零销售我们怎么看核心其实就是看特斯拉这个新的进行他有什么大的变化啊啊这个大的最大的变化应该就是这个零销售因为啥东西都定型了不带啊减速器啊这都定型了把零销售哪些变化呢第一个哦那个从无到有有显著变化的一个东西应该是电子皮肤电子皮肤就是说在一代应该是 但是还不显著到了到二代三代是几乎比较大一个分量而且不止手指用可能手掌也会用有没有可能扩展到全身比如说这个手肘啊这个脚掌啊这个值得期待因为你可以看就真的的人类真的人是全身都有皮肤的那人形机器人肯定一往这边走一往后走 他肯定是越来越像人类所以这个皮肤应用的面越来越广所以电子皮肤这个是比较值得期待的第二个比较值得期待的一个变化就是健身特斯拉目前用的这个零销售肯定还是健身区的方案健身的又分了很多种啊究竟是钢丝绳还这个是高分子聚习是高分子材料这个是值得关注的我自己了解的是应该是 高分子材料这个概率高啊但大家也肯定有质疑就是说高分子材料可能不耐高温但我最近了解了一下高分子材料可以做个图层做了图层以后嗯他还是能够耐高温而且他的这个熊寿命比较长本身他的这个承诺能力比较强所以我感觉可能这个健身尤其是这个喝高分子材料是比较值得取代的 而第三个就是原来大家就是关注点的电机是空气位电机还是无 ...

这个热处理啊转机啊等等的包括说检测检验啊各等于这个环节那么在这个里面我们从设备的视角上来说那么最性感的这个方向呢主要还是螺纹磨床这个螺纹磨床的关键的点呢主要还是来自于第一从制造的角度上来说丝杠一般我们可以分为这种定位级的相对高端一点的丝杠和传动级的这个相对来说低低端一点的丝杠这种低端的丝杠由于它这个要求比较低我们可能可以通过类似杂志的这种方式通过这个 以下是简体中文普通话的文本 这个里面主要还是考虑到一个是这个金属的问题一个呢就是如果你是通过杂质的这个工艺去做你的挤压会导致四棒的这个金属的密度其实都会有变化而且这个密度还总不均匀那这样的话呢其实四棒的这个机器性能是受到了相当大的破坏的所以说磨削大概就是一个就是未来主流的这个技术路线然后在磨削的这个路线里面它的这个难点呢其实就很多了因为首先磨削加工我们是用一个砂轮像是把它慢慢的这个就是表面的材料给它刮掉 这个过程相比于就是比如说洗啊或者说车它的这个发热量其实会更大所以这个发热呢就会导致一个是这个热传回砂轮传回机床对于机床的这个性能也会有一定的影响那么一个呢就是这个热也会传导到这个磁帐上让磁帐在加工的过程中呢会出现一定的这个热性变所以这块的话呢就相当于你的这个不管 ...

在医疗 在教育等等行业里面 我们是通过这样的技术能够加强人机交互的体验 能够提升 也是进一步提升业务的效率第三 我们叫自然源处理 以前我们是通过NLP算法去做随着大模型技术的推出 我们逐步把相应的算法更新到大模型的方式 能够解决在党政在医疗在金融等等方向上去做一些强化理解就是对业务场景的理解和相应的交互还有就是关于我们一些数据分析能力就是通过时序算法等等做一些业务的预测我们叫态势感知再进一步我们做多场景的一些融合我们叫多模式融合多模式融合目前也是这两年比较火热的一个方向 以上就是我们大概五个重点的技术领域方向都有相应的算法工程师和相应的研究从这个技术领域里面去提炼相应的我们自己的算法能力以及形成相应的产品第二就想讲到产品层面我们这么多年的积累实际上已经在产品上有所 有所突破大家可以看到我们公众号发布的像智英的这个算法平台我们接入这个deepfake其实deepfake只是这段时间大家关注度非常高的一个大模型实际上我们在这个算法里面已经集成了根据各行业需求不同也集成了其他大模型包括我们自己的一些小模型 部署到客户环境里面去能够更迅速的让客户或者行业客户行业场景能够开箱启用我们相应的AI的能力除了这个算法平台之外 ...

首先我们去回顾一下这个公司进行的股价表现可以看到这个股价从春节后回来呈现出一个回调的趋势这里面它的走势其实和整个 大部分平时休息临时是大概比较接近的一个走势这个原因的话整个板块我们是看休息临时节前的弱点加上整个休息临时板块季报的这种基数它是比较高的股价短期有一个这样子的这种回调基本面上看音乐的基数这种比较高的一个这种音乐份其实是因为春节错期导致到去年的这个春节 过得是比较软的在二月份很多的量级销售全部都落在了一月份所以今年的话这个高级数带来一个比较大的一月份和一季度的一个这样子的压力我们判断整个板块的话因为在一月份少了大概七八千米的发货时间整个板块的一月份的增速可能是一个小幅下滑但是我们觉得判断的参考率其实不是特别的大 中国党的话我们去看经商这一端它的背后其实是相对保守的经过过去两三年的疫情这样子的一个起点那么在今年的中间消费者这一端它呈现出一个提前返乡过年的这种趋势所以在下线的中间的销售情况其实是比较良性的比较好的 那么整个板块二三月份的这个情绪我们就会回到一个比较正常的这种位置所以我们感觉公司其实短期的股价回调到这样的一个位置其实后续可能会呈现一个短期的一个盆顿的一个这种趋势后面呈现新市道的一个转换下可能 ...

现在开始播报名字声明声明播报完毕后主持人可直接开始发言谢谢 浙商证券研究所提醒您一本次电话会已经面向浙商证券研究所签约的机构投资者以及受邀客户第三方嘉宾发言内容仅代表其个人观点所有信息或所表述的意见均不构成对具体证券在具体配合若本次交流内容不慎流出或涉嫌违反上述情形的我们将保留追究法律责任的权利再次感谢您对浙商证券的理解和配合谢谢 各位投资人大家下午好我是周商技产分析师杨凡那么大家看到在2月14号的时候中正金融以及三大AMC公司无偿划拨给了中央汇金那么这个事情大家关注度非常的高我们在今年1月20号的时候发布了信达技产的深度报告其中对于这件事情有相应的一些解读 整体上来说 我们今天会围绕着三部分来讲讲我们对于2025年要重视AMC发展的几条核心的逻辑 首先如何解读这个AMC划拨给中央汇金这个事情我们认为这个事情是有先迹可循的在2024年1月份的时候新华社对于这个事情就有相应的报道当时是你计划做这样一个股权划拨到了2025年的2月份是正式开始去执行目前三大AMC上市的公司已经做了这个相应股权划拨的这个公告 我们认为这个事情实际上是国家机构改革的一部分也是落实先前中央提及的关于完善国有金融资本管理部署的关键一步以前 ...

Summary of Jin Domain Medical Conference Call Company Overview - Jin Domain Medical is a pioneer in China's third-party medical testing industry, established for 30 years, focusing on both core medical testing and the accumulation of professional data from frontline operations [2][4]. Key Achievements and Developments - **Digital Transformation**: Initiated in 2020 due to the COVID-19 pandemic, focusing on technology and data infrastructure, business digitization, and the development of digital business [2]. - **Data Management**: Successfully standardized and structured data management from 23,000 hospitals, laying the groundwork for future AI applications and data products [2]. - **AI Integration**: Since 2014, the company has invested in AI-assisted diagnosis, notably collaborating with Huawei to launch an AI-assisted cervical cancer screening application, improving pathologist efficiency by four times [2][4]. - **Large Model Technology**: Began research in 2019, developing the "Red Leaf Model" and its application "Encounter One Yuan," with a service platform for clinical doctors registering 520,000 users [2][6]. - **Data Volume**: Holds over 24PB of data, with an annual increase of approximately 1PB, covering a wide population and over 4,000 testing items, ensuring high medical value [2][7]. Industry Position and Recognition - **Regulatory Approval**: The only company in the third-party medical testing field to receive algorithm registration from the Central Cyberspace Administration of China, demonstrating algorithm capability and data quality [2][9]. - **Competition and Market Penetration**: Current market penetration is about 10%, significantly lower than in Europe and the US, indicating substantial growth potential [15]. Future Directions - **Continued AI Development**: Plans to deepen research in large model technology, integrating advanced reasoning capabilities like GPT-4 to enhance medical reasoning in complex scenarios [11]. - **Digital Solutions**: Aiming to launch a new generation of digital empowerment solutions for medical communities in 2025, furthering digital transformation efforts [15]. - **Data Trading**: The company has launched data products in a data exchange, targeting pharmaceutical companies, insurance firms, and public health institutions, with a projected market size in the hundreds of billions [22]. Challenges and Responses - **Data Completeness Concerns**: The company assures that its data quality and completeness are among the best in the industry, addressing concerns about training data integrity and clinical decision-making support [10][24]. - **AI Assistant Demand**: Recognizes high demand for AI assistants among grassroots clinical doctors, focusing on developing intelligent solutions tailored to their needs [18]. Revenue Generation - **AI and Digital Tools**: Revenue streams include cost reduction and efficiency improvements, direct sales from COVID-19 screening systems, and empowering upstream and downstream manufacturers with AI capabilities [15][21]. Conclusion - Jin Domain Medical is positioned as a leader in the third-party medical testing industry, leveraging advanced technology and data management to enhance medical services and efficiency, while actively pursuing growth opportunities in AI and digital solutions.

感谢那个首相周总感谢各位投资者对博动的关注所以大家都看到就是周末就是昨天我们有一个那个减持公告但是这个我解释一下就是这个减持这个诉求实际上是去年应该三四制度其实就有了只不过就是科广版一直在排队 然后如果大家关注公告内容的话其实也可以看到我们电视主要是众恶里面的两个我们公司的创始小股东对然后这两位股东呢因为现在都已经处于退休的状态对那说实话他们年纪也大了那也不可能永远让他们捆绑在公司里面呢他们有他们的资金的诉求这个我觉得也是一个合理也比较合理吧这个在 我们也尊重他的意愿所以也跟我们的经管老师沟通了当然经过排队我们也允许我们发这样的一个坚持对那这个应该来说也是属于就是上次请了小飞的一个合理的资金诉求我们这么认为并不会对公司的实控人有公司的实控人的股份没有没有那个没有没有减少对 也不会对公司的控制权和公司的经营造成一些影响那实际上从他们的一个股份的比例来看就是也不大对那另外一个那个就是三个高管吧三个高管这个公告也很明确嘛他们简直就是他们从股权基地上获得一些股票那因为公司前两年也连续做了三期的股权基地嘛 那我们可以预见就是说随着这次减持的公告那后面呃员工事务平台即使有需求那也是很长时间内那监管应该来说都不会再有公告给 ...

Summary of Panda Dairy's Conference Call Company Overview - **Company**: Panda Dairy - **Industry**: Dairy Products Key Points and Arguments - **2024 Operational Performance**: Panda Dairy's overall performance in 2024 continued the trend from the first half of the year, with no significant changes. The cream product segment showed good growth despite its smaller base. The gross margin remained high due to effective control of raw material costs, and channel margins improved compared to the previous year. However, sales to major clients declined due to the overall consumption environment, although new clients were added, their volume has not reached significant levels [3][4]. - **Channel Performance**: The baking channel showed a good recovery, and the cheese business performed well, ensuring revenue and profit. The restaurant channel's performance was neutral, influenced by the macroeconomic environment. The tea beverage channel focused on major clients like "Hushang Auntie" and "Tea Hundred Ways," with an emphasis on developing new products in tea beverages and cream to attract more clients [4][5]. - **R&D Team Upgrade**: The R&D team was upgraded with a new leader from a foreign enterprise and an increase in team size, enhancing capabilities in tea beverage and cream applications to develop more new clients [6]. - **2025 Market Demand Outlook**: The restaurant market is a core channel for Panda Dairy, closely tied to the macroeconomic environment. The company expects positive impacts from national consumption promotion policies, including potential restaurant subsidies. The core distributors have not been lost, and new clients are being added to offset volume declines [7]. - **Channel Expansion Strategy**: Panda Dairy plans to deepen its channel penetration, focusing on small and new restaurant chains and markets in lower-tier cities. The company aims to expand its traditional restaurant channels by developing new distributors [8]. - **Competitive Landscape**: Competitors are currently performing weakly, particularly smaller condensed milk brands. Despite a challenging market environment, Panda Dairy is optimistic about increasing market share. The company faces pricing competition in its private label products but sees growth potential in the high-end restaurant market [9]. - **Raw Material Price Trends**: Raw material prices are at historical lows, with domestic milk powder cheaper than imported options. It is expected that large package powder prices will gradually rise by the second half of 2026. However, prices for coconut milk and coconut water are increasing due to import factors from Southeast Asia, which may pressure operations [10][11]. - **2025 Revenue and SKU Expectations**: The company anticipates a revenue target of several hundred million for its "Youke Factory," aiming for double-digit growth. The focus will be on launching new products and building regional brand presence [12]. - **Product Differentiation**: Panda Dairy's product overlap with competitors like "Miaokelando" is mainly in B2B cheese ingredients. Panda Dairy focuses on thick milk, condensed milk, and plant-based products, which do not directly compete with "Miaokelando" [13]. - **B2B and B2C Business Proportions**: The B2C business, primarily managed by "Youli," has a gross margin of over 40%. The B2B business volume is around 1 million [14]. - **Trade Business Outlook**: The trade business turned profitable in 2024 after previous losses. Continued price increases in commodities are expected to benefit this segment, although the company plans to limit trade volume to around 200 million [15]. - **New Product Development**: New incubated enterprises are exploring terminal customers and developing innovative products in both tea beverage and food industrial channels, although these initiatives are still in early stages [16]. - **Overall Revenue and Profit Outlook for 2025**: The company expects a recovery in consumer enthusiasm in 2025, leading to potential raw material price increases. New products are anticipated to drive revenue growth, with a forecast of double-digit growth in condensed milk sales, particularly in tea-related cream products. Overall performance is expected to return to 2023 levels, although gross margins may face pressure [17].

Summary of Key Points from the Conference Call Company Overview - The company discussed is **Jiechang Drive**, which is entering the robotics sector and has established a dedicated robotics division in 2024 to focus on actuator research and development [3][4]. Industry and Market Position - Jiechang Drive has begun its foray into the robotics field by undertaking a project in Zhejiang Province, focusing on linear actuators, benchmarking against Tesla's products [3]. - The company aims to expand its market share and product competitiveness, with a projected revenue of **4 billion RMB** in 2025, representing a **15% year-on-year growth** [3][14]. Key Developments and Strategies - The company has conducted over **100,000 experiments** on its self-manufactured actuators, addressing challenges in the processing of ball screws [3][4]. - A joint venture with **Lingqiao Intelligent** has been established, where Jiechang holds a **40% stake** and has veto power, focusing on the commercialization of intelligent marketing products [7]. - The company plans to enhance its production capabilities for key components like motors and reducers, with significant investments in facilities for precision machining and injection molding [8][9]. Product and Technology Innovations - Jiechang Drive is developing **hollow cup motors**, with production lines expected to be operational by the end of 2025 [11]. - The first generation of **dexterous hands** has been launched, featuring **19 degrees of freedom** and targeting humanoid and collaborative robots [10]. Financial Performance and Projections - The company reported a record high revenue in Q4 2024, with growth driven by sectors such as home automation, industrial applications, and automotive [14]. - The automotive sector is expected to see significant growth, with multiple projects set to commence production in 2025, including contracts with **Seres** and **BMW** [20]. Market Expansion and Customer Acquisition - Jiechang Drive has successfully engaged with major clients like **Kingsoft Office** and **IKEA**, with expectations of substantial revenue increases from these partnerships [15]. - The company is also focusing on the healthcare sector, particularly in rehabilitation products, with a consistent annual growth rate of around **10%** [16]. Global Operations and Supply Chain - The company has established production bases in the **U.S., Malaysia, and Hungary**, ensuring a robust supply chain to meet a projected demand of **5 billion RMB** [21][24]. - The impact of U.S. tariffs has been mitigated through strategic overseas production, with a significant portion of revenue generated from local manufacturing [24]. Competitive Landscape - Jiechang Drive is positioned to surpass competitors like **Dileba** in the long term, particularly in the automotive sector where Dileba lacks a strong presence [23]. - The company is confident in its competitive edge due to its comprehensive product range and ongoing innovations [23]. Future Outlook - The company aims to achieve a revenue target of **5 billion RMB** by 2027, leveraging both traditional and new business opportunities [27]. - The overall growth expectations for 2025 include the addition of **10-11 new stores**, with a stable profit outlook due to high gross margins and decreasing tariff impacts [29].

Summary of Key Points from the Conference Call Industry and Companies Involved - The conference call focuses on the integration of AI technology in consumer products, specifically highlighting **Ninebot (九号公司)** and **Roborock (石头科技)** as leading companies in this sector [2][28]. Core Insights and Arguments - **AI and Consumer Products Trend**: Since 2025, the trend of integrating AI with consumer products has gained significant attention, with a recommendation for companies that have mature products and substantial technical accumulation [2][28]. - **Ninebot's Innovations**: - Deep integration of the **DeepSeek engine** to enhance the intelligence of electric two-wheelers, with an expected growth rate of **30%-40%** in this segment by 2025 [3][16]. - Development of the **third generation of robotic lawn mowers**, featuring advanced navigation and obstacle avoidance systems, leading in sales on Amazon in the US, Germany, and France [3][15]. - Introduction of the **True Smart 3.0 system**, focusing on safety and personalization, including the **ESP stability system** and AI visual assistance [3][7]. - **Roborock's G30 Space Robot**: This new product introduces a robotic arm for tasks like automatic garbage disposal and obstacle removal, utilizing the **RR model 12.0 AI algorithm** for enhanced intelligence [20][21]. - **Financial Projections**: - Roborock anticipates a revenue growth of over **50%** in Q4 2024, with a **60%-70%** growth rate in the US market and a **40%** overall revenue increase for the year [26][27]. - Ninebot expects profits to approach **1.6 billion RMB** in 2025, with a potential valuation exceeding **30 times** [17][19]. Additional Important Insights - **Ninebot's Production Strategy**: To mitigate the impact of tariffs on exports to the US, Ninebot is seeking manufacturing partners in Vietnam [17][19]. - **Technological Advantages**: Ninebot's foundational technologies include laser vision, GPS, and IoT, which enhance the practicality and advancement of their products [6][14]. - **Market Positioning**: Both companies are positioned as leaders in their respective markets, with Ninebot being the top brand for scooters and Roborock leading in the robotic vacuum segment [28]. - **Future Developments**: Ninebot is exploring new areas such as all-terrain vehicles and collaboration with Nvidia for robotic chassis development, indicating a strategy for continuous growth [18][19]. This summary encapsulates the key points discussed in the conference call, highlighting the advancements and market strategies of Ninebot and Roborock in the AI and consumer product sectors.