本次会议请面向银河证券专业投资者客户未经银河证券和演讲嘉宾事先书面许可不得以任何形式将会议内容和相关信息对外公布转发转载传播复制编辑修排等银河证券对违反上述要求的行为主体保留追究及法律责任的权利 尊敬的各位投资者,大家下午好欢迎参加永福股份的线上交流我是银河阵线的线助分析的龙天光今天我们非常荣幸邀请到永福股份的副总经理兼总理谷总、正代王总以及安阿全总等人老板来和我们进行交流永福股份是我们领先的电力能源丰富服务商公司聚集新能源、清洁能源、古能以及智能电网等业务 公司呢非常注重服务者的这个交流以及回报公司的行为非常稳健接下来呢我们首先有请领导介绍公司与行业的情况然后呢我们再进入问答篇有请领导大家好我是永富股份的AI陈璐欢迎各位参加本次的交流会下面呢我先简单介绍一下公司的一个基本情况我们永富股份呢深耕电力能源行业已30年是一家零碳低碳电力系统解决方案提供商也是国家高端技术企业我们具备了电力行业 全产业链系的资质拥有工程设计电力行业甲级工程勘察综合甲级电力咨询甲级等行业最高资质公司内有十分重视的创新研发以主编参编51项国家行业的标准拥有超过200项发明与实用进行的专利获得了国家优质工程奖福建省科学技术进步等一等奖等超 ...

Key Points Industry or Company Involved - **Industry**: Humanoid robotics - **Companies**: Tesla, NVIDIA, Huawei, Zhipu Technology, Megvii Technology, XAG, ABB, KUKA, etc. Core Views and Arguments - **Tesla's Humanoid Robot Production Targets**: Tesla aims to produce several thousand humanoid robots in 2025, 50,000 to 100,000 in 2026, and 500,000 to 1 million in 2027. This indicates Tesla's confidence in the Optimus product and the humanoid robot market [1]. - **NVIDIA's Progress**: NVIDIA has released a generative visual foundation model and announced partnerships with 14 humanoid robot companies, including Boston Dynamics, Sieber, AN, and YX's Jellite. This demonstrates NVIDIA's commitment to the humanoid robot industry [2]. - **Huawei's Involvement**: Huawei has signed agreements with various companies, including Zhipu Technology, Megvii Technology, XAG, ABB, KUKA, etc., to develop humanoid robots. This indicates Huawei's focus on the humanoid robot market [3]. - **Next-Generation Technology**: The next generation of humanoid robots will likely feature higher degrees of freedom, more diverse transmission solutions, and improved sensors. This will drive the development of the entire humanoid robot industry [14]. - **Cost Reduction**: The goal is to keep the cost of humanoid robots below $20,000, which will create opportunities for domestic suppliers [15]. Other Important Content - **Supply Chain**: The supply chain for humanoid robots is expected to become more mature, with opportunities for companies specializing in components and solutions [15]. - **Investment Opportunities**: The report highlights several companies with potential investment opportunities in the humanoid robot industry, including Zhipu Technology, Megvii Technology, XAG, ABB, KUKA, etc. [20-21]. - **Market Expectation**: The market has not fully priced in the value of humanoid robot businesses, presenting investment opportunities [27].

Summary of Conference Call Company and Industry Overview - The conference call involved discussions about the performance and outlook of the securities industry, particularly focusing on the company’s operations and market conditions in 2024 and beyond [1][2][3]. Key Points and Arguments 1. **Overall Performance**: The company has shown strong performance over the past 20 years, with increased attention in the capital markets due to an improving overall economic environment [1]. 2. **Q4 Expectations**: The company anticipates a better performance in Q4 2024 compared to earlier quarters, driven by improved trading volumes and a more favorable market environment [2][3]. 3. **Revenue Challenges**: Despite a positive outlook, the company expects some year-over-year revenue challenges due to commission income pressures, which may not show significant improvement [2][4]. 4. **Investment Banking Stability**: The investment banking sector remains stable, with the company maintaining a top position in the market despite a challenging environment [3][5]. 5. **Market Adaptation**: The company emphasizes the importance of adapting to both domestic and international market conditions, showcasing its ability to respond quickly to changes [5][6]. 6. **Client Retention Strategy**: The company focuses on retaining its large retail client base and enhancing their asset growth to generate more revenue [7][8]. 7. **ETF Trading Focus**: There is a strategic emphasis on increasing ETF trading activities, which have shown growing interest from both retail and institutional clients [8][9]. 8. **Commission Trends**: The company anticipates a gradual decline in commission rates due to market reforms, with revenue growth expected from enhanced service offerings rather than commission increases [9][10]. 9. **Cross-Border Operations**: The company has made significant strides in cross-border operations, integrating domestic and international services to better serve clients [10][11]. 10. **Self-Operated Investment Structure**: The self-operated investment structure is heavily weighted towards fixed income, with a focus on reducing credit risk and increasing stable returns [12][13][14]. 11. **Future of M&A**: The company is cautiously optimistic about the future of mergers and acquisitions, recognizing the complexities involved and the need for a deep understanding of industry dynamics [22][23][24]. 12. **Product Demand Shifts**: There is a noted shift in client demand towards passive investment products and international offerings, reflecting changing market conditions [25][26]. 13. **Investment Banking Strategy**: The investment banking strategy has evolved to focus on comprehensive services for corporate clients, integrating various financial services [26][27][28]. 14. **Institutional Business Development**: The company is actively working to enhance its institutional business, particularly in private equity and outsourcing services, despite facing challenges [29][30]. 15. **Public Fund Performance**: The performance of public funds managed by the company remains stable, with a focus on leveraging existing advantages to grow market share [31][32]. Other Important but Overlooked Content - The company has established a dedicated team to enhance its cross-border capabilities, ensuring compliance and operational efficiency in both domestic and international markets [10][11]. - The company is not aggressively pursuing mergers but remains open to opportunities that can fill strategic gaps or enhance capabilities [22][23]. - The overall sentiment regarding the future of the investment banking sector is cautious, with expectations of gradual growth rather than explosive increases in activity [24][34]. This summary encapsulates the key insights and strategic directions discussed during the conference call, providing a comprehensive overview of the company's current standing and future outlook in the securities industry.

未经长江证券事先书面许可任何机构或个人不得以任何形式对外公布复制刊载转载转发引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追踪器法律责任的权利 好的那个尊敬的各位投资人大家下午好我是长江证券的电子行业分析师杨洋今天跟各位这个投资人汇报的那个标的呢是防尘科技因为确实我们最近一段时间在跟踪产业变化的时候呢发现确实PCB这个环节的话 在后续服务器包括可能手机里面的下一个变化其实仍然是有一些所以说我们是不断的在挖掘一些PCMB里面的新的标的前期的话我们最新的标的包括像升空科技物件股份然后生意链子等等一系列的标的其实都是比较大的一个展出今期的话我们在今天是下午茶的时间跟各位领导汇报一下这个方程科技这个标的 呃首先呢就是说嗯这个呃公司呃我们这次汇报呢其实分成四个部分啊首先先讲一下方正科技的一个基本情况然后呢第二和第三部分我会讲一下PCB和HDI的这个呃板子这个行业的情况啊简单过一下然后最后一部分呢再讲一下PCB呃这个这个方正科技啊这个公司的一个呃这个详细的一个情况吧啊分成四个环节呃首先先看一下方正科技的一个股东的情况啊呃其实嗯 方正科技呢它其实目前算是全球来看都比较领先的一个PCB的厂 ...

大家好欢迎大家参加机器人大模型进展的线上会议本次会议旨在解读宏观经济政策行业发展动态及其他投资者感兴趣的话题及其特性及观点不构成投投投投建议请所有参会人员勿阅读相关页面展示的完整免责声明归根垮台证券及参会嘉宾事先书面许可任何机构和个人不得以任何形式将会议内容及相关录音调等文件进行转发转载传播复制编辑修改等 所有上述行为我们将保留一切法律权利感谢您的理解和支持目前所有参会人员均处于静音状态下面有请主讲老师开始发言谢谢哎好谢谢嗯对那今天台上呢我们的主题主要就是围绕AI和机器人的结合啊因为最近大家也看到机器人的这个行情的演绎确实也是较极致啊 那么我们如果从计算机的角度去看的话我们会更倾向于从这个机器人的最顶层也就我们依然会从机器人模型的方面进行切入我们目前最关心的厂商呢以做人形机器人本体就是做整体的这种厂商为关注的切入要点然后呢后面比如说关于如果再往下去细分就是机器人各个零部件相关的厂商我们也会跟大家做一个思路上的梳理 嗯首先我们第一观点呢就是2025年不管是对于国内还是国外来说AI机器人的发展都是非常关键的一个时间节点呃国外怎么说呢就是大家也都看到了就是前两天啊因为Mask在接受这个采访的时候嗯对于今年就是特斯拉 ...

Summary of Conference Call Notes Company and Industry - The discussion primarily revolves around the **agriculture industry**, with a specific focus on **Hai Da**, a company within this sector [2][10]. Core Points and Arguments - The agriculture sector is perceived as challenging to grasp, but it fundamentally revolves around identifying growth and value opportunities based on market conditions [2][3]. - Hai Da's growth trajectory is highlighted, with an emphasis on its potential in overseas markets, particularly in Southeast Asia, where the market size is estimated to be over **40 million tons** [4][5]. - The expected growth rate for Hai Da is projected at around **30%** by **2025**, indicating strong growth potential [5]. - The competitive landscape in Southeast Asia is favorable for Hai Da, as domestic competitors are exiting the market, leading to higher profit margins and better capacity utilization compared to domestic markets [5][6]. - The current market environment is characterized by a positive cycle of supply and demand, with a shift from low profitability to a more favorable pricing environment [6][7]. - The agriculture sector is experiencing a recovery phase, with expectations of a transition from a downward spiral to an upward spiral in terms of market dynamics [7][8]. - The valuation of the consumer sector is undergoing a repair process, which, combined with enhanced growth attributes, presents a promising outlook for Hai Da [8][9]. - Hai Da is positioned as a top choice within the agriculture sector, with recommendations for investors to actively consider this stock [10]. Other Important but Possibly Overlooked Content - The discussion emphasizes the importance of historical experience and a top-down approach in analyzing the agriculture sector, suggesting that investors should remain aware of broader market trends and dynamics [3][10]. - The potential for Hai Da to exceed theoretical valuation ranges is acknowledged, indicating a bullish sentiment towards the company's future performance [9].

各位投资者大家晚上好 我是中央证券的机械分析师刘卓今天晚上呢我们给大家汇报一下就是近期人形机器人板块的一个一个复盘包括我们之前对人形机器人板块做了系列的这个专题研究然后跟大家在这个汇报一下同时呢有一些主要的品种的一个更新包括最近一些重点公司的一些深度的交流然后跟大家也这个汇报更新一下然后首先呢最近我们看到这个人形机器人板块呢 呃表现还是比较亮眼的其实最主要的一个变化就是近期这个CES展会的一个召开啊然后最近我们看到这个展会上面其实陈列了非常多这个AI应用的一些产品啊然后包括呃看到五花八门的这个AI应用的产品包括像特斯拉啊还有这个英伟达然后对于人形机器人呃产品一系列产品的一些展示啊包括呃展会上面的一些陈述啊让我们大家对呃人形机器人乃至AI应用产品 未来的一个发展就是充满了信心所以说这个其实就是DES展会做出的一些最重要的一些信号性的一些指示吧因为通过这个展会上面的一些产品我们可以看到许多超预期的一些东西包括最近就是展会上面 看到获得这个展会叫创新奖的一些像化妆机器人呀在化妆的这个在直接根据每个人的项目每个人特征来进行针对性的一些设计妆容的同时还能进行这个智能化的一些聊天啊这些都是有亮眼就是比较亮眼比较超预期的一 ...

各位投资者大家下午好我是华泰电信的沈建博这次是二五年我们第一次由华泰研究所的各个团队和各位投资者汇报一下我们写上的观点本周马克的推特公布了二五年二六年整体的一个量产计划 引起了资本市场的强烈的关注啊那我们这个时候呢是一直强烈看好特斯拉机器人的机会啦从1到N的一个方向的情况那我们先有请计算机的李老师来跟我们讲一下计算机的相关的观点李老师 我来汇报一下就是从整个大的AI角度我们怎么去看机器人产业包括人形人形机器人在2025年的一些产业变化趋势和这个节奏 因为人机器人大家也看到也是陆陆续续在A股在全球无论是产业还是资本市场已经演绎了大概有两三年了三年左右时间那么市场其实对人形也好对整个架构对零组件大家就相对比较熟悉了所以更多的大家对产业是一个跟踪的一个状态 那么在跟踪过程当中的话呢那其实中间有了一个比较大的电量就是就是AI大模型大模型从2023年 2022年底23年初开始逐步开始影响到整个AI的所有的环节那当然大家也也也看到说说这个人形机器人呢是AI的终极产品形态那这个AI大模型到底怎么去影响整个机器人人形机器人的这个产业节奏那我想今天的话呢我想从 两个方面来汇报一下就是咱们目前看到的包括通过CS展黄仁勋讲到的这个 ...

新业证券所有内容必须被新业证券审核后方可留存未经允许和授权转载转发此次会议内容均属侵权新业证券将保留追究其法律责任的权利变换会议所有参会人员不得泄露内幕信息以及未公开重要信息 涉及外部嘉宾发言的商业证券不保障其发言内容的准确性与完整性商业证券不承担外部嘉宾发言内容所引起的任何损失及责任不承担因传载转发引起的任何损失及责任市场有风险投资需谨慎提醒投资者注意投资风险谨慎参考会议内容好的感谢各位投资人今天参加我们的人机显热周刊的一个交流 其实熟悉我们的朋友知道我们之前可能对人形的推荐相对的谨慎一点因为我们本人其实对于这种因为或许以前确实有点偏主题但是当前的人体学其实在我们在联动策略的时候写二五年策略的时候其实在互相联动策略几乎提的也不多互相联动策略基本上就是凹进出口类在写二五年策略的时候我们 可以说重点在写两个方向两个半方向吧一个是在这个科技这块就是人机器人这块然后另外一块其实在出口链的这个方向但还有半个是在3C设备这个方向但上次雕辉跟大家汇报了一下就说出口为什么我们会在一到四月份看好其实最近这个市场确实这周不咋地今天也不咋地出口链其实整体来讲开年至今还是不错的但这两天人机器人其实也有好的变化 但是我们说为什么从二 ...

Summary of Conference Call Company and Industry Overview - The conference call involved a discussion about the airline industry, specifically focusing on the company's operations during the upcoming Spring Festival travel season, known as "Chunyun" in China [1][2]. Key Points and Arguments Spring Festival Outlook - The company anticipates a significant increase in travel volume during the Spring Festival, with an estimated total flow of over 90 million passengers during the 40-day travel period, averaging about 2.25 million daily [2]. - Peak travel days are expected to occur from January 24 to 26 before the festival and from February 6 to 8 after the festival, potentially reaching 2.45 million passengers on peak days, surpassing historical highs [2]. Capacity and Pricing Strategy - The company plans a 7% increase in overall capacity for the year, with international capacity growth significantly higher, approximately 50% compared to last year [5][6]. - The pricing strategy is focused on maintaining higher ticket prices while managing sales volume, aiming for a balance that enhances profitability [7][8]. - The company has observed a trend of increased ticket prices during the Spring Festival, marking it as one of the best years for ticket pricing in recent history [8]. Market Dynamics - The airline industry is experiencing a shift towards more sustainable growth, with expectations of limited capacity growth in the coming years, around 5% annually, as the industry moves away from previous high-growth phases [9][10]. - The competitive landscape remains intense, with airlines focusing on customer retention and service quality rather than solely on price competition [11]. Financial Performance and Challenges - The company continues to face financial challenges, including ongoing losses, but anticipates improvements in the second half of the year due to better market conditions [9][10]. - The impact of currency fluctuations, particularly the depreciation of the RMB, has resulted in significant foreign exchange losses, affecting the company's financial stability [25][26]. Future Plans and Developments - The company is planning to introduce around 40 new regional aircraft to enhance its service in underserved markets, particularly in Xinjiang [15][34]. - The upcoming opening of the second terminal and runway in Xinjiang is expected to facilitate increased flight operations in the region [35]. - The company is also preparing for the implications of the Hainan Free Trade Port, which is expected to provide various tax benefits and enhance international travel opportunities [36][38]. Additional Important Information - The company has successfully completed the delivery of several aircraft and is actively managing its fleet composition to optimize operational efficiency [14][19]. - There is a focus on maintaining a robust pilot workforce, with no current shortages reported, ensuring operational readiness as travel demand increases [31][32]. - The management emphasized the importance of strategic partnerships and capital support from shareholders to navigate the current market challenges [22][23]. This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the company's proactive approach to navigating the complexities of the airline industry amidst evolving market conditions.