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 ...

好的 最近各位投资人大家晚上好我是长安通讯分析师黄天勇那么今天晚上的话重点给大家汇报一下我们博通这块整个公司的业务的一个情况他们最近刚发布了他们24财年最后一个季度的情况那么再加上整个从博通的 它的业绩尤其是它的一些业绩会上的一些指引超于其次对吧然后带来的股价的大涨那么对A股这块的一些投资的启示OK那博通的话我们先讲一下这个公司我们在8月份的时候就发了深度报告那么当时的话在电话会里我们也讲就非常看好博通的投资机会 那确实也如我们所料普通在后续的走势上面也持续的股价上面也持续创新高应该叫我们8月份发的时候应该又涨了30%可能这样一个幅度那么从它的整个的业务布局上面我们先把普通的大概业务布局简单过一下因为可能有些领导 那些没有看过的人普通的业务环节业务设计环节是比较多的他们自己的话分成两个大块一个是半导体的解决方案另外一个就是所谓的技术设计软件其中包括他们售购的WeaveWell那么大家其实可能关注度比较高的还是围绕在半导体的 那么它的办公体具体的话分成网络无线存储还有宽带以及工业等几个细分的环节那么但其实从现在看到的行业发展上来看除了网络这一块在高速增长以外其实其他的几个部分整体上都是 就是说从前景展望上面来说 ...

Summary of Conference Call Company and Industry - The conference call primarily discusses the operations and strategic direction of a company involved in cross-border e-commerce and logistics services, referred to as "家层国际" (Family International) [1][2][5]. Core Points and Arguments - **Business Model Transformation**: The company has shifted its business model from traditional logistics to a high-performance service model, focusing on integration with top global and domestic enterprises [1][2]. - **Market Positioning**: The company is well-prepared to compete in a highly competitive industry, leveraging strong partnerships and a robust service capability developed through previous collaborations [2][5]. - **Cross-Border E-commerce Growth**: The cross-border e-commerce sector has shown significant growth, with import and export volumes reaching 1.88 trillion yuan, reflecting an 11.9% year-on-year increase [5][6]. - **Future Market Potential**: Projections indicate that the market could exceed 10 trillion yuan by 2025, highlighting the substantial growth potential in the logistics and e-commerce sectors [6]. - **Technological Advancements**: The company is investing in low-altitude drone logistics, which is expected to enhance delivery efficiency and expand service capabilities [4][3]. - **Strategic Infrastructure Development**: The company has established various logistics centers, including a 600,000 square meter facility in Nansha, which is crucial for its operational strategy [10][19]. - **Client Relationships**: The company is focusing on building long-term relationships with major clients like Pinduoduo and Tmall, which are expected to contribute significantly to revenue growth [16][15]. Other Important but Possibly Overlooked Content - **Investment in Technology**: The company is enhancing its technological capabilities to meet the high efficiency and responsiveness required in cross-border logistics [8][9]. - **Operational Challenges**: There are ongoing discussions about the operational challenges faced in maintaining service quality and efficiency amidst rapid growth [18][17]. - **Financial Projections**: The company anticipates a revenue increase of approximately 300 to 400 million yuan in the coming year, with a gross margin expected to be around 15% [16][19]. - **Funding and Capital Expenditure**: The company has sufficient capital for future projects, with significant investments planned for 2025 and 2026, estimated at around 3.8 billion yuan [19][20]. - **Shareholder Returns**: The company plans to maintain a consistent dividend policy, with a payout ratio expected to remain around 66-67% in the coming years [26][27]. This summary encapsulates the key insights from the conference call, focusing on the company's strategic direction, market positioning, and operational developments within the cross-border e-commerce and logistics industry.

Summary of Conference Call Company and Industry - The conference call discusses the performance of the construction machinery industry, specifically focusing on excavators, cranes, and concrete machinery in both domestic (China) and overseas markets. Key Points and Arguments Market Performance - As of Q4, the overseas growth rate for excavators and cranes is slightly faster than in Q3, with an overall frame rate of 20-25% for overseas markets compared to 22% in Q3 [1][2] - Domestic excavator growth is around 30%, with large excavators remaining stable or slightly increasing [2][7] - Indonesia shows significant improvement, with over 10% growth expected for the year, while Europe also shows positive trends [3][4] Product Category Insights - The crane segment is performing better than excavators and concrete machinery overseas, with cranes contributing significantly to growth in the European and American markets [3][4] - The competitive landscape for starter engines is less intense than for excavators, suggesting smoother market entry if product lines are expanded [5] Financial Performance - Q4 gross margins are expected to be lower than Q3 due to annual adjustments and dealer rebates, with historical trends indicating a decrease [6] - The overall annual growth forecast is around 15%, with domestic performance slightly better than expected and overseas performance slightly worse [7] Future Outlook - The domestic excavator market is projected to grow by about 10% next year, with small excavators expected to perform well [8] - Concrete machinery is expected to stabilize or see slight growth, while the crane segment is anticipated to improve due to cost management and product line adjustments [9][11] Mining Equipment - The mining equipment segment is highlighted as a growing market, with excavators holding a significant share [12][13] - The company aims to enhance its presence in the mining sector, focusing on integrated solutions for large clients [15] Regional Insights - The North American market is identified as a significant opportunity, although the company currently holds a low market share [39] - The European market is expected to perform better than the American market, with a focus on small and medium-sized equipment [25][22] Challenges and Risks - The company faces challenges in the North American market due to high competition and inventory management issues [22][24] - The overall global market is expected to see slight declines, but the company aims to improve its market share through strategic initiatives [39][40] Innovations and Trends - The company is investing in electric and intelligent machinery, with a focus on overseas markets where demand is growing faster than in China [32][30] - The integration of software and management systems is crucial for enhancing customer satisfaction and service efficiency [20][21] Other Important Content - The call emphasizes the importance of after-market services in the mining sector, which typically offers higher margins compared to new equipment sales [19] - The company is actively working on improving its organizational structure and management systems to better serve overseas markets [16][20]

证券研究所和演讲嘉宾书面许可任何机构和个人不得以任何形式将会议内容和相关信息对外公布、转发、转载、传播、复制、编辑、修改等如有上述违法行为先封证券研究所保留追究相关方法律责任的权利 哎各位投资者大家晚上好非常感谢大家宝贵的时间来参加那个激光雷达的交流啊然后会议开始之前还是强调一下会议纪录不希望有任何的需要或者流露流传出来然后这场电话会的话会是我跟丁宇共同那个组织完成啊那呃专家那边在能听到我们的声音吗啊主任你好可以哦好的啊那我们就直接开始吧那个呃可能第一个大块还是想 请您现在先介绍一下就是我们主流的这几个激光雷达的这个价格的一个情况啊然后包括今年我们了解就是成本软也下降比较明显吗啊一个就是能不能针对不同的型号把价格给我们做个展望啊然后第二个的话就是成本下降的一个情况在今年的一些变化吧也给我们做个展望这是第一个大的问题啊嗯嗯嗯好的好的好谢谢主任啊 呃因为那个中小投资团激光雷达在那个从去年开始爆料以后今年应该整体也会处于一个呃这个一个翻倍也在能够出货量啊那呃目前的话基本上就是整个头部嘛现在这个格局就能锁定下来的啊就是是从那个核赛当然还有华为啊目前这个出货的这个整体呢还是说速成这边像以这个MVP MR这两款型号核三那 ...

各位投资者各位朋友上午好我是国军建筑王岐层今天上午我们非常荣幸的再次邀请到我们的老朋友山东路桥李总和周总给我们就山东路桥就这个花寨和基建做一个深圳的交流啊可以分三个环节我起个头然后呢呃周总把这个山东路桥做个介绍在后面是交流环节呃这次我们在深圳开策略会啊大概三千五百人报名还是非常火爆我们建筑组的话在 线上和线下结合请了iPhone家建筑公司在本周给大家做一个集中式的交流方便大家去集中式的了解前期的财政政策和这两天的年度金融会议的政策对于这个建筑公司威光的影响也是建筑公司谈一谈自己的感受和未来的判断结合自己的财务数据和这个经营情况今天我们这一场是山东路桥下午还有这个阿扬国际的灯光化学首先我们是邀请这个朱总把这个山东路桥做个介绍朱总有请 各位投资人上午好下面由我来简单介绍一下我们这个山东路桥的一个基本情况我们山东路桥呢是这个公路工程市政工程施工设计的这么一个三特三甲的资质企业拥有向这个公路工程施工总承包特级向市政公用工程施工总承包特级等相应的这种施工配套资质同时呢我们也有具这个对外援助承包项目的这个总承包的这个企业资格整体来说呢公司的整个这个业务竞标能力和这个工程的承担能力是极强的 公司这个具有多年的这个路桥项目承 ...

那么我们国内很难有这方面非常亮的出来在短阶段内很难但是接下来的话跟因为AI的强势的往前就高歌猛进的形势一定会连续带动一定会连续带动这个产品的强势的利好我是这么看的 明白明白,然后我可能就是问了,因为其实现在RavenMana是没有在中国大陆提供服务嘛,产品没有上架,然后就是这个app你可能都下载不下来,就是在国区的这个服务里面。 对然后可能它也留给了一定坏的部分可能国内的很多用户是没有办法体验到但是对产业端好的部分在于其实你也是留给了一个很大的市场给国内的这些玩家去迭代然后去打磨我们的一个产品对然后我想说再跟您请教一下其实刚刚听您下来就觉得会比较相对 可能重要的一个就是AI可能包括结合图像这个多模态的能力或者说这个大模型的一个介入的一个能力然后可能出来的这个AI的体验就是您是不是觉得是相对来说比较重要的一个点如果在现阶段的这个音频驱动的这个产品来讲因为其实我个人的感觉就是可能在任何赛道在渗透率提升的一个过程当中 其实会推动这个渗透是快速提升的往往是一款非常尽量级就是可能他技术端没有特别的牛但是呢他有用户思维然后把做的很均衡就是把成本然后以及体验就是使用的门槛做的很低然后在这样的一个情况之下他往往会有一个这个很 ...

Summary of Conference Call Notes Company/Industry Involved - The discussion primarily revolves around **Tesla** and its advancements in **humanoid robotics** and **neural networks**. Core Points and Arguments 1. **End-to-End Neural Network Architecture**: Tesla advocates for a simplified end-to-end neural network approach for its humanoid robots, focusing on basic functionalities like walking and balance control without complex features [1] 2. **Adaptation to Complex Terrain**: Humanoid robots face challenges in unstructured environments, necessitating advanced adaptation capabilities beyond traditional control algorithms [2] 3. **Balance Control Without Vision**: The robots are designed to maintain balance and control without relying on visual input, using joint feedback and sensors instead [3] 4. **Neural Network Mechanism**: The neural network operates in a closed-loop control system involving perception, decision-making, and action, allowing the robot to understand its posture and movement [4][5] 5. **Decision-Making Layer**: The decision-making process relies on sensory feedback and predefined tasks, enabling the robot to plan movements effectively [6] 6. **Action Layer**: The action layer involves executing specific movements based on the planned sequence and intensity of joint movements [7] 7. **Relationship Between Neural Networks and Large Models**: Large models are seen as an evolution of neural networks, characterized by a significantly higher parameter count, which enhances their capabilities [8][9] 8. **Applications of Neural Networks in Robotics**: Neural networks are increasingly used in humanoid robots for control strategies, providing evolutionary capabilities compared to traditional PID control methods [11] 9. **Figure01 Humanoid Robot**: The Figure01 robot demonstrates advanced capabilities, such as understanding human commands and performing tasks like cleaning or fetching items [12] 10. **Future Trends in Neural Networks**: The development of humanoid robots will focus on integrating visual and other sensory modalities to enhance functionality [18][19] 11. **Domestic Competitors**: Key players in the domestic AI humanoid robotics sector include institutions like the Chinese Academy of Sciences and companies like UBTECH, which are competing with Tesla and Figure AI [20] 12. **Challenges in Data Acquisition**: The training of humanoid robots using neural networks faces challenges in data collection, necessitating innovative methods to gather sufficient training data [16][17] 13. **Sensor Integration**: The future of humanoid robots will likely involve a combination of visual and tactile sensors to improve interaction with the environment [18][19] 14. **Cost Considerations**: The cost of implementing various sensors in humanoid robots varies significantly, with advanced sensors being more expensive but essential for functionality [34][35] 15. **Model Comparison**: Large models require more resources but offer greater algorithmic capabilities, while smaller models are more resource-efficient but limited in scope [36][37] Other Important but Possibly Overlooked Content - The discussion highlights the importance of **multi-modal solutions** that combine various sensory inputs for effective robot operation [18][19] - The **Dojo supercomputer** is mentioned as a significant advantage for Tesla in processing data for AI applications, enhancing its competitive edge [22][23] - The conversation touches on the **limitations of purely visual solutions** for humanoid robots, emphasizing the need for a more comprehensive sensory approach [30][31] - The potential for humanoid robots to surpass human capabilities in specific tasks is noted, indicating a future where robots could perform complex operations more efficiently than experienced human workers [25]

Good afternoon and thank you for standing by. My name is Abby and I will be your conference operator today. At this time, I would like to welcome everyone to the Costco Wholesale Corporation first quarter fiscal 2025 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press the star key followed by the number one on your telephone keypad. If ...

Key Points Industry/Company Involved - **Company**: Anhui Heli Co., Ltd. (Anhui Heli) - **Industry**: Industrial vehicles, particularly forklifts and related technologies Core Views and Arguments - **Low Valuation**: Anhui Heli is currently facing valuation pressure due to the expected increase in US tariffs. However, there are several positive factors including the trend of telecommunication, expected depreciation of the RMB, and stable steel prices. The company's valuation is considered low, especially considering the potential impact of US tariffs. - **Doc ID**: [1], [2], [5] - **Smartification**: Anhui Heli has significant potential in the era of smartification, particularly in the field of intelligent logistics. The company has made early investments in intelligent logistics and has strong capabilities in ATM systems and project execution. Collaboration with Huawei is expected to further enhance its software capabilities. - **Doc ID**: [8], [10], [11] - **Market Expectations**: The market has not fully recognized the potential of Anhui Heli in the era of smartification, particularly in the field of intelligent logistics and intelligent mobile robots. - **Doc ID**: [8], [9], [10] Other Important Points - **Tariff Scenarios**: Three scenarios were considered for the impact of US tariffs on Anhui Heli's performance. The most conservative scenario resulted in a significant decline in net profit, while the optimistic scenario suggested a minimal impact. - **Doc ID**: [3], [4], [7] - **Market Segments**: Anhui Heli's revenue and profit growth were analyzed for different market segments, including the US, non-US overseas markets, and domestic markets. - **Doc ID**: [3], [4], [5], [7] - **Intelligent Logistics Market**: The market for intelligent logistics is expected to grow rapidly, with a significant increase in the ASP of mobile robots. - **Doc ID**: [13]