那么最近的创达跟这个火山引擎相关达成战略合作,我们有相关的新闻发布,呃,简单来讲的话呢,火山引擎它是字节跳动下面的,呃,在跳动旗下的云服务平台吧,应该说,呃,这个这个发展非常迅速,然后这个整个的。 这个呃这个这个在推进整个企业的AI转型了这个整个的潜力方面啊这个也有很大的这个非常强大的一个平台那创达呢在结合我们在端测领域的部署所以这个尤其是我们在汽车领域啊这个就非常惊艳所以呢双方在密切合作所以正如这个双方在发布会上讲到的就我们看到了这个AI发展的一个巨大机会 那么在AI大模型相关的云计算领域我们可以在互相的融合发展来推进比如像智能汽车和智能硬件发展的持续的赋能持续的贡献力量况且创达实际上过去在软件定义汽车里边软件来赋能了很多这种客户也有很多合作伙伴那么现在AI时代里边就是AIDV 呃redefined work就是AI来定义汽车的时代带来所以这个这个合作呢我们应该说在推动这个端云AI在智能汽车领域的广泛应用呃打造更好的做到产品里边实际上会发挥双方的共同的这个力量来共同推进产的发展啊这是有关 这个AI方面以及在这个AIDV方面里边的一个这个个人互相引擎的合作的这么一个最新的情况然后另外呢就是啊AI讲完了之后呢再 ...

Key Points Industry or Company Involved - **Company**:长安汽车 - **Industry**:Automotive Industry, particularly focusing on electric vehicles (EVs) and new energy vehicles (NEVs) Core Views and Arguments - **Sales Performance**: - October sales reached 251,000 vehicles, a year-on-year increase. - Year-to-date cumulative sales reached 2.156 million vehicles, a year-on-year increase of 2.1%. - NEV sales reached a historical high of 85,000 vehicles in October, with a year-on-year increase of 46.4%. - Autonomous driving brand AITO achieved a monthly delivery of over 10,000 vehicles in October, a year-on-year increase of more than 100%. - **Product Launches**: - SDA architecture-based AITO 107 launched. - AITO 12 dual-power version released on November 2. - AITO 11 facelift version to be launched soon. - Deep Blue brand to launch its first large six-seater product in the first quarter of 2024. - Deep Blue to complete its first-phase product layout with 6 models by 2025. - AITO to launch 4-5 models in the first phase, aiming for a cumulative sales volume of over 200,000. - **Marketing and Sales**: - AITO's marketing touchpoints have exceeded 400, with plans to expand to 470 by the end of the year. - AITO's overseas sales reached 30,000 vehicles in October, a year-on-year increase of 61.8%. - Overall overseas sales target for the year is 480,000 vehicles, with NEVs accounting for 380,000-400,000. - **Financial Performance**: - Third-quarter NEV penetration rate continued to rise, and average unit revenue increased sequentially. - Gross margin showed a year-on-year increase. - Company expects industry to grow by 1% to 3% next year, with full-year targets set higher than industry growth rate. - **Strategic Planning**: - Origin brand to launch 3-5 new models next year, including 3 new products. - Deep Blue to launch a flagship SUV (code Z798) and 2 sedan products next year. - Deep Blue to achieve a cumulative sales volume of 400,000-500,000 in the first phase of product layout. - AITO to launch 116 in the first quarter of 2024 and plan to launch 7 new models over the next three years. - Changan FAW to launch at least one new NEV product annually by 2030. - Changan FAW to achieve a cumulative sales volume of over 200,000 in the first phase of product layout. Other Important Content - **Outbound Investment**: - Company has a "152" strategic layout with five strategic攻坚 and cultivation markets: CIS, Middle East and Africa, South America, Southeast Asia, and Europe. - Sales contribution from CIS, Middle East and Africa, and South America is significant. - Thailand factory to be completed in the first quarter of 2024, with an initial capacity of 100,000. - Company to expand into Australia and New Zealand in Southeast Asia next year. - Overall overseas sales target for the year is 480,000 vehicles, with NEVs accounting for 380,000-400,000. - Company plans to enter the European market next year. - **Supply Chain Costs**: - Company's annual reduction in procurement costs has been increasing sequentially. - Company aims to achieve a significant increase in the absolute value of cost reduction compared to last year. - Company expects a good performance in the fourth quarter. - **Fuel Vehicle Business**: - Company will not launch new fuel vehicle products but will update existing products. - Company will adjust the CS55PLUS and UDV models next year to improve overall product formation rate. - Company will maintain its fuel vehicle business to smoothly transition through the electricization and intelligentization transformation period.

然后线上投资者如果有任何想交流的可以随时提问首先其实我们看到像国际形势特朗普的上台可能对咱们外贸企业会有一些的影响请问赖总是怎么去看待这个事件后续的话像特斯拉这边我们有可能会在他的上海工厂或者其他工厂去陆续的进行一些供应 谢谢赖总好 这个问题问得很应景因为正好昨天特朗普应该大概率就是会任下届的总统所以其实我们内部也在做这个方案的研究因为其实特朗普好的是他在上一任其实是有当过总统所以他当时的整个关税的政策我们是经历过的 在经历过特朗普的第一次任期之后其实我们现在总体来讲我们在就是对于欧美的出口的那个这个出口税光税大概不到10%左右所以整个美国光税对我们行业的影响我觉得是比较小的最多最多就是在金融跟医疗行业可能会有一些整机上面的光税税率 那其他地方的其他产品的话其实税率相对来讲还是比较低的这是一方面第二方面因为我们之前也跟特朗普认识我们有打过交道了所以我觉得他更多的可能是在组装层面就是在成品的这一块他希望把这些这些制造业回归美国那这一块其实我们已经在布局了第一方面是我们在泰国已经建有工厂所以 泰国工厂一建成而且在今年四季度会进入量产那这样的话呢就保证我们可以实现这种全球制造那来满足或者来规避一些美国对于来自像越南 ...

Summary of Conference Call Company and Industry - The conference call pertains to a coal mining company within the coal industry. Key Points and Arguments Financial Performance - The company reported a basic earnings per share of 1.10, a year-on-year decrease of 12.7% [1] - The asset-liability ratio stands at 47.1%, down 0.6 percentage points from the beginning of the year [1] - The company achieved a net profit of 48.26 billion, with a slight increase compared to the previous quarter [2][3] Cost Control - The company has made significant efforts in cost control, achieving a total cost of 28.66 billion, the lowest this year, which is a 2.8% decrease year-on-year [2] - The company anticipates that costs in the fourth quarter will be higher than in the third quarter due to maintenance and safety investments [3][4] - The company aims to keep annual costs around 300 billion, similar to last year [4] Production Capacity and New Projects - The company expects to produce approximately 18 million tons from the Dazhaizi mine this year, an increase of nearly 4 million tons from last year [6][7] - New projects, including the Lithium Coal Mine and the Weizigou Coal Mine, are expected to face delays of 3 to 6 months, with production anticipated to start in the first half of 2026 [7][8] Market Outlook - The coal price is expected to stabilize in the fourth quarter, with limited fluctuations observed recently [13][14] - The company predicts that coal prices will remain stable due to balanced supply and demand, despite potential downward pressure from increased renewable energy output [15][23] Dividend and Capital Expenditure - The company has not yet established a formal long-term dividend policy, but there is an expectation of maintaining a stable payout ratio [16][17] - Future capital expenditures are projected to be between 12 billion to 16 billion annually, focusing on coal chemical projects and power generation [20][21] Electric Power Segment - The profitability of the electric power segment varies, with some plants reporting profits around 1 billion to 4 billion [22] - Future electricity prices are expected to stabilize if coal prices stabilize, but increased renewable energy output may exert downward pressure on prices [23] Other Important Information - The company is actively preparing for next year's production plans while ensuring the completion of current year-end tasks [1] - The management emphasized the importance of balancing capital expenditures with shareholder returns, considering cash flow needs and investment opportunities [19][20]

哎,好的,好的,各位朋友下午好,这里是安克创新的机构专场交流会议啊,首先欢迎大家的一个参与啊,我是华安这个大消费团队的一个首席更新啊,我们今天是很荣幸邀请到公司的这个投资总监啊, 感谢您这个百忙之中抽出时间来做一个交流那是考虑公司近期已经发布了这个财报包括今天接的也全部都是买房的一个机构所以咱们就近期的这个新情况再做一个定向的这个沟通然后开始的话我也帮公司先行提示一下大家如果大家这一场有交流到的信息麻烦就是主要用于这个自用然后希望相关的这个笔记不用去外传也谢谢大家的一个配合 曾总然后咱们今天也是非常高度关注公司的一个经营情况要不首先就时间也交给您心情要不几分钟就您觉得比较重要的一些要点先给投资者要不做一个提示谢谢好的谢谢曾总也感谢各位投资人百忙之中抽出时间来关注和支持我们首先就是还是给大家简单介绍一下我们三级报的业绩情况 公司前三季度是实现了营收164亿同比增长39%规模净利润14.7亿同比增长21%扣费规模净利润13亿同比增长41%那其中从单季度来看的话整个营收增长还是有点加速整体营收达到68亿同比增长44%规模净利润是达到6个亿同比增长52% 分品类来看的话公司三大品类都还是实现了不错的增速整体都在30% ...

Key Points Company Overview - **Establishment and Team**: Sichuan Fude Robot Co., Ltd. was founded in 2012 with a team of experienced robotic developers. The founder, Hu, has won awards in domestic and international robot competitions. The company initially focused on non-standard automation and core robotic component research and development, now holding nearly 60 invention patents and a total of about 150 patents. - **Product Range**: The company produces harmonic drives, with an expected shipment of 53,000 to 55,000 units this year. They have developed core processing equipment for complete self-sufficiency in production processes, significantly reducing costs and achieving a gross margin of over 30%. - **Applications**: Harmonic drives are used in industrial and humanoid robots, serving customers like Zhejiang Humanoid Robot Center, Sydney Kepler, and Galaxy General. Sales volume increased by over 30% in the first half of the year, with a gross margin rising from 16% to over 30%. - **Specialized Robots**: The company has extensive experience in specialized robots, including handling card source accidents and developing nuclear emergency robots and gamma radiation source survey robots. These projects demonstrate the company's technical capabilities and lay a foundation for future product development. - **Future Direction**: The company plans to optimize harmonic drive performance, expand its applications in more industries, develop integrated joints and humanoid robots, and improve production efficiency and cost-effectiveness through self-developed equipment and processes. Harmonic Drive Achievements - **Development and Production**: The company began developing harmonic drives in 2012 and achieved mass production in 2019. This year's expected shipment is 53,000 to 55,000 units, with 44,000 units shipped by October. The market recognition of harmonic drives has significantly increased, and the company has achieved complete self-sufficiency in production processes through independent research and development of core processing equipment, significantly reducing production costs. The gross margin has reached over 30% and has room for further improvement. Market Application - **Applications**: Harmonic drives are widely used in industrial and humanoid robots, serving customers like Zhejiang Humanoid Robot Center, Sydney Kepler, and Galaxy General. Through Oben, the company also supplies products to companies like Fourier Resources. Sales volume increased by over 30% in the first half of the year, with a gross margin rising from 16% to over 30%. Specialized Robot Cases - **Cases**: The company has successfully handled card source accidents in Henan Qixian and番禺, Guangdong in 2009, the first time robots were used in such events in China. They have also developed specialized integrated cases such as nuclear emergency robots, gamma radiation source survey robots, and flying star maintenance robots. These projects demonstrate the company's technical capabilities and lay a foundation for future product development. Future Development - **Direction**: The company plans to continue optimizing harmonic drive performance, expand its applications in more industries, develop integrated joints and humanoid robots, and improve production efficiency and cost-effectiveness through self-developed equipment and processes. Humanoid Robots - **Models**: The company currently has three main humanoid robot models: T1PRO, Alpha, and TE mini, targeting high-degree-of-freedom prototypes, tool-type robots, and entertainment and scientific research markets. The company plans to achieve market landing through reasonable pricing and provide different functional structures to meet diverse needs. Collaboration Robots - **Progress**: The company's collaborative robots have started small-scale shipments, with sales of about 10 to 20 units. The product was launched in the first half of the year and has been applied in various scenarios such as university artificial intelligence research, health care industry massage, and machine tool loading and unloading. The collaborative robots have ultra-lightweight characteristics, with a self-weight of about 8 kilograms and a gripping ratio of up to 1:1 and 2:1, reaching the highest level globally. Composite Robots - **Development**: The company is developing wheel-mounted composite robots using self-developed control technology, mechanical arms, and integrated joints. These technical accumulations enable the company to have complete self-research capabilities from harmonic drives to other core components. The first-generation humanoid robot prototype was officially launched at the end of last year, with a measured weight of only 4.3 kilograms, equipped with a 1.25 kilowatt-hour battery, and with up to 71 degrees of freedom, of which 41 degrees of freedom are concentrated in the body, reaching the highest level in the industry. Humanoid Robot Characteristics - **Characteristics**: The company's humanoid robots use completely self-developed core components such as harmonic drives, drives, and servo motors, with only laser radar, 3D cameras, and a few sensors using third-party products. The hip joint peak torque can reach 450 Nm, and they have strong strength, with a double-leg load-bearing squat of 125 kilograms and a single-leg load-bearing squat of 65 kilograms. These performance characteristics provide a solid foundation for industrial scenarios or handling. In addition, the humanoid robots can achieve straight-leg walking and use an end-to-end neural network control scheme based on reinforcement learning. Innovation Patents - **Patents**: The company has multiple innovative patent technologies, including hip joint spherical design, which can achieve a peak torque of 450 Nm and include two degrees of freedom; seven-degree-of-freedom leg design, which adds a rotating degree of freedom to the lower leg; and a six-degree-of-freedom waist design, which can tilt forward and backward, tilt left and right, rotate vertically, and move left and right. In addition, they have designed a biomimetic scapula, which allows the shoulder to perform forward and backward shrugging and up and down shrugging movements, all of which originate from the ultra-lightweight and high-torque characteristics of the integrated joints. Development Direction - **Direction**: The company plans to further develop humanoid robots based on different application scenarios to meet various needs. At the same time, they are developing simplified artificial intelligence robots for cost-sensitive scenarios such as retail and elderly care. Currently, they have the ability to reduce the cost of humanoid robots to less than $20,000, which will further enhance their market competitiveness. Latest Progress and Application Scenarios - **Progress**: The company has made significant progress in the field of humanoid robots. In the past six months, their humanoid robots have participated in multiple exhibitions and have been widely reported by media such as CCTV, Xinhua News Agency, and Dongfang Satellite TV. Especially last month, CCTV reported on the robots for a long time at the artificial intelligence conference. The application scenarios of humanoid robots are very extensive, including aerospace, logistics, and education. Currently, due to some shortcomings in control technology, they are unable to demonstrate smooth movements, but it is expected that these functions will be realized soon. They have provided small batches of humanoid robot prototypes to many universities, including Zhejiang University, Chongqing University, and Southwest University of Science and Technology, to further jointly develop artificial intelligence technology. In addition, they have an important military project, namely humanoid robot pilots. China has a large number of old fighter jets such as J-5, J-6, and J-7, which cannot be transformed into informationized aircraft or the cost of transformation is too high. Using humanoid robots as pilots is a cost-effective and adaptable solution. The United States and South Korea have already successfully put similar solutions into use, and China began to study this field several years ago. Their robots are lightweight and strong, which exactly meet this application requirement. Currently, the project has entered the actual test stage, with the goal of achieving basic aircraft takeoff in the first half of next year and further optimization in the second half of the year to prepare for small-scale mass production. Product Models and Positioning - **Models**: The company currently has three main humanoid robot models: T1PRO, Alpha (Alpha), and TE mini. T1PRO is the first-generation prototype, with a height of 1.6 meters and a high degree of freedom. Alpha is based on T1PRO and has been trimmed to look more like a Chinese male, with a height of about 1.67 meters and a degree of freedom controlled between 40 and 50, positioning as a tool-type robot, with a price range of 150,000 to 250,000 yuan. TE mini is a small-sized version, with a height of about 1.3 meters and a degree of freedom between 30 and 40, mainly targeting entertainment and scientific research markets, with a target price of about 100,000 yuan. These products are designed to achieve market landing through reasonable pricing and provide different functional structures to meet diverse needs. Business Performance and Gross Margin - **Performance**: The company's harmonic drive business performed well this year, with a total sales volume increase of 30% and a significant increase in gross margin. This is mainly due to the increasingly mature production process and increased production. In addition, the product quality has continuously improved and has been recognized by more customers. However, the issue of dependence on large customers has not been completely resolved, but the number of new customers has increased significantly, more than twice the number of last year. However, the new customers have not yet formed large-scale orders because it takes a long time for industrial harmonic drives to be introduced as new suppliers and tested. Therefore, these new customers have little impact on sales in the short term, but the future prospects are promising. Joint Technology and Development Prospects - **Status**: The joint technology solution for humanoid robots has not yet been fully converged. The upper body generally adopts the harmonic drive solution, while the lower body still has various solutions, each with its advantages. Therefore, the demand for harmonic drives for humanoid robots has a high degree of customization and needs more time to form large-scale orders. However, once humanoid robots are widely popularized, the demand for harmonic drives will increase significantly. A humanoid robot requires about 10 harmonic drives, which will drive the growth of related businesses. In addition, the company is exploring new application scenarios in the military field, and currently has two or three projects that may form a certain sales volume, bringing new growth points in 2025. Capacity Reserve and Capital Market Financing - **Capacity Reserve**: The company is actively planning to meet future large-scale production needs. Due to capital market reasons, a round of private placement was temporarily terminated this year, but another round of financing is being promoted, with a current valuation of 700 million yuan. If it is successfully completed, the next round of private placement will be launched according to product conditions, with a pre-funding valuation expected to reach 1 billion yuan. They hope to raise 100 million to 1.5 billion yuan to develop humanoid robots and their core technologies. These funds will help accelerate technological research and development and market promotion to achieve wider application. Expansion Plans and Investment Goals - **Expansion Plans**: The company plans to expand the production capacity of harmonic drives to 50,000 to 100,000 units by 2025. Currently, the maximum annual production capacity of the factory is more than 60,000 units, and this year's expected production capacity is more than 50,000 units, with the capacity utilization rate approaching saturation. Therefore, the company is planning to further expand production capacity. If an additional 50,000 units of annual production capacity is added, the equipment investment is estimated to be 30 million yuan, which is only a fraction of that of other companies in the industry, demonstrating significant cost advantages. In addition, the company has purchased a piece of land in Zhuhai and plans to start the construction of a new plant through an 80 million yuan private placement. If the military project is successfully signed, an additional 100,000 units of annual demand will be added, and the company will further expand the production capacity based on the 100,000 units in 2025. By 2026, the humanoid robot market may have a slight increase, and the company will further deploy the production capacity of harmonic drives according to market demand. New Product Placement and New Business Establishment - **Placement**: The discussions have resulted in the decision to retain the harmonic drive and humanoid robot businesses within the mother company, Tian Tian Robot. For new businesses such as collaborative robots, composite robots, and new application fields such as nanocoating technology, the company may establish new subsidiaries or cooperate with resource parties to establish joint ventures. At the beginning of this year, the company established a wholly-owned subsidiary in Shandong to promote surface strengthening technology, which is not only applied to harmonic drives but also targets the market demand for guide bearings in the automotive industry and special bearings for rolling steel in the steel industry. Humanoid Robot Reinforcement Learning Training - **Data Volume and Success Rate**: Currently, the specific success rate has not been counted, but the company indeed has relatively few artificial intelligence accumulations in humanoid robots, so more efforts have been focused on hardware and the cerebellum. Currently, functions such as walking and target recognition have been integrated, but the operation based on large models and its generalization ability still need to be improved. The company has actively cooperated with Tsinghua University teams and downstream partners to leverage their artificial intelligence capabilities to accelerate the landing capabilities. In the demonstration, the walking of humanoid robots is based on reinforcement learning methods rather than traditional algorithms. Currently, they are using the NVIDIA Isaac platform for training. Most groups have abandoned the previous MOTOBASIS method and turned to reinforcement learning solutions this year. Due to time constraints, they directly adopted the reinforcement learning method and did not continue to study the MOTOBASIS solution. Differences in Ability in the Field of Double-Legged Robots - **Factors**: The differences in ability among different teams in the field of double-legged robots mainly come from the quality and quantity of training data, the selection of models, and the influence of hardware characteristics. Although hardware has an impact on performance, the greater differences come from the algorithms themselves and the training framework. Taking NVIDIA as an example, it has recently launched a small model specifically for humanoid robots, demonstrating its leading position in technology. In the future, only a few large companies like Google and NVIDIA will have the ability to carry out complete end-to-end large model training and maintain a leading position in technology. Therefore, a few companies may dominate the market, providing standardized models, while other companies can adapt and optimize based on these models to achieve functions. Competition of Small Humanoid Robot Companies - **Competition**: Small humanoid robot companies may face significant challenges because they are unable to compete with large companies in large model training. However, these companies can enhance their competitiveness by focusing on hardware performance, appearance design, weight control, cost management, and reliability. In addition, they can use general models provided by large companies to form their own characteristics through localization or optimization to meet the personalized needs of customers in different scenarios. For example, in China, most human-computer interaction companies currently focus on hardware, and can develop differentiated development to play competitive advantages in specific application scenarios. Cooperation with Huawei - **Cooperation**: The company has not yet engaged in cooperation with Huawei in the field of humanoid robots and related software, large model operating systems, and other aspects. However, the company was invited to participate in the Silei meeting, but the meeting was postponed for some reasons. Harmonic Drive Improvements - **Improvements**: The company has optimized the harmonic drives for industrial robots, collaborative robots, and humanoid robots according to the Japanese HD standard, focusing on improving accuracy, rigidity, life, and noise control. Specific improvements include surface strengthening wear-resistant technology and material and structure optimization, bringing the performance close to the global leading level. In the design of harmonic drives for collaborative robots, the company has developed a new type of ultra-lightweight and integrated harmonic drive, integrating the servo motor into the reducer to achieve a significant reduction in volume and weight. This innovation enables the collaborative arm to reach the highest gripping ratio of 2:1 globally. In the application of humanoid robots, the company further optimizes the transmission efficiency, improves transparency, and integrates the motor and reducer to make the joints easier to install. In addition, force control functions are integrated to meet the special needs of humanoid robots. These improvements make harmonic drives in different fields have different price and load characteristics, adjusted according to specific application scenarios. Price and Load Differences - **Price and Load**: Currently, the price of human resources and collaborative robots is relatively high, mainly due to the cost of redesign and the insufficient current market demand. In contrast, the cost of industrial integration is the lowest. However, with the increase in future market demand, it is expected that the price of human resources-related products will decrease in three years and may be lower than the current price of industrial harmonic drives. This is because the civil market has higher requirements for cost control. The company will strive to respond to this trend by improving the quality of reducers and reducing costs. Load Capacity in Different Fields - **Load Capacity**: Industrial harmonic drives have relatively low load capacity requirements because the volume of equipment in industrial applications is not strictly limited, and larger models can be selected to meet load requirements. For ultra-lightweight collaborative robots and humanoid robots, due to volume restrictions, high load capacity needs to be achieved in a limited space, which requires more technical investment. However, the precision requirements of humanoid robots are slightly lower than those of industrial applications, so some trade-offs can be made. Role in the Humanoid Robot Industry - **Role**: The company is the first local enterprise in Sichuan Province to achieve ground walking humanoid robots and has received attention from provincial departments. The company's clear positioning is to focus on the research and production of humanoid robots, which is the core direction of the company's future development. Competitive Advantages Compared to Competitors - **Competitive Advantages**: The company's biggest competitive advantage lies in cost control. Currently, the performance of the company's products is not inferior to Midea, but there is still a gap with HD. This year, the average selling price of the company's products is about 550 yuan, with a gross margin of about 30%. Greenland Slope currently sells for about 700 yuan, and its gross margin may be affected by price cuts. The company has achieved significant cost advantages through independent research and development of core supporting equipment such as cutting tools, fixtures, clamps, consumables, and machine tools. In addition, the company plans to carry out production line automation transformation in 2025 to further improve quality and reduce costs. Cooperation with Tesla - **Cooperation**: Currently, the company has no substantial cooperation with Tesla in the field of humanoid robots.

Key Points Industry and Company Involved - **Industry**: Nickel industry, specifically nickel laterite and nickel pig iron (NPI) sectors. - **Company**: Huayu Mining and Metallurgy Co., Ltd. (Huayu) Core Views and Arguments - **Indonesian Nickel Industry Bottoming Out**: The nickel industry in Indonesia is approaching a bottom due to supply constraints and a reduction in expansion activities, as seen with the bankruptcy of domestic companies and limited expansion in NPI and laterite nickel plants. - **Nickel Laterite and NPI Price Trends**: The price of nickel laterite has increased by 15-20 USD per ton compared to the domestic trade price, indicating a favorable situation for the industry. - **Huayu's Competitive Advantage**: Huayu's competitive advantage lies in its integrated business strategy, cost advantages in raw materials, and effective cost control measures. - **Performance and Growth**: Huayu's third-quarter revenue reached 45.5 billion yuan, with a net profit of 3.5 billion yuan, reflecting strong resilience in the face of falling prices for key products. - **Resource Business Strength**: The resource business, represented by nickel laterite and nickel pig iron, is a significant source of profit for Huayu, accounting for 80% of the company's gross profit. - **Integrated Supply Chain**: Huayu's in-house production capacity of 225,000 tons of nickel laterite can meet the demand for nickel materials in the middle and downstream markets, including cathode materials and ternary precursor materials. - **Cost Advantages**: Huayu's cost advantages come from its own mines and partnerships, providing a stable supply of raw materials at a lower cost compared to purchasing from the market. - **Technological Leadership**: Huayu's successful production of nickel laterite projects has given the company a technological advantage in negotiations with international partners. Other Important Points - **Nickel Pig Iron (NPI) Production**: Huayu's NPI projects, including the 120,000-ton project in Huayue and the 65,000-ton project in Huayue, have achieved stable production. - **Nickel Laterite Projects**: The nickel laterite projects in Womara and Slovakia are progressing as planned. - **Cost Support**: The cost of smelting nickel laterite is expected to decline, while the cost of smelting nickel pig iron will serve as a clear cost support position for nickel prices. - **Price Realization**: Huayu strives to achieve full realization of its sales prices for products. [1][2][3][4][5][6][7][8][9]

感谢各位参加我们今天早上的这个聚焦上游第八期的电话会议今天我们的重点来讨论一下杰瑞股份的近期这个海外订单继续突破的这个底层的驱动那么这个会议其实也是我们聚焦上游的这个第八次的这个交流上一次我们探讨了纽纬股份为什么能够在海外持续的突破反正在我们会议之后我想市场的反馈包括这个市场的表现都是比较不错的那么其实杰瑞作为这个国内比较老牌的这个流浮的龙头公司 那么其实过去的业务一直的主要的区域是在国内如果看公司过去的收入的结构从2018年国内的资产上储开始那国内的整个收入体量一度是海外的三倍甚至四倍那国内占据的公司主要的业务的来源那利润率也是一样国内的毛利率其实一般都是在35%到40%之间那海外其实长期是在20%左右其实公司过去的盈利来源更加主要来自于国内所以公司应该是一家以国内业务为核心的布局 直到2021年 我们看到公司的海外收入开始出现了减分式的上升 尤其是昨晚公司发布了新的公告是签署了新的中东的合同 来自于阿联酋乌扎比国家收入公司的一个大型的经厂的受众化改造EPC项目 那么这个金额也才22亿美金应该算是一个我觉得非常重要的历史性突破的这么一个变化因为在过去全球海外用数字化改造包括大型EPC项目的过程中几乎很少见到 ...

Key Points Industry or Company Involved - **Company**: Not specified, but the discussion revolves around investment banking, insurance, and financial services. - **Industry**: Insurance, investment banking, and financial services. Core Views and Arguments - **Investment Yield Assumptions**: The company discussed adjusting investment yield assumptions, with a focus on the impact of the downward adjustment in the assumed interest rate. The adjustment was driven by two factors: the downward adjustment in the assumed interest rate and the improved investment yield performance compared to the assumed level. - **Effective Business Value**: Concerns were raised about the potential negative impact on effective business value due to the downward adjustment in the assumed interest rate. The company addressed these concerns by stating that the impact is minimal for them due to their conservative approach and the industry-wide cap on interest rates. - **Profit and Loss**: The company discussed the reduction in impairment losses in the third quarter, driven by the decrease in the balance of investment properties and the improvement in the performance of the investment portfolio. The company also addressed concerns about the impairment of Hua Xia Happiness, stating that they have made significant impairments and are working with the company as a creditor to recover debt. - **T-Ball**: The company explained the one-time loss of 127 billion yuan, which was related to the valuation of Lufax shares and the revaluation of convertible bonds. The company also addressed the impact of the revaluation of convertible bonds on the balance sheet and income statement. - **Underwriting Profit**: The company discussed the factors driving the growth of underwriting profit, including the amortization of CSM, the improvement in the quality of existing business, and the growth in investment scale. - **Reporting and Distribution**: The company discussed the impact of the reporting and distribution requirements on the insurance industry, stating that they are prepared for the changes and will align their business practices with regulatory requirements. Other Important Points - **Investment Portfolio**: The company discussed the performance of their investment portfolio, highlighting the improvement in investment yield performance compared to the assumed level. - **Hua Xia Happiness**: The company discussed their involvement with Hua Xia Happiness, stating that they have made significant impairments and are working with the company as a creditor to recover debt. - **T-Ball**: The company explained the one-time loss of 127 billion yuan, which was related to the valuation of Lufax shares and the revaluation of convertible bonds. - **Underwriting Profit**: The company discussed the factors driving the growth of underwriting profit, including the amortization of CSM, the improvement in the quality of existing business, and the growth in investment scale. - **Reporting and Distribution**: The company discussed the impact of the reporting and distribution requirements on the insurance industry, stating that they are prepared for the changes and will align their business practices with regulatory requirements.

那么近期已经发布了财报然后包括今天接的也全部都是买房的一个机构就信息的这个经济情况做一个地方的一个沟通所以开始的时候也先提示一下大家可以就主要用微信交流不用去外传然后我们也很关心公司时间的话要不就首先交给咱们公司这边要不辛苦公司领导就一分钟左右开个场就您觉得比较重要的事情可以先在开始的时候做一个核心提示 我再补充一下因为今天的话我们还邀请到了我们财务管理部的部长杨部长来参与这次的交流因为三级报之后我们基本上已经跟市场交流了三级度情况 大家也比较清楚了就1到9月份的话整体收入是227个亿同比提升19%利润5.3个亿同比提升百分之6点几个点7到9月份的话我们收入还是持续保持了23个点的增长就单季度但是利润的话同比有下滑18个点的下滑大概1.15个亿主要单季度这个利润下滑主要还是受国内冰淇品牌业务和国内空调品牌业务的影响 因为主要是国内消费市场实际低迷大盘这个这个冰雪和这个空调大盘持续下滑所以这个中单的话新增加续那么中单价格这个调整那么中间价格这个行业内有调整所以我们也跟随了那么同时的话成本端也受到特别是九月份当材料有二到三个点是上涨的这个影响也是同期也就是说在销售价格和成本端都受到了挤压所以单季度 内销品牌业务的 ...