Financial Data and Key Metrics Changes - The AI server market demand has significantly increased, with global GPU server shipments expected to reach 1.6 million units in 2023, representing a year-on-year growth of approximately 33% [1][2] - Major North American clients, including Amazon, Google, and Microsoft, are projected to have demand growth rates between 20% and 30% [1][2] Business Line Data and Key Metrics Changes - The GB200 orders are primarily scheduled for delivery in September and the fourth quarter, involving several sample cabinets [3][4] - The pricing for the 36-card configuration of the GB200 is approximately $3.6 million, while the 72-card configuration is around $1.7 million [3][4] Market Data and Key Metrics Changes - The demand for data center cabinets globally is expected to reach between 50,000 and 60,000 units in 2024, with Foxconn anticipated to capture a significant share [1][10] - Foxconn plans to deliver 12,000 cabinets next year, totaling approximately 14,400 cabinets [10] Company Strategy and Development Direction - The demand for high-performance computing resources is expected to continue growing due to advancements in large models and multimodal technologies, with emerging market demands from national supercomputing centers and military defense [1][16] - ODM manufacturers are likely to see growth as they adapt to the increasing demand for AI servers and related technologies [16] Management's Comments on Operating Environment and Future Outlook - Management noted that the AI server market is experiencing robust growth, with significant contributions from major clients like Amazon and ByteDance [2][3] - There is a potential risk of price wars in the GB200 server market as demand increases, which could lead to reduced profit margins [18] Other Important Information - The liquid cooling systems require customization based on the data center environment and CTO standards, with ByteDance collaborating with Midea for specific adjustments [1][4] - The competitive landscape is shifting, with companies like Quanta and Foxconn gaining market share while others like Wistron are seeing declines [16] Q&A Session Summary Question: What is the current demand situation for AI servers? - The AI server market demand has significantly increased, with an expected growth of 33% this year [2] Question: Can you elaborate on Amazon and other major clients' demand for AI servers? - Amazon's overall demand is projected at 170,000 units, with NVIDIA supplying about 25% of that [2] Question: What specific information is available regarding GB200 orders? - GB200 orders are mainly for delivery in September and the fourth quarter, involving several sample cabinets [3] Question: How is the construction of high-density data centers in the U.S.? - The U.S. has built several high-density data centers capable of supporting significant power loads, indicating readiness for large-scale deployments [4] Question: What are the customization requirements for liquid cooling systems? - Liquid cooling systems require various customizations based on the data center environment and CTO standards [4] Question: What is the market share outlook for major ODM manufacturers? - Foxconn is expected to maintain a market share of around 25% to 30%, while Quanta is actively increasing its share [16]

建投证券曾羽债牛长尾稳中寻机2024年年中利率债展望 ...

摘要 Q&A 2024 年下半年全球农产品市场的主要影响因素有哪些? 当前国内豆粕市场的供需情况如何? 拉尼娜和厄尔尼诺现象对北美大豆产区有何具体影响? 更多资料加入知识星球:水木调研纪要 关注公众号:水木纪要 美国大豆出口情况如何? 截至目前，美国大豆出口检验节奏较去年同期明显偏慢，降幅接近 20%。尽管巴西南里奥格兰 德州减产并造成物流停滞,但1-4月份巴西大豆出口进度明显偏快,即便发生洪涝灾害后,5 月和6月出口体量仍处于历史极值水平。因此,大豆国际供应短期内不会短缺,加之阿根廷产 量翻倍性增长，将进一步增加国际市场供应压力。 更多 巴西和阿根廷的大豆出口均有所提速。5月份巴西因税改政策问题导致出口放缓,但总体销售 情况依然强劲,阿根廷在经历汇率政策调整后,也出现了进口和出口加速。然而近期阿根廷国 会批准的新政策未如预期调整汇率或税率,这使得其农民出口有所放缓。此外,巴西税收抵免 政策改革存在天折风险，这些因素都将对未来几个月国际供应产生一定变化。 国内压榨利润及南美充沛供应对中国市场有何影响? 当前中国在南美市场采购大豆的情况如何?国内大豆供应和需求形势如何? 中国在南美市场上积极采购大豆,从目前南美 ...

2024 年 07 月 02 日 21:48 发言人 00:47 一带一路的占比里我们看到了去年的整体上出口率占了 68。到今年一季度 Q1 到 4 月份占了 70 亿。短短 的四个月就是说又上升了上六个点的百分点。这六个百分比的构成来看，就是亚洲上升了四个点。亚洲那 么非洲上升了五个点，上升上升了五个点，这就加起来 11 个点了。11 个点，其实我们叫拉美上升了三个 点，你看这是构成，所以市场一直很担心这两个，觉得欧美是不是说假设这东西不行，或者说欧美因为是 是认为工程机械他们的主场也是因为各种壁垒，那导致是不是说一方面需求，一方面在里面的一个壁垒会 导致你增长的乏力，认为未来真没有持续性。 家它的需求也有？我们做过一个统计，大概一带一路国家人均 GDP 现在在 3000 到 5000 美金的 8 亿人。 就是相当于中国大概 07 年到 11 年。大家知道中国的 06 到 1 年，这公积金是高增长狂奔时期。就是那些 国家有 8 亿人，超过 3000 美金了，15 亿人。也就是说一路一带一路国家正处于城市化、工业化，正处于 工业企业高增长。 那么就到到三推，我们认为其实就是核心的也是海外海外加上国内。国内其实 ...

2024 年 07 月 02 日 21:48 今天很荣幸邀请到的是东安环境的董秘张总，热管理副总经理沙总，还有上海大创的创始人贾博士，跟我 们做一个收购案的专题分享。前两天我们也是看到了公司发布的这样一个收购公告，以 2.1 5 亿元收购了 大创 63%的股权，并且增资 3000 万。这样的话就是合计持股 66%。 在我们投资者提问之前，麻烦会议助理先播报一下提问方式。或点击旁边的举手按钮，申请语音提问。谢 谢。行，那要不提问，提提问之前，我先把这背景我们的这个想法先简单说一下。 发言人 02:20 发言人 03:30 盾安环境 20240702_原文 发言人 00:00 发言人 00:26 本次收购设有业绩承诺，在 24 到 26 年这三年内，上海大创的营收累计不应低于 9.1 万元，净利润不低于 7100 万元。我们其实对这个事情也是期待很久了也终于看到公司的收购案终于落下了一子。资本市场的话 也非常的关注公司的一个经营的动向，所以我们今天举办了这场解读会议。 发言人 00:53 发言人 01:20 目前现在的业务我自己理解就是说制冷这一块，包括了制冷元器件，换热器和中央空调产品这些其实团队 都非常的富有 ...

达梦数据 20240701_原文 2024 年 07 月 03 日 09:49 发言人 00:01 是感觉不到到底是 oracle 的还是咱们的，这个差异度其实是非常小的。 发言人 22:05 发言人 26:45 发言人 12:16 发言人 18:03 发言人 24:39 特别声明，本会议为光大证券专业机构投资者设计，任何情形下，会议内容不构成对任何人的投资建议。 参会者应当充分了解各类投资风险，根据自身情况自主做出投资决策，并自行承担投资风险。嘉宾发言内 容仅代表嘉宾的个人观点和立场。研究人员发言内容来自于以外发报告或对研报的跟踪解读，观点仅代表 报告发布当日的判断。本会议内容的知识产权仅归光大证券所有。未经书面许可，任何机构和个人不得以 任何形式、任何目的进行转发、翻版、复制、发布或引用会议全部或部分内容，亦不得擅自录音、制作会 议纪要、对外传播。 发言人 00:53 发言人 01:34 在这次的交流会当中在这次的交流当中，我们把关专家上一次说的一个观点进行一个总结，主要包括几个 部分。第一个就是关于技术路线的分析。因为现在国内的数据库公司其实是比较多的那我们对它进行了一 个分类总结，主要包括传统的国外数 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 2024 年 07 月 03 日 08:29 请参会人员务必注意，本次电话会议交流内容仅限参会人员内部参考。任何机构或个人不得以 任何形式对电话会议任何内容进行泄露或外发，请勿以任何方式索要、泄露、散布、转发电话 会议纪要，任何泄露电话会议纪要等信息的行为均为侵权行为。申万宏源研究保留追究泄露转 发者法律责任新的权利。 天安新材 20240702_原文 发言人 00:00 发言人 00:35 各位投资人晚上好，我是申万轻工的分析师魏雨晨。今天由我来向大家推荐天安新材这家公司。 这家公司它是属于一个底部并购之后底部反转，然后以及切入整装业务之后天花板比较高的这 样一个标记。目前整体上地产链的行业比较悲观，但是我们还是看好公司的阿尔一方面中短期 去看好他收购的这个鹰牌陶瓷资产的这个利润率的弹性。它采用这个轻资产的打法，能够对同 时对这个内部的管理层有效的进行一个激励，实现这个利润率的一个底部反转。然后长期我们 看好它所进军的这个装配式内装的这个里，它采用的这个装配式内装是一个全新的整装模式， 在渗透率在 B 端和 C 端都能够得到一个非常有效的提升，未来这 ...

Financial Data and Key Metrics Changes - The company has maintained a cumulative cash dividend of 6.3 billion since 2018, with an average dividend payout ratio close to 50% and a current dividend yield of approximately 5.6% [3] - The company has repurchased 185 million shares since 2021, totaling 1.84 billion, contributing to an estimated dividend yield of around 7% [3][10] - Operating cash flow for the company was around 5.2 billion in 2022, with capital expenditures, dividends, and repurchases totaling 1.3 billion, 1.2 billion, and 900 million respectively, indicating a stable cash flow situation [10][29] Business Line Data and Key Metrics Changes - The company is actively upgrading traditional products like threonine and lysine while also launching new strains such as glutamic acid and liquid oxygen [10] - The production capacity for glutamic acid is planned to reach 500,000 tons, and lysine capacity is set to increase by 600,000 tons [10][21] - The amino acid market is expected to grow due to domestic policies encouraging the reduction of soybean meal usage, with domestic amino acid demand growing at a rate of 12% [11][12] Market Data and Key Metrics Changes - The global production of amino acids is approximately 6.15 million tons, with a five-year growth rate of 4%, while domestic production is around 4.3 million tons, growing at 12% [11] - The market share of leading companies in the amino acid sector is concentrated, with the top three companies holding nearly 90% of the market [13][14] - The company has seen a decrease in soybean meal's share in feed, which is expected to continue, providing a long-term growth opportunity for amino acids [12] Company Strategy and Development Direction - The company is transitioning towards synthetic biology and aims to build a comprehensive platform in this field, leveraging its existing fermentation technology [21][26] - The focus is on maintaining stable cash flow while investing in new product development and capacity expansion [10][21] - The company plans to maintain a stable level of capital expenditures while continuing to enhance shareholder returns through dividends and share repurchases [10][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining profitability despite potential pressures from new capacity in the market, emphasizing the long-term growth potential of amino acids [68] - The company anticipates a recovery in demand for amino acids in the second half of the year, driven by seasonal factors [13][15] - Management highlighted the importance of maintaining a competitive edge through cost control and strategic investments in R&D [29][21] Other Important Information - The company has applied for 11 invention patents in 2023, supporting future product development [10] - The company has implemented an employee stock ownership plan for four consecutive years, reflecting management's confidence in long-term growth [28] - R&D investment reached 314 million in 2023, indicating a commitment to innovation and new product development [29] Q&A Session Summary Question: How does the company view the future of amino acid pricing? - The company expects amino acid prices to trend upwards due to limited supply and seasonal demand increases in the second half of the year [45][68] Question: What is the company's strategy regarding shareholder returns? - The company plans to maintain annual shareholder returns of around 2 billion, which translates to an attractive yield based on current market capitalization [46] Question: How does the company assess the competitive landscape in the amino acid market? - The company believes that while new capacities may emerge, the overall market dynamics will favor established players due to their ability to manage production costs effectively [68]

2024.07.01 17:53 星期一 市场全天震荡反弹,沪指领涨。盘面上,稀土永磁概念股开盘大涨,中科磁业、华宏科技、创兴资源、华阳新材涨停。房地产板 块震荡反弹,滨江集团、华发股份、我爱我家、城建发展涨停。磷化工概念股午后拉升,辉隆股份、湖北直化涨停。高股息概念 股盘中一度冲高，农业银行、长江电力、陕西煤业等再创历史新高。总体上个股涨多跌少，全市场超3500只个股上涨。板块方 面, 稀土永磁、房地产、磷化工、煤炭等板块涨幅居前,半导体、PCB、苹果概念、自动化设备等板块跌幅居前。 三、焦点公司 湖北宣化：磷化工+化肥+煤炭+光引发剂，公司的主营业务为尿素、磷酸二铵等化肥产品和聚氯乙烯等氯碱产品的开发。公司 在湖北宜昌、四川两地拥有年产130万吨磷矿的采矿权，主营包括化肥产品。公司参股子公司新疆宜化28.2亿吨露天煤矿均为单 一巨厚型煤层，煤质稳定，开采成本低，现具备年产2000万吨的产能，其中大部分外销，小部分为新疆宜化自用。间接参股的 湖北宜化江家墩矿业有限公司有磷矿开采权，该公司保有资源储量1.3亿吨，现有30万吨/年的磷矿生产规模。 公司还布局了磷酸铁/磷酸铁锂领域，与宁德时代合作的邦普宜化项目主 ...

证券研究报告 | 定期报告 2024年6月27日 国内量化私募行业周报 定期报告 更新至 2024 年 6 月 21 日 国内量化私募已经在国内私募证券投资基金中的占比已经提升到较高的水平， 对市场的影响也已经举足轻重。 在本系列周报中，我们将回顾近期市场的表现，着重考察头部量化私募的近期 业绩情况，供投资者参详。 ❑ 截至 2024 年6月21日，当周股票市场震荡下跌，通信、电子上涨。 ❑ 此外，我们统计了市场典型量化私募基金的近期业绩、超额收益、超额收益的 相关性以及产品超额因子暴露，供投资者参详。 风险提示：本报告仅对国内量化私募市场情况进行统计和分析，不构成任何 投资建议。私募产品的信息披露并不像公募数据完整和及时，所以有些产品 的净值可能存在更新不及时或者阶段性缺失，产品类型划分的界限也并不十 分明晰，需要引起注意。 任瞳 S1090519080004 rentong@cmschina.com.cn 罗星辰 S1090522070001 luoxingchen@cmschina.com.cn ...