历史上来看,当高股息的相对估值分位数达到或接近100%后,高股息风格迎来最后一涨而后相对收益周期结束, A股相关公司: 北特科技、力星股份、华培动力（传感器）、安培龙（传感器）、福莱新材（电子皮肤）等 22024年下半年高股息仍有超额收益的机会,但是幅度大概率弱于过去两年半。 绍，盘古大模型赋能人形机器人具备多模态(文本/图像/视频) 能力，可让机器人完成10+步数的复杂任务规划，并实现多场景 泛化能力。 2024.06.23 21:34 星期日 数据来源:Wind、开源证券研究所 | --- | --- | --- | --- | |-----------------|-----------------|-----------------|-------| | | | | | | 福莱新材 -1.63% | | 北特科技 +3.22% | | | | 华培动力 +0.42% | 力星股份 +1.19% | | 【风口研报·洞察】"夸父"人形机器人亮相HDC2024，华 风口研报 | --- | --- | --- | |-------------------------------------------- ...

公司研究 | 深度报告 中科创达 300496.SZ 买入 （维持） 端侧 AI 如火如荼，与高通合作共建生态 股价（2024年06月14日） 53.61元 目标价格 71.30元 52周最高价/最低价 114.86/43.31元 总股本/流通A股（万股） 46,001/36,709 A股市值（百万元） 24,661 核心观点 国家/地区 中国 行业 计算机 ⚫ 公司是全球领先的智能操作系统和技术提供商。自2008年成立以来，公司以智能 报告发布日期 2024年06月16日 操作系统技术为核心，专注于Linux、Android、RTOS、鸿蒙等智能操作系统底层 技术及应用技术开发。公司坚持“技术+生态”的平台发展战略，并通过“内生+外 延”的方式逐步实现业务的横向拓展，目前公司主营业务涵盖智能软件、智能网联 1周 1月 3月 12月 汽车、智能物联网三大领域。 绝对表现% 0 14.58 -11.24 -48.16 ⚫ 端侧AI迅速发展，全球厂商拥抱AI PC。得益于AI大模型尺寸不断缩小、推理成 相对表现% 0.91 17.74 -10.66 -39.81 本的快速下降，端侧AI在今年迎来了快速发展，全球头 ...

证券研究报告 AI+汽车智能化2024H2投资策略： ——曙光将现 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 联系电话：021-60199793 ...

Financial Data and Key Indicator Changes - The price of live pigs decreased by 1.51% to 18.22 yuan/kg as of June 21, 2024, compared to the previous week, while the price of piglets fell by 2.27% to 665 yuan/head [1][7] - The average price of white chicken increased by 2.28% to 7.17 yuan/kg, while the price of chicken eggs dropped by 4.09% to 3.52 yuan/kg [1][7] - The price of soybeans rose slightly by 0.19% to 4404 yuan/ton, while soybean meal prices fell by 3.31% to 3270 yuan/ton [1][7] Business Line Data and Key Indicator Changes - The pig farming sector is expected to see an upturn in the second half of the year, despite current price declines [2] - The white chicken market is under short-term pressure but is anticipated to recover alongside pig prices [2] - The yellow chicken supply remains at a low level, with demand gradually improving [2] Market Data and Key Indicator Changes - The national corn sales progress reached 94%, indicating a slight easing of supply pressure [1][7] - The domestic sugar price in Guangxi dropped by 0.92% to 6450 yuan/ton, reflecting a short-term oversupply [1][7] - Rubber prices decreased by 2.37% to 12565 yuan/ton, although they are up 29.74% year-on-year [1][7] Company Strategy and Development Direction - The company is focusing on the breeding layout and is optimistic about the commercialization of genetically modified seeds [2] - The meat product sector is expected to benefit from the initial phase of a price upcycle in pig prices [2] - The feed and pet sectors are anticipated to consolidate towards technology service-oriented enterprises [2] Management's Comments on Operating Environment and Future Outlook - Management highlighted the impact of adverse weather conditions and potential animal disease outbreaks as risks to the industry [2] - The overall sentiment remains positive for the second half of the year, with expectations of increased demand and reduced supply in the livestock sector [2] Other Important Information - The report emphasizes the importance of monitoring the impact of the rainy season on pig disease outbreaks in southern regions [1] - The investment recommendations include various companies in the breeding, poultry, and feed sectors, indicating a bullish outlook for these areas [2] Q&A Session Summary Question: What is the outlook for pig prices in the second half of the year? - Management expects pig prices to rise as supply decreases and demand increases, particularly in the context of seasonal trends [2] Question: How is the company addressing the risks associated with animal diseases? - The company is actively monitoring disease outbreaks and has implemented preventive measures to mitigate risks [2] Question: What are the expectations for the poultry market? - The poultry market is anticipated to recover in tandem with pig prices, with a focus on improving production efficiency [2]

Financial Data and Key Metrics Changes - The company reported a production capacity utilization rate of approximately 80%, with production figures of 145 million in April, 150 million in May, and an expected 155 million in June, totaling 450 million for Q2 [3] - The gross margin for film materials is expected to improve from a negative gross margin for release films to a normal range of 35-40% [4] - R&D expenses are anticipated to continue rising as the company transitions from mid-range to high-end products [4] Business Line Data and Key Metrics Changes - The company is currently supplying low-end products to Taiwanese and domestic customers, gradually moving towards mid-range products [3] - The release film production capacity includes 300 million square meters in Anji, with an additional 200 million square meters reserved for expansion, and 480 million square meters in Tianjin under construction, totaling approximately 1.2 billion square meters planned [3] - The pricing for different product tiers is as follows: low-end at 1.2-1.5 RMB per square meter, mid-range at 2-3 RMB, and high-end prices ranging from 4 RMB to over 10 RMB [3] Market Data and Key Metrics Changes - The company is the sole supplier for Taiwanese, Japanese, and Korean customers in mainland China, with low-end products accounting for 20%, mid-range for about 50%, and high-end for 30% currently in testing [3] - The company has a competitive pricing advantage, being approximately 5% cheaper than similar products from Japanese manufacturers [3] Company Strategy and Development Direction - The company is focusing on expanding its production capacity significantly to meet the demand for high-volume supply, particularly for key customers like Samsung [3] - The strategy includes self-sourcing base films to improve performance and reduce dependency on external suppliers, which enhances customer confidence in the company's capabilities [3] Management Comments on Operating Environment and Future Outlook - Management indicated that the verification process for new products typically takes 1.5 to 2 years, with initial small batch orders followed by larger orders once testing is complete [3] - The company expects to see significant growth in film materials, projecting an increase from 130 million last year to over 200 million this year, including cast films [4] Other Important Information - The company has sufficient inventory of raw materials, particularly paper pulp, which is expected to maintain a gross margin of 40% for carrier tapes despite rising prices [4] - Depreciation is projected to increase as production lines for release films and other products transition to fixed assets, with an estimated annual depreciation of 70-80 million [4] Q&A Session Summary Question: Progress on release films - The company is currently supplying low-end products to Taiwanese and domestic customers, with plans to gradually introduce mid-range products [3] Question: Verification and ramp-up schedule for release films - The verification process typically takes 1.5-2 years, followed by small batch orders, and then scaling up to mid and large batch orders [3] Question: Differences between mid-range and high-end products - Key performance indicators include shrinkage rate, thickness consistency, and surface roughness, with varying price points across product tiers [3] Question: Production capacity for release films - The company has significant planned capacity, with multiple production lines and expansions underway to meet anticipated demand [3] Question: Supply position with downstream customers - The company is positioned as a key supplier for both low-end and mid-range products, with a focus on maintaining competitive pricing and quality [3] Question: Impact of rising paper pulp prices on carrier tapes - The company has a robust inventory of low-cost paper pulp, which will help maintain margins despite rising costs [4]

会议要点 1、公司国内市场分析 公司在国内市场的产品周期和规模滥效应受到市场的高度认可，尤其是DM-i5.0技术，市场预 期其将推动比亚迪国内销量从300万辆的天花板提升至400万甚至500万辆。今年预计国内销量 接近350万辆，出口50万辆，全年目标400万辆。随着宋Plus、宋Pro等新车型的推出，以及5.0 产品迭代和纯电平台的更新，预计明年国内市场销量可达500万辆。 2、公司海外市场拓展 公司的海外市场拓展策略与丰田类似，注重高效益、质量和技术，追求产业链核心环节的垂直 整合。海外市场分为亚太、欧洲、美洲和中东非洲四大事业部，亚太事业部预计有1000万辆的 潜在市场，新能源渗透率仅为2%，东南亚和澳洲市场是短期上量的主要区域。泰国工厂预计下 半年投产。欧洲市场新能源渗透率超过20%，是比亚迪的重点市场之一，尽管面临关税压力， 但业绩影响有限。美洲事业部主要关注拉美市场，巴西工厂预计明年投产。中东非洲事业部新 能源渗透率仅为3%，市场潜力巨大。 3、丰田成功经验对比亚迪的启示 丰田的成功经验为比亚迪提供了宝滥贵的借鉴。丰田作为后来者，通过学习行业先驱，不断追 赶并最终取得成功。丰田的全球化策略遵循“小 ...

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 陆家嘴论坛 2024 年 6 月 19 日-20 日 中国·上海 6 月 19 日上午 开幕式暨全体大会一：以金融高质量发展推动世界经济增长 演讲嘉宾 ： 吴 清 中国证券监督管理委员会主席、论坛共同轮值主席 潘功胜 中国人民银行行长 李云泽 国家金融监督管理总局局长 朱鹤新 中国人民银行副行长、国家外汇管理局局长 ...

东方欧圣电气小型空压机与干湿两用吸尘器细分赛 2024 年 06 月 21 日 11:58 就是欧顺电器这个公司在我们研究过程中发现它是有非常多的亮点，并且值得关注的。它也是 一个在这个出海浪潮下. 以外销为主的一个公司。然后也是一个在小型空压机和这个干湿两个 吸吸吸尘器这个细分领域的一个出口的龙头。然后我在我们这篇报告就是对这个公司进行了一 个梳理。然后我这边通过早上的时间给各位领导做一个简单的汇报。 然后公司的话是国内整个综合优势非常领先的一个空气动力设备和清洁设备类的制造商。它主 要的这个产品就是小型空气压缩机和干洗用的吸尘器。然后公司是 2009 年成立的，2022 年上 市的。在这个发展过程中的话,还是累积了非常长期稳定的客源。 更多纪要，添加微信V17772725945 发言人 00:54 发言人 02:03 的价值观也是统一，是一个公平公正的关系。所以说在在这种文化背景下面，公司的运营和发 展是非常稳健的,而且深受美国这个客户的。美国这边还是非常认这个文化形式的,文化价值 观的。然后先受到美国这边的很多的认可，包括他的这个回馈，也是他的公公司文化主要文化 之一。然后过去三年的话，股东的分红率是平 ...

老板电器策略会小范围交流 ...

Financial Data and Key Metrics - The total assets of the top 100 central banks globally exceed $42 trillion, with the US, Japan, and China ranking in the top three [47] - The Federal Reserve's total assets reached $7.48 trillion, with US Treasury securities and MBS accounting for 61.70% and 31.91% of its assets, respectively [53][55] - The Bank of Japan's total assets expanded to 771 trillion yen, with Japanese government bonds contributing over 78% of its assets [34][35] - The European Central Bank's total assets grew to 6.81 trillion euros, with euro-denominated securities and loans to eurozone credit institutions accounting for 67.81% and 5.87% of its assets, respectively [64] - The People's Bank of China's total assets are approximately 43 trillion yuan, with foreign exchange reserves and claims on deposit-taking corporations accounting for 48% and 41% of its assets, respectively [41][67] Business Line Data and Key Metrics - The Federal Reserve's asset portfolio is dominated by US Treasury securities and MBS, which account for 61.70% and 31.91% of its total assets, respectively [53][55] - The Bank of Japan's asset portfolio is heavily concentrated in Japanese government bonds, which make up over 78% of its total assets [34][35] - The European Central Bank's asset portfolio includes significant holdings of euro-denominated securities and loans to eurozone credit institutions, contributing 67.81% and 5.87% of its total assets, respectively [64] - The People's Bank of China's asset portfolio is primarily composed of foreign exchange reserves and claims on deposit-taking corporations, accounting for 48% and 41% of its total assets, respectively [41][67] Market Data and Key Metrics - The global central banking system is highly concentrated, with the top five central banks accounting for $23 trillion in total assets, and the top ten accounting for $30 trillion [47] - The Federal Reserve, Bank of Japan, and People's Bank of China are the top three central banks globally in terms of total assets, with $7.48 trillion, 771 trillion yen, and 43 trillion yuan, respectively [53][55][67] - The European Central Bank's total assets have grown significantly, reaching 6.81 trillion euros, with a notable increase in holdings of euro-denominated securities [64] Company Strategy and Industry Competition - The Federal Reserve has implemented large-scale asset purchase programs, including the purchase of US Treasury securities and MBS, to manage its balance sheet and support the economy [53][55] - The Bank of Japan has adopted quantitative easing policies, including the purchase of Japanese government bonds and other assets, to stimulate inflation and economic growth [34][35] - The European Central Bank has expanded its asset purchase programs, including the purchase of euro-denominated securities and loans to eurozone credit institutions, to support the economy and achieve its inflation target [64] - The People's Bank of China has adjusted its balance sheet to manage foreign exchange reserves and claims on deposit-taking corporations, reflecting its role in maintaining monetary stability [41][67] Management Commentary on Operating Environment and Future Outlook - The Federal Reserve has emphasized the importance of its asset purchase programs in supporting the economy and maintaining financial stability [53][55] - The Bank of Japan has highlighted the role of its quantitative easing policies in achieving its inflation target and supporting economic growth [34][35] - The European Central Bank has noted the effectiveness of its asset purchase programs in supporting the eurozone economy and achieving its inflation target [64] - The People's Bank of China has emphasized the importance of managing foreign exchange reserves and claims on deposit-taking corporations in maintaining monetary stability [41][67] Other Important Information - The global central banking system is characterized by a high degree of concentration, with the top five central banks accounting for a significant portion of total assets [47] - The Federal Reserve, Bank of Japan, and People's Bank of China are the largest central banks globally, with significant influence on global financial markets [53][55][67] - The European Central Bank has played a key role in supporting the eurozone economy through its asset purchase programs and monetary policy measures [64] Summary of Q&A Session - No specific Q&A session content was provided in the documents.