在這裏,我們可以看到一座建築物。在這座建築物的外側,我們可以看到一座建築物。 5.5.5.5.5.5.5.5.5.5.5.5.5.5.5.5.5.5. 1.5米高的高架建筑物2.5米高的高架建筑物 这应该上一层吧谢谢时间好像到了吉比特的吧对 吉比特的 還有哪一首歌沒來過?對,稍微等了兩天沒來過你叫什麼名字?我叫什麼名字?我是那個,蔡露熙就是您比較堅挺的感覺從去年到現在也挺抱歉的 你们业界对那个米插油怎么?米插油就那么几款也不多感觉像个神一样的存在对有信仰的一个存在是吗就是但看起来就是老板现在也是想 把稍微自然稍微集中一些然后从集中以后比较精品的带来一个东西你们活动之前有活动吗没有自己跳动没有将来有这方面的一些就是我们现在就是所有方面在这些比较主流的平台上合作那你说具体呢 游戏开发或者是游戏代理方面目前我知道的应该是没有再更多的接触 大家可能对吉比特了解多多少少有一点,那大致的我们这边其实核心的正当的基本的老产品在跑,那今年以来呢其实像几个问道,问道端游,问道手游,还有一面逍遥,这三盒目前占的大盘子还是在百分之六七十左右。 那三个产品就表现有一些差异吧。问到端游呢,跑了十几年,那今年整理的态势还是相对来说比较稳 ...

一些的影响那是基于去年的情景这次我们的表述是什么当前外部环境变化带来的不利的影响深刻我国经济运行仍然面临不少的困难和挑战同时看到我国经济长期向好的支撑和趋势没有变我们要正视困难坚定决心努力把各方面积极因素转化为发展实际包括他也提到后面提到在关键时刻重要节点要乘风破浪行稳致稳 最明显的就是我们是承认当前海外经济和内部经济是有压力的要不然他称之上为关键时刻要不然我不用用乘风破浪这样一个形容词就说明我们承认风浪我们也承认不利影响在加深这样一个前提是非常重要的这样才能正确认知经济的内外部形势有利于我们做出务实准确的经济决策所以这一点务实第二点呢 我们看到关键词是什么是协同是协同在表述里面我们去年用的是坚持稳中求进以进促稳先立后破今年呢在这三个词之后又增加的是我再读一遍今年的这个要坚持稳中求进以进促稳守正创新先立后破系统集成协同和配合协同配合所以我们这里非常强调协同的这个概念 也就是说我们等一下再细讲货币财政房地产消费一览的政策但放在最最前面的是宏观政策一致性取向是协同是配合这一点是我们认为最关键的内容最关键的内容只有通过要把经济和非经济政策都纳入宏观政策一致性取向在各个角度都要实施对经济有利的政策调整才有利于等级宏观 ...

Summary of Conference Call Notes Company and Industry - The conference call discusses the performance and outlook of a gas supply company, particularly focusing on the industrial gas sector, including liquid oxygen and liquid nitrogen [1][2]. Core Points and Arguments 1. **Price Risk Mitigation**: The price risks have largely been alleviated as of Q3 this year, with expectations for full resolution by Q2 next year due to varying demand dynamics for major gases [1]. 2. **Impact of Project Production Rhythm**: The rhythm of project production significantly affects the company's performance, as the gas operation business is capital-intensive, requiring substantial investment in equipment and infrastructure [2]. 3. **Depreciation and Project Launches**: The company is experiencing a concentrated launch of projects, with approximately 700,000 cubic meters expected this year, leading to increased depreciation costs compared to previous years [3][4]. 4. **Profitability Outlook**: The company's profitability metrics, including gross and net margins, are expected to improve next year as projects ramp up and fixed costs are diluted [5]. 5. **Economic Recovery Potential**: A potential weak economic recovery could positively impact gas prices and production capacity utilization, further enhancing profitability [6]. 6. **Internal Reforms**: The company is undergoing internal restructuring, creating new business units to enhance operational efficiency and market responsiveness [7][8]. 7. **Focus on Quality and Diversification**: The current reform cycle emphasizes project quality and diversification of business areas, particularly in medical and electronic gas applications [11][12]. 8. **Revenue and Profit Projections**: The company anticipates revenues of approximately 9 to 9.5 billion yuan this year, with projections of around 11.5 billion yuan next year, assuming no significant price recovery [18][19]. 9. **Long-term Valuation**: The company’s business model is expected to yield a potential market value of around 50 billion yuan, driven by stable contracts and project acquisitions [15][16]. Other Important but Overlooked Content 1. **Depreciation Impact**: The increase in depreciation due to new project launches is a significant factor affecting short-term profitability, with a notable difference in depreciation costs compared to previous years [4][5]. 2. **Market Competition**: The competitive landscape is crucial; any deterioration could impact profit margins despite potential recovery in demand [21]. 3. **Order Structure**: The company’s order structure is currently stable, with ongoing demand from sectors like coal chemical development, which supports equipment procurement [16][17]. 4. **Gas Pricing Sensitivity**: A 10% increase in gas prices could lead to an additional profit of approximately 100 million yuan, highlighting the sensitivity of profitability to gas pricing [20]. This summary encapsulates the key insights from the conference call, providing a comprehensive overview of the company's current status and future outlook in the industrial gas sector.

我觉得不好觉得是受光复底链影响比较严重了今年这是行业问题不是我们个人的问题包括汇川他们占10%咱们比较近所以我们今年其实从收入端来的话是下降就前半季度来看我们收入下降是27然后利润的话是亏的上半年的话今年亏3000万然后33季度 主要原因是光复旅店的影响为什么呢因为本身我们去年的三季度就是单三季度提到这一份是光复旅店的高峰就是正常来讲我们这三季度就是高峰然后今年突然没有了之后我们开工率不足然后产能率又下降然后产销又比较多 这一些问题造成我们现在亏损不是很严重但是还是有亏损但是我们从年初三份我们做的一些动作在小行业里的一些布局我们现在基本上我们以前光复旅店60%的时候的业务现在基本上已经下降了 钱就基本上在20%左右23%然后占主要的就是激光和3C了激光和3C各占15%就是激光上有个3C行业这是我们下一个应用的还有就是这个衣裳包装衣裳包装是7到9月份起来的现在已经到13%了但是游戏加起来已经远远超过光明一天了往明年看的话 就是支柱形产业因子设计 包括理念然后其他的像类CNC就是基础产业的线体还有纺织啊 物理维亚各占值八二点 八二点九点就是一样的我们产品还是以四股为主今年上半年 这是前三季度才是七八成都是四股 主 ...

Summary of China Haicheng's Conference Call Company Overview - China Haicheng was established in 2002, restructured from eight design institutes under the former Ministry of Light Industry, with the controlling shareholder being China Poly Group. The company is headquartered in Shanghai and has 12 wholly-owned subsidiaries across major cities in China. It provides comprehensive engineering services, including design, procurement, construction, and operational training, serving over 60 countries and regions globally [3][4]. Financial Performance - For the first three quarters of 2023, China Haicheng achieved revenue of 4.292 billion yuan, a year-on-year increase of 2%. Net profit reached 213 million yuan, up 8%, driven by growth in engineering general contracting projects, which offset a slight decline in design and consulting services [2][4]. - New signed orders totaled 5.448 billion yuan, a 12% increase year-on-year, with significant growth in the papermaking and food fermentation sectors, while the environmental protection sector saw a decline of 61% [2][6]. Key Business Insights - The decline in design and consulting orders is attributed to macroeconomic factors, including insufficient domestic demand and a sluggish real estate market. General contracting now accounts for 75% of the company's new contracts, becoming the main driver of growth [2][7]. - The company expects revenue and profit for the full year to be flat or slightly up compared to last year, with a focus on the domestic consumer market and expansion into overseas markets for future growth [2][8]. Market and Industry Trends - The overseas market has seen nearly 80% revenue growth, accounting for about 20% of new signed orders, primarily from countries along the Belt and Road Initiative, such as Egypt and Iraq [2][6][11]. - The company is optimistic about the demand for light industrial products in Belt and Road countries, particularly in the papermaking and food sectors, despite potential risks from conflict zones [15][14]. Research and Development - R&D expenses have increased, driven by client needs, with a focus on biodegradable plastics and advanced fermentation technologies. The company is also investing in 3D design and smart manufacturing [16]. Cash Flow and Financial Health - Operating cash flow showed fluctuations, with a strong performance in Q1 but declines in Q2 and Q3 due to delayed payments from clients. The company maintains a healthy cash flow and low debt levels [17][22]. Shareholder Returns - The profit distribution rate for 2023 is close to 40%, with discussions on potentially implementing a biannual dividend strategy to enhance shareholder returns while balancing cash flow pressures [22]. Strategic Outlook - China Haicheng is exploring acquisition opportunities but has not identified suitable targets. The company remains cautious about aggressive acquisitions and focuses on stable growth and technological partnerships [20][21]. - The company is actively monitoring policies related to asset restructuring and state-owned enterprise integration, although no specific acquisition plans are currently in place [19]. Investment Value - As a well-established state-owned enterprise with solid financial health and no debt, China Haicheng is positioned as a small-cap stock with attractive dividends, particularly under the Belt and Road Initiative and ongoing state reforms [23].

不应使用本次内容所导致的任何损失承担任何责任专家发言内容仅代表专家个人观点不代表本公司观点本次会议内容不涉及国家保密信息内幕信息未公开重大信息商业秘密个人隐私不得涉及可能引发不当炒作或股价异常波动的敏感信息不得涉及影响社会 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及法律责任的权利 各位投资者朋友大家好我是西部证券通讯首席陈桃我们今天主要是围绕字节在AI这块布局以及相关的一些产业的机会为大家去阐述我们这边更多是从整个AI算力基础设施的这个维度去深入击溃其实从我们今年全年出牌这个产业的发展以及股价的一些走势来看今年国 国内市场的话整个互联网大厂这边的这个资本开支算力这块投资其实是覆盖下来还是挺超预期的那其实我们从公开的这些数据可能只能看到BAT三大原厂商的这些资本开支但是其实如果说从 从增量的这个角度来看今年字节其实是在互联网大厂里面在这个算力投资这一块是最为接近的这个厂商也跟它自身的这个火山引火山引起了这些云的业务还有这个自身AI应用大模型相关的这个业务取得比较好的这个发展有比较强的这个关系那现在的这个豆包也是在全球的这 ...

各位投资人大家早上好我们今天非常荣幸请到了硬汉通的董秘李总为我们做一个线上的交流然后我们还是先请李总把咱们公司这边三季度的情况和四季度的一个展望和市场先做一个简单的交流谢谢感谢赵总感谢各位投资者大家上午好我是硬汉通的董秘李叶花 非常高兴今天有机会跟大家做一个线上的一个交流首先我花大概十几分钟的时间介绍一下公司的基本情况包括我们现在四季度的一些情况后面如果大家有问题咱们再进行沟通英航通我们其实成立已经很多年了我们是雷一年的时候成立的然后一开始也是就集中在物业物联网这个领域里2020年的时候我们是在科创板上市最近也有四年的时间 我们从创立起初也是在工业物联网这个领域里面主要主营的业务也是做工业物联网技术的研发生产还有销售目前我们给客户提供的产品有两大类从这个大类上来分一类就是工业物联网的通信产品这类通信产品包括像工业路由器网关电源网关 然后还有现在我们这两年新推的车展网关包括我们现在针对企业网络的一些这个企业的路由器这样的一些产品那这些产品呢目前呢也给我们这个公司也带来了主要的一些销售收入主要来自于这些通讯产品那另外呢我们还有一些跟一些垂直的这个行业比如像电力啊智能零售这样这样的一些行业我们是推出了整体的解决方案 ...

可能已经开始从纯粹的科技主题风格转向部分转向顺周期风格上述两种风格之间的切换颜色不同但并不矛盾从策略上来讲我们认为2月5年特朗普依然是最关键的交易的边缘 那么我们有可能像1.0时期一样同时面临科技封锁和外需施压两个两个这样的一个压制那么我们对应的出招的一个一定是一手不足可控一手是内需刺激对冲这两这两两个方面呢我们此前更关注的是对付可控但是后面呢我们应该要更多的关注内需刺激的对冲啊 这也就是为什么我们在这个奥运年的这个风格和行业比较的研究当中因为顺周期和硬科技两个都不能少好的以上是这个这个我这边的一些观点啊供各位参考下面请雨晨雨晨这个来主持一下好的谢谢谢谢大纪总啊呃我是玛丽 这样我直接接着刚才咱们这个策略组的观点开始来谈消费因为昨天的这个中央经济工作会议里面九条任务当中它是把这个扩大国内需求放在第一的位置大家要知道这个很明显也表现出来了中央提振消费这个决心是空前的 那还有一些投资人今天还会跟我反馈说这个如果国家光靠喊这个消费消费就能起来的话那就是言下之意有一些可能还是对整个大的一个消费的国家对于这一块要大力提这个扩大消费这一块的决心我认为这个认知上可能还是有一些些偏差的 我觉得这个呢就是过去的国内消费需求啊国内 ...

字幕由Amara.org社区提供 中文普通话的文本 好的 各位听众朋友大家好 我是这张金属团队的邓超感谢各位领导来到我们今天下午的礼矿板块的一个简单的电话会议那我们还是跟各位领导讲一下我们对于这一轮礼矿股的观点我们事实上看好礼矿股的一个未来的行情最主要的点就是在于我们看到这两年以来其实供给端已经开始持续的收缩了 22年10月份离家跌到现在20年的年底跌了两年多时间了从六十万的离家跌到了最低七万的离家这当中其实已经 海外的这些理货特别是澳洲的项目呢我们发现它的这项表相比其实是一个非常健康的状态在手现金是有的没有什么负债也就是说没有什么偿还利息的压力所以对于他们来说呢这一轮的李嘉诚这几部呢不会再去坚持到他们的现金成本限了海外目前比如说澳洲 澳洲的现金成本是一个什么水平我们以MinerSource当作项目来对比的话他们的现金成本可能是在500到600美元这样的一个水平范围更窄一些的话可能是在550到600这样的一个现金成本性的范围那他们的完全成本一般是要价格可能150到200美元的一个水平所以在现在散货的价格 800美元到国内港口的价格来算其实零扣价格100的运费也就是说他们的矿就只能卖到700了也就是在他们的完整 ...

Company and Industry Summary Company Overview - The company has shown a recovery in revenue growth, achieving positive year-on-year growth in Q1 after a challenging previous year due to the pandemic [1] - The company maintained a stable average selling price and increased market share despite overall consumer pressure [1] - A significant decline in scale was noted in the first three quarters, primarily due to a one-time asset disposal gain from the previous year, estimated at around 500 to 600 million [1] E-commerce and Market Position - The company maintained its market position during the Double Eleven shopping festival, with an increase in market share in key categories [2][4] - Sales volume during Double Eleven was not directly comparable to the previous year due to a longer sales period this year [3] - Consumer sentiment indicated that discounts during Double Eleven were perceived as insufficient, impacting overall sales performance [3] Product Performance - Major product categories such as oxygen machines and blood pressure monitors showed stable growth, while other categories like electronic blood pressure monitors and sleep apnea machines are experiencing rapid market share growth [5] - The company is included in a government subsidy program for aging products, which could enhance sales, although the impact has been limited so far [6][7] - The subsidy program has a maximum support rate of 70% to 80% for eligible products, but its effectiveness varies by region [6] Capital Expenditure and Financial Strategy - The company has completed significant capital expenditures, including 3.5 billion for land and factory investments, with no major new expenditures planned in the short term [11][12] - The company maintains a dividend payout ratio of over 30% and has consistently paid dividends since its IPO in 2008, but plans to focus on expanding overseas markets instead of increasing dividends [13] International Expansion - The company is focusing on expanding its presence in developing countries, particularly in Southeast Asia and South America, where it sees significant growth potential [14][15] - In developed markets, the company faces challenges due to established brands and a more closed market structure, but it is working on product entry and brand recognition [16][18] - The company aims to leverage its competitive pricing and product differentiation to penetrate these markets [19] Future Outlook - The company anticipates stable growth in domestic sales, particularly in established product categories, while expecting higher growth rates in overseas markets [22] - The company is also focusing on product upgrades and new product launches to enhance its market position and profitability [27][28] - The overall economic environment is expected to stabilize, which may improve consumer spending and sales performance in the coming year [36] Key Risks and Considerations - The company faces macroeconomic pressures that could impact consumer spending and overall sales performance [26] - The effectiveness of government subsidies and their expansion into new regions will be crucial for driving sales growth [7][9] - The competitive landscape in both domestic and international markets remains challenging, requiring continuous innovation and strategic positioning [19][20]