本次电话会议服务于西部证券研究所客户不构成投资建议相关人员应自主做出投资决策并自行承担投资风险西部证券不应使用本次内容所导致的任何损失承担任何责任专家发言内容仅代表专家个人观点不代表本公司观点本次会议内容不涉及国家保密信息内幕信息、未公开重大信息、商业秘密、个人隐私不得涉及可能引发不当炒作 或股价异常波动的敏感信息不得涉及影响社会或资本市场稳定的言论未经西部证券事先书面许可任何机构或个人不得以任何形式复制、刊载、转载、转发引用本次会议内容否则由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究其法律责任的权利 现场的各位投资人大家下午好我是西部证券的地产分析师翟苏宁那近期呢地产政策也是频出尤其这两天我们看到很多一线城市也是开始陆续松绑那市场的关注度也是非常高那对此呢我们是特别邀请了冰山指数的创始人李总来给大家反馈一下近期出政策的像上海深圳还有广州市场最新的一个真实的情况以及政策出台之后可能会对销售市场带来的一个影响 那么在开始之前我也先介绍一下冰山指数冰山指数是2017年4月份发布第一期到现在基本是能保持每周的一个更新频次已经连续稳健运营了七年时间也是得到了公众的一个认可因为之前我是在行业内有三年的从 ...

本次电话会议服务于西部证券研究所客户不构成投资建议相关人员应自主作出投资决策并自行承担投资风险西部证券不应使用本次内容所导致的任何损失承担任何责任专家发言内容仅代表专家个人观点不代表本公司观点本次会议内容不涉及国家保密信息、内幕信息未公开重大信息、商业秘密、个人隐私不得涉及可能引发不当炒作 或者股价异常波动的敏感信息不得涉及影响社会或资本市场稳定的言论未经西部证券事先书面许可任何机构或个人不得以任何形式复制、刊载、转载、转发引用本次会议内容否则由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究其法律责任的权利好的各位投资人大家好我是西部电信的首席杨静梅 今天是我们这一系列的这个电信这边出海系列的电话会的第二场那就是我们昨天的话是这个我们昨天是有一场关于这个低压器的一个出海的一系列的一个电话会那今天呢我们是有一个电表那明天的话我们还会有低压电器这块的一个出海的就是我们这是三场的一个系列电话会 那从去年以来呢我们这边持续的在推荐这个出海逻辑的这样一些标的像我们这段时间也是在强推像海星电力那这个今天呢我们也是非常荣幸然后邀请到了这个行业专家跟我们一起来探讨这个电表的这样一个投资机会那专家欢迎您也非常感谢您 ...

大家好欢迎参加西部智能节特带来的卷积神经网络的深入探索可分离卷积的应用目前正在进入正确的状态下面开始播放的声明声明播放完毕后主教老师可开始发言谢谢本次电话会议服务于西部政卷研究所 本次会议内容 不得涉及国家保密信息、内幕信息、未公开重大信息、商业秘密、个人隐私不得涉及可能引发不当炒作或股价异常波动的敏感信息不得涉及影响社会或资本市场稳定的言论未经西部证券事先书面许可任何机构或个人不得以任何形式复制、刊载、转载、转发引用本次会议内容否则由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究其法律责任的权利 大家好我是新闻电视剧院量化研究员冯程然后这次我们是又继续去研究深度学习的模型我们在去年的时候也是做过第一期去做深度学习模型的时候做的就是CNN模型卷迹神经网络但当时是受制于硬件设施设备的算力不够做的比较浅然后这次我们是升级了一下设备然后 在一些网络结构还是做一些实验上面做一些探索可能也发现了一些东西然后本次这个会议呢可能更多的是去跟大家一起去一起去看一下这个不同的这个超三数啊还有一些不同的一些实验开的对比然后一些结论可能就是说并不会给投资给就是说直接去指导大家去做一些投资建议 考虑到有些新来的朋友可能之 ...

金工量化周报 地产扭转预期，静待低位补涨 证券研究报告 2024年05月19日 技术分析洞察（2024.05.13-2024.05.17）  核心结论 分析师 投资建议：我们认为地产重磅政策将极大扭转经济预期，增强投资者信心， 或将陆续带动消费和顺周期等低位板块补涨。1）行业层面建议关注房地产、 冯佳睿 S0800524040008 建筑材料、建筑装饰、轻工制造和非银金融等板块，以上板块均得到北向资 13564917688 金增持。2）主题层面建议关注赛马概念、租售同权、恒大概念、MiniLED fengjiarui@research.xbmail.com.cn 等概念，近期检测到技术走势斜率的排名靠前。3）个股层面检测到锦盛新 相关研究 材、浙商证券等近期呈现横盘突破形态特征。 缩量持续上攻，修复低位板块—技术分析洞察 宽基指数：大市值创反弹新高。本周中证全指录得0.01%的跌幅，主要宽基 (2024.04.29-2024.05.10) 2024-05-12 珍惜底部筹码，积极开展布局—技术分析洞察 指数窄幅振荡，其中上证指数跌幅0.02%，创业板指跌幅0.70%，微盘股指 （20240422-20240 ...

策略月报 地产链“拨云见日”投资组合 证券研究报告 2024年05月22日 西部研究地产链投资组合报告（20240522）  核心结论 分析师 本轮地产政策调整的逻辑之内、预期之外及前瞻判断。政策逻辑依然遵 循“风险驱动、多元目标、政策储备”逻辑，其超期预期的方面在于：1） 慈薇薇 S0800523050004 居民端政策力度大；2）政策发布距离4月30日政治局会议时间较短， 13916466506 各地4月30日前后的新增政策试点尚未满月。未来政策研判：1）财政 ciweiwei@research.xbmail.com.cn 政策预计持续发力，且是重中之重。2）根据“人地钱”联动逻辑，政策 将倾斜大城市。3）一线城市商品房限购政策或将进一步放开。4）地方 将更灵活地将地产政策纳入提升经济发展活力、吸引人才的政策组合， 寻找新的经济增长点。 本轮地产政策对市场整体的影响意义。政策含义比较大：本轮地产政策 有助于缓解下行风险、托底经济预期、稳定风险偏好。对于稳定房价预 期、缓解房企信用风险有一定的积极作用。对宏观总量影响暂时不大： 目前居民加杠杆的意愿和能力尚处于较弱的态势，新政对于地产销售的 提振作用仍有待 ...

公司深度研究 | 软通动力 全面的数字技术服务提供商，赋能千行百业 证券研究报告 2024年05月21日 软通动力（301236.SZ）首次覆盖  核心结论 公司评级 买入 股票代码 301236.SZ 核心结论：我们预计软通动力 2024-2026 年营收分别为 307.94、351.70、 408.41 亿元，归母净利润分别为 7.03、9.60、12.60 亿元。采用分部估值，给 前次评级 -- 原有业务 2024 年 45x 的 PE，目标市值 342 亿元；给收购的同方计算机相关业 评级变动 首次 务 2024 年 1.3x 的 PS，目标市值 150 亿元。所以我们预计软通动力 2024 年对 当前价格 40.09 应目标市值492亿元，对应目标价52元，首次覆盖，给予“买入”评级。 近一年股价走势 软通动力是国内数字技术服务龙头，赋能千行百业数字化转型，24年业绩有望 软通动力 IT服务Ⅲ 创业板指 恢复增长。1）原有业务聚焦三大板块及四大行业，与多领域巨头同行。2024 95% 年完成同方计算机并购，补齐华为生态布局关键拼图。2）2023 年公司业绩承 73% 51% 压，实现营收 175. ...

Industry Investment Rating - The report highlights a strong investment opportunity in the "going global" theme, particularly in industries such as automotive, electronics, and renewable energy, driven by the fifth wave of international industrial transfer [1][10] Core Views - The fifth wave of international industrial transfer is driving Chinese enterprises to expand globally, with a focus on emerging markets such as Russia, India, Latin America, Africa, and ASEAN [1][10] - Chinese companies are transitioning from manufacturing exports to brand exports, with significant growth in non-financial outbound direct investment, reaching $130.1 billion in 2023, a 11.4% YoY increase [1][10] - The report identifies two key investment strategies: 1) leveraging global manufacturing recovery, particularly in sectors like home appliances, machinery, and e-commerce, and 2) focusing on brand and high-end manufacturing capacity exports, such as in the automotive, electronics, and renewable energy sectors [1][10] Sector Summaries Building Materials and Light Industry - The sector is benefiting from the recovery of overseas furniture demand, driven by expectations of US interest rate cuts and the transition from manufacturing to brand exports [1][26] - Key companies include **Leggett & Platt**, **Henglin Home Furnishings**, and **Xidamen**, which are leveraging cross-border e-commerce and overseas brand development [1][26] Automotive - Chinese automotive exports have seen significant growth, with passenger car exports reaching 4.14 million units in 2023, a 64% YoY increase [30][31] - New energy vehicle (NEV) exports have grown nearly threefold from 2021 to 2023, with NEVs accounting for 25% of total vehicle exports in 2023 [31][32] - Key companies include **Great Wall Motors**, **Leapmotor**, and **Yutong Bus**, which are expanding their presence in overseas markets [31][45] Renewable Energy (Electronics and New Energy) - Overseas demand for photovoltaic (PV) and energy storage systems remains strong, with US transformer supply-demand imbalances creating opportunities for Chinese manufacturers [46][56] - Key companies include **Sungrow Power Supply**, **Shangneng Electric**, and **Aikosolar**, which are leading in inverter and transformer exports [46][56] Communication - The communication sector is focusing on brand and manufacturing exports, with companies like **Huawei**, **ZTE**, and **Fiberhome** leveraging their technological advantages in global markets [2][22] Medical Devices - The global orthodontic market is growing steadily, with **Angelalign** expanding its international presence and opening new business opportunities [2][24] Textiles and Apparel - The sector is seeing a recovery in overseas orders, with companies like **Huali Group** and **Shenzhou International** benefiting from inventory reductions by global sportswear brands [2][24] Key Data Highlights - China's export share of global trade remained above 14% from 2020 to 2023, with non-financial outbound direct investment reaching $130.1 billion in 2023 [1][10] - NEV exports grew from 310,000 units in 2021 to 1.2 million units in 2023, with export prices increasing by 380% over the same period [31][33] - US transformer imports grew by 45.83% in 2023, with import dependency rising to 78% [56][57]

Investment Rating - The report gives a "Buy" rating for the company [2][4][13]. Core Viewpoints - The company is positioned as a leader in the domestic chromatography market, expected to benefit significantly from the localization of scientific instruments and supportive policies. The high-end analytical instruments are anticipated to become a second growth curve for the company, while the expansion into the life sciences sector is expected to drive long-term performance growth [1][12][13]. - Revenue projections for 2024-2026 are estimated at 979 million, 1.238 billion, and 1.589 billion yuan, with net profits of 81 million, 118 million, and 169 million yuan respectively [2][3][13]. Summary by Sections Company Overview - Founded in 2003 and listed on the Sci-Tech Innovation Board in 2020, the company initially focused on leak detection instruments and has since expanded into environmental monitoring and laboratory analytical instruments, forming a comprehensive product line [1][17]. - The company has diversified into four main business areas: online monitoring, industrial detection, laboratory analytical instruments, and life sciences, with a focus on high-end instrument localization [1][18]. Business Segments - In 2023, the revenue contributions from online monitoring instruments, industrial detection instruments, and laboratory analytical instruments were 31.51%, 58.72%, and 5.96% respectively [21]. - The industrial detection segment has seen significant growth due to high demand in the new energy sector, while the online monitoring segment faced challenges due to macroeconomic factors [1][21]. Financial Analysis - The company reported a revenue of 787 million yuan in 2023, with a compound annual growth rate (CAGR) of 19.24% from 2018 to 2023. However, the first quarter of 2024 showed a revenue decline of 14.77% year-on-year [24]. - The gross margin for 2023 was 49.01%, with a notable increase in the contribution from high-margin industrial detection instruments [28]. Market Potential - The domestic analytical instrument market is projected to grow from 345 billion yuan in 2021 to 418 billion yuan by 2025, with a CAGR of 4.92%. The reliance on imports for high-end instruments remains a significant challenge [32][33]. - The global laboratory analytical instrument market is expected to grow from approximately 74.69 billion USD in 2022 to around 91.3 billion USD by 2027, with a CAGR of 4.10% [32][33]. Policy Support - Various government policies are aimed at promoting the localization of scientific instruments, including tax refunds for domestic equipment purchases and support for major scientific instrument development [35].

行业动态跟踪 24 年 4 月上市猪企出栏量小幅下滑，出栏均价小幅提高 证券研究报告 2024年05月23日 生猪行业动态跟踪报告（月度）  行业跟踪概述 分析师 上市猪企24年4月出栏量为1231.93万头，同比-1.55%，环比-2.91%。头 部企业中，牧原股份/温氏股份/新希望分别出栏545.00/248.29/147.62万头， 熊航 S0800522050002 同比分别+2.02%/+17.88%/-6.21%，环比分别-0.38%/-5.25%/-3.23%。4月 13316501817 为传统消费淡季，猪价仍在相对低位，上司猪企出栏规划较为保守。上市猪 xionghang@research.xbmail.com.cn 企24年1-4月累计出栏为4964.23万头，同比+4.14%。上市猪企1~4月出 相关研究 栏量同比小幅增长，主要原因是头部猪企出栏量增长较高。 上市猪企 4 月营业收入为 201.65 亿元，同比+5.78%，环比+0.79%。头部 企业中，牧原股份/温氏股份/新希望实现收入91.53/46.75/23.37亿元，同比 分别+0.52%/+25.57%/-1.06%，环比 ...

Industry Investment Rating - The report does not explicitly mention the investment rating for the industry [1][2][3] Core Views - The report highlights the potential growth in cobalt production, particularly from Luoyang Copper's TFM and KFM mines in the Democratic Republic of Congo (DRC), with cobalt production expected to exceed 60,000 tons in 2024, up from 55,600 tons in 2023 [2] - The demand for active magnesium oxide as a cobalt precipitant is expected to increase to 240,000 tons in 2024, driven by the expansion of cobalt production [2] - The report emphasizes the importance of magnesium oxide activity in ensuring cobalt recovery rates, with a 1:1 ratio of magnesium oxide to cobalt being optimal for precipitation efficiency [4][5] - In the nickel wet metallurgy sector, the report notes that modified sodium hydroxide precipitation processes are becoming mainstream, with an estimated 42% of projects using this method, while magnesium oxide-based processes are less common due to supply and cost constraints [20][21] Cobalt Precipitants - Luoyang Copper's KFM mine has a cobalt resource grade of 0.99%, with a copper-to-cobalt ratio of nearly 2:1, making it a significant contributor to global cobalt production [2] - The TFM mine, also in the DRC, has a lower cobalt grade of 0.25% but a larger scale, producing 450,000 tons of copper annually [2] - Global cobalt production is expected to reach 240,000 tons in 2024, with Luoyang Copper contributing significantly to this growth [2] - The report discusses the use of active magnesium oxide in cobalt precipitation, with a 1:1 ratio of magnesium oxide to cobalt being optimal for efficient recovery [4][5] Nickel Precipitants - The report highlights the dominance of sodium hydroxide-based precipitation processes in nickel wet metallurgy, with an estimated 42% of projects using this method [20] - Modified sodium hydroxide processes, such as the AACP (Alkali Activation Control Process), are gaining traction due to their ability to reduce moisture content and improve nickel recovery rates [16][17] - Magnesium oxide-based processes are less common due to challenges in bulk supply, higher costs, and patent restrictions, although some patents have expired, potentially opening up opportunities for wider adoption [20][23] - The report projects that by 2026, sodium hydroxide-based processes will account for 52% of nickel precipitation capacity, while magnesium oxide-based processes will remain a niche option [20][21] Magnesium Oxide in Nickel and Cobalt Precipitation - The report discusses the potential for magnesium oxide to replace sodium hydroxide in nickel and cobalt precipitation, citing cost savings and higher recovery rates as key benefits [28] - However, the adoption of magnesium oxide is hindered by the need for new storage and preparation facilities, as well as concerns over supply stability from a limited number of suppliers [28] - The report also notes that magnesium oxide's higher activity can ensure better cobalt recovery rates, adding to its potential appeal [28] Competitive Landscape - The report identifies Queensland Magnesia (QMAG) and Martin Marietta Magnesium Specialties as key global suppliers of magnesium oxide for wet metallurgy applications [32][34] - QMAG's EMAG45 product has been used in copper and cobalt wet metallurgy since the 1990s, while Martin Marietta's MagChem40 is known for its high purity and consistent reactivity [32][34] - Both companies have established production processes and significant market presence, making them strong competitors in the magnesium oxide market [32][34] Challenges and Risks - The report notes that the adoption of magnesium oxide in nickel wet metallurgy is limited by the reluctance of projects to switch from established sodium hydroxide processes [37] - Additionally, the quality of domestic magnesium oxide production is dependent on the availability of high-grade microcrystalline magnesite, and any decline in ore quality could disrupt supply stability [38] - Market expansion for magnesium oxide is also slow, particularly in regions like Indonesia and the DRC, where most nickel and cobalt projects are located [38]