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]

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 ...

2024 年 07 月 01 日 深度研究 金融工程研究 研究所： [Table_Title] 中证 量化基金持续两月录得显著正向超额 500 证券分析师： 李杨 S0350522070001 liy19@ghzq.com.cn 证券分析师： 何佳玮 S0350524030004 ——量化基金月度跟踪（2024 年 7 月） hejw@ghzq.com.cn 相关报告 投资要点 : 《行业配置策略月度报告(2024/7)：6月动态平衡 策略超额达5.84%，7月推荐关注交通运输、石油  主动量化基金收益分析 宽基类主动量化基金共跟踪14种宽基指数， 石化*李杨，熊颖瑜，何佳玮》——2024-06-30 其中跟踪沪深300、中证500、中证800指数的量化基金在6月份超额 《极致风格下的高beta策略探讨*李杨，何佳玮， 收益均值分别为-0.32%、2.1%和0.6%；行业主题类基金中，跟踪中证 熊颖瑜》——2024-06-26 主要消费、中证新能、中证主要消费的量化基金超额收益位列前3位； 《量化基金月度跟踪（2024年6月）：5月中证500 smart beta类基金跟踪中证红利风格指数的量化基金本月超额 ...

证券研究报告·基金动态报告 量化产品周报：指增超额延续强势，大盘价值类 基金研究 产品表现稳健 核心观点 本周A股市场缩量下跌，主要宽基指数普遍下跌，银行指数 姚紫薇 表现亮眼（2.48%），波动风格因子表现突出（-0.89%）。市场指 yaoziwei@csc.com.cn 标显示当前量化超额环境偏中性。指增产品超额表现优异，300 SAC 编号：S1440524040001 增强中位超额为 0.48%，500 增强中位超额为 1.02%，1000 增强 中位超额为 0.82%。主动量化基金中，大盘价值类产品本周收益 王西之 排名靠前，其中长盛量化红利策略A表现较优（0.82%）。 wangxizhi@csc.com.cn S AC编号：S1440522070003 市场表现回顾 发布日期： 2024年06月29日 本周（2024.6.24-2024.6.28）A 股市场延续缩量下跌、呈现横盘 的走势。宽基指数普遍下跌，上证50 涨幅最高（-0.17%）；行业 市场表现 指数普跌格局，银行指数涨幅最高（2.48%）；风格指数表现各 19% 异，稳定指数涨幅突出（1.15%）。市场指标显示：分化度适 14% ...

Financial Data and Key Indicator Changes - In May 2024, the number of newly issued private equity funds decreased to 507, a month-on-month decline of 22.36% due to fluctuations in the A-share market [8][12] - The average yield for bond strategies in May was 1.08%, while futures and derivatives strategies achieved an average yield of 0.32% [14][41] - The average return for equity long strategies was -0.26% in May, with a negative average return of -7.67% over the past year [15][20] Business Line Data and Key Indicator Changes - Bond strategies outperformed with an average return of 1.08% in May, while equity long strategies showed a negative average return of -0.26% [14][20] - The average return for market-neutral strategies was 0.82% in May, outperforming public mixed funds which had an average return of 0.34% [31][44] - The pure bond strategy had an impressive average return of 10.98% over the past year, while the solid income enhancement strategy yielded 8.61% [15][41] Market Data and Key Indicator Changes - The number of billion-level private equity firms decreased to 92, down by 8 from the end of Q1 2024 [7] - The A-share market showed a slight decline in May, with the Shanghai Composite Index down 0.58% and the Shenzhen Component Index down 2.32% [17][20] - The commodity market saw an overall increase, with the South China Commodity Index rising by 1.68% in May [34] Company Strategy and Development Direction - The company suggests a focus on high-end manufacturing as a mid-term main line in the stock market, emphasizing the importance of export competitiveness and technological advancements [44] - The investment strategy for stocks is slightly higher than standard allocation, while fixed income strategies are recommended at standard allocation [44][46] Management's Comments on Operating Environment and Future Outlook - Management highlighted the need for private equity firms to enhance their research capabilities and maintain compliance amidst increasing competition and regulatory scrutiny [7] - The report indicates a cautious outlook on interest rate cuts, suggesting that the timing for such actions may still require further observation [45] Other Important Information - The report emphasizes the importance of monitoring the performance of private equity funds, as there is significant differentiation among them [22][31] - Risk warnings include the potential impact of monetary policy and uncertainties in the securities market [47] Q&A Session Summary Question: What are the key trends in private equity fund issuance? - The number of newly issued private equity funds decreased significantly in May 2024, reflecting the impact of market fluctuations [8] Question: How did different strategies perform in May? - Bond strategies led with an average return of 1.08%, while equity long strategies faced a decline of -0.26% [14][20] Question: What is the outlook for the bond market? - The bond market is expected to remain stable, with a focus on short to medium-term bonds while monitoring economic signals for potential interest rate changes [45]