各位投资人晚上好啊。今天晚上我们给大家汇报一下关于自己 AI 的一些产业链 的产业链的一些理解，和我们推荐的一些公司。我想最近这两天大家也听了，因 为不止这两天，应该最近这两周大家肯定也了听了很多字节的 AI 的这个会也可 估计也聊了很多字节的一些专家，大家可能也都会从不同角度去理解。但我想今 天的话我们希望说能能给大家有一些不一样的一些参考的一些内容。然后今天的 话主要是由我和同事浩怡还有心怡一起给大家做汇报。我想一开始的话，我们我 先简短先汇报一下，大概就两三分钟。 To c 的话是我们相对来讲比较熟悉的，to b 的话相对来讲不是那么熟悉，但这 次大会的话大家也看到它的重心其实在 to b，特别 to b 这块更新比较多。To c 的里面豆包也好，记忆梦也好，它都是常规性升级。所以我想第一个就是在 to b 端，我们并不是说我们一定要去关注自己 to b 的业务。也就是说这块它底层 的东西其实比较重要。就是字节为什么要去做 to b 核心就是要去推他的 S 云业 务，所以我想这个是第一个第二个的话，就是在整个字节里面，我觉得如果说我 们去看字节 AI 的布局上，哪些是我们意料之外的，我想 to c 的应 ...

各位领导，大家早上好。感谢大家参加我们海通电新组的一个电话会议。上周周 四、周五左右的这个时间，风控板块相关的一些标的涨幅还是比较不错的。我们 觉得跟 AI 的相关的这个大长以及人形机器人的一些催化都有一定的关系所以今 天我们就又开了一场电话会议，希望把这个相关的标地的情况再跟各位领导更新 一下。接下来把这个时间交给我们陶玉斌老师，请玉斌发言。 目前主要是面向移动类、协作类以及服务类的机器人领域。主要是提供了包括低 压伺服空心杯电机、特种无框利息电机等核心部件在内的多套解决方案。在人形 机器人领域，公司主要是布局了空心变电机，无框立即电机等产品。我们判断未 来随着人形机器人产业的不断发展，公司配套的空心被电机和无框率电机价值量 有望得到进一步提升。公司作为前端布局研发的核心部件供应商之一，有望持续 是收益的。然后第三方的成长性是来源于区域性的延伸，主要表现为海外市场， 公司近几年是在加速开拓的，目前公司海外市场主要还是以通用类的一些产品为 主，未来还会进一步推广行业专机伺服及控制系统。 但近期有了解到的话，但近期有了解到奥麦克里面的份额可能会比大家预期的会 更乐观一些。并且公司给英伟达提供的 AI 服务器电源 ...

好的针对各位投资人大家晚上好我是长安通信分析师Juanteo非常感谢各位领导今天晚上抽出时间来收听我们的第一时间汇报今天的汇报主题是重申光讯科技它的AI在AI的业务上的一个弹性那么 重点讲一讲行业尤其是国内的数据中心光谱块数据中心光谱块它的一个市场过去的一个情况以及未来的一个展望那么第二部分的话重点讲一下光驯科技在这里面有哪些竞争力从它的营收量价包括利润率到时候出发给大家仔细的仔细的分析一下那么 海外跟国内的整个capital走势我们觉得还是相对比较接近大家都是一个比较高的增速在往上走那么其实在20年的时候还是出现了比较明显的分水岭海外的capital还是在延续增长基本上我们从具体数据上来看的话北美的big four就是我们平时说的亚马逊谷歌 增长就明显的放缓那么从19年到20年的话不到10%的一个增长20年到21年的话是下滑的略微的下滑然后21年到20年是一个微幅的增长然后从20年到23年的话是一个比较大比例的下滑是个比较大比例的下滑也就是说我们如果看过去5年的 两国的互联网企业他们经历的一些行业上的一些政策的变化包括从业务的一些增长动能上面都有很大的一个分化其实国内的互联网企业大家知道从20年当时出现互联 ...

给大家做一下公司基本情况的一个介绍和更新然后再看各位投资人有感兴趣的问题我们一起交友我们公司是一个比较传统的非医疗自动化设备公司零年成立到现在已经有二十三年的时间在这个过程中其实我们是从硬盘行业起家然后零七零八年开始接触新能源和移动终端的这些品牌客户并且跟随着这些客户一路走过来目前为止移动终端我们向北美的 A客户谷歌和NATA国内的华为OPPO VIVO联想等品牌公司都是我们的客户新能源的话我们是从07年开始跟Z家合作过程中主要是给他们提供各类的这种最高装配设备那从20年开始我们也陆续做到其他的动力电池的国内的装机客户在消费电池这块我们也是一直和ATL在合作 经济零部件是我们的三大战略业务之一它的产品其实是零部件非标准零部件它不是一个设备业务那这块业务的特征它是抗周期能力非常好那么我们下游也是非常优质的这种经济度要求比较高的这种行业的客户比如说订盘、医疗、汽车电子、半导体 消费电子等等这些行业那这块的话我们也是希望未来能把它做得更大一点目前来看呢就这几年以来移动中心已经进入一个比较平稳的一个增长状态每年是8-10个亿的规模新能源的话我们从最早的每年就是3-4个亿的规模到2020年开始主动投入 到去年的十几个亿 ...

复制编辑改编转载播放展示或以其他任何方式非法使用本次会议的部分或者全部内容否则将承担相应的法律责任国海证券就此保留一切法律权利在任何情况下国海证券及其员工对使用本次会议信息或内容所引发的任何直接或间接损失概不负责市场有风险投资需谨慎 然后第二个方向的话就是我们认为OEI整体受益整体会去赋能公司的这个ODM方向的分类的产品比如说云端云的混合大模型将会重新定义终端 终极效率 更好交互 更有个性而且随着这个产业链转移大地的趋势有望带动ODM的量价提升AIPC方向ITC预测 换来今年中国的这个AIPC的渗透率会超过84% 公司产品涵盖了笔记本电脑智能手机平板电脑智能穿戴IoT产品以及服务器的智能硬件产品然后服务于国内外知名的这种硬件产品厂商以及互联网厂商公司它的产品发展历程呢就是从2005年去创立然后产品也从手机和到了多次能力硬件然后商业模式从IDH的一个独立的研发屋的一个业务模式然后发展到后期的就是到现在为止以研发设计和生产制造为一体的ODM的业务模式 公司具备想要去打造这种ODMIM整体竞争能力的一个奖板它想要去构建运营研发制造结构件四大优势而运营方面公司就想要去持续提升这种海岸交付全球布局还有剧毒化富能的能力然 ...

Summary of Conference Call Company and Industry Overview - The conference call pertains to the construction materials industry, specifically focusing on the company 华源建材 (Huayuan Building Materials) and its recent performance and strategic shifts [1][2]. Key Points and Arguments Financial Performance - The company faced significant pressure on demand this year, leading to a decline in sales and revenue across various product lines, particularly in the waterproofing materials sector [1][2][5]. - In October and November, there was a recovery in sales, with waterproofing membranes showing a year-on-year increase of approximately 10% and waterproof coatings experiencing single-digit growth [3][4]. - Despite the recovery in late 2023, the overall revenue for the year is expected to decline due to earlier significant drops in sales during the first three quarters [5][6]. Strategic Shifts - The company has shifted its sales strategy from a focus on large B2B direct sales to prioritizing retail and small B2B channels, which has shown positive results in terms of operational quality and cash flow [6][10]. - The transition to a retail-first approach has been emphasized, with a notable improvement in operational metrics such as cash flow and accounts receivable management [6][10]. Challenges and Future Outlook - The company acknowledged that its initial budget for the year was overly optimistic, leading to increased expense ratios and pressure on profits [6][8]. - The real estate sector, which previously contributed significantly to revenue, has seen a drastic reduction from approximately 14 billion in 2021 to an expected 1.2 billion this year, highlighting the impact of the strategic shift away from large B2B clients [11][12]. - Looking ahead, the company anticipates that while the overall industry demand will remain under pressure, the successful transformation of its business model will help mitigate revenue shortfalls in the coming year [10][14]. Operational Improvements - The company is focusing on optimizing its personnel structure and expense management to improve operational efficiency and profitability in 2024 [8][9]. - The integration of various business units under a unified management structure is expected to enhance operational effectiveness and streamline processes [20][21]. Additional Important Information - The company has seen a significant increase in its retail network, with the number of distribution points reaching approximately 300,000, up from 220,000 at the end of the previous year [25]. - The management is committed to addressing historical issues related to inventory and channel inefficiencies, which have previously hindered profitability [22][24]. This summary encapsulates the key insights from the conference call, highlighting the company's current challenges, strategic shifts, and future outlook within the construction materials industry.

Summary of Conference Call Records Company and Industry Involved - The discussion revolves around a technology company involved in the optical and semiconductor industry, specifically focusing on optical modules and related equipment. Core Points and Arguments 1. **Optimistic Outlook for Future Orders** The company anticipates a positive outlook for future orders, particularly in 2025, despite challenges in accurately predicting order volumes due to the current market dynamics [1][2][3]. 2. **Challenges in Order Volume** There has been a noted decrease in order volume since July, with new orders being limited. The company acknowledges that the order process requires time and is not a one-time event, indicating a gradual increase rather than a sudden spike [1][2][3]. 3. **Market Demand and Capacity Matching** The company emphasizes the importance of matching production capacity with market demand. It is noted that production plans will be adjusted based on actual market needs rather than speculative forecasts [3][4]. 4. **Technological Advancements and Client Relationships** The company highlights its strong relationships with major clients, particularly in North America, and the ongoing technological advancements in the CPU and optical module sectors. This includes a focus on domestic market growth and the need for continuous innovation [3][4][5]. 5. **Complexity of Equipment and Production Processes** The discussion touches on the complexity of production processes and the variability in equipment requirements based on different client specifications. The company notes that production efficiency can vary significantly depending on the technology and design used by clients [5][6][7]. 6. **Competitive Landscape** The company acknowledges the competitive landscape, particularly with traditional optical module manufacturers. It emphasizes the need for automation and advanced technology to maintain a competitive edge [12][14][19]. 7. **Challenges in Standardization** There is a significant challenge in standardizing equipment and processes within the optical industry, which affects production efficiency and cost structures. The company notes that each client's requirements can lead to different production setups, complicating the overall process [7][8][9]. 8. **Investment in Automation and Technology** The company is focused on investing in automation and advanced technology to improve production efficiency and reduce reliance on manual labor. This shift is seen as crucial for maintaining competitiveness in the market [12][14][20]. 9. **Collaboration with Major Tech Firms** The company has established collaborations with major technology firms, which enhances its technological capabilities and market reach. This includes partnerships that leverage shared knowledge and resources [18][19][20]. 10. **Future Growth Potential** The company expresses confidence in its growth potential, particularly in the domestic market, as it continues to innovate and adapt to changing market conditions. The emphasis is on leveraging existing capabilities to meet future demands [21][22][23]. Other Important but Possibly Overlooked Content - The company discusses the importance of understanding client needs and the specific requirements for optical modules, which can vary widely. This understanding is crucial for designing equipment that meets market demands effectively [17][18]. - There is a mention of the historical context of the company's technology development, indicating a long-term commitment to innovation and adaptation in a rapidly evolving industry [20][21]. - The conversation also highlights the need for ongoing training and development of personnel to ensure that the company can meet future technological challenges and market demands effectively [22][23].

Summary of Conference Call on the Pharmaceutical Industry Industry Overview - The discussion primarily revolves around the pharmaceutical industry, particularly focusing on innovative drugs and medical devices [2][12][15]. Key Points and Arguments 1. **Innovation in Pharmaceuticals**: The industry is experiencing significant innovation, especially in high-end biopharmaceuticals, with a focus on addressing chronic diseases such as cardiovascular and respiratory diseases [2][12]. 2. **Drug Development Stages**: The process of developing innovative drugs involves multiple stages, including preclinical studies, clinical trials (phases I, II, and III), and post-market surveillance [4][5]. 3. **Challenges in Drug Development**: Companies face numerous challenges, including funding issues and high failure rates at various stages of drug development. The risk is inherent and often unavoidable [5][6]. 4. **Market Dynamics**: The oncology market is highlighted as a significant area, with the market size for oncology drugs in the U.S. being comparable to that of immunology drugs, approximately $1.3 billion [12]. 5. **Regulatory Environment**: Recent changes in the regulatory landscape, including the National Medical Insurance Bureau's support for innovative drugs, are expected to stabilize pricing and encourage innovation [18][19]. 6. **Investment Opportunities**: The pharmaceutical sector is viewed as a stable growth area, with a focus on innovative drugs and medical devices. The demand for healthcare solutions is expected to rise due to an aging population [27][28]. 7. **Market Valuation**: The current valuation of the pharmaceutical industry is considered low compared to historical levels, presenting potential investment opportunities [23][27]. 8. **Chronic Disease Management**: There is a growing emphasis on chronic disease management, with a significant patient population in need of innovative treatments [14][15]. 9. **Consumer Healthcare**: The consumer healthcare segment, including medical services and health management, is also identified as a growing area within the pharmaceutical industry [20][21]. Additional Important Insights - **Patient-Centric Approach**: The industry is shifting towards a patient-centric model, focusing on safety, efficacy, and convenience in drug delivery methods [10][11]. - **Long-Term Demand**: The pharmaceutical industry is characterized by stable long-term demand, driven by the necessity for healthcare solutions [26][27]. - **Investment Sentiment**: Despite recent market fluctuations, there is a renewed interest in increasing allocations to the pharmaceutical sector among institutional investors [24][25]. This summary encapsulates the key discussions and insights from the conference call regarding the pharmaceutical industry, highlighting its current state, challenges, and future opportunities for investment.

Summary of Conference Call Company and Industry - The conference call discusses a company involved in organizing exhibitions and trade shows, focusing on the Chinese market and its expansion into global markets, particularly in Southeast Asia and the Middle East, including Saudi Arabia and Dubai. Key Points and Arguments 1. **Market Conditions and Strategic Adjustments** - The company experienced a significant downturn this year, described as a "cold winter," leading to strategic adjustments in July, which were considered late for effective implementation [3][4][7]. - The focus has shifted from rapid revenue growth to managing costs and improving sales team management due to challenging market conditions [3][4]. 2. **Exhibition Performance** - The company hosted several exhibitions, with the last one concluding on the 19th, which received positive feedback, particularly from Taiwanese participants [4][5]. - The company reported a strong turnout at the Indonesian exhibition, indicating a recovery in interest and attendance compared to previous years [4][5]. 3. **Digital Transformation and Global Appeal** - The pandemic accelerated the company's digital transformation, allowing it to lead in global digital exhibition models, attracting a significant number of precise customers through online platforms [5][6]. - There is a noted preference for Chinese products in the current global economic climate, which the company aims to leverage for future exhibitions [5][6]. 4. **Future Plans and Market Expansion** - The company plans to expand into Saudi Arabia, with expectations of high profit margins (potentially 50-60%) from this market due to its size and demand for Chinese products [8][9][11]. - There is optimism about the Indian market reopening, which could significantly increase participation in exhibitions and overall revenue [9][11]. 5. **Financial Outlook and Profitability** - The company is focusing on profitability rather than just revenue growth, with expectations of improved margins from new markets [11][12]. - The overall financial environment is expected to improve compared to the previous year, with government support and subsidies anticipated to be more effective [11][12]. 6. **Competitive Landscape** - The competitive landscape remains largely unchanged, with local exhibitions being the primary competition. However, there is an increasing trend of Chinese companies expanding internationally, which could alter dynamics [17][18]. - The company views the current competitive environment as beneficial, as it enhances its visibility and brand recognition in the exhibition industry [19][20]. Other Important Content - The company has faced challenges with exhibition cancellations and a high rate of booth withdrawals, indicating a need for better management and strategic planning [7][11]. - There is a focus on the importance of government support for the exhibition industry, particularly in terms of subsidies and financial assistance for participating companies [10][12]. - The call highlighted the significance of first-time exhibitors and new product launches at trade shows, which are crucial for the company's growth strategy [13][14]. This summary encapsulates the key discussions and insights from the conference call, reflecting the company's current challenges, strategic adjustments, and future outlook in the exhibition industry.

从半导体的制程来讲 那么它所需要的光刻机也好它所需要制成可能我最多可能做到就是因为我只有电的部分我可能需要做到比如说7纳米才可能有需求对光的来讲可能30纳米就够了成光的东西30纳米就够了但是我现在的话对于国外来讲它是把光和电混合成一个晶片这样的话我就可能会有一些制成上的一些匹配的问题 光可能也要去做7纳米的它不需要7纳米 还需要30纳米需要通过其他的方案来做包括我们的一纸集成 变相集成等等类似于这样的一些方案就达到最后我的整个的电荷光的集成我们叫2D的封装 2.5D的封装通过这样的方法完成 这个技术演进趋势其实是非常路线还有趋势是非常明确的也就是往这样一个方向来国外是往这个方向来的就是我们国内来讲是跟还是不跟那就是这样子的就是你不跟那你就可能别人现在的成本来讲国内的成本作为一个光棍块的成本还比 就是为什么银条卖不过新衣裳也卖不过虚创对吧便宜啊成本的问题但是人家做这种高级传话越做越小功耗越来越低了同时我这种流片的这种就是燃料比率越来越高了那我的成本自然就下去了 对吧那到最后面如果我类似于现在比如说我去做一个CPU或GPU这样的一种工艺了对吧如果变成这样的工艺变成一个光的引擎对吧我们最后就一个transceive ...