本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 M Idea | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

M Idea China Materials | Asia Pacific September 24, 2024 09:01 PM GMT Source: Morgan Stanley Research. Note: Pricing as of Sep 23, 2024. 4Q24 Outlook – Equity Implications: Building Materials In the absence of a near-term demand recovery, we view supply discipline as the alternative. Cement - declining demand but potentially better industry self-discipline: Both Conch and CNBM expect cement demand to decline 8-10% YoY in 2024. However, leading producers are actively pushing for more price hikes for the peak ...

September 24, 2024 03:52 AM GMT M Update | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

ទ្ទ្ទ្ទ្ទ បានានានានានានានានានានានានាំ 大家下午好欢迎参加标普信评本期在线演讨会我是标普信评工商企业部评级总监张任远今天我们继续介绍标普信评制造业信用研究系列的研究观察半导体行业是我国重点发展的高科技产业之一也是科技自立的重要组成部分广泛的受到市场的关注 为此,标普信评在全球范围内选取了20余家相对成熟的半导体企业作为样本,总结这些企业信用质量较强的半导体企业具备的典型特征,同时将国内较为典型的半导体企业与之进行整体的对比。今天一同参加本次研讨会的还有我们工商企业部的高级分析师王宇飞。在本次的研讨会中,将由他为大家介绍我们本次的研究成果。 在介绍的过程中,大家有任何的问题都欢迎在互动区留言。在讲解结束后,我们将针对各位听众提出的问题进行回答与讨论。那下面我把时间交给宇飞。感谢各位投资者包容参加本次研讨会。本次研讨会会分享以下三个内容。 第一,全球主流芯片企业整体信用质量第二,优秀芯片企业业务及财务核心特征第三,中国大陆芯片企业现状首先是第一部分,全球主流芯片企业整体信用质量由于芯片产业链涉及环节非常多而本次研讨会的时间相对有限 所以需要明确一下重点讨论范围我们的统计口径是不 ...

我们这一篇胶原蛋白系列之二呢其实是沿着我们上一篇这个对于胶原蛋白技术结构的一个解析进行一个对它的历史回顾的这么一个复盘那实际上我们写这个主题呢是因为我们在录演的过程当中发现很多投资人 虽然会觉得现在成根胶原蛋白处在一个非常好的一个发展的风口并且今年来看和现在两大公司景国和巨子也都兑现了非常优异的一个业绩表现但是大家依然会疑惑说这个成分它未来能够发展的周期有多久以及它的青蛙版有多高所以我们通过对于胶原蛋白这个成分进行一个历史复盘来解决这以上的两大困惑 并且我们认为要解决这两个大问题其实更多的是要去做一些很大的对比和复查 那我们是选取了第一个是透明脂酸这个成分去看重组胶原蛋白它的一个崛起历程以及它能否成为下一个玻尿酸甚至是成为一个超越玻尿酸的这样一个常周期的成分去逐步的应用到医疗、医美和美妆的各个角落那么第二款是我们认为需要把重组胶原蛋白和动物原蛋白做一个对比 那这个问题其实是回复有很多客户的一个疑问,也就是说,钻钙白这个成分它为什么在国外的 美妆和衣美的板块当中都没有怎么出现过或者说是昙花一现但是在国内却能够获得如此好的一个表现甚至能够返送输出输出到国外像这个欧莱雅修里克这样子的一个国际大牌当中它背后的逻辑到底 ...

Thank you. Good afternoon, dear investors and friends in the media. Welcome to the mid-term performance conference of China Telecom Co., Ltd. in 2024. First of all, allow me to introduce the board and management members of the conference today. They are the Executive Board Chairman and Chief Executive Officer, Mr. Ke Ruiwen. President and Chief Operating Officer, Mr. Liang Baojun. Mr. Tan Ke, Executive Director and Vice President. Mr. Li Yinghui, Executive Director and Vice President. Mr. Wu Jiaming, Indepe ...

Summary of Conference Call Transcript Company or Industry Involved - The document does not specify a particular company or industry, only contains a vague phrase "Let's get closer. Closer." which does not provide any actionable insights or context. Core Points and Arguments - No core points or arguments are presented in the document, as it lacks substantive content. Other Important but Possibly Overlooked Content - The document does not contain any numerical data, percentages, or relevant financial information that could be analyzed or summarized. Overall, the document does not provide any meaningful information regarding a specific company or industry, nor does it present any data or insights that can be summarized.

Financial Data and Key Indicators Changes - The company believes that the worst period for VLCC freight rates has passed, and future rebounds are merely a matter of timing [2][3] - Recent data indicates that the ship price has increased by 0.06 points this week, suggesting a positive trend in the market [21] Business Line Data and Key Indicators Changes - The order volume for China Shipbuilding has improved significantly, with current orders at 90% of those of China Heavy Industry, while China Shipbuilding's orders are at 60-70% [5] - The net profit margin for Yangtze River's mid-term report reached 23%, indicating strong performance compared to its peers [23][24] Market Data and Key Indicators Changes - VLCC rates have seen a significant increase of 60-62%, with the TD3C rate rising to approximately $34,600 [32] - The shipping market is experiencing a seasonal adjustment, with August typically being the weakest month for freight rates [36][37] Company Strategy and Development Direction and Industry Competition - The company continues to recommend investments in the shipbuilding sector, particularly in China Heavy Industry and related defense sectors, due to their undervalued status [25][31] - The company emphasizes the importance of understanding the long-term trends in the shipping market, particularly in relation to oil demand and supply dynamics [42][46] Management's Comments on Operating Environment and Future Outlook - Management believes that the recent adjustments in the shipping market are primarily seasonal and do not reflect a fundamental decline in demand [49][50] - The company anticipates that the fourth quarter will see a recovery in freight rates, driven by seasonal demand and potential geopolitical factors affecting oil supply [55][57] Other Important Information - The recent orders from China Heavy Industry for environmentally friendly vessels amount to 6.638 billion RMB, indicating a shift towards modernization in the fleet [27][28] - The company highlights the importance of maintaining a close relationship with major shareholders to navigate market fluctuations effectively [15][16] Q&A Session Summary Question: What is the outlook for VLCC freight rates? - Management believes that the worst of the seasonal downturn has passed, and a rebound in rates is expected as the market transitions out of the summer months [32][49] Question: How does the recent shareholder reduction impact the company? - The company asserts that while shareholder reductions may affect market sentiment, they do not alter the overall upward trend in the shipping sector [72][73] Question: What are the implications of geopolitical factors on oil supply? - Geopolitical tensions, particularly regarding Iran, could lead to supply disruptions, which may positively impact freight rates due to increased demand for shipping services [58][60]

Summary of Conference Call Minutes Company or Industry Involved - The document does not specify a particular company or industry, but it emphasizes the confidentiality of the conference call content. Core Points and Arguments - The conference call content is strictly for internal reference among participants, and any disclosure or external sharing is prohibited [1] - The document warns against any requests for, or dissemination of, the conference call minutes, labeling such actions as infringement [1] - The company reserves the right to pursue legal action against individuals who leak or forward the conference call information [1] Other Important but Possibly Overlooked Content - The emphasis on confidentiality suggests a sensitive nature of the information discussed, indicating potential strategic insights or financial data that could impact stakeholders if disclosed [1]

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