公司简介 中国铁建股份有限公司主要业务为工程承包、规划设计咨询、投资运营、房地产开发、工业制造、物资物流、绿色环保、产业金融及其他新兴产业。公司具有科研、规划、勘察、设计、施工、监理、维护、运营和投融资等完善的行业产业链,具备为业主提供一站式综合服务的能力。集团是中国乃至全球最具规模实力的综合建设产业集团，连续入选《财富》杂志“世界500强”企业，2023年排名第43位；在美国《工程新闻纪录》（ENR）杂志公布的“全球250家最大承包商”中稳居前3位。 中国铁建前身为解放军铁道兵。中国铁建股份有限公司（简称“中国铁建”）于2007 年11 月 5 日在北京成立，由中国铁道建筑集团有限公司独家发起设立，为国资委管理的特大型建筑企业。2008 年 3 月 10 日和 3 月 13 日，公司分别在上海证券交易所和香港联交所上市。 图1 中国铁建发展历程 资料来源：公司公告，国信证券经济研究所整理 公司连续入选美国《工程新闻纪录》（ENR）杂志“全球 250 家最大承包商”，2022年排名第 3 位；连续入选《财富》杂志“世界 500 强”，2022 年排名第 39 位；连续入选“中国企业 500 强”，2022 年排名第 11 位。下图是2022 年度 ENR “TOP 250 国际承包商”和“TOP 250 全球承包商”。 公司拥有行业领先技术专家（1 名工程院院士、11 名国家勘察设计大师、11 名“百千万人才工程”国家级人选），获国家级、省级奖项多次（国家科学技术奖 87项、中国土木工程詹天佑奖 123 项、国家优质工程奖 490 项、中国建筑工程鲁班奖 157 项、省部级工法 3838 项），累计拥有专利 24896 项。 股权结构 公司由国资委控股，是全球领先的特大型综合建设集团之一。公司控股股东为中国铁道建筑集团有限公司，持股比例为 51.13%，实际控制人为国务院

一、人工智能芯片概述 1 概念界定   1.1 AI芯片   ● 广义AI芯片：专门用于处理人工智能应用中大量计算任务的模块，即面向人工智能领域的芯片均被称为AI芯片。   ● 狭义AI芯片：针对人工智能算法做了特殊加速设计的芯片   1.2 分类   ● 根据其技术架构，可分为GPU、ASIC、FPGA、类脑芯片 GPU最早是图形处理器，现在采用数据并行计算模式，已成为通用计算机和超级计算机的主要处理器。英伟达于AMD占据主导地位 FPGA全称指“可编程逻辑门阵列”，是一种“可重构”芯片，具有模块化和规则化的架构，主要包含可编程逻辑模块、片上储存器及用于连接逻辑模块的克重购互连层次结构。 ASIC是指应特定用户要求和特定电子系统的需要而设计、制造的集成电路。ASIC从性能、能效、成本均极大的超越了标准芯片，非常适合AI计算场景，是当前大部分AI初创公司开发的目标产品。 类脑芯片基于神经形态计算（脉冲神经网络SNN）   ● 根据其在网络中的位置，可分为云端AI芯片、边缘及终端AI芯片 大多数AI训练和推理工作负载都发生在公共云和私有云中，云仍是AI的中心 随着大量的数据向边缘下沉，边缘计算将有更大的发展，对边缘侧的算力提出了更高的要求 智能驾驶、智慧家居、智慧安防、消费电子等终端产品类型逐渐多样，出货量增加催生大量芯片需求   ● 根据其在实践中的目标，可分为训练芯片和推理芯片 2 AI芯片发展历程 3 国内外政策环境   ● 2016 年发改委《互联网+人工智能三年行动实施方案》：对人工智能芯片发展方向提出多项要求，并促进智能终端可穿戴设备的推广落地。   ● 2017年国务院《新一

Overseas leader review The following section mainly analyzes the real estate brokerage market in the US The real estate brokerage market in the US is different from that in China. Its characteristics are as follows: 1) The US mainly sells existing houses, with second-hand existing houses accounting for about 90%, while China accounts for about 33%; 2) House sales are mainly single-family houses, accounting for about 82%; 3) The MLS system (full name Multiple Listing Service System or Housing Information Sharing System) is adopted. MLS is a place where agents with their membership status publish real housing listings. According to NAR statistics, 90% of home sellers have uploaded their listings to MLS. The US real estate brokerage market is relatively scattered. According to REALTRENDS Stat

New housing business There is great room for growth in the penetration rate of new housing business, and future growth mainly depends on the penetration rate. Currently, it is expected that the penetration rate of brokers in China's new housing transactions will be less than 40%, and the penetration rate in 2026 will only reach 45%, which is significantly lower than the expected penetration rate of 90.5% for existing houses, and there is obvious growth space. Based on the deep development of urbanization and the high and scarce land area in the city center, most real estate developers tend to choose locations in the suburbs or new development areas, and the customer visit rate is naturally low. For future customer acquisition needs, the position of brokers in new housing transactions will

Executive summary Industry: Despite fluctuations in real estate policies, the overall market size of the three major residential businesses (stock, new housing transactions, and housing leasing) is still steadily growing, and the penetration rate of real estate brokerage services is also continuing to rise Competition: China's largest online and offline integrated housing transaction and service platform, with significant competitive advantages. In 2021, Beike's transaction volume in the residential field (second-hand + first-hand) reached 3.85 trillion yuan, with a market share of 9.7%, ranking first, exceeding the sum of the second and fifth places combined Based on overseas experience, Beike has integrated the three elements of housing, customers, and agents in China, with very promine

工作性能：重卡载货工作时间长，行驶里程远 契合前文提及的氢燃料电池车在重卡的竞争优势。 据调研，60%以上的重卡司机日均行驶里程在300-500km之间，对长续航发动机要求较高。目前市场上大部分传统的燃油重卡，装备800升油箱就可以轻松续航超过2000公里，穿越几个省份。而动力重卡续航里程上限在300km，且自重大（电池重量可达3吨），充电效率低且高速公路充电桩难寻，难以满足实际工作需求。仅能利用在日均里程300km以内的主要经济带支线运输。而目前燃料电池重卡续航里程已达到400km，可基本满足中短途运输的需求，且充电效率高，契合重卡司机使用需求。 经济效益：重卡是运输公司与个体司机的赚钱工具，成本对比是他们最关心的问题 【购置成本】核心项是燃料电池系统与储氢系统 目前，燃料电池系统与储氢系统是影响氢车成本的最核心零部件，二者核心成本占比超70%，其中燃料电池系统占约60%，储氢系统15%，这两部分具有较大的降本空间，将显著提升氢车的购置优势。 预计2025年燃料系统成本降至2000元/kW，单车功率假设150kW，系统成本30万，整车成本70-90万，相对电动重卡具有竞争力；若燃料电池系统成本降至1000元/kW，150kW燃料电池系统成本为15万元，预计整车成本50-60万元左右，相对燃油车有竞争力 以49吨氢燃料电池重卡为例，整车成本约140万元（纯电重卡80万元，柴油重卡45万元）。其中燃料电池系统功率130 kW，成本约65万元，占比46%；车载储氢系统（约40 kg H2）成本约25万元，占比18%；需配备动力电池120 kW·h，成本占比9%；此外电机及驱动系统占比约13%；车身及其他部分占比14 【使用成本】终端氢气价格*百公里氢耗*行驶里程 当前终端用氢价格在30-80元/kg，当降至20/30元/kg时实现电动车/燃油车平价。受制于市场用氢需求、氢

Company Overview 公司基本情况氢燃料电池电堆领军企业，主要布局电堆与系统，2023年11月港股上市。2023年上半年，亿华通与国鸿氢能市占率差异不大，为行业Top2公司电堆技术早年来自于巴拉德的合作学习，针对9SSL 电堆，2016 年两家企业签订技术授权和转让条约，然而电堆核心部件 MEA 均由 Ballard 提供，签约企业仅被授权在中国生产巴拉德电堆和双极板或组装系统。公司凭借强大的自主研发创新能力，在 Ballard 的 9SSL 电堆产品的基础上，实现了电堆的完全自主研发和生产，也在国内率先实现了国产化2020年，公司开始从电堆向系统进军，通过一体化推进发展 公司产品核心产品为燃料电池系统，出货形式为向车企销售燃料电池系统与电堆（以系统为主）燃料电池电堆：分为9SSL、鸿芯G系列。9SSL贡献主要出货销量燃料电池系统：覆盖50kW-100kW，最高功率可达240kW。主要出货功率为>100kW，其次为50-100kW 定价与盈利能力2019-2022H1 公司营业收入分别为 3.66 亿元、2.27 亿元、4.57 亿元和 1.9 亿元，2020 年收入下滑主要系公司主要产品由电堆向系统转型，当年的系统销售价格近半的大幅下降以及由公司引领行业率先大幅度降本截至2022年，公司营业收入为748.5亿元，同比增长63.7%。其中97%来源于燃料电池系统。整体毛利率34%，燃料电池系统毛利率27%，燃料电池电堆毛利率19.1%公司电池电堆毛利率小幅下滑主要系公司产品向系统转型，电堆出货或为此前库存的9ssl 电堆，早期成本较高 截至2023年5月，燃料电池电堆平均售价在1700元/kW（9SSL 2200元/kW，鸿芯G系列1400元/kW），年均降幅24% 截至2023年5月，燃料电池系统平均售价在3800元/kW，>100kW系

公司介绍 唯品会，是我国特卖电商龙头，深耕“精选品牌+深度折扣+限时抢购”的正品特卖模式。唯品会成立于 2008 年，于 2012 年在纽交所上市。唯品会采用商品错季采购、厂家垂直发货等方式与知名品牌代理商及厂家合作，免除中间商费用，在货源压缩成本确保名牌折扣。与传统电子商务基于主动搜索的购物需求不同，唯品会通过限时特卖，给消费者提供潜在需求的不同消费体验和乐趣。 唯品会主要发展时间点： 2008 年，唯品会名牌限时折扣网正式运营，并首次推出“正品保险”。 2012 年，唯品会成功在纽交所上市。 2015 年，公司推出消费信贷服务“唯品花”。 2017 年，公司与腾讯、京东达成战略合作伙伴关系，三家公司资源互换、战略协同。 2019 年，公司收购杉杉奥莱100%股份，布局线下奥莱业务，推动正品特卖双线发展。 2022 年，唯品会上市十周年，通过在折扣零售领域 13 年的专注运营，唯品会已建立起庞大的用户群和品牌合作伙伴基础。 商业模式 公司商业模式为“正品特卖”，提供精选品牌+深度折扣+限时抢购（主要频道）购买体验。主要销售品类以服饰穿戴为主，涵盖了从服装、鞋包、美妆、母婴、家居等广泛的产品类别。 通过经验丰富的买手团队、与品牌商日益紧密的互利共赢合作关系、自身严格的品控流 程和第三方保险的加持、快速退款服务，唯品会正品+低价+优质服务的竞争优势持续巩固。 （1）唯品会拥有超过千人的专业买手团队。买手们凭借丰富的销售经验，考虑历史数据、流行趋势、季节和顾客反馈，收集、分析、使用顾客行为交易数据，通过顾客关系管理和智能商务系统，挑选符合潮流和消费者欣赏角度的品牌好货。同时也向品牌商提供部分信息，提前跟品牌商谈判价格拿货。 （2）唯品会通过“品牌折扣+限时抢购+正品保障”的商业模式进行营销，激发消费动 力，保证库存清理能力。唯品会强大的库存清理能力加上电商平台所带的流量优势反

2) Popmart has established a strong economic moat by actively seeking out global artists and securing intellectual property rights. This strategic move allows Popmart to develop its own unique toys and go beyond the production of toys solely derived from existing television series, establishing a distinctive brand presence. The company's in-house design team collaborates with artists to refine designs in alignment with the distinctive style of the intellectual property figures and incorporates valuable input from consumer feedback, enhancing the attractiveness of their products. This approach allows artists to concentrate on the creative design aspect while Popmart handles the commercialization process.A pivotal moment in Popmart's expansion was founder Wang Ning's visit to Kenny, the arti

海澜之家HLA GROUP CORP., LTD.   核心结论：行业首个入选“品牌强国工程”的服装品牌，正在实现从“男人的衣柜”走向“国民品牌”。根据财务报表分析可得，公司资本运营能力比较强劲，资本结构和财务体质相对健康，其通过股权融资降低了企业的债务杠杆率，是一家低估值、高股息的优质的公司。其核心竞争力体现在高效的供应链体系帮助其快速获取顾客对于产品的一手反馈，加速了其新品迭代速度，充分掌握并迎合了用户的消费习惯。 1.    行业概况 男装分为职业装、商务正装、商务休闲装、时尚休闲装等，男装行业发展与宏观经济密切相关，整体来看分为三个阶段，2012年前为快速扩张期，2013-2017年为平稳增长期，2020-2022年因疫情影响有所下滑（其中2021年受到政策影响有所回弹），伴随防疫政策放开和消费复苏，目前行业所处市场正在逐渐恢复。根据迪柯尼招股书数据，2019年国内男装市场的零售规模达到5806亿元，2020年以来受疫情影响，零售规模有一定下滑，为5108亿元，2021和2022年分别为5705亿元和5323亿元。 后疫情时代，服装行业整体呈现低迷复苏态势，且服装作为基础可选消费品，行业增长与宏观经济具有较强相关性，近年来已进入低速增长期。从细分行业来看：（1）男装行业市场较为成熟，竞争格局稳定，市场集中度呈现提升趋势，尤以龙头企业规模优势明显，依托供应链资源，不断推出产品品质、功能创新与国潮时尚兼具的产品，以满足消费者多样化着装需求。（2）女装行业方面，随着居民可支配收入的增长，高净值人群进一步增加，消费者对强设计感、优质的中高端女装消费意愿和能力逐步增强，中高端女装迎来更大的增长空间。（3）童装行业方面，虽然我国近年来出生率不断走低，但新生代父母注重精细化育儿，价格敏感度较低，舒适性和时尚性成为该群体主要消费诉

Executive Summary 拥有强大的品牌力作为基础是核心，低度化趋势+强大的低度白酒（38度国窖1573）品牌优势有望成为公司未来的增长引擎，同时低端酒的消费升级有望为公司的收入贡献增量 Management & Stakeholder 泸州老窖总部位于四川泸州，由泸州市国资委直接持股0.08%，最终实现控制。公司股权结构稳定，最大的控股股东是泸州老窖集团有限公司，持股25.89%；第二大股东是泸州兴泸投资集团有限公司，持股24.86%。 Company History1989-2001：战略错误导致品牌力滑坡。泸州老窖为了迎合大众消费，提升自己的产品销量，将泸州老窖特曲定位为大众品牌。然而，由于大众酒销售门槛低，管理难度大，价格秩序混乱，再加上低价格损害品牌形象，泸州老窖的品牌力和品牌形象开始落后于在名酒计划价格放开后提价的五粮液、茅台以及剑南春2001-2012：借“国窖1573”重新定位，回归第一品牌阵营。2003-2012是白酒发展的黄金十年，泸州老窖在2001年推出“国窖1573”、重新定位高端市场，收入利润快速增长2012-2015：行业深度调整期，战略失误、受损严重。三公消费出台后白酒行业进入低迷期，其中品牌力较弱的次高端打击尤为严重、泸州老窖作为高端白酒第三名同样受损严重，批价接近腰斩（从2012年最高点920元下降到540元），且吸取之前“教训”进行的逆势提价策略不但没有挺住国窖品牌力，反而进一步侵蚀了经销商利益、造成品牌与渠道力的进一步下行2015-至今：组织、渠道、产品全面改革，重回第一阵营。自2015年开始，公司进行了多维度的改革。在组织方面，新的管理层上任，董事长刘淼和总经理林锋都有着销售体系的背景，在渠道运营和终端管理等方面积累了丰富经验。在产品方面，公司削减了中低端产品的SKU，集中资源打造国窖的主打产品，将国窖的出厂

thics TotalEnergies operates in many different countries with disparate and complex economic, social, and cultural environments, where governments and civil society have especially high expectations of the company as an exemplar. Within this context, TotalEnergies strives to act as a vehicle for positive change in society by helping to promote ethical principles in every region where it operates. Accordingly, TotalEnergies is committed to respecting internationally recognized human rights wherever it operates, especially the Universal Declaration of Human Rights, the Fundamental Conventions of the International Labour Organization (ILO), the U.N. Guiding Principles on Business and Human Rights, the OECD Guidelines for Multinational Enterprises and the Voluntary Principles on Security and

estment thesis 5.1. A growing number of evidence about the environmental benefits of consuming plant-based food, coupled with a lack of consumer awareness presents Beyond Meat with an opportunity to capture greater market share. Beyond Meat stands at the intersection of an expanding body of evidence highlighting the environmental advantages of plant-based diets and the existing lack of consumer awareness regarding these benefits. The convergence of these factors presents an opportune moment for Beyond Meat to significantly increase its market share within the plant-based food industry. By leveraging the growing awareness of environmental sustainability and the health benefits associated with plant-based diets, the company can capitalize on this momentum, educating consumers, and strategic

In the event of accidents associated with the company's ADAS systems, it could face potential liabilities, government scrutiny, and increased regulatory oversight. Moreover, accidents or defects arising from third-party ADAS technology may negatively impact public perception and result in regulatory restrictions on ADAS technology. Additionally, regulatory restrictions pose a potential threat to the company's ADAS technologies. For instance, its research and development activities related to ADAS are subject to regulatory constraints on surveying and mapping, as well as driverless road testing. Any tightening of these regulatory restrictions could have a material adverse impact on the development of the company's ADAS technology. Politics In China threatens XPeng’s attractiveness to invest

Tech enabled fulfilment centres with last mile delivery Vistar has automated significantly its 3 retail centres (small parcel shipments) . With leverage on technological capabilities with automation in picking and packing parcels, Vistar allows products to be able to deliver to 96% of the population in 1-2 days. With the tech-enabled fulfilment facilities , this helps boost PFGC E-commerce & Q-Commerce segment.Given PFGC scale and supply chain, they could act as fulfilment service centres for manufacturers and customers alike. Even if its clients utilises a third party website , PFGC would still be able to capitalise on fulfilment opportunities for them. For Q-commerce, it capitalises on customer inclination towards fast delivery for smaller sized orders. The quick commerce segment is

Dispelling Fears of CompetitionBears are concerned about Spotify’s ability to capture market share in music streaming, with the biggest competitor being Apple Music.From online reviews, audiophiles say that Apple Music has slightly higher music quality than Spotify, and that has what has resulted in some to jump ship. For the average retail consumer, their ears are not going to be attuned to identify such minutiae differences in quality, especially for Podcasts where there will be no material difference in levels of enjoyment. While further investments in audio tech and introducing Lossless audio might help Spotify to reduce the biggest reason for churn, I doubt that this impact will be material and for now, Spotify is better off investing in expanding their product offerings, especially i

The service segment, including replacement markets and new onsite services like silo and pressure vessel fabrication, represents a significant growth avenue. These areas not only promise higher margins but also deepen customer engagement, reinforcing Kilburn's role as a vital partner in its clients' operational ecosystems. The recent project with Technip for the IOCL refinery in Paradip exemplifies Kilburn's expanding service capabilities and its strategic focus on areas with substantial growth potential.Furthermore, Kilburn's ability to forge and maintain long-term technological partnerships, such as those with Nara and Carrier, extends its market reach and enriches its product and service offerings. These collaborations, alongside new ventures like the tie-up with Idreco, highlight Kilbu

You can't use an old map to explore a new world - Albert EinsteinCompany Description:C. E. Info Systems Limited (NSEI:MAPMYINDIA), provides digital mapping, geospatial software, and location-based Internet of Things technology solutions in India. MapMyIndia derives majority of their revenue from B2B and B2B2C customers. The company reports across two revenue segments, Map-led and IoT led and obtains its revenue mainly in India, with plans for international expansion. MapMyIndia was founded in 1992 and is headquartered in New Delhi, India.Revenue breakdown:Business Segments:Map-led: This is the legacy and core business of MapMyIndia.This business involves the sale of map data and services, including royalty, annuity, subscription, software and projects.IoT-led: This is a newer segment for M