从事报告的这个年度金奖我是广大证券的机械行业的分析师朱宇航也非常高兴又和大家能够继续探讨这个理电板块相关的这个明年的一些产业变化和投资机会所以呢这个这一期今天的话呢我们也是进行到了这个第六期啊啊最主要今天的话我们还是讲讲理电理电这边的话呢之前我们在新影响系列的这个专题会议里的话 也是其实已经把相关的这个近期产业的状态包括明年的这个产业的变化前瞻的内容的话呢其实也做过一些这个回顾啊呃就是创业报告里面的内容的话呢我们也发布了呃在这边的话呢我们在总体的做一些这个相当于是这个呃产业的这个相关的这个数据啊包括呢这个一些框架层面的这个内容以及呢这个一些呃新行业包括公司的一些新的这个变化 所以呢今天的这个内容的话呢我们这个PPT里面就是重点的围绕在大概几个维度的这个事情展开啊第一个的话呢就是终端需求的判断第二呢是这个产业周期的这个判断第三呢还是新技术啊其实也是几个这个关于中关产业我们去判断这个产业周期和这个明年投资机会的这个最核心以及最重要的这个这个变量 这里面的话我们重新把这个影片的设备框架做了一个相应的这个调整大家可以看一看我们这个PPT里面的这个内容总体来讲的话大概三个环节第一需求第二是供给第三是到设备 所以总体来讲 ...

对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及法律责任的权利 各位领导 大家晚上好 我是长江电信的分析师曹海华欢迎大家收听我们光复话语第33期的电话会议那本次的话就这个光复最近的史上最大的题材的项目然后进行解读然后同时的话结合一下最近我们光复行业的一些这个变化和观点 那么我们先来看一下举凯的项目电电的51个交表项目它传递出来的信息有哪些那么先看一下现在这个项目的细则这个项目是在12月9号的时候发布的这里面公开发的一个招标的信息然后大概是51个计划的组件逆变器同步的话也有开标然后呢 整个来看,根据目前投标的整个情况来看,大家的话其实讨论还是比较多的,但整个价格的分布还是比较明显,然后光是协会这边的话其实也是专门帮我们用红线, 前面19家和后面的20多家的情况我们觉得也挺认可他这样的一个划分的整个来讲的话虽然说招标的标占来讲价格从0.62到0.76区间是比较大的整体上来讲的话均价肯定还是在6毛8同时更重要的是 整个来讲的话,以这个红线为区分的话,整个龙头的报价都是在0. ...

昨天晚上我们发布了短剧系列的第三篇专题报告这篇报告呢我们重点是讲了一下红果短剧成功突围的商业 短剧早在2018年就出现在长短视频平台上22年的时候点中九州中文在线等网文平台率先跑通了小程序短剧的头流付费模式带动短剧市场飞速增长根据艾瑞咨询中国网络微短剧的赏规模有21年的36.8亿元 而红果短剧稍晚一步直至二三年的五月才开始在抖音集团旗下的番茄小说平台内孵化二三年八月正式上线红果短剧APP采用免费加广告的模式 APP为载体的免费短剧相比以小程序为载体的付费短剧产品的启动周期更长但是规模效应也更强到去年10月份的时候点中旗下的小程序累计注册用户已经超过8亿元月活跃用户1.6亿与此同时红果短剧APP的月活跃用户只有1700多万今年付费短剧的规模见顶 根据我们之前报告的测算24年国内付费短缺的收入 1亿元跟去年基本上保持在同一个水位主要的原因正是大量用户流向免费短剧而采用免费模式的红果短剧后期播发依托番茄小说的海量版权和抖音集团的马量渠道在今年6月的时候登顶了国内短剧运营平台的头流热力值第一位 根据Quest Mobile 24年11月红果短剧APP的MAU已超过1.4亿DAU已超过4000万那么第一部分我们首先分析 ...

Key Points Industry and Company Overview 1. **Industry**: CDN (Content Delivery Network) industry 2. **Company**: NetSpeed Technologies, a leading CDN provider in China 3. **NetSpeed Background**: Founded in 2000 in Shanghai, specializing in CDN and related technologies, currently the largest CDN provider in China 4. **NetSpeed Business Model**: CDN, cloud computing, and security services, with CDN as the core business Core Points and Arguments 1. **Market Share and Growth**: NetSpeed is expected to see further growth in market share in the CDN industry, driven by the increasing demand for CDN services in the mobile internet and short video era ([doc id='3']). 2. **Profitability**: NetSpeed's profitability has been improving, with a significant increase in profits in 2020 due to high-margin overseas operations ([doc id='3']). 3. **Revenue Structure**: NetSpeed's revenue is primarily domestic, with a significant portion coming from high-margin businesses ([doc id='4']). 4. **Global Presence**: NetSpeed has a global presence with CDN nodes distributed across six continents ([doc id='8']). 5. **Competitive Landscape**: NetSpeed is the second-largest CDN provider in China, behind Alibaba Cloud, and is expected to benefit from the industry's growth trends ([doc id='10']). Other Important Points 1. **CDN Industry Growth**: The CDN industry has experienced significant growth over the past two decades, with a double-digit growth rate ([doc id='6']). 2. **NetSpeed's CDN Business**: NetSpeed has been providing CDN services since 2015, and its market share has been increasing ([doc id='7']). 3. **NetSpeed's Products**: NetSpeed offers a range of products, including live streaming distribution, web acceleration, and virtual live streaming ([doc id='8']). 4. **NetSpeed's Valuation**: NetSpeed is currently valued at around 30 times its earnings, which is considered reasonable given its growth prospects ([doc id='14']). 5. **Investment Recommendation**: The presenter maintains a "buy" recommendation for NetSpeed Technologies ([doc id='14']). Conclusion NetSpeed Technologies is a leading CDN provider in China, with a strong market position and growth prospects. The company's focus on high-margin businesses and its global presence make it a compelling investment opportunity.

Key Points Industry and Company Involved - **Industry**: Active Optical Cable (AOC) market, specifically focusing on AEC (Active Electrical Cable) - **Company**: AEC product providers, including domestic and international players like Anixter, Molex, Newland, Lumentum, Broadcom, and Ruckus Networks Core Views and Arguments - **AEC Product Description**: AEC is a copper-based cable solution with retimer chips at both ends for signal recovery and adjustment, allowing for thinner cables in high-speed scenarios compared to DAC (Direct Attach Copper) [doc id='2'][doc id='3'] - **Market Demand**: AEC is gaining traction in data centers, particularly among cloud providers like AWS, Microsoft, and Tesla, with a projected market growth of 2 billion USD in 2025 [doc id='5'] - **Cost Reduction**: AEC is considered a cost-effective solution for short-distance interconnects in data centers, offering a competitive edge over traditional solutions like DAC [doc id='4'] - **Product Structure**: The market is expected to be dominated by 400G AEC in 2025, with 800G AEC starting to gain traction from the second half of the year [doc id='9'] - **Supplier Landscape**: International players like Anixter and Molex are currently leading the market, while domestic players like Newland, Lumentum, Broadcom, and Ruckus Networks are catching up [doc id='10'] Other Important Content - **Technology Roadmap**: The industry is progressing on different technical routes, with uncertainty regarding the specific AEC solution chosen by companies like NVIDIA [doc id='7'][doc id='8'] - **Investment Opportunities**: The AEC market presents several investment opportunities, with specific stock recommendations available for private discussions [doc id='12']

Let's bring in from Hong Kong, Hao Hong, who's a partner and chief economist at Grow Investment Group. You know, always really great to have you, particularly at a time like this. I'm just sort of still thinking about the quote that Steve just mentioned, right, you know, may we all eventually be vibrant old people. But, you know, it really does speak to the demographic challenges for policymakers in China. That's right. But, you know, Remember that, you know, some of the spending by the older generation is ...

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 各位领导大家下午好我是长江电视的张梦杰那今天给大家带来的一篇深度报告是关于兆易创新的深度报告那整个兆易创新的话我们认为公司整体上作为存储和MCO的国内龙头那整个公司现在从基本面的角度来讲整体上往25年去展望的话其实各个基本盘都会呈现出一个持续高增的态势那同时如果就近期的一些编辑上的变化包括行业层面的像这一波AI端特的落地那未来都会在存储 这边包括离心型的Nord Flash包括像DRAM这边的一个需求量都会有一定的增长那这样子的一个市场的扩张其实对于兆逸而言也是能够保证公司传统的像存储这条产品线的一个业绩的持续高增那这是公司整体上现在的一个情况那接下来我们还是围绕着公司做一个重点的一一讲解那首先的话其实兆逸是国内级存储MCU一体的平海型的龙头公司那公司体员体家的一个技术还是围绕着存储嘛那整个存储公司是从Nord Flash这边 实现了一个营收的快速扩张那在No Flash成为公司第一大营收来源之后那公司也是持续的去布局它的MCU产品线那整体上来讲经过了数十年的一个发展招育创新它现在其实已经成为了Durham No Flash和MCU的国内融合公司那如果从公司 ...

Welcome to the Broadcom Inc.'s fourth quarter and fiscal year 2024 Financial Results Conference call. At this time, for opening remarks and introductions, I would like to turn the call over to Ji Yoo, Head of Investor Relations of Broadcom Inc. Thank you, Cherie, and good afternoon, everyone. Joining me on today's call are Hawk Tan, President and CEO, Kirsten Spieth, Chief Financial Officer, and Charlie Kawaz, President, Semiconductor Solutions Group. Broadcom distributed a press release and financial table ...

Summary of the Conference Call Company and Industry Involved - The conference call involved **Hand Information Technology** and the **AI industry**. Key Points and Arguments 1. **Investment Focus on AI**: The team has shifted its investment focus towards AI, particularly in domestic computing power, starting from early 2023. They have previously recommended companies like Huawei Chain, Sheng Teng, and HOMO as part of their investment strategy [2][3][4]. 2. **Market Potential**: The market space for Hand Information is expected to triple due to the integration of AI agents. Currently, the company generates around 3 billion CNY in revenue, primarily from ERP services to over 3,000 clients, with each client contributing approximately 1 million CNY [5][6]. 3. **Ecosystem Binding**: The company emphasizes the importance of binding with ecosystems to achieve growth. They believe that software companies must integrate into larger ecosystems to thrive, as seen in their collaboration with ByteDance [4][6]. 4. **AI Agent Impact**: The introduction of AI agents is projected to significantly enhance the company's market space, with estimates suggesting a threefold increase without accounting for new client acquisitions [6][25]. 5. **Client Engagement**: The average annual revenue per client is expected to increase significantly as companies adopt AI solutions. The potential for larger enterprises to utilize multiple AI agents is highlighted, with estimates suggesting that large companies could deploy dozens to hundreds of agents [15][16]. 6. **Revenue Growth Projections**: The company initially aimed for a revenue target of 200 million CNY for 2024 but adjusted expectations to a range of 40 to 50 million CNY due to economic conditions. However, they remain optimistic about future growth [12][38]. 7. **Collaboration with ByteDance**: The partnership with ByteDance is described as strong and mutually beneficial, focusing on marketing and AI solutions. The collaboration has led to several successful projects and recognition in the industry [8][19]. 8. **AI Deployment Strategy**: The company plans to deploy AI solutions across various sectors, including marketing, manufacturing, and supply chain management. They aim to create standardized solutions that can be adapted for both large and small enterprises [30][37]. 9. **Market Trends**: The overall market sentiment is cautiously optimistic, with indications that large state-owned enterprises are beginning to increase their investment in AI technologies [39][40]. 10. **Future Directions**: The company is committed to expanding its AI capabilities and enhancing its product offerings, with a focus on creating lighthouse projects that can serve as examples for other businesses [35][36]. Other Important but Possibly Overlooked Content 1. **Client Acquisition**: The company has a solid base of over 6,000 clients, with a significant portion actively engaging in transactions. This client base is seen as a critical asset for future growth [34]. 2. **Cost Efficiency**: The integration of AI is expected to reduce operational costs and improve efficiency, making it easier for companies to justify investments in AI solutions [20][21]. 3. **Long-term Vision**: The leadership expresses a strong commitment to AI, indicating that the company has invested significantly in talent and resources to support its AI initiatives [33][51]. 4. **Competitive Landscape**: The company notes a lack of similar partnerships in the market, suggesting a unique position in the AI space compared to competitors [46][47]. This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the company's focus on AI and its implications for future growth and market positioning.

里面它整体的规模呢是一个相对比较就是呃我们讲这个是一个相对比较均衡的状态或者说这个相对比较稳定的状态所以核心的这个商量拉动其实还是在东南亚地区因为本身东南亚地区是现在来看就是整个从政策层面对于两轮电动的电动两轮这种刺激力度上来看呢可能相对来说还不是 特别大所以我们之前对整个动态这种市场的一股还是一个就是比较偏保守的一种状态虽然我们说这个我们在目前动态可能大概是就是这个如果说明年的整个三个工程就是两个工厂和投产的话可以做到连场的150万辆但是就我们可能从这个就是实际商量维度上来看呢可能真正要做到这个水平他可能要走的路还是要相对可能长一些的 明白 好的 好的 好的 谢谢我就先请教这些问题然后看一下大会的各位领导也看一下石州那边有没有其他关心的问题 多谢张嘉我再补充请教一下那个以旧换新的问题就是首先第一个他现在有没有一个补贴走盘子的概念然后第二个就是想问一下以旧换新他 首先从目前这个层层面上来讲呢他是现在对于这个就是两轮车这个总盘子他到底直接多少钱其实是没有明确规定的因为其实这个政府层面上讲他是就是经理行1500亿或者3000亿嘛那明天的话呢就应该还是将你以前那具体这里面用的这个占比在呢总体上来讲应该占比不高因为一 ...