大家上午好！ 很高兴参加第十五届陆家嘴论坛。当前，世界经济形势依然错综复杂， 稳定增长面临诸多挑战。本次论坛确定“以金融高质量发展推动世界 经济增长”为主题，具有很强的现实意义，必将为推动世界经济复苏 凝聚更大共识、汇集更多智慧。 上一届陆家嘴论坛召开时，金融监管总局刚刚挂牌。一年来，我们坚 持以习近平新时代中国特色社会主义思想为指导，坚决贯彻落实党中 央、国务院决策部署，认真做好防风险、强监管、促发展各项工作。 总局系统机构改革稳步实施，“四级垂管”监管架构正式形成，监管 制度建设全面提速，中小金融机构改革化险有序推进，重点领域风险 逐步收敛，金融服务实体经济质效持续提升，高水平对外开放进一步 扩大。这些成绩的取得，离不开各地各有关部门的鼎力支持，以及社 会各界的关心帮助！在此，我谨代表金融监管总局表示衷心感谢！ ...

Financial Data and Key Metrics Changes - The recent policies, including the new "National Nine Articles," emphasize strong regulation and risk prevention to promote high-quality development in the capital market [2][3] - Nearly 50 supporting rules have been introduced, focusing on delisting, cash dividends, share reduction, and regulatory measures for algorithmic trading [2] Business Line Data and Key Metrics Changes - The focus is on enhancing the investment value of listed companies, encouraging them to actively return value to investors through improved communication and governance [4][5] - Companies are urged to utilize various capital market tools to strengthen their core competitiveness, particularly through mergers and acquisitions [4] Market Data and Key Metrics Changes - The capital market is expected to better serve the development of new productive forces, which includes nurturing emerging industries and upgrading traditional industries [3][4] - The establishment of a world-class exchange in Shanghai is a priority, with efforts to enhance the influence of "Shanghai prices" in the market [7] Company Strategy and Development Direction and Industry Competition - The strategy includes promoting the integration of technology, industry, and finance to foster a virtuous cycle of innovation [3][4] - There is a strong emphasis on creating a supportive environment for innovation, which is essential for the growth of new productive forces [4] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the importance of strong regulation to protect investors and maintain market stability, especially in light of past financial crises [5][6] - The commitment to enhancing investor protection and ensuring accountability for financial misconduct is highlighted [5][6] Other Important Information - The focus on long-term capital and the need to attract more patient capital into the market is emphasized, particularly for technology innovation [3][4] - The importance of collaboration between various stakeholders, including regulatory bodies and financial institutions, is stressed to achieve common goals in market development [7] Q&A Session Summary Question: What measures are being taken to enhance investor protection? - The management emphasized a comprehensive approach to strengthen regulatory enforcement against financial misconduct, ensuring accountability for those involved in fraudulent activities [5][6] Question: How will the new policies impact the capital market? - The introduction of nearly 50 new rules aims to create a more robust regulatory framework that supports high-quality development and investor confidence in the capital market [2][3]

Q5: OTA 平台的发展对众信旅游有何影响？ A7: 零售端旅游产品的来源分布为 1/3 来自集团内部，1/3 由零售公司自产，1/3 外采。 A9: 入境免签政策对出境游业务具有积极影响，众信旅游已成立入境游公司，抓 住市场机会。 相对不佳。众信旅游没有低价团，而是高价的欧美团销售表现更佳。此外，随着 高端消费的上升，南北极旅游的销售情况也很良好。 A13: 是的，27 个亿的采购额指的是外采部分。根据行业规则，集中采购的供应 商会给渠道返佣，众信集团的零售业务也会从集中采购中获得返佣。 A15: 公司的批发毛利率已从 8 个百分点提升至大约 11 个百分点，旺季可能达 到 13 个百分点，显示毛利率有显著提升。公司通过在成本基础上加价销售产品， 例如成本为 15,000 则加价至 17,000 或 18,000。公司毛利率的设定是由市场竞 争决定的，不存在固定的行业标准。 A17: YouTube 及类似渠道对公司目前业绩影响不明显，这些渠道是公司尝试 AI 和元宇宙技术的一环。虽然目前对主营业务的影响有限，但公司持续的尝试和投 入可能在未来带来积极结果。 旅行社盈利机制基于成本加成，通过毛利维持经营， ...

Financial Data and Key Metrics Changes - The company expects total revenue to reach 80 billion RMB and net profit to be 2.4 billion RMB for the year, indicating a positive outlook for financial performance [2][5][11] - The anticipated price-to-earnings ratio is projected to be between 30 to 40 times, reflecting investor confidence in the company's valuation [2][5] Business Line Data and Key Metrics Changes - The company has established itself as a leading supplier in the domestic AI chip market, with significant investments in R&D amounting to 3 billion RMB annually [4][7] - The general server segment is crucial for the company, catering to diverse customer needs and solidifying its position in digital economy infrastructure [4][10] Market Data and Key Metrics Changes - Approximately 15% of the company's revenue comes from overseas markets, highlighting the growing demand for AI services globally [8][9] - The general server market is expected to maintain a double-digit growth rate, driven by increasing demand in both domestic and international markets [10] Company Strategy and Development Direction - The company is focusing on the development of domestic AI chips and NVIDIA servers to drive business growth, positioning itself as a key player in the industry [4][5] - The long-term outlook for the general server market remains optimistic, with AI technology expected to stimulate stable demand growth [5][10] Management Comments on Operating Environment and Future Outlook - Management acknowledges potential risks such as supply chain constraints, market demand fluctuations, and international political factors [2][5] - The company is optimistic about the recovery of the industry and expects steady performance improvements in the upcoming quarters, particularly in the second and third quarters [11] Other Important Information - The company has maintained a strong competitive position in the NVIDIA server market, particularly in the H20 product line for large-scale machine learning training [8] - The positive sentiment in the market regarding AI is expected to alleviate the "crowding out effect" previously observed in the general server segment [10] Q&A Session Summary Question: What are the main drivers of the company's fundamentals this year? - The key drivers for the company's fundamentals this year are the general servers and NVIDIA servers segments, with expectations of revenue reaching 80 billion RMB and net profit of 2.4 billion RMB [11]

Financial Data and Key Metrics - 2023 revenue was approximately 470-480 million RMB, with hardware business growth exceeding 50%, while software business declined due to delayed project settlements caused by customer financial conditions and budget arrangements [1] - 2024 revenue is expected to be around 700 million RMB, with software revenue projected at 250-300 million RMB and hardware revenue at 450 million RMB, with hardware growth slowing to 20% due to reduced orders from a single customer [4] Business Line Data and Key Metrics Hardware Business - Main products include T4200S and T4000 test machines, with T4200S sales expected to remain flat and T4000 sales projected at 20-30 units, targeting total sales of 100-110 units [5] - Hardware revenue target for 2024 is approximately 450 million RMB, with T4200S priced at 4-5 million RMB and T4000 at 2 million RMB [5] Software Business - EDA software licensing revenue target for 2024 is 60-70 million RMB, showing growth compared to last year [6] - Project-based business is expected to reach 100 million RMB due to accumulated delays from last year [6] - DFT design services, following the acquisition of Shanghai Ruixing, are expected to generate 40 million RMB in revenue [6] - Data analysis software revenue target is 70-80 million RMB, though customer financial conditions may introduce uncertainty [6] Market Data and Key Metrics - The domestic DFT tool market is dominated by Mentor and Cadence, with a market space of approximately 100 million USD, and the company aims for 70-100 million RMB in DFT revenue over the next 2-3 years [10] - Overseas markets include Singapore, where a subsidiary was established to promote data analysis software, and South Korea, where hardware products are under validation with Samsung and SK Hynix, with potential orders expected by year-end [16][24] Company Strategy and Industry Competition - The company is focusing on EDA software development and data analysis software, with plans to expand its workforce to 650 employees, primarily in these areas [32] - The company aims to become a Chinese equivalent of Mentor, with ongoing development of CMOS simulation software and other tools [32] - The company is optimistic about future opportunities in advanced process equipment and materials, particularly in yield improvement services, despite current challenges [9][28] Management Commentary on Operating Environment and Future Outlook - Management acknowledges the significant operational pressure this year but remains optimistic about 2024, with potential impacts from overseas trade policies and domestic Fab expansion [35] - The company sees strong demand for WAT testing equipment in advanced processes and expects sustained demand from both domestic and international Fab expansion plans [35] Other Important Information - The company's headcount increased from 318 to 500 in 2023, leading to higher fixed costs and a Q1 loss [7] - Mid-year report growth may be limited due to timing differences in order fulfillment and acceptance, with full-year data needed for a clearer picture [11] Q&A Summary EDA Software Licensing - EDA software licensing revenue is projected at 60-70 million RMB, with uncertainty due to customer order timing and amounts [12] Data Analysis Software - Data analysis software revenue target is 70-80 million RMB, with potential uncertainty due to customer financial conditions [13] DFT Business - DFT business is progressing well, with a revenue target of 40 million RMB for 2024 and 70-100 million RMB in the next 2-3 years [20][27] Overseas Market Expansion - Overseas markets, including Singapore and South Korea, are under development, with potential orders expected by year-end [16][24] Staff Expansion and Profit Expectations - The company plans to increase headcount to 650, with a net profit target of 200 million RMB, or 240 million RMB excluding share-based payments [31] Storage Localization Progress - The company is supplying to ChangXin and expects significant volume this year, while collaboration with ChangCheng is progressing more slowly [23] Future Business Outlook - The company remains optimistic about future opportunities, particularly in advanced process equipment and materials, despite current challenges [35]

通用控制系统UCS 使用控制数据中心把所有控制任务直接构建在服务器上 在私有云的基础上构建工业云 全光网络 减少了大量交换机 ...

【CT电新】亿纬锂能全场景锂电池方案发布20240618 1. 驱动智慧生活 SPC电池电容器 1）-40℃-85℃场景下10C瞬间放电能力 2）微安级漏电流表现 3）寿命达8年以上 2. 大圆柱电池——Omnicell全能电池 1）快充：25℃下可实现9分钟从10%充至80%，-30℃下仅需25分钟 2）低温性能：系统能量密度达200瓦时/公斤，较磷酸铁锂电池的140瓦时/公斤提升30%-40% 3）耐用性：采用6.6倍国标强度底部防护，能够承受1000焦耳碰撞 4）残值：采用三元材料，残值率达25%；拆解过程规范，实现高残值和可再生 3. 储能新技术 1）浸没式液冷技术：过度强制充电时最高温度可快速降低160度 2）3T高效热管理技术：将电池内部温度差异从8度降低至1.5度 3）数智化电池管理技术：采用高精度采集芯片，对电池电压、内外部温度等信号进行监测 4）Mr Giant 5兆瓦时系统：实测系统能量效率达95.5%，较同行同类系统提升1% 4.未来技术 #evtol： 输出功率高（10C）、能量密度要求高（320wh/kg）、安全（系统层级不能出现热蔓延）、 成本（确保公司盈利且消费者能负担得起）、快 ...

Financial Data and Key Metrics - The company's financial indicators have shown positive trends in 2023, with significant improvements in profitability and operational efficiency [1] - The company expects a higher proportion of profits in the second half of 2024 [3] - The revenue target for the current year is relatively low due to the delivery of cruise ships and the disposal of offshore platforms, which contributed nearly 10 billion yuan last year [3] Business Line Data and Key Metrics - The company has focused on high-end and green ship types, as well as segmented ship types, to meet the demand from major and high-quality shipowners [1] - The proportion of high-priced ships in the current order book is 2/3, with the first half of the year primarily focused on clearing low-priced ship orders [1] - The company has maintained flexibility in order acceptance to mitigate risks, including taking on some short-term orders [1] Market Data and Key Metrics - The global shipbuilding market is experiencing a strong cycle, with high order volumes and rising prices [1] - The current shipbuilding cycle is driven by four factors: normal ship replacement, a backlog of orders from 2013-2020, decarbonization in the shipping industry, and geopolitical factors increasing demand for ships [1] - The ship price index is expected to rise further, with the current cycle characterized by higher quality and complexity of ships compared to the previous cycle [1] Company Strategy and Industry Competition - The company is transitioning from being a large shipbuilding nation to a strong one, with a focus on international competition and leveraging its industrial base [2] - The company is competing fully with South Korea, particularly in high-end ship types like LNG carriers [3] - The industry is experiencing a concentration of orders towards leading companies, with limited new capacity expansion due to cautious market conditions [2] Management Commentary on Operating Environment and Future Outlook - The company believes the current shipbuilding cycle may exceed expectations, with higher down payments, more high-quality customers, and lower speculative orders compared to the previous cycle [1] - The company is optimistic about future profitability, with improving gross margins due to rising ship prices, favorable steel prices, and exchange rates [1] - The company is closely monitoring international market developments and geopolitical uncertainties to better position itself in the market [1] Other Important Information - The company does not foresee significant risks of order cancellations, as even if cancellations occur, the orders can be easily reallocated [2] - The company's engine production capacity is currently stable, with no signs of a shortage like in the previous cycle [3] Summary of Q&A Session Question: How does the company view the future trends of the shipbuilding market and the differences between the current cycle and 2007? - The current cycle shares similarities with 2007 in terms of rising order volumes and prices, but is driven by different factors including ship replacement, decarbonization, and geopolitical influences [1] - The current cycle is characterized by higher ship quality and complexity, with a ship complexity coefficient of 0.4 compared to 0.2 in the previous cycle [1] Question: How will the company improve order intake and profitability? - The company is focusing on high-end and green ship types, as well as segmented ship types, to attract major and high-quality shipowners [1] - The company is maintaining flexibility in order acceptance to mitigate risks [1] Question: Is there a possibility of domestic shipyard consolidation? - The global shipbuilding capacity is tight, with some new capacity expansions in China and limited activity in South Korea and Japan [1] - There are still idle capacities from bankrupt shipyards that have not been reactivated [1] Question: Can the company's profit margins return to the highs of the previous cycle? - The company expects a gradual improvement in profit margins, with higher gross margins in the second half of the year as low-priced orders are cleared [1] Question: What factors determine the company's ability to compete with South Korea and Japan for orders? - The company has become the largest shipbuilding nation and is transitioning to a strong competitor, leveraging its industrial base and labor-intensive advantages [2] Question: What is the company's dividend payout ratio? - The company indicated that the dividend payout ratio will not be low [3] Question: How is the company preparing for competition with South Korea in high-end ship types? - The company is fully competing with South Korea, particularly in LNG carriers, and expects its market share to increase over time [3] Question: What is the outlook for engine production capacity? - The company's engine production capacity is stable, with no signs of a shortage like in the previous cycle [3] Question: What is the revenue target for the current year and why is it relatively low? - The revenue target is lower due to the delivery of cruise ships and the disposal of offshore platforms, which contributed nearly 10 billion yuan last year [3]

摩根史丹利:宏观策略谈-三中全会前瞻摘要 中国经济目前处于通缩状态,消费疲软,信心不足,企业盈利不佳。517 房地产新政出 台后，整体经济数据表现参差不齐，消费和通胀数据偏差,而产量、出口和实际 GDP 数据勉强达标。 三中全会将继续沿袭过去四五年的方针规划，即中国式现代化，包括支持技术升级，解，shuinu99 进"卡脖子"点嘛。 #动态心地点点 * • 决"卡脖子"问题、推动产业链自给自足以及保障能源、食品和科技安全。《张歌 政府内部普遍认为需要通过中央政府资产负债表兜底,实现债务重组、刺激消费并重燃 • 私人企业信心,以实现再通胀。然而,将这些建议转化为行动仍需迫切感,这源于技术 升级与国际竞争需要走出通缩,以及社会稳定问题。 • 未来地方债与中央债的发展方向应更多用于社会保障体系建设,如充实社保、养老、保 障性住房和教育等领域,使居民没有后顾之忧,可以增加消费。 • 当前中国经济发展面临的主要问题是经济增长的不平衡,具体表现为工业生产和投资较 为强劲,而消费相对疲软。 • 在政策选择方面,专家学者普遍认为,在需求不足的情况下,财政政策的乘数效应优于 的一个人。 升,反而有所下降。 Q&A 最近两周的宏 ...

1、重卡行业目前的整体情况以及公司近期的生产经营情况如何? 公司通过加快产品优化升级和结构调整,持续提升产品质量和产品竞争力。截止目前,公司产品产销情况与 去年同期相比,依然保持较好的增长态势,且好于行业水平。同时,公司产品借助重汽国际公司出口至上百个 国家和地区,2024 年至今,公司重卡产品出口依旧保持了不错的成绩。 天然气重卡自 2023 年 4 月起开始上量,在油气价差的驱动下,燃气重卡的经济性优势较为明显。今年以来, 公司天然气重卡在牵引车的占比稳步提升,燃气车结构性增量机遇仍将继续。 近年来,新能源重卡在销量规模和渗透率方面提升较快。根据行业统计数据,2024 年 1-5 月重卡新能源销量 2.1 万辆,渗透率 8.4%。 根据第一商用车网数据,2024 年 1-5 月,重卡市场累计销售 43.31 万辆,比上年同期增长 8%。其中,5 月份重 卡销售约 7.8 万辆。 2、公司的天然气重卡销售情况? 3、如何看待新能源重卡的发展,以及公司新能源重卡的情况? 公司依托于重汽新能源公司实现新能源重卡产品的销售,且渗透率稳步提升。截止目前,公司新能源重卡的 销量已超过去年新能源重卡的销售总量。未来,公 ...