Financial Data and Key Indicators Changes - The PCB industry in mainland China is experiencing rapid growth, becoming the largest production base globally due to the transfer of PCB capacity and the booming downstream electronic terminal manufacturing [12][22] - In 2023, the revenue for Huadian Co. was 89.4 billion, with a growth rate of 7%, while ShenNan Circuit's revenue was 135.3 billion, showing a decline of 3% [23] - Huadian Co. reported a net profit of 15.1 billion in 2023, an increase of 11%, while ShenNan Circuit's net profit decreased by 15% to 14.0 billion [23] Business Line Data and Key Indicators Changes - Huadian Co.'s PCB products focus on communication equipment, data center infrastructure, and automotive electronics, with AI server-related products accounting for 21.13% of its revenue [25] - ShenNan Circuit is engaged in high-end PCB design and manufacturing, with a focus on communication devices and data centers, while also expanding into automotive electronics [30] - Shengyi Technology's PCB products are heavily reliant on major clients like Huawei and ZTE, with a customer concentration of 42.28% in 2023 [31] Market Data and Key Indicators Changes - The demand for AI servers is driving PCB growth, with the market for HDI PCBs expected to reach $14.58 billion by 2027, growing at a CAGR of 6.2% from 2023 to 2028 [19][22] - The 800G optical module market is projected to grow significantly, driven by AI applications, with a forecasted CAGR of 11% over the next five years [17] - The PCB market is expected to continue growing due to the increasing complexity of AI models and the corresponding rise in computing power requirements [16][22] Company Strategy and Development Direction and Industry Competition - The PCB industry is moving towards high-density and high-performance designs, with companies like Huadian Co. and ShenNan Circuit focusing on technological innovation and quality improvement [25][30] - The competitive landscape is intensifying as major players expand their production capacities, leading to increased market competition [41] - Companies are investing in R&D to enhance their product offerings, with Huadian Co. maintaining a research expense rate of 6.03% in 2023, aligning with industry averages [25][30] Management's Comments on Operating Environment and Future Outlook - Management highlighted the rapid growth of AI applications as a key driver for the PCB market, emphasizing the need for advanced PCB technologies to meet increasing demands [16][22] - The management expressed concerns about macroeconomic risks and external environment uncertainties, particularly regarding geopolitical tensions affecting the industry [41] Other Important Information - The PCB industry is characterized by a wide range of applications, which helps mitigate development risks [12][22] - The main raw materials for PCB production are subject to price fluctuations based on global commodity markets, which poses a risk to profitability [41] Q&A Session Summary Question: What are the growth prospects for the PCB industry? - The PCB industry is expected to benefit from the increasing demand for AI applications and high-performance computing, with significant growth opportunities in the coming years [16][22] Question: How are companies managing risks in the current environment? - Companies are focusing on diversifying their client base and investing in R&D to mitigate risks associated with market competition and raw material price volatility [41]

会议即将开始 本次电话会议仅服务于长江证券研究所白名单客户未经长江证券事先书面许可任何机构或个人不得以任何形式对外公布、复制、刊载、转载、转发、引用本次会议相关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长江证券保留追究其法律责任的权利 各位投资者晚上好我是长江传媒刚超今天给各位领导汇报一下我们关于就是细分领域里面跟踪的广告行业系列跟踪的第六就是整体对于还是整个广告行业包括 就是垂直赛道里面进行进一步的一个解析之前其实就整体来看的话广告肯定是一个跟宏观警惕度比较关联密切的这样的一个赛道这一块的话确实是毋庸置疑的整体来看广告行业的一个增速跟 舍宁的增速包括跟整个这个宏观的GDP的这个增速整体趋势上都是比较相同的所以就是广告行业一直以来也是大家比较关心的一个就是整体的一个细分赛道因为第一个就是跟宏观关系紧密度非常高第二点的话就是对于很多平台型的电商来看平台型的这个公司来看的话广告是非常重要的一个变现方式所以从这个两个维度来看的话大家都比较关心整个广告行业 受到目前大家对于经济的整个大环境下的一些变化至少从目前来看截止到上半年为止的话整个广告行业相对于去年同期还是呈现了比较明显的复苏态势CTR的这个数据它 ...

Financial Data and Key Indicator Changes - In 2023, the company's operating revenue was approximately 394 billion, a decrease of 18.3% year-on-year, while the net profit attributable to shareholders was 16.02 billion, an increase of 10.75% year-on-year, marking the best performance since its listing in 2002 [4][14][6] - For the first half of 2024, the net profit attributable to shareholders was 10.15 billion, representing a year-on-year growth of 28% [6] Business Line Data and Key Indicator Changes - The battery materials segment saw revenue drop from 286 billion in 2022 to 171.4 billion in 2023, while the tungsten-aluminum business increased from 126 billion to 155.7 billion [15][14] - The rare earth business revenue decreased from 59 billion to 51.7 billion, and the real estate segment reported a significant impairment loss of 3 billion [15][14] Market Data and Key Indicator Changes - The company holds the largest tungsten resources in A-shares, with a self-sufficiency rate of 36.6% for tungsten ore, which is higher than its competitors [20] - The market capitalization as of August 1, 2024, was 240 billion, with a static P/E ratio of 15, the lowest in the industry [7][8] Company Strategy and Development Direction - The company is pursuing a "dumbbell strategy," balancing low-risk defensive assets with high-risk growth assets, focusing on tungsten and new energy businesses [1] - A new round of fundraising was initiated to raise 35.3 billion for projects related to tungsten and photovoltaic materials, aligning with national industrial development directions [9][11] Management Comments on Operating Environment and Future Outlook - Management noted that the performance in 2023 was achieved despite a downturn in the new energy business, indicating resilience [6] - The company expects to enhance its market position in the photovoltaic tungsten wire sector, with production capacity projected to reach 2000 billion meters by 2026 [35] Other Important Information - The company is actively divesting from its real estate business, which has already yielded 1.45 billion in investment income in the first half of 2024 [44] - The integration of rare earth separation business with China Rare Earth Group has led to a significant decline in revenue and profit from this segment [43] Q&A Session Summary Question: What is the current status of the Dahu Lake tungsten mine project? - The Dahu Lake project has been included in Jiangxi Province's key construction projects for 2024, and preliminary preparations have begun, including mining license updates and feasibility studies [26] Question: How is the company addressing the downturn in the new energy materials sector? - The company is focusing on developing next-generation new energy materials and has seen some improvement in the second quarter of 2024 compared to the first quarter [39]

Financial Data and Key Metrics Changes - In the first half of 2024, the company achieved revenue of 266.09 billion yuan, a year-on-year increase of 28.69%, and a net profit attributable to shareholders of 8.74 billion yuan, up 22.04% year-on-year [2][3][4] - For the second quarter of 2024, the company reported revenue of 147.4 billion yuan, representing a year-on-year growth of 46.11%, and a net profit of 4.554 billion yuan, which is a 12.93% increase year-on-year [4] Business Line Data and Key Metrics Changes - The strong demand for AI servers significantly boosted the company's performance, with AI server product revenue experiencing exponential growth [2][4] - The cloud computing business saw robust revenue growth, with the revenue share from cloud service providers continuously increasing, contributing to overall revenue and profit growth [2][4] Market Data and Key Metrics Changes - The global AI server shipment volume exceeded 1.25 million units in 2023, marking a year-on-year growth of over 47% [10] - The switch market size reached 44.6 billion USD in 2023, growing by 21% compared to the previous year [10] Company Strategy and Development Direction - The company is positioned as a global leader in high-end intelligent manufacturing and industrial internet solutions, leveraging its vertical integration capabilities across the AI industry chain [2][4] - The company aims to capitalize on the opportunities presented by the digital economy and AI development through advanced technology research and capacity planning [4][10] Management's Comments on Operating Environment and Future Outlook - Management highlighted the critical role of computing power in AI development, indicating that the revenue share from AI servers and high-speed switches is expected to continue increasing [2][4] - The company plans to maintain its leading position in the AI server market and enhance its market share in high-speed switches and routers [10] Other Important Information - The company maintains a "buy" rating, with projected revenues for 2024-2026 expected to be 565.68 billion yuan, 646.20 billion yuan, and 737.40 billion yuan, respectively, with corresponding net profits of 26.27 billion yuan, 30.89 billion yuan, and 34.76 billion yuan [11][12] Q&A Session Summary Question: What are the growth prospects for AI server demand? - The company noted that the demand for AI servers is expected to continue growing due to the ongoing advancements in AI technologies and the increasing investments from cloud service providers [10] Question: How does the company plan to address potential risks in the cloud computing sector? - Management acknowledged that if technological advancements do not meet expectations or if downstream demand growth slows, it could negatively impact the cloud computing business [12][13]

行 业 及 产 业 海外消费服务 2024 年 08 月 04 日 扩张提速为长期增长铺垫，短期利 润率收缩不足为患 看好 ——海外消费周报（20240729-20240802） 相关研究 证 券 研 究 报 告 黄哲 A0230513030001 huangzhe@swsresearch.com 周文远 A0230518110003 zhouwy@swsresearch.com 董易 A0230519110003 dongyi@swsresearch.com 贾梦迪 A0230520010002 jiamd@swsresearch.com 研究支持 胡梦婷 A0230524060004 humt@swsresearch.com 联系人 胡梦婷 (8621)23297818× humt@swsresearch.com 本期投资提示： 本研究报告仅通过邮件提供给 青骊投资 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 行 业 研 究 / 行 业 点 评 - 证券分析师 ⚫ 海外策略：静默期的做空比例有所提升且换手率下降，市场隐含波动率可能提升 ⚫ 海外教育：扩张提速为长期增长铺垫，短期利润率收缩不足为患 ...

Summary of Conference Call Company or Industry Involved - The conference call pertains to Western Securities Research Institute and its clients Core Points and Arguments - The call serves as a communication platform for clients of Western Securities Research Institute, emphasizing that it does not constitute investment advice [1] - Participants are reminded to make independent investment decisions and bear their own investment risks [1] - Western Securities disclaims any responsibility for losses incurred from the use of the content presented in the call [1] Other Important but Possibly Overlooked Content - The disclaimer highlights the importance of personal responsibility in investment decisions, which may be overlooked by participants seeking guidance [1]

本次会议前面向方正证券的专业投资机构客户或收邀客户第三方专家发言内容仅代表其个人观点所有信息或观点不构成投资建议根据监管规定会一步地交流敏感内幕信息未经方正证券事先书面许可任何机构或个人严禁录音、制作纪要、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 各位投资者大家下午好我是方证宏观分析师张硕今天跟大家交流一下我们对新型城镇化和土地驱动式增长的一个观点那么我的汇报主要包括三个部分第一个是对我们近期发布的新型城镇化的文件做一个简单的介绍 第二部分我们看一下我们目前的新型城镇化的这个要求之下对土地要素的一个定位其实是不一样的第三部分我们看一下在土地政策和这个土地市场变化之下我们未来土地驱动的增长模式 需要怎么去转型因为最近这两年大家也看到了房地产市场其实是发生了一个很大的变化其实背后也对应着我们这种增长模式转型的问题我们先看第一部分我们浙州市发布了叫深入实施以人为本的新型城镇化战略五年行动计划那么这个文件呢 总体来说我们可以去看一下它是包括一个目标四个行动的所谓一个目标就是说我们在5年之后要把我们的城镇化率提升到70%这个目标我们现在城镇化率是多少呢2023 ...

各位投资者大家晚上好 我是开源食品的分析师陈中山今天晚上跟各位分享一下我们最近完成的一个公司首次覆盖报告香飘飘这家公司首先呢简单的跟各位介绍一下香飘飘这家公司的一个框架他们是一个冲泡奶茶品类的龙头企业 其实这个经过很多年的这个营销的这个深入人心的一个营销动作这个品牌在这个人们的心里其实是已经有比较强大的一个品牌的这种认知的那么经过多年的一个这个积累和这个产品的这个创新 其实我们在这个一七一八一九年的时候也看到他们推出了这种寄饮的果汁茶的那些这样子的产品那么在最近两年呢也推出了像这个蓝芳园的这种柠檬茶冻饮茶一些这样子的这种产品构建了一个这种丰富的产品矩阵那么在这个 内部组织架构上面从去年开始也进行了一个发力的组织架构的一个改革制定了新的双轮驱动的一个战略调整了整个公司的组织架构引入了新的职业经理人 那么在冲泡业务稳健增长的基础上经营业务有望给公司带来比较高的增长的潜力拉动公司整体的稳步的往上持续的增长 我们预计公司未来会保持一个15个点到20个点之间的一个稳步的一个收入增长那么首先给公司给各位投资者介绍一下公司一个整体的一个框架公司是以这个冲泡的冲泡奶茶业务为起家的其实已经很早从05年就在浙江胡州成立了那么 从 ...

1 | | 要推进高水平对外开放,进一步营造市场 | | | | --- | --- | --- | --- | | | 化、法治化、国际化一流营商环境,稳步 | | 要多措并举,稳住外贸外资基本盘。要 | | | 扩大制度型开放,落实制造业领域外资准 | 要积极扩大中间品贸易、服务贸易、数 | 增加国际航班,保障中欧班列稳定畅通。 | | 对外 | 入限制措施"清零"要求,推出新一轮服 | 字贸易、跨境电商出口,支持民营企业 | 要支持有条件的自贸试验区和自由贸易 | | 开放 | 务业扩大开放试点举措,促进利用外资企 | 拓展海外市场,加大力度吸引和利用外 | 港对接国际高标准经贸规则,推动改革 | | | 稳回升。要积极培育外贸发展新动能,拓 | 资。 | 开放先行先试。要精心办好第三届"一 | | | 展中间品贸易、绿色贸易。要扎实推进高 | | 带一路"国际合作高峰论坛。 | | | 质量共建"一带一路"。 | | | | | （房地产+地方债+资本市场）要持续防范 | (房地产+地方债+中小金融机构) 继续 坚持因城施策,压实地方政府、房地产 | (房地产+地方债+中小金融机构) 要切 | | | ...

管涛：市场还在期待政治局会议释放稳增长的新信号 日前，国家统计局发布了上半年经济数据，二季度实际国内生产 总值（GDP）同比增长 4.7%，低于上季的 5.3%，上半年累计同 比增长 5.0%。 数据发布后，各方有很多评论。最近出去交流的时候，笔者经常 被问到，困难和问题都已经听得很多了，能不能讲讲中国经济的 希望和机会在哪里。本文拟就此做简要回答。 事非经过不知难 近期，"固本培元"一词引起了市场关注。 事实上，早在 3 月 5 日下午的新闻发布会上，有关负责人介绍应 对经济运行压力的两种思路时就表示，经过权衡比较，我们用了 固本培元的办法，统筹稳增长和增后劲，采取了一些措施，这些 措施既有利于当前，也有利于今后的发展。 统计局在通报上半年经济数据时，有一个重要的评价是"成绩来 之不易"。结合"固本培元"来理解这句话，将体会更深。 第一，5%是在新旧动能转换过程中实现的。 上世纪末本世纪初，日本和美国均因房地产市场调整，遭遇了经 济和金融危机。 我国保持推动高质量发展的战略定力，近年来通过科技创新、绿 色发展和数字转型，积极培育增长新动能，努力摆脱对房地产驱 1 动的依赖。 在房地产市场延续调整的背景下，2 ...