海光信息 摘要 • 阿里巴巴等头部企业资本支出大幅增长，本季度阿里资本支出同比增长 260%，环比增长 80%，主要投入云基础设施，直接拉动整个板块，预示 着算力基础设施建设进入加速期。 • DeepSpeed 的低成本高效开源模式深刻改变 ARM 竞争格局，降低了大 模型训练的资本门槛，使得投资逻辑从英伟达主线向算力国产化和 AI 国产 化的大模型路线转移。 • AI 手机预计在 2025 年迎来元年，其最终形态将以大模型为核心，整合应 用程序，实现用户通过语音或文字指令直接调用应用功能，为办公、传媒、 游戏等领域带来新的增长点。 • 海光信息作为国产高端处理器龙头，营收复合增长率接近 100%，其 CPU 性能对标国际大厂，受益于信创带来的国产化替代机会，预计 2027 年 x86 服务器 CPU 营收相比 2025 年仍能实现 280%的增长。 • 海光信息的 GPU 深算一号在性价比上优于英伟达 A100，且具备生态扩展 能力，更好适配国际商业计算软件及人工智能相关软件，预计 2024 年营 收约 89 亿元，净利润约 19 亿元。 Q&A 当前科技板块的核心投资观点是什么？ 当前科技板块的核心投资观 ...

摘要 • 铂科新材 2024 年上半年芯片电感业务营收占比从零跃升至 24.5%，受益 于在芯片电感领域的突破性进展，并于 8 月通过小额快速定增重点布局该 领域。目前芯片电感产能约为每月 1,500 万颗，未来将新增产能至每年 2 亿颗。 • 铂科新材的金属软磁材料凭借其低损耗特性，在 AI 服务器市场占据重要地 位，直接供货英伟达，满足其不断提升的 GPU 功耗需求，如 A100 到 H 系列再到 B 系列，对材料性能提出更高要求。 • 铂科新材作为全产业链布局公司，软磁粉芯广泛应用于光伏、储能、新能 源汽车等领域，尤其在储能、新能源汽车充电桩等高速成长领域，预计 2022 年至 2026 年六大应用领域合计需求量增速约为 29%。 • 铂科新材计划通过技术平台升级和市场拓展实现全面发展，包括抓住新能 源汽车高压化趋势带来的金属软磁单车用量提升机会，以及在变频空调和 UPS 等传统市场进行调节。 • 铂科新材在材料研发和制粉能力方面具有核心优势，全产业链一体化布局 提升了上下游协同效率，尤其在非标定制化配套研发方面，使其能够快速 响应并抢占先发优势，例如在 AI 服务器领域。 Q&A 铂科新材的业务亮点和 ...

摘要 当前 AI 产业的发展可以分为三个核心阶段。首先是模型能力和技术提升阶段， 这决定了模型是否可用，即从 0 到 1 的阶段。其次是模型成本下降阶段，使得 模型能够推广到更广泛的应用场景，更多用户和企业能够使用。最后是应用和 部署阶段，渗透率快速提升。 在这些阶段中，2023 年以 GPT 为代表的大模型 在通用能力上取得了显著突破，各大公司纷纷跟进提升模型能力。例如，商汤 • 2023 年大模型通用能力显著突破，商汤等公司纷纷推出云端通用基础大 模型，如 GPT 系列、谷歌 JIMA 等，并不断迭代升级 deep fake V3 等版 本，推动算力需求增长，大型科技公司投入巨额资本自建算力或通过云计 算合作。 • DeepSeek 等技术发展降低了对算力需求，前期资本投入已形成共识并在 报表层面体现业绩增长。未来机会主要来自应用侧和端侧，包括 To B 端 业务场景落地和私有化需求推动的新产品形态，如讯推一体机、自端侧算 力需求增长等。 • To B 端客户落地需考虑模型能力与应用场景的适配性及投入产出比。 DeepTech 的支持使得应用厂商愿意尝试，带动云端算力增长。To C 端 面临较高 PMF ...

Summary of Conference Call Company and Industry - The conference call pertains to Changbai Mountain tourism industry, focusing on the company's performance and future outlook for 2024 and 2025 [1][2]. Key Points and Arguments 1. **Milestone Year for Tourism**: 2024 is highlighted as a milestone year for Changbai Mountain tourism, with visitor numbers surpassing 3.4 million, indicating a significant recovery and growth in the tourism sector [2]. 2. **Visitor Growth**: The company reported a 28% increase in visitor numbers during peak summer months, despite a temporary closure that affected approximately 200,000 visitors [3][4]. 3. **January 2025 Performance**: In January 2025, visitor numbers reached 27,230, showing an 18.36% year-on-year growth, indicating a strong start to the year [4][5]. 4. **Government Targets**: The local government set a target of 4 million visitors for 2025, up from 3.41 million achieved in 2024, reflecting ambitious growth plans [7][8]. 5. **Infrastructure Improvements**: The company is focusing on enhancing transportation capacity and upgrading facilities to accommodate the expected increase in visitors [8][9]. 6. **Visitor Demographics**: The demographic analysis shows a growing proportion of younger visitors and families, with children under 18 increasing from 8.87% in 2023 to 10.61% in 2024 [12][13]. 7. **Regional Visitor Sources**: The main visitor sources remain from Northeast China, but there is a notable increase in visitors from Southern and Eastern regions, such as Guangdong and Shandong [10][11]. 8. **International Visitors**: The proportion of South Korean visitors has increased from 4.14% in 2023 to 7.1% in 2024, indicating a recovery in international tourism [11][12]. 9. **Pricing Strategy**: The company is exploring ways to enhance pricing strategies, although the core transportation pricing is regulated and remains stable [17][18]. 10. **Future Projects**: Plans for the second phase of the hot spring resort are underway, with adjustments made to the project scope to better align with market demands [20][21][22]. Other Important but Overlooked Content 1. **Impact of High-Speed Rail**: The upcoming opening of the Shenyang-Changbai high-speed rail is expected to significantly boost visitor numbers from densely populated areas in North China [29][30][32]. 2. **Seasonal Tourism Development**: The company aims to promote year-round tourism, moving beyond the traditional summer peak to attract visitors during other seasons [32][34]. 3. **Cultural and Experiential Offerings**: The company is developing cultural and experiential tourism offerings, including local markets and themed events, to enhance visitor engagement [25][26]. 4. **Management Changes**: Recent changes in the management team are aimed at injecting new ideas and strategies for long-term growth [28]. This summary encapsulates the key insights from the conference call, highlighting the company's performance, strategic goals, and the evolving landscape of the tourism industry in Changbai Mountain.

感谢大家参加本次会议会议即将开始请稍后感谢大家参加本次会议会议即将开始 请稍后大家好欢迎下载招商医药AI家医药百花齐放创新药及创新产业链国际一流竞争力电话会议目前所有参会者均处于静音状态下面开始播报名单声明声明播报完毕后主讲人可直接开始发言谢谢 本次电话会议仅面向交商证券的专业投资机构客户或受邀客户会议嘉宾发言内容仅代表其个人观点所有信息或观点不构成投资建议未经交商证券事先书面许可任何机构或个人严禁录音制作纪要传发传载传播复制编辑修改等涉嫌违反上述情形的我们将保留一切法律权利感谢您的理解和支持谢谢 好的各位投资者下午好我是招商医药的首席梁光凯然后我们团队联席首席徐飞飞然后分析师张秋实赵玉鹏张雨昕和袁安金都在线上我们今天共同给各位汇报一下整个医药的观点因为我们最近看到医药其实 呃明显啊无论是从水位情绪还是甚至是一些基本面上都看到了这回暖啊就是整个医药呃我们是非常全面的看好啊呃尤其是关注三个方向啊所以我们呃今天的一个题目啊其实定为一个AI加医药百花齐放同时创新药和创新 产业链国际具备一流的竞争力,左侧关注医药消费水暖变化及AI的腐烂机会。所以今天我们围绕这三方面来一个展出,尤其第一块的话,最近可以各位看到创新药相 ...

这场金属负责人是郝俊那么今天我们推荐的标的是博客新台博客这个报告其实写的比较早 报告真正外发时间在12月底其实就发出来了为什么这个时点才会做强烈的这个公司性质的推荐我觉得跟市场风格有关博科其实可以算得上是周期里的成长股而且是那种真成长所以你会发现从股价上来看博科基本上站稳一个阶段就会站稳 吴亥会说这个上一个台阶之后再下来,二十二一年中的那一波拔到三十七块左右,还是说这个九二四以来直接干到四十五五十块左右,博科每上一个台阶都是非常踏实的。 那么12月底出的报告为什么现在才推荐是因为12月底的时候整个进入了元旦市场风格其实是偏向于偏保守的那么尤其是1月份团派要上台所以资金是有一些这个获利了结冲动的那么站在那个时点我们没有推荐博客但是 现在在劫后这样一个时点我们觉得风继续会吹AI的风继续会吹科技成长的风继续会吹那么博科将会受益于这一波含科量的提升而带来股价的进一步腾飞它是全球的软磁粉新的一体化龙头企业同时也是很有看点的它在打造第二增长级芯片电感这个芯片电感主要是能够跟AI算力服务器的概念能够融合 去年是业务的放降元年今年业务将会持续的贡献利润而且是直接供货英伟达的它可以说是一个英伟达概念股那么这个阶段的话英伟达也已 ...

Summary of Conference Call Industry and Company Involved - The conference call primarily discusses the agrochemical industry, focusing on specific products such as Abamectin (阿威金素) and Chlorantraniliprole (甲胃炎) [1][2][3] - The company mentioned is likely involved in the production and development of these agrochemical products, with a focus on market trends and pricing dynamics [2][25] Core Points and Arguments - **Product Pricing Trends**: - Abamectin's price has rebounded to 480 RMB per kilogram, while Chlorantraniliprole is at 760 RMB per kilogram, indicating a significant price increase from previous years [5][6] - The price increase is attributed to several factors, including resistance issues with competing products and increased demand due to pest outbreaks in regions like South America and Southeast Asia [5][4] - **Market Dynamics**: - The agrochemical market is experiencing a supply-demand imbalance, with demand outpacing supply, leading to a full order book for at least the first quarter [7][8] - The industry has seen a consolidation trend, with production capacity concentrated among a few leading companies, reducing the number of smaller competitors [13][21] - **Production Capacity and Adjustments**: - Current production capacities for Abamectin and Chlorantraniliprole are reported at 500-600 tons and 800 tons, respectively, with flexibility to switch production between different products based on market demand [8][9] - The company is also developing new products, including environmentally friendly biopesticides, which have received recognition for their innovative approaches [10][23] - **Future Outlook**: - The overall outlook for the agrochemical industry is positive, with expectations of continued price increases for key products like Abamectin and Chlorantraniliprole [25] - The company is investing in research and development, particularly in synthetic biology and AI technologies, to enhance product offerings and operational efficiency [23][24] Other Important but Possibly Overlooked Content - **Resistance Issues**: The emergence of resistance in pests has led to increased usage of Abamectin and Chlorantraniliprole, as farmers seek effective solutions [5][4] - **Environmental Considerations**: The company is focusing on developing sustainable and environmentally friendly products, which may align with global trends towards greener agricultural practices [10][23] - **Market Events**: The upcoming CAC International Agrochemical Exhibition is highlighted as a significant event for the industry, potentially influencing market dynamics and networking opportunities [7] This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the current state and future prospects of the agrochemical industry and the company's strategic positioning within it.

Summary of Conference Call Records Company and Industry Overview - The conference call discusses the performance and strategic direction of a company in the scientific instruments and technology sector, particularly focusing on its recovery from previous losses and growth strategies for the upcoming years [1][4][7]. Key Points and Arguments 1. **Financial Performance**: The company has successfully turned around from previous losses, achieving a revenue growth of 12.5% year-over-year, with a net profit of 150 million [1][2]. 2. **Strategic Changes**: The management has implemented significant strategic changes aimed at enhancing operational efficiency and product quality, focusing on a "boutique strategy" to ensure all products meet high standards [5][26]. 3. **Market Conditions**: The macroeconomic environment remains challenging, but there is optimism regarding future growth driven by government policies and market demand for domestic products [3][14]. 4. **Investment in AI and Technology**: The company is actively investing in AI technologies to improve operational efficiency and product offerings, with plans to integrate AI into various product lines [6][19]. 5. **Sector Focus**: The company is concentrating on specific sectors such as environmental products, medical devices, and industrial applications, which are expected to drive future growth [7][9]. 6. **Government Policies**: Recent government policies favoring domestic production and technology are seen as beneficial for the company, particularly in light of export restrictions on certain high-end instruments [14][15]. 7. **Market Share and Growth Potential**: The company aims to increase its market share in the scientific instruments sector, with expectations of continued growth in both revenue and profit margins [21][25]. 8. **Challenges and Risks**: There are concerns regarding potential declines in government spending and the impact of international relations on business operations, but the company remains committed to navigating these challenges [21][30]. Additional Important Content - **Product Development**: The company is focusing on developing high-end scientific instruments and enhancing its product portfolio to meet market demands [48][49]. - **Employee Stability**: Management reassured stakeholders about the stability of the leadership team and the commitment of employees to the company's long-term vision [44][45]. - **Future Outlook**: The company is optimistic about achieving significant growth in the coming years, with projections of doubling revenue within four to five years [37][38]. This summary encapsulates the key discussions and insights from the conference call, highlighting the company's strategic direction, financial performance, and market outlook.

全球的这个厂商会去非常积极的去探索这个弊端的这个应用当然今年从量上来讲的话呢就是预计今年整体商用化的量还是大概在一到两万台幣左右所以综合来看的话呢我们觉得就是一些这个人体机器人的供应商厂供应链的一些厂商其实还是会迎来这个EPS和估值双升的 那当然对投资者来讲大家也会有反馈吧就是现在投资节奏上可能相对来说比较难参与大家一方面会担心PBA是不是见顶了然后另一方面也会觉得是不是也会有踏空的这种情况存在其实过去我觉得从G7发动以来一直可能涨的都是偏确定性 一些这个标的比如说像大家看到的三花破口机器到现在这个行情充分发散以后开始蔓延到了国内机器人的产业这个阶段我们认为还是应该去找一些目前预期差相对比较大的一些标的因为在过去的演技里面其实大家主要还是跟着国际的 比如说枪梯这些供链市场的但是其实我们发现现在有一些这种公司他们对于国内的 呃这种客户的战略的无论是说接触还是说后续在这个呃生育啊在在这个呃守护啊就是各方面的一些呃关键核心零件领域其实都有一些呃这种布局啊其实在嗯过去我觉得一个周吧就是包括可能一些点数器啊包括像林巧手啊这些你看到大量的公司都要去呃 请共研究交流所有信息及观点不构成投资建议请所有参会人员务必阅读相关页面 ...

感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后感谢大家参加本次会议会议即将开始 感谢大家参加本次会议会议即将开始请稍后 大家好欢迎参加中信箭头机械机械座观点目前所有参会者均处于静音状态下面开始播放免责声明风险提示及免责声明一本次会议为中信箭头研究发展部组织的闭门会议请面向中信箭头把名单客户参加会议的投资者不得制作会议纪要包括但不限于文字纪要录音录像截屏等形式 并对外转发给任何其他个人或机构擅自制作编辑及转发会议纪要引起不当传播的中信箭头有权追究其法律责任二本次会议内容在任何情形下都不构成对会议参加者的投资建议且中信箭头不承诺不保障所含具有预测性质的内容必然得以实现 敬请会议参加者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三本次会议包含信息均来源于中信箭头认为可靠的公开资料但中信箭头对这些信息的准确性时效性以及完整性不做任何保证本次会议如涉及专家分享该专家分享仅代表专家个人观点不代表中信箭头立场四 在法律法规及监管规定允许的范围内中信建筑可能持有并交易本次会议所提及公司的股份或 ...