机构或个人不得以任何形式泄露本次会议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本公司保留追究其法律责任的权利好的 那个尊敬的各位投资者 早上好昨天那个通稿处理比较晚啊我们看到就是这个这次的会议啊 前期来讲可能衔接更紧凑一点这个9号开张的9会议然后这个 12号这个通稿就很快就我是明镜正确认证研究院的水晶片淘汰简单做一个开场白就是这个9号开证人局会议12号这个通稿就出来了但是这个通稿呢如果我的印象没记错的话应该是历来最晚的到晚上的这个10点钟左右才出来可能各位投资者比较疑问的有几点第一个就是说这个通稿里面为什么没有提这个超常规的应用器调节在证局的这个会议里面提出了超常规的应用器调节让大家觉得很意外这个很兴奋 呃第二个呢就是说可能比较关注的是这个消费呃接下来会怎么做啊呃包括呢这个海鲜政策货币政策因为我们知道在这个前天呃有传海外媒体有传这个汇率汇率会这个呃会这个放松啊或者说这个呃明年可能空间会更大呃但是我们看到了其实在这个这个会议的搞重点呢可能没有给出直接的暗示因为还是对汇率说的这个投股可能导致汇率经济水平稳定呃这些呢我们今天呢这个当然 中央经济工作会议我想简单的这个介绍一下就是他的核心内容在于落实政治局 ...

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本公司保留追究其法律责任的权利 各位投资者大家好欢迎收听我们今天早上的国内研究重磅会议解读关于如何理解中央经济工作会议对市场的影响昨天晚上中央经济工作会议的通稿已经正式披露了那么从整体会议的通稿来看我们觉得不管是跟去年的会议的通稿去比还是说环比前几天中央政治局会议的一些表述来看 这个里面还是有一些增量内容的那么总体而言我们觉得对市场肯定就往中期层面上肯定是一个正向的一个影响短期就是说市场可能高度相对高一些那么今天或者是下个前半周时间有可能有可能是一个小的回响或者是一个回散但是我们觉得幅度可能不会很深 所以我们对整体后面的就是会议披露完之后的事实上还是相对比较乐观的啊所以是一个总体的定调那么具体来看因为这件事情关系啊呃我们待会还是把更多时间交给我们这个行业组的这个这个这个分析师所以总量策略看下层面的话我简单讲这么几点第一个就是这次政策里面的核心关注的亮点我觉得主要包括三个大的方面第一个方面就是说 他的整体的底线思维跟去年比或者跟今年前几次会议之比其实是提高的比较明显的因为他里面有几个重要的表述比方说就是在最一开始他提到说要确保不发生规模性反品质比那么这个表述我们 ...

大家好欢迎参加山西证券计算机AI应用的海外最新进展AI应用系列电话会议目前所有参会者均处于静音状态下面开始播报每次声明声明完毕后主持人可以直接开始发言未经山西证券允许请勿在任何平台传播本次会议的视频录音或纪要我们对违反上述要求的行为保留追究法律责任的权利 好的各位参会者大家下午好我是山西证券计算机首席分析师方文谦啊今天非常荣幸啊为大家分享那个海外AI应用的最新进展这个也是我们AI应用系列电话会议的第一期那我们在从下周开始啊也会针对其他的这个海外的这个核心AI应用公司吧包括像PlantierSalesforce然后Apploving还有多灵果啊等等啊就是 我们会针对性的分析各家AI应用的核心公司,他们现阶段在大模型,在agent,以及现阶段的一些新的产品布局,以及未来的一个投资逻辑和核心看点。也是希望大家多多关注我们的系列研发会议。 那今天我们的一个核心分析的这个点吧主要是聚焦在以下几个方面第一块的话就是从去年到今年整个AI的一个应用形态发生了什么变化从这个我们去年看到的chatbotcopilot到今年的这个agent他们的这个底层逻辑是什么第二块的话就是对于今年整个从这个三季度开始的这个美股的AI应用的一个 ...

大家早上好我是安心证券我是国度证券宏观组委员方非常高兴有这个时间和大家一起就中央经济工作会议的内容的话做一个解读和点评我们认为总体上来讲的话经济工作会议的这个内容和基调都更加的积极相较于政治局会议的话它补充了很多细节这些丰富的细节进一步的指向了政策在向 稳增长层面的话做这个做这种倾斜我觉得这是最重要的一个来自于政策层面的一个变化实际上我们也能看到在经济工作会议里面他也用到了叫正视困难坚定信心这个基调的话相对而言是非常积极的在这个背景之下的话提出了要 有五个统筹统筹好有效市场和有益政府供给和需求新旧动能分量和存量质量和这个总量的这么一个一个说法这个说法的话就代表着总体上的话对于经济可能有一些这个 要求更加的全面然后对于这个增速本身的话更加的这个注重从财政政策层面去看的话其实在政治局会议里面也提到了就是更加积极的财政政策所以在经济工作会议里面的话更加明确的这个积极的财政政策更加积极的财政政策包括赤字率的提升啊专限在包括特别国家的一个这个不同方案所以财政政策的一个这个基调而且从他的一些这个细节表述来看的话未来大概率是这个 更加的这个扩张性的一个财政政策从货币政策的角度去看的话其实政治局会议里面也提到了叫这个适度宽松 ...

本次电话会议仅服务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其法律责任的权利 好的,各位投资者下午好,我是台南省的影剧演员郭海天 今天呢我们开始重点汇报一下我们2015年的农业景气跟踪系列电话会议那么今天呢可能重点汇报也是顺周期农业买什么后续呢我们还会就剩这两节板块其他两节板块包括饲料以及厨食品进行系列的一个电话会议的一个汇报那么也欢迎各位投资者进行参与并且具体跟我们进行交流 首先讲一下顺便去罗阳买什么,这也是最近很多买方小伙伴比较关注的那么从历史的复盘包括整体的这个参与的复苏的这个趋势去看的话那么热制品确实是整体在经济复苏过程中表现相对比较好的 那么随着红端政策的一个持续发力我们追击2025年中端消费呢大概会呈现出一个逐步复苏的一个态势那么某些板块呢因为兼具这种周期与消费属性那么周期一直以来是以供给为主的这样一个逻辑那么经济复苏呢能通过提升需求这种方式来扩大供需缺口从而带动文产品价格的一个提升那么某些板块呢直接授予餐饮消费复苏的是养殖产业链 那么尤其是生 ...

以下都不构成对会议参加者的投资建议 这些书面许可任何机构或个人不得以任何形式复制、刊载、转载、转发引用本次会议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本公司保留追究其法律责任的权利 大家好,我是国联的朱日木。今天给大家分享这样的一个话题,很简单,大概就五到十分钟。但是这个重要性比较大,就是个人养老金全面实施的影响。这个其实我们可以看到,逻辑非常简单,但是这个影响是长期而且深远的。 我们先看两个方面,第一个方面就是资金流入,第二个方面产品扩容。这一次的话就是从四点推广到全国,这样的话有望的资金量还是比较大的。我们其实可以看到资金层面,我们看一下现在全国交个税的人数,然后他的动机,然后分析一下大概资金流的情况,然后第二个我们看一下产品扩容的情况,这一次比较重要的信息就是把 指数基金纳入然后这个指数呢目前来讲的话批多的大概是85只然后三个类别然后包括指数增强普通的宽地指数基金然后另外就是ETF连接这三种三种的话呢基本上可以看的话就是过去的话就是整个规模和最新的规模两个参考所以说最新的除了A500基本上纳入了然后过去的规模比较大的整个基金的话也是纳入了所以这两个条件 基本上是偏向宽精,这个是关于资金面跟 ...

华安证券事先书面许可任何机构或个人不得以任何形式复制刊载转载转发与用本撕毁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本公司保留追究及法律责任的权利好那个各位老师好那下面呢我把相关的情况解读一下第一个关于这个 再生铜相关最新政策的这个情况和这个再生铜密切相关的今年非常非常重要的就是七八三号文也就是公平竞争审查小吏国务院第七八三号文本身呢它是二零今年的五月十一日这个经国务院第三十二次常务会议通过 6月6日呢经国务院总理李强签发自新年的8月1日起实施正好这边呢也是跟政府部门税务机关还有行业进行了这个交流和实际的这种产业的了解目前来看基本上是落于形势在同这个产业上难以落地 基本上是名义上是遵守的实际上是拖延的整个的这个优惠政策呢优惠政策目前是一切正常但是呢这个没有正式的文件没有正式的文件优惠政策呢是正常的兑现时间呢是从今年的11月11月份开始 又就是切实的按照他以往的这个政策情况然后正常的落地正常的推进通过内部了解的消息是省里面跟中央应该给的是四年的时间但是省里面明确的是三年的时间就相当于是有一个这个三年的共识之前已经政府明确这个这个 答应的相关政策在延迟三年然后通过这个实际的落地和实际的情况来看呢嗯这次 ...

Summary of Conference Call on AI Toys Industry Industry Overview - The AI toys industry is identified as a promising sector that connects IP to hardware, catering to both children and adults seeking emotional companionship through AI pets [1][2][5] - The current market includes products like AI pets that are priced under 500 yuan, making them accessible to a wider audience [1] Key Products and Innovations - Notable products mentioned include: - Casio's AI pet cat "Muffling" and a domestic startup's AI pet "Bubu," which can recognize the owner's voice and emotional cues [1][2] - Bubu features over ten emotional feedback modes and adapts its emotional responses based on interaction time with the owner [2] - The company "十分文化" launched an original IP "Fefe" and is developing a second-generation AI toy expected to be released in Q1 2025, leveraging large models like Doubao [3] Strategic Collaborations - Shanghai Film has a strong IP reserve and is collaborating with "悦然创新" to develop AI toys, indicating a strategic move to enhance their product offerings in this space [4] Market Potential and Investment Opportunities - The AI toy and pet market is viewed positively, with significant demand and growth potential [5] - Companies with strong IP and the capability to create quality toys are highlighted as key investment opportunities, particularly those aligned with ByteDance's initiatives in the AI toy sector [5] - ByteDance's successful launch of AI toys is seen as a model for future collaborations and business opportunities within the industry [5]

Summary of Conference Call Notes Company and Industry Overview - The conference call primarily discusses the telecommunications and networking industry, focusing on the company's performance and market dynamics in this sector [1][3][4]. Key Points and Arguments Market Conditions - The company has faced revenue pressure due to macroeconomic factors and increased competition in the domestic market, leading to a slight decline in revenue [1]. - The networking segment, including products like PON, WiFi, and DSL, has experienced a revenue decline of approximately 10%, indicating a near double-digit decrease [1]. - Despite these challenges, there are signs of recovery in profit margins and overall performance compared to the previous year [1]. Pricing and Competition - The ongoing price war in the domestic market is attributed to excess capacity and competition among smaller manufacturers, with expectations that this price war is entering its later stages [3][4]. - The company anticipates a recovery in the networking market by next year, driven by increased R&D investments and collaborations with chip manufacturers [4]. International Market Focus - The company emphasizes its commitment to the North American market, where it sees opportunities for growth, particularly in high-margin products [5]. - Collaborations with major clients in North America and Europe are ongoing, with a focus on expanding product offerings and enhancing competitive strength [5][6]. Production and Capacity - The company has successfully launched its first phase of production in Vietnam, generating nearly 2 billion in revenue, with plans for further expansion [6]. - The second phase of the Vietnam facility is underway, with production lines being established to meet local market demands [6][7]. Product Demand and Future Outlook - The demand for data center products is expected to grow, while the campus segment is facing slight pressure [8]. - The company projects a continued increase in the demand for high-end switches, particularly 400G and 800G products, with expectations for 40-50% of sales to come from 400G products next year [11]. Client Relationships and Product Lines - The company has established significant partnerships with key clients, including major players in the automotive and telecommunications sectors [22]. - The focus on ODM and OEM models varies by market, with a higher proportion of ODM in overseas markets, contributing to better profit margins [27]. Financial Performance and Projections - The company anticipates a reduction in expense ratios due to cost control measures implemented this year, which should positively impact profit margins [25]. - Future projections indicate a potential increase in gross margins, although specific figures are not disclosed [25]. Additional Important Information - The company is exploring new business opportunities in the server and high-end switch markets, aiming to leverage existing client relationships for growth [15][17]. - The overall sentiment is cautiously optimistic, with expectations for market recovery and improved financial performance in the coming year [4][25].

Summary of Yasheng 2024 Ash Conference Call Company Overview - **Company**: Yasheng - **Key Products**: Focus on blood-related therapies, particularly for chronic diseases such as CML, ALL, CLL, AML, MM, and MDS Industry Insights - **Market Potential**: The market for blood-related therapies is projected to grow significantly, with estimates of $7.5 billion to $7.6 billion by 2030-2035 for M&A products alone, and over $1.6 billion for each of the six blood types mentioned [2][22] - **Competition Landscape**: The competition in blood therapies is minimal compared to other cancers like lung and breast cancer, providing a favorable environment for Yasheng's products [2][3] Clinical Development Highlights - **Clinical Trials**: Yasheng has 11 registered clinical trials, with 4 completed and 3 showing positive results. The company has received FDA approvals for multiple trials, including those for multiple myeloma [4][3] - **Key Data from ASH Conference**: Presentations included significant updates on product 2575, showcasing its effectiveness in treating patients with various blood disorders [4][21] - **Efficacy Rates**: In a cohort of patients treated with 2575, the overall response rate (ORR) was reported at 63%, with a median progression-free survival (PFS) of over 9 months, nearly doubling previous treatment outcomes [7][8] Product-Specific Insights - **Product 2575**: - Notable for its high efficacy in patients who have failed previous treatments, achieving a VGPR rate of nearly 90% [7] - Safety profile is favorable, with manageable blood toxicity and no new safety concerns reported [8][12] - **Combination Therapies**: Yasheng is exploring combinations of its products with existing therapies, which have shown promising results in clinical trials [27][28] Regulatory and Market Strategy - **Regulatory Approvals**: The company is actively pursuing global regulatory approvals, including for its MDS product, which has shown high CR rates in trials [30][31] - **Market Positioning**: Yasheng aims to leverage its clinical data to establish a strong market presence, particularly in China where competition is less intense compared to the U.S. [26][30] Financial Projections - **Revenue Potential**: Each of Yasheng's drugs has the potential to exceed $1 billion in sales, with the overall market for blood therapies projected to reach $300 billion [22][26] Key Takeaways - Yasheng is positioned strongly within the blood therapy market, with promising clinical data and a favorable competitive landscape - The company is focused on expanding its product offerings and securing regulatory approvals to enhance its market presence - Continued emphasis on safety and efficacy in clinical trials will be crucial for Yasheng's future success in the industry [1][22][30]