间。 图：2020-2023年城镇（犬猫）消费市场规模（亿元） 4000 3500 3000 1847 2500 1645 1465 2000 1231 1305 1060 1500 884 1000 1430 1475 1668 1766 1181 1488 500 0 2020 2021 2022 2023 2024E 2025E2026E 犬猫 46.6 44.5 20222023 31.1 20.3 16.2 11.410.1 8.1 7.6 5 4.1 00后 90后 80后 70后 70前 图：各国宠物净透率对比（中国数据为22年，其余为21年数据） 图：中美单只宠物犬、猫平均消费金额对比（人民币元） 80% 70% 70% 60% 57% 50% 46% 40% %08 20% 20% 10% 0% 中国 美国 日本 欧洲 单只宠物犬年均支出 中国美国 单只宠物猫年均支出 资料案源：《2022年中国宠物行业趋势河察白皮书》，宠物食品联盟公众号，天风证券研究所 注明：中国为2023年数据、美国为2021年数据并按当年 ...