许继电气 20240702_原文 2024年07月03日 21:17 发言人 00:00 今天我们很荣幸的邀请到了许多电器的杨总，来跟大家做一个线上的交流。我先抛砖引玉提个小问题。杨 总你好，王总好，杨总您好，辛苦您了。我想先请教您一下，因为今天是就七月份 72号，我们上半年的一 个大概的一个情况，您看方便的一些内容，您帮我们介绍一下。另外就是今年以来，国家电网直流在可研 招标，其实我们觉得还是比较超预期，尤其是在这个形式方面，基本上全是柔性直流。这样的一个趋势， 那么您站在您这个角度，您是怎样来来看待，然后请您帮我们分享一下，谢谢。 发言人 00:54 好的，我先针对第一个问题先大概说一下。因为我们1到6月份因为是刚结束，我们这边还会有一个统计 的一个周期。所以我先说一下1到5月，1到5月我是大概有一个感受，感受的话就是同比它还是一个向 上的一个趋势。然后公司的各个业绩指标，经营都是一切正常的，比较向好的。另外第二个，王总说的这 个层高压力，这边是这个问题是吧？对对对，上周四的时候看网上不是有一个文件，就是开开了一个会， 就是说要加强特高压高质量建设。然后这个特高压的话，未来的几年来看，对我们这个业绩的助力 ...

潍柴动力 20240702_原文 2024年07月03日 21:17 发言人 00:00 对，太过于担心。那动力这边谭总后续还会实际去掌控这个公司的一个运营。当然凡事也没有绝对，如果 说新上任的党委书记或者领导，会不会出台这种行政干预去换掉董事长，我觉得这个可能性非常小。据我 的这个了解，也没有看到这样的先例，就是我没有收到。然后也没有必要，因为这是谭总一手带大的维柴 他在整个公司的对于整个企业的一个运营，对于战略的把控，他的过往的功绩是居就卓著的。然后再退一 步，再退一万步，如果说这次不是另外再说，就是本次这个重汽集团董事长，我们看王振坚也是升职了。 然后再去看一下王总的这个履历，他是一毕业的时候就加入了这个潍柴潍坊的柴油机厂，然后担任潍坊的 到一位到一次这个柴油机的总经理助理，然后一路升职，到总裁助理，然后到潍柴和控股的党委副书记， 然后到现在中重汽集团的党委书记。 发言人 01:21 所以说，整个，王总，是谭总一步一步，带着成长起来的，他都是退 1万步，即使谭总不干了，那对于公 司的这个实际的基本面其实影响是非常有限的。但这个事情很难去发生，因为动力这边大概率谭总还是会 继续干的。所以说基于这个原因，我 ...

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]

Financial Data and Key Indicators Changes - In the first half of 2024, the interest rate bond market exhibited a "strong first quarter, stable second quarter" characteristic, with long-term and ultra-long-term interest rates significantly declining in Q1, primarily due to increased allocations by rural commercial banks and fund products, a slowdown in social financing credit growth, and a lack of bond market supply [1][2][3] - The 10-year government bond yield further declined by 25 basis points in Q1, continuing the downward trend from Q4 of the previous year [2] Business Line Data and Key Indicators Changes - The behavior of rural commercial banks has notably changed, as they increased their allocation to long-term interest rate bonds due to asset allocation pressures, marking a shift from their previous strategy of selling bonds when yields fell [10] - Broad funds have seen rapid growth in scale, driven by the expansion of resident deposits and a decrease in high-yield assets, leading to increased allocation pressures [11] Market Data and Key Indicators Changes - The macroeconomic environment is expected to remain stable, with a low likelihood of significant policy adjustments, while external demand has been a key unexpected factor in the first half of the year [4][5] - The overall macroeconomic situation may experience a triple imbalance in supply and demand, internal and external factors, and price and quantity [4] Company Strategy and Development Direction and Industry Competition - The company is focusing on maintaining a stable macroeconomic environment, with a cautious approach to real estate policies that aim to stabilize rather than stimulate economic growth [3][4] - The government is expected to accelerate the issuance of government bonds, which will support social financing and provide a marginal relief effect on the asset side [13] Management's Comments on the Operating Environment and Future Outlook - Management indicated that the overall funding environment is expected to remain balanced in the first half of 2024, with the central bank maintaining a stable monetary policy stance [7] - The central bank's operations are aimed at preventing excessive downward pressure on long-term interest rates, with a focus on aligning long-term bond yields with economic growth expectations [21][22] Other Important Information - The government has implemented a series of policies to address high inventory levels in the real estate market, including loan rate relaxations and storage measures [6] - The impact of the storage policy is primarily to alleviate financial pressures on developers and banks, but its effect on actual consumption and investment remains to be seen [6] Q&A Session All Questions and Answers Question: What were the key factors influencing the performance of the interest rate bond market in the first half of 2024? - The performance was influenced by increased allocations from rural commercial banks and fund products, a slowdown in social financing credit growth, and a lack of bond market supply, leading to a significant decline in long-term interest rates [2][3] Question: What factors will determine the bond market's performance in the second half of 2024? - The bond market will be influenced by three persistent factors: weak macroeconomic recovery, stable but non-stimulative real estate policies, and the central bank's control over long-term interest rates [3][4]

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 reported a profit level of approximately 300 million, with around 200 million coming from mold and production lines, and about 100 million from investment income [5][6][34] - The overall sales volume for the first half of the year reached approximately 1.1 million units, representing a year-on-year growth of 48%, with domestic sales growing by 60% [33][34] Business Line Data and Key Metrics Changes - The stamping business is expected to grow from 300 million this year to 500-600 million next year, and potentially reach 1 billion in the following year, with a net profit margin increasing from 5-6% to 7-8% [2][3][4] - The company is investing over 200 million in the stamping parts business to enhance production efficiency and profitability [1][2] Market Data and Key Metrics Changes - The overall sales for Chery reached 200,000 units in June, with a year-on-year increase of 38%, and the export volume accounted for approximately 50% [33] - The company anticipates that the new energy vehicle segment will significantly contribute to sales growth, with last year's total sales of 100,000 units expected to increase substantially this year [34][45] Company Strategy and Development Direction - The company aims to leverage its deep cooperation with Chery to expand its market presence, particularly in overseas markets, and expects capital expenditures to support long-term growth [15][42] - The focus is on enhancing the integrated die-casting business, which is seen as a key area for future revenue growth [20][21] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the upcoming models and their potential to exceed market expectations, particularly in the context of new energy vehicles [16][37] - The company is confident in its ability to maintain a competitive edge in the stamping and mold sectors, supported by strong relationships with major clients [6][18] Other Important Information - The company has a strong order backlog of over 4 billion, indicating robust demand for its products [18] - The company is also focusing on expanding its product offerings in the new energy vehicle market, which is expected to drive future growth [49][50] Q&A Session Summary Question: What is the outlook for the new energy vehicle segment? - Management indicated that the new energy vehicle segment is expected to see significant growth, with strong demand and positive market feedback [34][45] Question: How does the company plan to enhance its profitability? - The company plans to increase investment in high-efficiency production lines and expand its product offerings to improve profit margins [2][5] Question: What are the expectations for the upcoming models? - Management is optimistic about the new models, particularly the SUV and sedan, which are expected to perform well in the market [21][37]