我们有幸邀请了夏无新能的董秘 陈总给大家做一个沟通和交流我简单的介绍一下今天的流程前面我们会就夏无新能的固态电池的产品做个介绍请陈总然后后面除了固态以外最后我们可能会再交流一下它的主页一个是现在动力电池正极的 情况然后另外一块就是下午已经做得非常好的骨酸链电池整体的一个情况大概我们今天的安排就是这样接下来的话就看一下陈总那边在最开始能不能花5到10分钟的时间帮我们介绍一下下午性能在固态这边的一个布局谢谢陈总各位好那就是感谢天峰的邀请也感谢大家对公司的关注那我就先 简单介绍一下公司在固态上的一个布局作为正极材料厂其实固态这个固态的话也一般主要是两个方向一个是在正极方向另外一个是在垫底制方向那正极方向的话其实以前我们是讲跟这个好多种路线不管是氧化物 乳化物 继核物 硫化物路线它都有对接 那症级也是多种多样的有高电压的骨酸理高电压的酸盐和超高粘的酸盐材料嘛都在跟这个国内外这几个大厂进行对决但是从近期来看其实我们感觉就是大厂的话可能基本上都是选择硫化物路线嘛所以我们相应的对决也主要就是说高电压的骨酸理高电压的酸盐 高链的山岩都主要是就想跟硫化物进行适配吧这个硫化物电解是进行设备另外的话我们觉得我们三级报也披露一个就是 ...

Summary of the Conference Call Company and Industry - The conference call involved discussions about **Xiawuxin Energy**, focusing on its developments in **solid-state batteries** and **lithium-ion battery materials**. Key Points and Arguments Solid-State Battery Developments - Xiawuxin Energy is actively developing solid-state battery technology, particularly in the **cathode materials** sector, exploring various routes including **oxide, sulfide, and hybrid materials** [1][2]. - The company is focusing on **high-voltage cathode materials** and believes that its new structural cathode materials may have significant applications in solid-state batteries due to their high stability requirements [2][3]. - The main challenge in solid-state batteries is the high cost of **lithium sulfide**, which is currently priced between **100,000 to 150,000 CNY per ton**. The company aims to reduce this cost through process optimization [3][4]. - The company has made progress in reducing the cost of lithium sulfide to potentially **20,000 CNY per ton**, which would enhance the commercial viability of solid-state batteries [4][10]. Market Position and Competition - Xiawuxin Energy is competing with major manufacturers who are primarily adopting the **sulfide route** for solid-state electrolytes. The company is also exploring the use of **oxide materials** in conjunction with sulfides to address interface issues [5][6]. - The company is in discussions with several large manufacturers regarding the development and application of its solid-state battery technology, with expectations for commercial deployment around **2027-2028** [9][10]. Financial Performance and Production - In the third quarter, Xiawuxin Energy reported a production of **13,900 tons** of lithium iron phosphate, marking a **30% year-over-year increase**. The company is positioned as a market leader in this segment [13][14]. - The production of **sulfide materials** also saw significant growth, with a total of **38,000 tons** produced in the first three quarters, reflecting a **67% increase** compared to the previous year [13][14]. - The company’s profit margins in the lithium iron phosphate segment remain stable, while the overall profitability in the power battery sector is under pressure due to rising costs [14][23]. Future Outlook - The company anticipates continued growth in the demand for lithium iron phosphate and expects to maintain a competitive edge due to its technological advancements and product differentiation [17][22]. - The solid-state battery market is expected to grow, driven by advancements in technology and increasing demand for high-performance batteries in consumer electronics and electric vehicles [18][22]. - Xiawuxin Energy is focusing on **high-power applications** and plans to expand its production capacity while maintaining a strong emphasis on product differentiation rather than volume [22][23]. Additional Insights - The company is exploring the use of **NU structure** in its cathode materials, which is believed to enhance energy density and conductivity, although it is currently in the early stages of development and production [24][25]. - The introduction of new structural materials is expected to provide a competitive advantage, with potential for premium pricing in the consumer electronics market [25][26]. Other Important but Overlooked Content - The company is cautious about disclosing specific details regarding its proprietary processes and partnerships, indicating a strategic approach to maintaining competitive advantages [12][20]. - There is a focus on optimizing production processes and reducing costs, which is critical for the commercial success of solid-state batteries [10][11]. This summary encapsulates the key discussions and insights from the conference call, highlighting the strategic direction and market positioning of Xiawuxin Energy in the evolving battery technology landscape.

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.

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]

Summary of Conference Call Company Overview - The conference call involved Anker Innovations, focusing on recent financial performance and strategic insights. Key Financial Performance - For the first three quarters, the company achieved revenue of 16.4 billion, a year-on-year increase of 39% [2] - Net profit reached 1.47 billion, up 21% year-on-year, while adjusted net profit was 1.3 billion, reflecting a 41% increase [2] - In Q3 alone, revenue accelerated to 6.8 billion, a 44% increase year-on-year, with net profit at 600 million, up 52% [2] - All three major product categories saw growth exceeding 30%, with the charging segment benefiting significantly from new energy storage contributions [2] Product Category Insights - The charging category showed a growth rate of approximately 30% for small chargers and 170% for medium to large chargers [2] - The cleaning product segment, particularly the all-in-one robotic vacuum, marked a significant breakthrough, contributing positively to Q3 performance [3] - The smart audio segment maintained an average growth rate of over 30% across various products [3] Market Dynamics - The company noted strong growth in overseas markets, particularly North America and Europe, both exceeding 40% growth [5] - The demand for online sales remains robust, with significant contributions from events like Amazon's Prime Day [5] - The company is focusing on product innovation and expanding its market presence in both mature and emerging markets [6] Gross Margin and Cost Management - The company is actively working to improve gross margins, which have been affected by external factors such as shipping costs and currency fluctuations [7] - Despite challenges, internal efficiency improvements and supply chain integration efforts are ongoing [8] - The gross margin for Q3 showed slight fluctuations due to external pressures, but overall trends indicate a positive trajectory [7][8] Strategic Focus - Anker emphasizes the importance of product innovation and understanding consumer needs as key drivers for long-term success [23] - The company is committed to avoiding price wars and focuses on maintaining product quality and brand integrity [10] - Future growth strategies include enhancing product offerings and exploring new market opportunities, particularly in regions with low brand awareness [21] Competitive Landscape - Anker acknowledges the competitive pressures from established brands in the cleaning and audio segments but believes in its unique product positioning and innovation capabilities [11][29] - The company aims to leverage its early market entry advantages and established distribution channels to capture market share [11][13] Regional Market Insights - The company is observing different consumer behaviors across regions, with North America showing higher brand recognition compared to Europe and Australia [16][25] - In Australia, the e-commerce market is still developing, with a preference for offline shopping, while Southeast Asia shows a different trend with strong online sales [25] Future Outlook - Anker is optimistic about maintaining growth momentum in both revenue and profit margins, focusing on product differentiation and market expansion [9][10] - The company aims to continue innovating and adapting to market changes while ensuring sustainable growth [9][10] Conclusion - Anker Innovations is positioned for continued growth through strategic product innovation, market expansion, and a focus on maintaining high-quality standards while navigating external challenges in the global market.

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.

海外替换市场销量同比增加21.19%特别是半钢替换市场表现强烈大幅增长25.10%在毛利率方面前三季度国内成体毛利率呈现持续修复态势配套和替换市场同比均有3个BP左右的提升分别为14.49%和23.39%其中国内配套半钢毛利率达到35.33%的较高水平 海外整体毛利率依然保持高位稳定其中海外配套毛利率高达39.87%为四个板块中盈利能力最强的业务众所周知玲珑轮胎是一家集轮胎的研发制造和销售于一体的技术型轮胎生产企业经过多年的创新发展已经得到全球用户的广泛认可熟悉全球各大派系的审核要点技术水平管理水平及各项国际标准的把控能力均位居行业前列 公司自成立以来始终坚持配套带动零售的战略方向截至目前已为大众奥迪宝马通用福特本田日产等全球60多家主机厂的200多个生产基地提供配套服务实现了对中国德系欧系美系日系等全球重点车系的配套配套总量累计超过2.8亿条连续多年位居中国轮胎配套首位 近年来公司又围绕配套中高端品牌加中高端车型加中高端产品占比加快三个结构调整不但提升玲珑文胎的品牌影响力和示范效应增强全球配套盈利能力与此同时公司还借助全球新能源汽车行业快速发展的东风持续推进新能源配套业务的市场市场拓展 2024年前三季度公 ...

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.

基础设计的硬件类产品布局很全面它在这个路网空网运营侧其实也是有很大的这个想象空间的那其实我们在这一波这个市场反弹里面公司其实涨幅并不多然后后面可以预期的催化其实也比较多包括低空的底层设计包括特务协同招投标的这个推进等等其实是值得这个长期关注甚至买入的然后我们今天其实也很荣幸邀请来了这个 先发的董秘石总来跟我们聊聊公司的情况然后也欢迎石总那要不石总先简单介绍一下公司近期的一些情况然后我们再QA感谢好的感谢方正的朋友是这样我首先我首先先把我们整个业务布局的考虑跟大家报告一下因为公司基本做的业务咱也都比较了解主要交通和安防两大块交通 今年一共总体收入接近八十个亿嘛交通差不多三十里安防五十个亿嘛基本上这么个比例结构那么今年的六月份开始那个车辆一体化的招标呢也看到这个规模比较大因为现在的这个服务自动驾驶嘛城市管理嘛只不过就最近这几个月吧大家从这个体感上来看的话有些招标呢感觉就是一个就推后了一个呢可能这个量呢没那么大所以呢这个呢这个事情呢我觉得包括我们跑这些地方吧跟最近这个中央化债 包括到明年年初很多地方开两会嘛他明年的一些预算怎么样去分配这个本级财政和国家的这些特别国债这个比例啊那么这次划占了可能对明年的预算他还是有一 ...