• 伯特利从机械制动起家，通过前瞻性技术布局，如鼓式到盘式制动、机械 到电控制动、EHB 到 One-Box，实现业务快速增长。实控人具备深厚技术背 景，对自动驾驶产品路线把控精准，提升公司在自动驾驶领域的竞争力。 • 2023 年伯特利营收 34 亿元，机械制动占比约 45%，智能电控产品占比 44%， 机械转向占比 6%。整体毛利率维持在 23%左右，智能电控产品毛利率略低 于 20%，机械转向毛利率为 14%左右，整合后预计提升。 • 国内 EHB 装配量快速增长，2023 年接近 800 万台，搭载率达 40%，新能源 车更高。One-Box 因成本和布置优势，满足 L2 以下智能驾驶需求，但 L3 以上需冗余备份，线控制动车型壁垒较高，竞争格局相对稳定。 • 制动车型高安全属性使得生产难度大，大规模量产后的质控、一致性生产 以及规模效应构成壁垒。新技术需老产品积累，One-Box 需集成 ABS/ESC 等稳定系统开发能力，硬件一致性、电磁阀良率及软件算法积累构成核心 差异。 • One-Box 领域国产化率大幅提升，伯特利和弗迪动力是国内代表，博世是 主要外资竞争对手。伯特利销售规模增长，对上游议 ...

科大国创 摘要 Q&A 请介绍一下科大国创在人工智能领域的应用进展及其业务布局。 科大国创是一家长期从事行业应用软件开发的公司，近年来特别是在大模型技 术出现后，积极抓住这一机遇。2024 年初，公司推出了星云大模型，并重点聚 焦于电信、电力、交通等垂直行业以及高可信软件带来的程序自动化编程领域。 我们与中国科学技术大学计算机系共同成立了知识计算实验室，采用包括阿里 通义在内的开源平台进行知识增强的大模型研发。 在实际应用中，我们基于基 础模型并结合具体行业场景的数据和需求，实现了多项落地应用。例如，在运 • 科大国创与中国科学技术大学合作，成立知识计算实验室，利用开源平台 （包括阿里通义）研发知识增强大模型，应用于电信、电力、交通等垂直 行业，以及高可信软件的程序自动化编程领域。 • 在运营商领域，智能客服系统提高应答效率超 20%，智能体系统优化宽带 装维流程，减少现场人员需求 40%，已为公司带来数千万收入。电力领域 则围绕智慧电厂进行大模型应用，交通领域则推动交通执法系统的发展。 • 科大国创全资子公司中科国创推出 AI 编程助手，融合形式化分析、软件程 序分析与验证技术以及星云大模型，实现软件开发过 ...

人形机器人丝杠降本展望：重视设备降本、技术路线降本 的机会 摘要 Q&A 目前丝杠制造行业的降本趋势和市场热点有哪些？ 丝杠制造行业的降本趋势主要体现在设备国产化上。通过国产设备进行量产是 大势所趋，这将显著降低成本。此外，随着国内龙头厂商扩展规划日益清晰， 整个产业链逐渐成熟，市场关注点从单纯的造丝杠转向研究丝杠制造中的技术 细节变化。例如，以车代磨、以洗代磨等相关设备和耗材标的在近期表现良好， • 市场关注点已从丝杠本身转向制造技术细节，如"以车代磨"、"以洗代 磨"等设备和耗材成为热点，反映了对生产效率和成本控制的重视。 • 螺纹磨床是高端丝杠制造的关键设备，市场供给受限，主要由 PSS 集团、 日本三井精机等小规模企业主导，需求增加时易出现供应瓶颈，国内企业 迎来发展机遇。 • 国内企业在小型、高精度螺纹磨床的开发上具有优势，能够满足人形机器 人行业的需求，日发精机等企业已迅速推出相关设备，并具备一定的技术 储备。 • 国产设备在自动化程度和价格上优于国外设备，通过小型技术升级可提升 效率，C5 级行星滚柱丝杠的加工时间约为半小时到一小时，满足百万台人 形机器人生产需求，市场空间达 40-60 亿元。 ...

普联软件 摘要 Q&A 在 AI 和企业管理软件领域，普联软件有哪些具体的应用和变革？ 近年来，大语言模型和 AI 智能体的发展正在深刻重塑传统企业管理软件。从交 互形式到系统架构，从业务应用到数据处理，均面临前所未有的革新。在交互 形式方面，传统依赖图形界面的操作逐渐被对话式体验替代。用户无需费力查 找菜单选项，只需与 AI 助理对话即可完成操作，这大大降低了操作门槛，提升 了用户体验，使得软件使用更加自然流畅。 在业务应用层面，AI 能力的嵌入 为传统软件功能注入了新的活力。利用 AI 大模型的语义理解和生成能力，可以 • AI 通过对话式体验、嵌入业务逻辑、释放非结构化数据价值和推动可组装 架构，为传统软件注入新活力，降低操作门槛，提高处理柔性，并提升数 据应用效率，加速企业决策。 • AI 技术在知识伴随、数据洞察、智能作业、预测推演及风险控制五个方向 易见成效，通过融合历史数据、组织架构和流程，实现流程自动编排，提 升运营效率，减少人为失误。 • AI 智能体在财务管理领域通过自动完成账务处理、报表生成等工作，并从 数据库中精准获取信息和知识，为决策提供依据，提高工作效率和资金合 理分配。 • 普联 ...

普元信息 摘要 Q&A DeepSeek 发布后，对 AI 编程和低代码行业带来了哪些变化？普元信息在这方 面有何规划？ 从商业化落地角度看，目前 AI 加低代码平台的商业模式并没有与传统方式有特 别大的区别。具体来说，可以偏向产品化或者 SaaS 化，也可以进行本地部署， 根据客户需求灵活选择。至于单个客户产品定价，会根据具体使用情况和规模 有所不同，但总体上仍然遵循传统的软件销售定价策略。 在 AI 加低代码平台的订阅模式和私有化部署方面，客户接受度如何？未来商业 模式的比例会有怎样的变化？ DeepSeek 发布后，整个行业的高性价比模型迭代加速。我们看到从 AI 编程到 数据中台的产业需求都出现了新的变化。普元信息在 2023 年发布了低代码开发 平台的 AI 智能助手，并持续跟随大模型技术进步，迭代了三个版本。今年 （2025 年），我们将融合主流的 DeepSeek 模型和千问等高性价比模型，进一 步迭代最新智能化产品，包括智能 AI 编程和数据中台的 AI 智能助手等相关产 品。 • 普元信息通过融合 DeepSeek 和千问等模型，迭代 AI 智能编程和数据中台 AI 助手等产品，增强低代码平 ...

Summary of Humanoid Robot Dexterous Hand Conference Call Industry Overview - The humanoid robot industry is expected to enter a mass production phase by 2025, driven by multiple catalysts, including significant events in March such as policy discussions and Tesla's supplier confirmations in China [3][4][17]. Key Insights and Arguments - **Market Outlook**: The company holds an optimistic view for the humanoid robot industry, predicting strong stock performance in 2025 due to the anticipated mass production phase [3]. - **Tesla's Glock 3 Model**: The Tesla Glock 3 is expected to be a significant catalyst in the humanoid robot sector, with its new model closely related to dexterous hand technology [3][4]. - **Dexterous Hand Features**: The third-generation dexterous hand from Tesla will feature 22 degrees of freedom, an improved drive system, and potentially an electronic skin, enhancing its functionality [5][16]. - **Motor Technology**: The dexterous hand will utilize a brushless hollow cup motor for high energy conversion efficiency, although there are challenges related to technology barriers [10][19]. - **Transmission Systems**: The main transmission system is expected to shift from wire rope to a composite system involving a four-bar mechanism, which may improve load capacity and efficiency [12][16]. - **Perception Systems**: The perception system is evolving towards high-density, multi-dimensional, and flexible bionic electronic skin, which will enhance operational precision [13][16]. Important but Overlooked Content - **Supply Chain Potential**: Companies such as Mingzhi Electric and Zhaowei Electromechanical are highlighted as potential suppliers for Tesla's third-generation dexterous hand, with specific roles in motor and transmission components [18]. - **Concerns Over Motor Replacement**: There are market concerns that the replacement of brushless hollow cup motors with brushless slotless motors may lead to a decrease in value share; however, the actual impact may be minimal due to increased usage and lower technical difficulty, which could benefit domestic suppliers [19]. - **Collaborations with Major Tech Firms**: Tesla is also engaging with major players like Huawei, Amazon, and Google, which could provide additional opportunities for growth and collaboration in the humanoid robot sector [20].

出现了一个由强忽弱的军民走势整体来讲美豆市场我们关心周库的话题就是看美豆美豆市场应该上周还是保持一个这样的一个从高回落的走势其实到周五的时候市场又出现了一个修复 主要的原因其实我觉得当前美东市场可能还是围绕南美的天气和美国的关税政策来扰动 应该说上周五其实尤其目前来讲对于当前市场可能影响最多的第一个就是贸易政策上周五没有出来上周五美国并没有出现最等的关税出来之后市场解读为可能当前的关税政策可能更多都是为了后面的谈判做准备所以说对于美国的大多数口可能没有市场产生那么悲观所以美洲出现了一个略有反弹的走势 同时对于整个美国的经济政策来讲其实市场分歧还是比较大的市场还是比较担心后期还是有陆陆续续的这样的一个政策出来所以说这个政策的扰动可能就把市场就陷入了一个暴涨暴跌的这样一个行情中 应该说在第二波整个贸易关系政策并没有明朗之前的话我觉得这种走势可能会仍将持续第二个对于市场影响的就是南美的天气对于整个产量的影响我们可以看到上周美国农业部仅仅是把安亭的大豆产量下调了400万吨但是对于这个 巴西的产量其实并没有调整那对于各家机构对于巴西大陆产量呢其实也是有增有减那也就说明尽管说大家对于整个房产的预期还是比较一致的但是对于这 ...

大家好欢迎参加东台新闻人团队二维科技电子皮肤店长交流电话会议目前四川会长正处于坚决状态整个时部发声明本次电话会议举面向机构投资者或受邀客户第三方专家发言内容仅代表其个人观点所有信息或所表述的意见却不构成具体的判断或投资建议未经东方财富证券书面授权严禁录音转发及相关解读不得传播音频视频图片文字等内容 事情违反上述情形的东方财富证券将保留一切法律权利感谢您的理解和支持谢谢各位投资人上午好我是东南电信六元帮去年以来的话我们看到整个机器人产业的话它在快速的一个发展然后在我们资本市场这边也是比较受关注的我们今天的话就很荣幸的就是请到了华为科技的爱尔李总就是电子皮肤的就是机器人的电子皮肤这一块给大家做一下交流李总您好能听见吗 可以听到李总,我这边就先跟您请教一下大家关注这个问题然后后续我们可能再放开一些提问对就这样一个流程李总呢想请您先给大家介绍一下就是咱们就是这个柔性传感器就是电子皮肤最新一个进展的情况就比如说客户的对接还有产能类这些之类的 好 那我就急于就这个做柔性传感器的这家公司先跟大家先做一个简单的这个情况汇报首先我们这个柔性传感器这家公司呢斯戈默斯达其实是在我们在13年年底就已经成立了到现在已经做了十一二年这样 ...

Summary of Conference Call Company and Industry - The conference call primarily discusses **Hanyang Environment**, a company in the **waste management and environmental services industry**. Core Points and Arguments 1. **Dividend Increase**: Hanyang Environment has significantly increased its dividend payout, with a historical increase of 67% prior to the announcement of the dividend plan, indicating a strong commitment to returning value to shareholders [5][23]. 2. **Cash Flow Improvement**: The company reported a substantial improvement in cash flow, with receivables from debt collection reaching **24 billion RMB**, which has enhanced the company's operational cash flow [6]. 3. **Market Position**: Hanyang Environment is positioned in a mature phase of the waste incineration industry, with capital expenditures declining, which supports its ability to increase dividends [6][10]. 4. **Valuation Metrics**: The current valuation is considered low, with estimates suggesting a potential increase in valuation from **9 times earnings** to **12 times**, indicating a potential upside of over 30% [13][34]. 5. **Industry Comparisons**: The company’s dividend yield is competitive, with expectations that it could rise to **4.8%** by 2026, making it attractive to long-term investors [23][39]. 6. **Regulatory Changes**: The industry is undergoing significant regulatory changes, including the marketization of waste treatment fees, which is expected to enhance revenue streams [9][18]. 7. **Acquisition Strategy**: Hanyang Environment's acquisition of **Yuefeng Environmental** is expected to enhance operational efficiency and revenue growth, with anticipated synergies from the integration [12][30]. 8. **Operational Efficiency**: The company has achieved a high capacity utilization rate of over **120%**, indicating strong operational performance [31]. 9. **Revenue Composition**: The revenue structure is diversifying, with waste management operations contributing **48%** of total revenue, while engineering and gas segments also play significant roles [19][20]. 10. **Future Growth Projections**: The company anticipates continued growth, with revenue projections of **16.8 billion RMB** for 2024 and **17.4 billion RMB** for 2025, reflecting a steady growth trajectory [29]. Other Important but Possibly Overlooked Content 1. **Debt Management**: The company is actively managing its debt levels, with a focus on reducing financial costs through strategic acquisitions and operational efficiencies [34][35]. 2. **Market Trends**: The overall waste management industry is experiencing a contraction in new project bids, with a **77% decline** in new tendering activity, indicating a shift towards consolidation and efficiency [15]. 3. **Long-term Outlook**: The long-term outlook for Hanyang Environment is positive, with expectations of improved cash flows and profitability driven by regulatory reforms and operational enhancements [38][39]. 4. **Investor Appeal**: The company is becoming increasingly attractive to institutional investors due to its improved dividend yield and stable cash flow, which aligns with the investment criteria of long-term funds [7][11]. This summary encapsulates the key insights from the conference call regarding Hanyang Environment and the broader waste management industry, highlighting the company's strategic initiatives, financial performance, and market positioning.

Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses a company involved in the semiconductor industry, particularly focusing on the development and production of analog chips and power management solutions for various applications, including automotive and AI sectors [1][4][6][8]. Key Points and Arguments 1. **Market Position and Growth Potential** - The company has established a leading position in the semiconductor market, particularly in the new energy and AI sectors, with significant growth potential in the coming years [1][4]. - The company aims to achieve a revenue scale exceeding 10 billion yuan in the next two years, driven by advancements in system-level manufacturing [6][20]. 2. **Product Development and Innovations** - The company has successfully launched multiple production platforms, including high-voltage and high-reliability applications, and is expanding its product offerings in the MEMS and power management sectors [4][14]. - There is a focus on developing AI-related products, with expectations of a tenfold revenue increase in the AI sector over the next three years [8][9]. 3. **Sales and Market Share** - The company reported that its IPP shipment volume ranked first in the domestic market, capturing a 38% market share in a specific segment [4]. - The company is also the leading revenue generator in the domestic MEMS foundry market, indicating strong competitive positioning [4]. 4. **Strategic Partnerships and Collaborations** - The company is actively collaborating with major players in the new energy sector to enhance its technological capabilities and market reach [3][4]. - It is also working with design companies and end customers to strengthen R&D in emerging AI applications [8]. 5. **Financial Performance and Projections** - The company anticipates achieving positive net income for the first time in 2024, indicating a turnaround in financial performance [1]. - Revenue from industrial modules is expected to triple, contributing significantly to overall growth [16]. 6. **Challenges and Competitive Landscape** - The company acknowledges the competitive nature of the semiconductor industry, particularly in the context of AI and automotive applications, and is focused on maintaining its technological edge [7][19]. - There are ongoing efforts to develop cost-competitive solutions to meet the demands of the evolving market [17]. Other Important but Overlooked Content - The company is exploring the integration of advanced technologies in its products, such as AI-driven power management solutions, which are expected to play a crucial role in future growth [9][27]. - There is a mention of the company's commitment to sustainability and innovation in the semiconductor space, which aligns with broader industry trends towards greener technologies [24][25]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, market positioning, and future growth prospects in the semiconductor industry.