第七季本场讲师是天峰研究总经理助理电信首席分析师孙潇雅孙总多次上榜新财富擅长从数据分析中挖掘个股机遇对基本面的研究非常扎实本次培训他将围绕欧洲电网建设情况及增长驱动为大家讲解电力设备出海的投资机会接下来的时间让我们交给孙总 各位老师大家好 给大家带来那个三季度投资机会的汇报然后从新能源和电力设备的需求的持续性和锐度的角度上来讲我们在当下这个时间点仍然认为出口这个方向是比国内市场要好的但是考虑到贸易摩擦的一个扰动我们会选择欧洲、带路金砖、东南亚这三个大的区域的需求爆发的这个方向去寻找相关的投资机会 所以我的这个汇报将分为那个海外和那个国内这两条链,因为今天那个时间比较有限,所以我可能会照着这个摘要的部分给大家做个那个讲解, 首先先说出海这个方向,在几个大的方向里,我们第一看好的仍然是这一轮海丰的投资机会。当然海丰的投资机会它会聚焦在以海浪为首的主要的一个方向,这个的考虑是因为 我们看到如果从整个风电大行业来讲的话,2025年整个欧洲的新增装机大概是在4到5个起瓦,但是到26年它会直接翻倍。 带来的这一轮增长周期是比如说26年到27、28、29这四年的时间那么对应到相关投资机会招标它是一个最浅然的指标我们预判大概 ...

Financial Data and Key Indicators Changes - In the first half of 2024, the company achieved a coal production of 163.2 million tons, a year-on-year increase of 1.6% [5] - The sales volume reached 229.7 million tons, up 5.4% year-on-year [5] - Total power generation was 104 billion kWh, reflecting a year-on-year growth of 3.8% [6] - The net profit attributable to shareholders is estimated to be between 28.6 billion to 30.6 billion yuan, a year-on-year decrease of 8.1% to 14.1% [6] - Under international financial reporting standards, the expected net profit is between 31.8 billion to 33.8 billion yuan, a decline of 8.4% to 13.8% [6] Business Line Data and Key Indicators Changes - The coal production and sales have shown stable growth, with production increasing by 1.6% and sales by 5.4% [5] - The power generation segment saw a slight increase in output, with a year-on-year growth of approximately 1.9% [16] - The average selling price of electricity has decreased, with a preliminary estimate of a decline of about 0.01 yuan [19] Market Data and Key Indicators Changes - The national electricity consumption increased by approximately 8% in the first half of the year, but the growth in thermal power generation was lower, around 2% to 3% [17] - The average selling price of coal in the first half of the year showed a downward trend, with prices fluctuating around 70 yuan per ton [26] Company Strategy and Development Direction and Industry Competition - The company aims to maintain a high level of shareholder returns and has committed to a dividend payout ratio of no less than 60% of distributable profits [13] - The management emphasized the importance of integrated operations to enhance resilience against market fluctuations and to improve profitability [23] - The company is focusing on optimizing its coal and power generation operations to adapt to changing market conditions and regulatory environments [41] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the challenges posed by fluctuating coal prices and the impact of renewable energy on thermal power generation [20] - There is an expectation of a continued decline in electricity prices due to increased competition and changes in supply-demand dynamics [20] - The management remains optimistic about the company's ability to navigate market changes and maintain stable performance [39] Other Important Information - The company has been recognized for its ESG performance, ranking 13th among the top 100 ESG companies in China [52] - The company is committed to sustainable development and aims to enhance its operational efficiency through technological advancements [23] Q&A Session All Questions and Answers Question: Regarding shareholder returns and dividend policy - The management confirmed that the company has consistently maintained a high level of dividends, with a recent payout exceeding 5.5% in A-shares [11] - Future dividend strategies will continue to align with the company's sustainable high return policy, taking into account operational performance and capital expenditures [12][14] Question: Inquiry about electricity prices in the second quarter - The management indicated that the average selling price of electricity has decreased, and they expect this trend to continue in the coming quarters [19][20] - The overall power generation and sales outlook for the second half of the year is cautiously optimistic, with expectations of some recovery compared to the first half [20] Question: Inquiry about coal prices and market trends - The management noted that coal prices have shown a downward trend in the first half of the year but expect a more stable outlook in the second half due to economic recovery and demand growth [27][28] - The company anticipates that coal prices will stabilize within a range of 700 to 900 yuan in the medium to long term, influenced by various market factors [46][47]

第31个方面的话,我们来看的话,其实我们还有一个在在我们说窗口上面的一个业务的布局。中国天津 有一个专门的团队是从事外事的团队，有机会我们投资者假如来到北京的话,去到亮马桥外交公寓 的B区可能会看到亮马桥外交公寓这个B区它是一个别墅区,里面是各国国家的一个实不管其中在这个里 面就有一栋小别墅,是我们中国天银的北京办事处。那您这个门牌上面也会看得到,就是整个一圈都是 各国的使馆，然后中间有个牌子叫中国电影北京办事处。那我们这个办事处的团队主要从事外事业 务，主要跟使馆进行打交道。一个方面是外国驻中国的使馆,还有一个方面是中国驻这些国家的使馆。 我们这个团队的主要的人员,应该说不是主要人员,除了有一个服务人员,其他都是来自于外交部,其 他都来自于外交部。所以我想这一块也是一个很好的一个基础在里面。懂。 你比如说我们在宁夏的固原,我们有这个垃圾发电厂,同时也有我们的这个环卫项目,包括像陕西也是 一样的，包括在延吉也是一样的，都是类似的情况。就是相对来说基本上是跟我们的产业配套来进行捆 发言人3 38:43 新能源的进展。 大家好,如需提问电话端的参会者,请向话机上的星号键再按数字一,网络端的参会者,您可以在直播 间 ...

Investment Rating - The report does not explicitly provide an investment rating for the hotel industry. Core Insights - The report highlights the challenges faced by the hotel industry in utilizing operational data effectively, despite having rich operational data assets. It emphasizes the need for hotels to accumulate operational data and convert it into tools for enhancing operational efficiency and guest experience [3]. Summary by Sections 1. Industry Performance - The report defines "in-stay repair" as issues reported by guests during their stay, which reflects the quality of the room presented to guests and is a critical dimension for measuring guest experience [7]. - The in-stay repair rate is calculated as the number of in-stay repair requests divided by the number of rooms sold, multiplied by 100% [7]. 2. Problem Analysis - Common issues leading to in-stay repairs include inadequate cleaning and inspection processes, aging facilities, poor maintenance, and insufficient staff training [23]. - The report identifies specific facilities and equipment that frequently require repairs, such as toilets, televisions, and air conditioning units, indicating systemic issues that need addressing [33]. 3. Operational Optimization - The report suggests that hotels should adjust their operational focus based on guest concerns, particularly regarding frequently reported repair issues. This includes enhancing maintenance plans and increasing oversight during cleaning and inspection processes [36]. - It recommends a data-driven approach to monitor repair frequencies and optimize maintenance schedules, ensuring that high-frequency repair items are prioritized [36].