Summary of Conference Call Notes Companies Involved - New大陆 (Newland) - 新国都 (Newland Payment) Key Points and Arguments Financial Performance - Newland is expected to benefit from consumer policies and industry optimization, with a projected profit growth of over 20% in Q1, leading to an annual net profit of 1.3 to 1.4 billion yuan, with a current valuation of approximately 20 times earnings [2][3] - Newland Payment's Q1 performance may be slightly weaker, but an annual profit of at least 700 million yuan is anticipated, with a current valuation of only 17 times earnings, indicating high cost-effectiveness [2][3] - Newland's Q1 profit is projected to reach around 300 million yuan, while Newland Payment's actual profit last year was close to 700 million yuan, with expectations for a better performance in the second half of the year [3][5] Industry Dynamics - The payment industry is experiencing optimization, benefiting leading companies like Newland and Newland Payment, which are seeing improved bargaining power and significantly higher net fee rates [2][6] - The gross profit margins of leading acquiring institutions have increased, indicating a notable improvement in industry profitability quality [7] Payment Volume Projections - Newland's payment volume for 2024 is expected to be between 2.2 to 2.3 trillion yuan, while Newland Payment's is projected at 1.47 trillion yuan, with expectations for better performance in the second half of the year [2][8] International Expansion - Both companies are actively expanding into overseas payment device markets, focusing on high-end markets in Latin America, the Middle East, and Europe, with Newland's Latin American market growing at approximately 15% [2][10] - Newland Payment's overseas device revenue grew by 64% year-on-year, indicating strong international demand [10] Cross-Border Payment Growth - Cross-border payments and local acquiring services are becoming significant growth areas, with higher fee rates overseas compared to domestic markets, enhancing profitability [12][13] - Newland has established localized teams overseas and plans to significantly increase transaction volumes, while Newland Payment aims to expand its transaction scale tenfold this year [14] AI Applications - Both companies are leveraging AI for internal and merchant empowerment, with Newland focusing on customized marketing solutions and Newland Payment investing in an overseas AIGC subsidiary [15] Regulatory Impact - The 网中网号 policy is expected to create a substantial market for Newland, particularly in the QR code verification space, with potential revenue increases of 20-30% market share translating to 20-30 billion yuan in revenue growth [16] Valuation Insights - Newland's 2025 net profit is projected between 1.3 to 1.4 billion yuan, with a market cap of approximately 30 billion yuan, resulting in a valuation of 21 to 23 times earnings, while Newland Payment's valuation remains at 17 times earnings [5][16] Other Important Insights - The payment industry is seeing a consolidation of resources towards leading companies, enhancing their ability to expand merchant resources and pricing power [6] - The overall improvement in industry profitability quality is evidenced by rising net fee rates and gross profit margins across leading firms [7]

Group 1 - The technology sector experienced a collective surge on April 9, with financial technology stocks showing significant gains, including Zhongyi Technology hitting a 20% limit up, and Anshuo Information rising over 10% [1] - The Huaxia Financial Technology ETF (516100) increased by 4.89%, while the brokerage ETF (515010) rose by 2.12%, with major holdings like Wu Securities gaining over 6% [1] - PwC China and Weijing Technology signed a strategic cooperation agreement to provide end-to-end digital transformation and risk management solutions for financial institutions, enhancing the core technology autonomy and high-quality development of China's financial industry [1] Group 2 - The Huaxia Financial Technology ETF (516100) closely tracks the CSI Financial Technology Theme Index, focusing on high-quality companies that integrate finance and technology, covering sectors such as internet brokerage, financial IT, mobile payments, and AI [2] - The top ten constituent stocks of the ETF include industry leaders like Tonghuashun, Dongfang Caifu, and Hengsheng Electronics, with a combined weight of 53.94%, indicating significant representation in the financial technology sector [2] - The brokerage ETF (515010) is currently the lowest fee investment option in its category, making it an attractive choice for investors looking to gain exposure to the brokerage sector [2]

- Model Name: 250-Day High Distance Model; Model Construction Idea: This model tracks the distance of the latest closing price from the highest closing price in the past 250 trading days to identify market trends and hot spots[11]; Model Construction Process: The formula used is $ 250 \text{ Day High Distance} = 1 - \frac{Closet}{ts\_max(Close, 250)} $ where Closet is the latest closing price and ts_max(Close, 250) is the maximum closing price in the past 250 trading days[11]; Model Evaluation: This model effectively captures market momentum and trend-following strategies[11] - Factor Name: Stable New High Stocks; Factor Construction Idea: This factor selects stocks that have recently hit new highs and exhibit stable price paths, considering analyst attention, relative strength, and trend continuation[24][26]; Factor Construction Process: The selection criteria include: - Analyst Attention: At least 5 buy or hold ratings in the past 3 months - Relative Strength: Top 20% in market performance over the past 250 days - Price Stability: Evaluated using the sum of absolute daily returns over the past 120 days and the smoothness of the price path - New High Continuity: Average 250-day high distance over the past 120 days - Trend Continuation: Average 250-day high distance over the past 5 days[24][26]; Factor Evaluation: This factor captures stocks with strong and stable momentum, potentially leading to higher returns[24][26] Model Backtest Results - 250-Day High Distance Model, Shanghai Composite Index: 4.23%[12] - 250-Day High Distance Model, Shenzhen Component Index: 9.82%[12] - 250-Day High Distance Model, CSI 300 Index: 9.27%[12] - 250-Day High Distance Model, CSI 500 Index: 7.66%[12] - 250-Day High Distance Model, CSI 1000 Index: 6.18%[12] - 250-Day High Distance Model, CSI 2000 Index: 7.34%[12] - 250-Day High Distance Model, ChiNext Index: 19.01%[12] - 250-Day High Distance Model, STAR 50 Index: 9.65%[12] Factor Backtest Results - Stable New High Stocks, Number of Stocks: 40[27] - Stable New High Stocks, Sector with Most Stocks: Cyclical (11 stocks), Financial (10 stocks)[27] - Stable New High Stocks, Top Sectors: Transportation in Cyclical, Banking in Financial[27]

Quantitative Models and Construction Methods 1. Model Name: 250-Day New High Distance Model - **Model Construction Idea**: This model tracks the distance of stock prices or indices from their 250-day high to identify market trends and hotspots. It is based on the premise that stocks or indices near their recent highs tend to exhibit stronger momentum and potential for future gains[10][17]. - **Model Construction Process**: The 250-day new high distance is calculated as: $ 250\ Day\ New\ High\ Distance = 1 - \frac{Close_t}{ts\_max(Close, 250)} $ Where: - $Close_t$ represents the latest closing price - $ts\_max(Close, 250)$ represents the maximum closing price over the past 250 trading days If the latest closing price reaches a new high, the distance is 0. If the price has fallen from the high, the distance is a positive value indicating the degree of decline[10]. - **Model Evaluation**: This model effectively captures momentum and trend-following characteristics, aligning with prior research on the predictive power of stocks near their 52-week highs[10][17]. 2. Model Name: Stable New High Stock Screening Model - **Model Construction Idea**: This model identifies stocks that exhibit stable momentum characteristics, focusing on smooth price paths and consistent new highs. It incorporates factors such as analyst attention, relative strength, and price stability to refine the selection process[23][25]. - **Model Construction Process**: The screening process involves the following steps: - **Analyst Attention**: Stocks must have at least 5 "Buy" or "Overweight" ratings in the past 3 months - **Relative Strength**: Stocks must rank in the top 20% of the market based on 250-day price performance - **Price Path Smoothness**: $ Price\ Path\ Smoothness = \frac{Absolute\ Price\ Change\ Over\ 120\ Days}{Sum\ of\ Daily\ Absolute\ Price\ Changes\ Over\ 120\ Days} $ Stocks with smoother price paths are prioritized - **New High Consistency**: The average 250-day new high distance over the past 120 days is calculated, and stocks with consistent proximity to new highs are selected - **Trend Continuation**: The average 250-day new high distance over the past 5 days is calculated, and the top 50 stocks are chosen based on this metric[23][25]. - **Model Evaluation**: This model emphasizes the temporal stability of momentum, leveraging smooth price paths and consistent trends to enhance predictive power[23][25]. --- Backtesting Results of Models 1. 250-Day New High Distance Model - **Indices' 250-Day New High Distance**: - Shanghai Composite Index: 3.97% - Shenzhen Component Index: 7.72% - CSI 300: 8.01% - CSI 500: 6.55% - CSI 1000: 5.20% - CSI 2000: 6.32% - ChiNext Index: 16.55% - STAR 50 Index: 8.64%[11][12][14] 2. Stable New High Stock Screening Model - **Selected Stocks**: 29 stocks were identified, including Wolong Electric, Newland, and Eilis. - **Sector Distribution**: - Manufacturing: 8 stocks (e.g., machinery) - Technology: 8 stocks (e.g., electronics) - Other sectors: Financials, healthcare, etc.[26][30][32] --- Quantitative Factors and Construction Methods 1. Factor Name: 250-Day New High Distance - **Factor Construction Idea**: This factor measures the relative position of a stock's price to its 250-day high, serving as a momentum indicator[10]. - **Factor Construction Process**: $ 250\ Day\ New\ High\ Distance = 1 - \frac{Close_t}{ts\_max(Close, 250)} $ - $Close_t$: Latest closing price - $ts\_max(Close, 250)$: Maximum closing price over the past 250 trading days[10]. - **Factor Evaluation**: This factor is simple yet effective in capturing momentum trends, aligning with established research on the predictive power of stocks near their recent highs[10][17]. 2. Factor Name: Price Path Smoothness - **Factor Construction Idea**: This factor evaluates the stability of a stock's price movement over time, favoring stocks with smoother trajectories[23]. - **Factor Construction Process**: $ Price\ Path\ Smoothness = \frac{Absolute\ Price\ Change\ Over\ 120\ Days}{Sum\ of\ Daily\ Absolute\ Price\ Changes\ Over\ 120\ Days} $ Stocks with higher smoothness scores are prioritized[23]. - **Factor Evaluation**: This factor highlights the importance of temporal stability in momentum strategies, reducing noise from volatile price movements[23]. --- Backtesting Results of Factors 1. 250-Day New High Distance Factor - **Indices' 250-Day New High Distance**: - Shanghai Composite Index: 3.97% - Shenzhen Component Index: 7.72% - CSI 300: 8.01% - CSI 500: 6.55% - CSI 1000: 5.20% - CSI 2000: 6.32% - ChiNext Index: 16.55% - STAR 50 Index: 8.64%[11][12][14] 2. Price Path Smoothness Factor - **Selected Stocks**: 29 stocks were identified, including Wolong Electric, Newland, and Eilis. - **Sector Distribution**: - Manufacturing: 8 stocks (e.g., machinery) - Technology: 8 stocks (e.g., electronics) - Other sectors: Financials, healthcare, etc.[26][30][32]

而随着蓝思科技在港股递交申请书，市场对NFC技术在国内的应用市场也产生了浓厚兴趣。支付宝"碰一下"背后有多家上市公司参与其中，包括蓝思科技 和奥比中光提供整机设备，复旦微电的NFC芯片，以及拉卡拉和新大陆在全国范围内合作投放"碰一下"支付终端，覆盖零售、餐饮、交通等多个场景，此 外还有新国都作为收单机构参与推广，联合推动"碰一下"支付的普及。 行业预测，随着移动支付的普及和支持NFC功能的智能手机出货量的爆发式增长，NFC行业在中国有望达到数千亿元的市场规模。这条赛道的想象空间正 在打开，蓝思科技的赴港上市无疑将为其注入新的动力，也预示着NFC产业的进一步发展。 01 "碰一下"覆盖全国100个城市，产业链隐形冠军浮出水面 2024年7月，支付宝开始在全国范围内推广"碰一下"支付，此后，蓝思科技通过官方微信认领了这款支付宝"碰一下"收款一体机核心供应商的身份，并被市 场戏称为新晋的"碰一下概念股"。作为支付宝支付设备的整机组装商，公司深度参与NFC和移动支付新风口。 2025年3月，中国消费电子产业链迎来标志性事件——作为苹果核心供应商的蓝思科技正式向港交所递交上市申请，计划募集资金加速全球化布局。 这家深耕 ...

Core Insights - The report indicates a neutral market sentiment with a score of 58, suggesting a gradual upward trend in the market supported by recent improvements in sentiment and policy [5][10]. Market Sentiment - The Huaxin Market Sentiment Temperature Indicator shows a current score of 58, categorized as "neutral," with historical trends indicating that scores below 30 provide market support, while scores above 90 may present resistance [5][10]. Hot Themes Tracking 1. **Computing Power Theme**: The "East Data West Computing" project has been fully launched for three years, with significant advancements in digital infrastructure. As of 2024, China's computing power centers have over 8.3 million standard racks, totaling 246 EFLOPS, ranking second globally. The digital economy's contribution to GDP exceeds 45%, with computing-related industries accounting for about one-third of this growth. Related stocks include Zhonghe Technology (000925) and Capital Online (300846) [6]. 2. **Robotics Theme**: On March 18, Guangdong's Yuejiang Robotics launched the Dobot Atom, the world's first full-size humanoid robot capable of dexterous manipulation and bipedal walking, priced starting at 199,000 yuan. This marks the entry of full-size humanoid robots into the 199,000 yuan price range, potentially accelerating mass production. Related stocks include Emerging Equipment (002933) and Huichuan Technology (300124) [6]. 3. **Deep Sea Economy Theme**: The "Mingyuan Plan," initiated by Chinese scientists, has released research results that position China's deep-sea life science research at the international forefront. This includes the establishment of the world's largest abyssal biological database, supported by deep-sea equipment like the "Fighter" [6]. Major Capital Inflows - The report lists the top ten stocks with significant net inflows, including Guomai Technology (96.48 million yuan), Ningde Times (70.78 million yuan), and BYD (66.11 million yuan), indicating strong investor interest in these companies [11]. Major Capital Outflows - The report also highlights the top ten stocks with significant net outflows, including China Unicom (-129.74 million yuan) and Dahua Technology (-80.58 million yuan), reflecting investor caution in these areas [13]. Financing and Margin Trading - The report provides insights into financing net purchases and margin selling, indicating investor sentiment towards specific stocks and sectors. For instance, Huayu Mining had a net purchase of 23.46 million yuan, while Kweichow Moutai had a net sell of 0.54 million yuan [14][19].

Investment Rating - The report maintains an "Outperform" rating for the company Newland (000997) with a projected dynamic PE of 25-30 times for 2025, indicating a reasonable value range of 34.75-41.70 CNY [6][33] Core Insights - The report highlights the strong growth potential in the spandex industry driven by rising demand from leisure and sportswear, predicting a supply gap of 32,500 tons on average from 2025 to 2027 [5][23] - The report emphasizes the upward trend in the photovoltaic industry, supported by recent price increases in distributed components and favorable government policies aimed at optimizing energy structure [5][26] Summary by Sections Macro Analysis - The macroeconomic analysis indicates a rebalancing of leverage structures, with government financing increasing while corporate financing remains low, reflecting a broader trend of macro leverage adjustment [4][18] Industry and Theme Highlights - In the chemical sector, spandex demand is expected to grow significantly, with a projected average supply gap of 32,500 tons from 2025 to 2027, driven by a compound annual growth rate (CAGR) of 12.26% in the sportswear segment [5][23] - The renewable energy sector is witnessing a price increase in distributed components, indicating a robust market performance and a positive outlook for the photovoltaic industry [5][26] Key Stocks and Other Commentary - Newland is noted for its comprehensive embrace of AI applications, enhancing merchant operations and smart terminals, with projected revenues of 8.273 billion CNY in 2024, growing to 10.038 billion CNY by 2026 [6][33] - The report suggests that the spandex industry will benefit from the increasing demand for leisure and sportswear, with significant growth expected in the coming years [5][22]

Investment Rating - The investment rating for the information services industry is "Outperform the Market" and is maintained [2]. Core Insights - The report highlights that Tencent's recent investment in computing power is a necessary step in the context of AI development, indicating a sustained growth in demand for computing resources as AI applications expand [7]. - Upcoming conferences by Huawei and NVIDIA are expected to attract market attention towards the AI industry, with new AI products likely to accelerate overall industry development [7]. - The report suggests monitoring companies such as Kingsoft Office, Hongsoft Technology, Hehe Information, Runze Technology, Guoneng Rixin, Tongxingbao, Newland, and Saiyi Information for potential investment opportunities [7]. Summary by Sections Market Performance - The report provides a comparative performance analysis showing a decline of -27.29% for the information services sector from March 2024 to December 2024, while the Haidong Composite Index shows a lesser decline of -14.60% [3]. Related Research - The report references several related studies, including topics on Huawei's AI initiatives and the global launch of the first general AI agent, Manus, which are pivotal in understanding the current trends in the AI sector [4][5]. Upcoming Events - Huawei's Ascend AI Conference and Partner Conference are scheduled for March 21, 2025, focusing on the impact of large model development on the AI industry and showcasing new products [6]. - NVIDIA's GTC 2025 will take place from March 17 to 21, 2025, featuring discussions on AI infrastructure and the unveiling of the next-generation AI chip, Vera Rubin [6].

Investment Rating - The report maintains an "Outperform the Market" rating for the companies analyzed, including 横店东磁, 新大陆, and 博士眼镜, indicating expected stock performance above the benchmark index [4][23][28]. Core Insights - The report highlights the recovery and growth potential in various sectors, particularly in the tourism industry in Southeast Asia, with a projected compound annual growth rate (CAGR) of 15.4% for Vietnam, 13.7% for Malaysia, and 12.1% for Thailand from 2023 to 2028 [8]. - The coal price is expected to stabilize in the short term, with a price range of 720-750 RMB per ton, which may positively impact the power sector [3][12]. - The increasing online booking penetration in Southeast Asia is noted, with countries like Singapore expected to reach a 65% online booking rate by 2024, indicating a shift towards digitalization in the tourism sector [9]. Summary by Sections Industry Performance - The report indicates that the coal and power sectors are experiencing a short-term stabilization, with expectations of a market improvement from late March to April 2025 [3][12]. - The tourism market in Southeast Asia is projected to grow significantly, with Thailand's tourism revenue contributing 63.9% to its total tourism income in 2023 [7][8]. Company Analysis - 横店东磁 is expected to achieve net profits of 19.23 billion, 22.67 billion, and 28.21 billion RMB from 2025 to 2027, with growth rates of 5.3%, 17.9%, and 24.5% respectively, supported by a strong performance in its solar and magnetic materials segments [4][17]. - 新大陆 is projected to have revenues of 82.73 billion, 91.03 billion, and 100.38 billion RMB from 2024 to 2026, with net profits growing at rates of 17.0%, 21.8%, and 17.5% [23]. - 博士眼镜 anticipates net profits of 1.24 billion, 1.52 billion, and 1.72 billion RMB from 2024 to 2026, with a notable exploration of the smart glasses market [25][28]. Market Trends - The report notes a trend towards digitalization in the tourism sector, with a significant increase in online booking rates across Southeast Asia, indicating a robust growth opportunity for online travel agencies (OTAs) [9][10]. - The competitive landscape in the tourism market is described as fragmented, with major players holding less than 8% market share in most Southeast Asian countries, suggesting opportunities for new entrants [9][10].

证券代码：000997 证券简称：新大陆 公告编号：2024-049 新大陆数字技术股份有限公司 第九届董事会第四次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 2024 年 11 月 5 日，新大陆数字技术股份有限公司（以下简称"公司"）董事 会以书面形式向各位董事发出召开公司第九届董事会第四次会议的通知，并于 2024 年 11 月 15 日在公司会议室以现场和通讯相结合的方式召开了此次会议。会 议应到董事 5 人（其中独立董事 2 名），实到 5 人。会议由董事长王晶女士主持， 公司监事及高级管理人员列席了此次会议。会议的召集和召开程序符合《公司法》 和《公司章程》的有关规定。 本次会议经过认真审议并通过如下决议： 一、审议通过《关于注销部分回购股份暨减少注册资本的议案》，表决结果为： 同意 5 票，反对 0 票，弃权 0 票。 具体内容详见同日披露于《中国证券报》、《证券时报》、《上海证券报》及 巨潮资讯网的《关于修订公司章程的公告》（公告编号：2024-053）。 四、审议通过《关于召开 2024 年第一次临时股东大会的议案》，表决结 ...