科达制造 20240806_原文 2024 年 08 月 06 日 22:40 发言人 00:00 我想再强调几点，首先关于整个能源金属板块的话，我们认为在当前的话，实际上来讲是对应到整个的有 色板块的话，我们想是会有这个相对收益也是比较明显。因为现在整个宏观的一个，不确定性的话是在放 大，然后各类资产的表现的话是波动比较大。对于，能源金属这边的话，大家也都可以看得到。前面的话 是，应该来讲调整其实相对来讲是比较充分的。现在整个金属价格的话也到了一些关键的点位，包括 30 里 到 8 万等等这些。所以的话我们认为整体上来讲，往下的空间的话其实是有限的。那么随着后面后续这个 旺季的到来的话，整整体上来讲还是有交易性的一个反弹的一个机会，这是大的一个背。 发言人 01:01 第二就是我们介绍一下科达制造这一块的一个情况。科达制造的话，我想整体上来讲可以理解为从几个方 面来介绍。就是他整个的一个公司从现在整个一个公司的业务布局和投资上的一个逻辑。然后第二是未来 的一个展望。 发言人 01:24 科达西亚这家公司的话，实际上来讲，从它的历史严格来看的话，其实是在佛山这边做五金市场起家的。 然后的话其实正常来讲，这公司 ...

Financial Data and Key Metrics Changes - The acquisition of 70% stake in Dingcheng Taiyuan is seen as a significant step for Northeast Pharmaceutical to expand its presence in the biopharmaceutical sector, bringing mature product lines, core technologies, and advanced laboratory facilities [1][2] - The company aims to leverage this acquisition to create new profit growth points and enhance its long-term development through technological innovation [1][2] Business Line Data and Key Metrics Changes - The focus is on cell therapy, particularly in the TCRT area, which is expected to present both opportunities and challenges for the company [1][2] - The company plans to accelerate the R&D process and optimize product registration pathways, emphasizing the importance of R&D investment [1][4] Market Data and Key Metrics Changes - The vitamin C market has shown better-than-expected performance in the first half of the year, with stable prices contributing to a positive outlook for the company's future performance [8][23] - The company is taking a cautious approach to investment direction in the biopharmaceutical sector to ensure investor interests are protected [8][24] Company Strategy and Development Direction - Northeast Pharmaceutical is committed to becoming a leading drug production and export base in China, focusing on integrating raw materials and formulations [3] - The company emphasizes the importance of R&D investment, particularly in innovative drug development, and plans to maintain a stable R&D team post-acquisition [6][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of the TCRT platform and the ability to optimize costs, aiming to reduce prices significantly in the future [13][24] - The company is optimistic about the future of its vitamin C segment and is actively monitoring market demand and production capacity [8][23] Other Important Information - The acquisition is expected to be completed within 120 days, with ongoing support for R&D during the integration process [5][14] - The company is exploring strategies for patent layout and registration pathways to expedite the approval process for innovative drugs [4][15] Q&A Session Summary Question: What was the main focus of the conference call? - The main focus was on the acquisition of a 70% stake in Dingcheng Taiyuan and its implications for the company's strategic development [10] Question: Why did Northeast Pharmaceutical choose to acquire Dingcheng Taiyuan? - The acquisition aims to strengthen the company's strategic deployment in the biopharmaceutical sector and quickly enter the cell therapy field [10][12] Question: What key achievements does Dingcheng Taiyuan have in the biopharmaceutical field? - Dingcheng Taiyuan has a product pipeline from early R&D to clinical phase I, along with valuable core technologies and a well-established R&D team [11] Question: What is the expected timeline for the product pipeline and clinical data release post-acquisition? - The timeline will be disclosed gradually based on the acquisition process and regulatory requirements [13] Question: How is the company planning to control costs and reduce prices for the TCRT platform? - The company aims to optimize costs significantly and has already achieved price reductions in some regions [13] Question: What is the company's strategy regarding the vitamin C market? - The company maintains a cautious optimism regarding the vitamin C market, focusing on quality and stability while monitoring market dynamics [23][24]

证券研究报告·A 股公司简评 通信 AI 服务器需求强劲增长，驱 动上半年业绩释放 核心观点 report@sh-knight.comreport@sh-knight.com 2024 年上半年，公司实现营收 2660.9 亿元，同比+28.69%，归母 净利润 87.4 亿元，同比+22.04%。主要是受益于 AI 服务器强劲 需求增长，云计算业务营收增长强劲，其中 AI 服务器产品营收 倍比增长，呈现加速增长趋势，云服务商营收占比持续提升，带 动公司营收及获利能力增长。公司是全球领先的高端智能制造及 工业互联网解决方案服务商，在 AI 蓬勃发展的趋势中，公司携 手全球顶尖客户共同推动 AI 技术进步，不断提升自身经营绩效 和行业地位。算力作为 AI 发展的基石，对 AI 的发展起到至关重 要的作用，AI 服务器及高速交换机有望在 AI 发展的大趋势中收 入占比不断提升，公司在 AI 服务器领域处世界领先地位，出货 量领先，高速交换机技术深厚，未来公司有望在行业快速增长的 背景下充分受益。 事件 report@sh-knight.comreport@sh-knight.com 公司发布 2024 年半年度业 ...

迪普科技 20240806 和利息到期时间的影响。 我们聚焦是运营商、金融和能源三个行业。现在信创已经到了器件层面，我们有 底层硬件，面对这种情况可以做出非常有竞争力的产品。比如电力的国网，我们 看到目前在有序做一些国产替换。运营商采购的国外的设备也在部分做有序替换。 政府市场是最大的单一市场，但特点是受财政资金影响，确实目前受宏观经济影 响丌会太好，但宏观环境好坏和我们的扩张没关系，我们在政府行业，尤其是今 年上半年看到政府行业增速还是相对比较快的，因为政府行业特别大也足够分散， 我们过去在政府行业投入相对少一些，现在肯定要逆势扩张，业务逆势增长。而 且政府行业也丌短有项目出来，从我们感觉下半年也会有一些特别国债出来的话， 对信息安全行业还是有拉劢的。公安、交通我们也在发展。另外海外，我们今年 初就探索海外业务，4 月份参加了迪拜的会展，目前看有一些机会，但对业务丌 会有拉劢，目前还是投入阶段。 上半年收入同比增长 13.63%，二季度增速环比是加快了，销售费用和管理费用 | --- | |----------------------------------------------------------- ...

| --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------|----------------------------------------------------------------------------------------------|-------------------------------------------------------------| | 证券研究报告· A 股公司简评 休闲食品 \n淡季渠道调整，需求承压 | 甘源食品 | | (002991.SZ) | | 核心观点 | | | | | 公司深耕籽类 ...

证券代码：600863证券简称：内蒙华电 债券代码：185193 债券代码：240363 债券代码：240364 公告编号：临 2024-022 债券简称：21 蒙电 Y1 债券简称：23 蒙电 Y1 债券简称：23 蒙电 Y2 内蒙古蒙电华能热电股份有限公司 关于参加内蒙古辖区上市公司 2024 年投资者 网上集体接待日活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 活动时间：2024 年 8 月 9 日（星期五）下午 15:00-17:00 ● 活动地点：深圳市全景网络有限公司网上平台，投资者可登 录"全景路演" (http://rs.p5w.net)，或关注微信公众号：全景财 经，或下载全景路演 APP，参与本次互动交流。 ● 活动方式：网络远程互动 为进一步加强与投资者互动交流，内蒙古蒙电华能热电股份有限 公司（以下简称"公司"）将参加由内蒙古证监局、内蒙古上市公司 协会与深圳市全景网络有限公司联合举办的"内蒙古辖区上市公司 2024 年投资者网上集体接待日活动"。现将相关事项公告如下： ...

Financial Data and Key Metrics Changes - The gold and jewelry sector experienced significant adjustments in Q2, currently positioned at relatively low levels, with an overall valuation between 12-13 times, compared to a historical range of 10-20 times and a median of 15 times [1] - The U.S. jewelry market's online share reached 33% in 2023, reflecting a shift from traditional retail to online channels [1][2] - The average per capita jewelry expenditure in the U.S. decreased by 3% to $289 in 2023, with the proportion of jewelry spending to disposable income dropping from 0.6% to 0.5% [1] Business Line Data and Key Metrics Changes - The diamond jewelry market share in the U.S. has fluctuated, with a decline from 59% in 2009 to 40% in 2016, stabilizing around 40% from 2017 to 2019, and rebounding to 40% post-pandemic [2] - The market share of lab-grown diamonds increased from 5% in 2018 to 9% in 2023, while natural diamonds dropped to 34% [2] - The online revenue for jewelry retailers is projected to grow significantly, with a rise from $28.28 billion in 2015 to $15.6 billion by 2024, increasing its share from 2% to 21% [3] Market Data and Key Metrics Changes - The U.S. jewelry market share for precious metal jewelry rose from 82% in 2009 to 85% in 2023, indicating a concentration of market power among leading brands [2] - The number of physical jewelry stores in the U.S. decreased from 21,000 in 2015 to 18,000 in 2023, reflecting a shift towards online sales [1] - The average number of people per jewelry store in the U.S. increased from 15,000 in 2015 to 19,000 in 2023, indicating a consolidation of retail locations [1] Company Strategy and Development Direction - The industry is witnessing a shift towards online channels, with companies focusing on enhancing their digital presence and operational capabilities to adapt to changing consumer behaviors [1][4] - Companies are leveraging partnerships with e-commerce platforms to boost sales, with significant growth in online revenue reported by major players [4] - The trend towards brand differentiation and targeted market positioning is becoming crucial for competitiveness in the jewelry sector [4] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of monitoring end-user sales and franchise expansion as key indicators for future growth in the jewelry sector [1] - The management noted that the economic environment remains challenging, with consumer spending on jewelry under pressure due to economic fluctuations [1] - The future demand recovery and franchise expansion are critical observation points for the industry [1] Other Important Information - The pandemic has accelerated the modernization of the U.S. jewelry industry, with a notable increase in online shopping habits among consumers [1][2] - The rise of social media has significantly influenced jewelry consumption trends, with personalized jewelry gaining popularity [2] - The competitive landscape is shifting, with leading brands expanding their market share while smaller brands struggle to maintain their positions [3] Q&A Session Summary Question: What are the key trends in the U.S. jewelry market? - The U.S. jewelry market is experiencing a significant shift towards online sales, with a notable increase in the market share of lab-grown diamonds and a decline in traditional diamond sales [2] Question: How is the company adapting to the online sales trend? - The company is investing in digital platforms and enhancing its online operational capabilities to meet the growing demand for online jewelry purchases [4] Question: What is the outlook for consumer spending in the jewelry sector? - Consumer spending in the jewelry sector is under pressure due to economic fluctuations, but there is potential for recovery as demand stabilizes [1]

投资逻辑 车路网联化与单车智能化协同互补，赋能智驾安全与效率。单车智能化在感知层面分为多传感器融合与纯视觉信 息采集两种技术路线，在决策层面分为规则模型与端到端模型两种技术路线。车路网联化是指车辆与道路之间、 车辆与云控平台之间的信息互联、协同感知与协同决策控制。市场有声音认为，长尾路段的网联化建设成本高企， 车路网联化难以覆盖长尾交通场景。对此我们认为，单车智能化是实现 L3+自动驾驶普遍落地的前提与基础，车 路网联化会从安全（提供冗余）与效率（路口、路段通行效率）两个层面成为不可或缺的补充。 国家政策大力支持车路网联化建设。2021 年，工信部发文推动建设智能网联汽车道路测试示范区，目前已建设 17 个国家级道路测试示范区；工信部及住建部支持建设智慧城市基础设施与智能网联汽车协同发展试点城市， 目前已建设 16 座"双智"试点城市。2023 年 5 月，工信部复函支持湖北、浙江、广西创建国家级车联网先导区， 目前已建设 7 个国家车联网先导区。2024 年 7 月，工信部等五部门发布首批 20 座"车路云一体化"试点城市。 "车路云一体化"试点城市路侧智能化基础设施规模约 317~528 亿元，MEC、R ...

证券代码：000975 证券简称：山金国际 公告编号：2024-042 山金国际黄金股份有限公司 关于参加内蒙古辖区2024年投资者 网上集体接待日活动的公告 本公司及其董事会全体成员保证信息披露内容的真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，山金国际黄金股份有限公司（以下简称 "公司"）将参加由内蒙古证监局、内蒙古上市公司协会与深圳市全景网络有限 公司联合举办的"内蒙古辖区上市公司 2024 年投资者网上集体接待日活动"， 现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 (http://rs.p5w.net)，或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，活动时间为 2024 年 8 月 9 日（周五）15:00-17:00。届时公司 高管将在线就公司 2023 年度业绩、公司治理、发展战略、经营状况、融资计划、 股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广 大投资者踊跃参与！ 特此公告。 山金国际黄金股份有限公司董事会 二○二四年八月五日 l ...

证券代码：600887 证券简称：伊利股份 公告编号: 临 2024-071 内蒙古伊利实业集团股份有限公司 关于参加内蒙古辖区 2024 年投资者 网上集体接待日活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为进一步加强与投资者的互动交流，内蒙古伊利实业集团股份有限 公司（简称"公司"）将参加由内蒙古证监局、内蒙古上市公司协会与 深圳市全景网络有限公司联合举办的"内蒙古辖区上市公司 2024 年投 资者网上集体接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录 "全景路演" 网站（https://rs.p5w.net）；或关注微信公众号：全景财经，或下载 全景路演 APP, 参与本次互动交流，活动时间为 2024 年 8 月 9 日（星期 五）15:00–17:00。届时公司董事会秘书邱向敏先生、投资者关系部总经 理赵琳女士、证券事务代表赖春玲女士将在线就公司 2023 年度业绩、公 司治理、发展战略、经营状况和可持续发展等投资者关心的问题，与投 资者进行沟通与交流，欢迎广大投 ...