下面开始播放免责声明 本公司保留追究其法律责任的权利大家好欢迎参加西南医药疫苗行业2024年HEP编发数据解读目前所有的参会者均处于静音状态现在有请主讲人开始发言 谢谢各位投资者大家上午好我是西南医药的分析师赵书豪今天和各位分享一下2024年上半年疫苗行业的一个 跟踪报告主要是这个PTFR数据的一个整理以及更新包括我们对疫苗行业整体的一个观点的更新那首先从上半年疫苗PTFR批次的一个数据来看的话多数品种还是保持一个视频或者略有下降的这么一个趋势那分重点品种来看的话我们首先从多联苗来看 五联苗是同比制行的三轮肺的五联苗然后康泰的四联苗同比P天发是增长了75%是有14个批次然后肺炎这个品种里面的13家肺炎同比增长的是2%是实现了44个批次那其中分厂家来看的话辉瑞是14康泰是14然后沃森是1623家肺炎的话是同比增长了17% 然后HPV的话是下滑的比较多这里面整体的批次数据是下滑了72%那分这个价钱来看的话双架的HPV是33批次包括万泰的25批次同比是下滑了89%沃森的是6批次同比下滑了74%墨沙东的4架HPV是2批次同比下滑了92%九架的HPV是62批次同比下滑了5% HPV的话主要是因为这个二架的一个金融格局是 ...

本次电话会与紧密向招商证券的专业投资机构客户或受邀客户会议嘉宾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未经招商证券事先书面许可任何机构或个人严禁录音制作纪要传发、传载、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 好的 各位领导 大家下午好 我是招商证券法制服装分析师唐盛阳今天主要借这个机会给大家汇报的是我们对上半年的整个服装品牌的线上数据的分析 我们主要关注了这三个细分领域分别是户外 运动 鞋服 还有男装基本的一个结论就是我们从第三方平台的数据看到整个上半年的服装品牌的键上销售还是整体是有在承压的 是有压力的但是整个细分行业的表现如果分开看的话还是有分化的 首先就是户外赛道它是处在一个相对的成长期并且产品的一个功能属性比较强所以在整个的就是整个大的环境就是销售整体承压的一个环境下它还是保持着这个量价提升的一个状态包括价格也是比较坚挺的然后运动鞋服这一块就是总体的一个趋势还是比较平稳的 那但是分这个鞋和服来看的话呢也会略有差异整个运动鞋的这个价格带是有在上移然后运动服饰 来看的话呢就是他的这个支架比的品牌表现会好于中档以及以上的那些就是中高中高端版那些品 ...

Summary of the Conference Call on Dameng Data Company Overview - **Company**: Dameng Data (达梦数据) - **Industry**: Database Software - **Position**: Leading domestic database provider in China, focusing on the development and commercialization of database software since the late 1970s [2][4][6] Key Points and Arguments Company Development and Financial Strength - Dameng Data has evolved from its origins in the late 1970s, with significant milestones including the development of China's first proprietary database operating system in 1988 [4] - The company has undergone several phases of product development, with a focus on core technology breakthroughs from 2013 to 2019, culminating in the launch of the W8 database software in 2019, which filled a significant gap in the domestic market [6][7] - The company has seen robust revenue growth, with a reported revenue increase of 15.44% and a net profit increase of 10.4% in 2023 [15][14] Industry Growth and Market Position - The database industry is characterized as a foundational software sector, essential for data management and security in IT infrastructure [7][8] - The global database market is projected to exceed $100 billion by 2024, with China's market expected to grow from approximately 40.37 billion yuan in 2022 to 122.68 billion yuan by 2027, reflecting a compound annual growth rate of 26.1% [24][25] - Dameng Data's market share is approximately 2.73%, positioning it as a significant player among domestic competitors [31] Competitive Advantages - Dameng Data emphasizes its proprietary technology, with 100% self-developed core source code, which enhances its security and reliability [36][45] - The company has established a comprehensive product ecosystem, focusing on database management systems and integrated software solutions, which account for 92% of its revenue [15][12] - The company has a strong focus on compatibility with existing systems, allowing for seamless migration from foreign database solutions [41][44] Strategic Partnerships and Market Focus - The company has strategic ties with China Electronics Group, which holds an 18.9% stake, enhancing its market influence [10] - Dameng Data is actively expanding its presence in key sectors such as government, finance, and energy, with a notable shift in revenue sources as the government sector's contribution decreased from 58.87% to around 30% [21][22] Risks and Future Outlook - Potential risks include increased competition in the database market and the possibility of optimistic revenue projections not being met [50][51] - Despite these risks, the company is positioned for long-term growth, supported by ongoing investments in product development and market expansion [49][50] Additional Important Insights - The company has a well-structured management team with extensive industry experience, which is crucial for driving innovation and strategic direction [11] - Dameng Data's business model primarily relies on software licensing, with a high gross margin of 95.81% in 2023, indicating strong profitability [18][19] - The company is committed to maintaining a steady growth trajectory while exploring new market opportunities and technological advancements [48][49]

Financial Data and Key Metrics Changes - In July, the U.S. non-farm payrolls increased by 114,000, marking the lowest growth since December 2020, significantly below the expected 175,000 and down from the previous value of 206,000 [2][6] - The unemployment rate surged to 4.3%, exceeding expectations and the previous rate of 4.1%, triggering the Sam Rule which indicates a high probability of recession [2][3][5] Business Line Data and Key Metrics Changes - The increase in unemployment was primarily driven by a rise in temporary layoffs, with temporary job losses increasing by 249,000 to 1.1 million, while the number of permanent job losers remained relatively stable at 1.7 million [7][9] Market Data and Key Metrics Changes - The market reacted negatively to the employment data, with expectations shifting towards a hard landing for the economy, contrasting previous assumptions of a soft landing [2][10] - The Russell 2000 index, representing small-cap stocks, experienced a decline greater than the broader market, indicating a sell-off in small-cap stocks due to their weaker risk and cyclical resilience [16][17] Company Strategy and Development Direction and Industry Competition - The market is increasingly favoring "defensive" stocks, such as consumer staples and utilities, which are considered essential regardless of economic conditions, as investors seek safety amid economic uncertainty [15][16] - The potential for a recession has led to a shift in market sentiment, with expectations for the Federal Reserve to lower interest rates more aggressively than previously anticipated [19][20] Management's Comments on Operating Environment and Future Outlook - Management indicated that the July employment data might reflect a one-time factor due to the impact of Hurricane Barry, which caused temporary layoffs in affected regions [9][10] - There is speculation that the unemployment rate could revert to 4.1% in August, as the July data may not be indicative of a long-term trend [10][12] Other Important Information - The Sam Rule, which suggests that a 0.5 percentage point increase in the three-month average unemployment rate compared to the previous year's low indicates a recession, has been triggered by the recent data [5][6] - The market is pricing in the possibility of a 50 basis point rate cut by the Federal Reserve in the near future, reflecting heightened economic concerns [19][20] Q&A Session Summary Question: Is the July employment data a sign of a recession? - The July employment data, while concerning, may not definitively indicate a recession, but it does increase the probability of one occurring [12] Question: What factors contributed to the rise in unemployment? - The rise in unemployment was largely due to temporary layoffs, influenced by external factors such as Hurricane Barry, which affected many businesses [9][10] Question: How is the market responding to the economic outlook? - The market is shifting towards defensive stocks and pricing in potential interest rate cuts as investors react to the increased likelihood of a recession [15][19]

投资需谨慎提请广大投资者谨慎做出投资决策大家好欢迎参加基于分工数据的高频因子玄武股效果研究目前所有参会者均处于静音状态在主讲演讲结束后将留有提问时间下面有请主持人讲话谢谢好的谢谢小助理感谢各位领导的时间 这篇报告主要关注的是用分红的数据 属于一类偏高频的因子做一个效果的研究这个是去年上半年写的这些因子在我们最新的储存策略里也用了 这类分种品的因素它的一个效果跟小儿职的相关性还比较强的小儿职表现好的时候它的效果会更好一些像今年的情况就是超额就会稍微差一点然后我们可以看一下这篇报告主要的一个内容有三块一块是我们介绍一下高明数据和这块处理的一个软件这其实有两个软件一个是KTB一个是WTB一个国内的一个国外的一个国内的 第一块是介绍软件这一块第二块是介绍我们用到的这个因子第三块就是这个单因子效果的展示以及它复合的一个效果然后整个方案的内容是相对常规的我们其实一个主要的目的是想向大家推荐一下这两个软件这两个软件KDP的话我用的时间比较长觉得在处理高频尤其是level2的这种场景下用显示软件会更好一些更快一些 我们看一下具体的内容首先是这个处理软件的一块高频数据处理软件的一块我们在这份报告用到的数据主要还是基于分钟频的数 ...

本次电话会议仅服务于国泰居安证券正式签约客户会议音频及文字记录的内容仅供国泰居安证券客户内部学习使用不得外发并且必须经国泰居安证券研究所审核后方可留存国泰居安证券未授权任何媒体转发此次电话会议相关内容未经允许和授权 转载转发均属侵权国泰捐赠券将保留追究其法律责任的权利国泰捐赠券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请广大投资者谨慎做出投资决策好的谢谢小助理 各位领导大家下午好感谢大家参加我们的电话会议我今天给大家介绍的还是一个行业流动的一个小报告主要是从分析师预测数据的角度来构建行业流动策略其实在我们的超预期的报告里面它已经有了两个比较核心的因子用到了分析师的预测数据主要是分析师 上下调的比例和上下调的调整幅度这两个因子不管是悬谷的效果还是小行业的效果其实都还是不错的然后我们后来又干脆写了一篇就是当前的这一篇用分析数据来做行业联动的 其实从大的角度来讲它都属于一个剪辑度的概念只是相比于财务数据而言财务数据更多的是一个历史看已经公告的然后分析师预期更多的是从未来的角度一个预期的角度去看哪些行业可能是要偏剪辑度改善的然后我们看一下这块内容这块内容的话其实主要还是在介绍一下我们分析师预测相关的一 ...

Summary of Conference Call Industry Overview - The conference call focuses on the pig farming industry, specifically discussing the production capacity data released for June and the second quarter. Key Points and Arguments - The total number of breeding sows reported by the National Bureau of Statistics in June is 40.38 million heads, indicating a significant aspect of production capacity in the industry [1] Additional Important Information - The call includes a breakdown of the production capacity data, which is crucial for understanding market trends and potential investment opportunities in the pig farming sector [1]

最后一个完整周的这个啊零售数据情况其实也也简单的看一下七月份的这个总体情况然后再展望一下啊后面几个月汽车的需求啊然后所以今天主要分两部分一个是总量情况啊第二个是分车企简单汇报一下每家车企的这个最新的数据以及后面的呃比较重要的变化吧因为其实呃我相信啊站在这个时点看整个汽车行业 我认为变化是比较大的其实每一家车企站在现在尤其是旺季之前啊展望后面几个月我觉得是非常有意义的啊然后下面先呃几分钟时间简单报告一下总量的情况呃总量呢其实客观来讲七月份数据我认为其实是总量是超预期的啊七月份总量是超预期的呃七月第四周就是第四个完整的周度就是最后一个完整的周度 额这个总零售44万同你是下降4%点几啊4.7左右华米增长11%心灵春的21万同米增长35%心灵春的应该说是呃总体是比较比较稳健的然后心灵春华米增长9%啊但是渗透率上周回到了48掉了几个点啊再上一周是51稍微掉了几个点啊这个其实 啊我们发现这个跟踪美洲的高频数据也有一些很多扰动因素在里面啊就为什么新闻社宣传率又又往下掉了一点呢很有意思啊我用一句话总结一下就是这个其实燃油车尤其合资车在7月份不是涨价吗7月份涨价就带来一个诡异的现象就是这个很多消费者就担心你一直涨所以他不但没带 ...

各位各位亲爱的投资者大家下午好欢迎收看省时多事节目我是国联期货的沈寒今天呢7月26号星期五那么大家知道啊我们前四天啊我国联期货呢举办了一系列的策略会不知道大家在前几天的这个策略会上面有没有看到一些这个新的老师或者说我们新的一些外这个嘉宾是吧哎他们的话呢 从大部分品种的基本面或者说产业链角度给大家做了一些分析我相信如果在节目以前的各位看过前几天的节目的话应该还是有非常大的一个收获那么今天的已经是周五了周五今天的盘面跟前几天前四天相比有什么感觉呢好像起来了是吧前几天应该是一种跌或者说大跌的这种状态 那么今天的话有一个奇吻的迹象是不是因为我回来了跟大家开个玩笑那么首先的话我们还是来看一下今天给大家准备的几个主题首先黄金白银这种力度比较大的下跌分两头说它的下跌是在回调是在我们的预期当中但是调整的力度是超出了我们的预期 那么为什么回调过之后在昨天对不对啊又进行了一个大幅的下挫呢我个人认为应该是跟我们国内的人民币升值有很强的关系那么我一讲到人民币升值的话都在想奇怪呀因为前两天我们看到的消息啊还是人民币在降息是不是啊哎这个我们的货币政策那么这个消息面的话呢我相信直播这个节目面前的很多朋友都已经知道了 7月份的啊贷款市场报价 ...

Summary of the Conference Call on the Chinese Database Industry Industry Overview - The Chinese database market is valued at approximately 30 billion RMB, with relational databases holding the majority market share, primarily for structured data processing needs [2][3][13]. - Over 80% of the market opts for centralized databases due to their stability and cost-effectiveness, although they struggle to meet the demands of the big data era [2][4]. Key Insights Relational vs. Non-relational Databases - 61% to 65% of the market utilizes relational databases, which are essential for high-demand sectors [4]. - Non-relational databases, such as document databases (e.g., MongoDB), key-value databases (e.g., Redis), and graph databases (e.g., Neo4j), are gaining traction for their advantages in handling large-scale data and high-frequency read/write operations [2][4][14]. Distributed vs. Centralized Databases - Distributed databases are favored for their ability to handle high concurrency and flexible resource expansion, but they come with higher IT capabilities and maintenance costs [5][16]. - Centralized databases are recognized for their stability and cost-effectiveness but are less capable of meeting the demands of the big data era [5][17]. Industry-Specific Database Needs - The financial sector is a major consumer of database technology, often relying on overseas database solutions for data security and stability, but is gradually exploring distributed database technologies [7][8][24]. - The internet industry prefers distributed or cloud databases to support high-frequency data processing and analytical needs [10][24]. - Government and manufacturing sectors tend to favor domestic databases and emerging databases tailored for specific industry applications [10][24][28]. Emerging Trends Cloud Deployment - Cloud deployment offers advantages in cost and usability, with cloud databases enhancing disaster recovery capabilities [6][19]. - The choice between transactional (TP) and analytical (AP) databases is influenced by the specific requirements of business scenarios, with TP databases emphasizing speed and accuracy, while AP databases focus on data analysis capabilities [20][22]. Domestic Database Development - The push for domestic database solutions is gaining momentum, particularly in the energy sector, where significant progress has been made in replacing foreign systems with domestic alternatives [11][30]. - There remains a substantial opportunity for domestic database vendors, as over 60% of the relational database market has yet to be replaced with local solutions [31]. Challenges and Opportunities - The financial industry is gradually adopting distributed databases, but challenges such as customization needs and hardware performance requirements remain [8][26]. - The government sector's preference for low-cost, secure, and controllable systems has led to the dominance of domestic vendors like Dameng and Renmin University JinCang [28]. - The manufacturing sector currently has limited database applications, but the rise of industrial internet and smart manufacturing is expected to drive growth in time-series databases [29]. Conclusion - The Chinese database market is evolving with a clear trend towards the adoption of distributed and cloud-based solutions across various industries, driven by the need for enhanced data processing capabilities and security. The ongoing push for domestic alternatives presents significant opportunities for local vendors in a market that is still largely dominated by foreign solutions.