TSMC Logo and symbol, meaning, history, PNG Competitor Analysis TSMC crafted and maintained its market position by focusing its business model solely on the production of semiconductors. However, the semiconductor industry is very segmented with fabless companies designing the chipsets and foundries manufacturing the final product. While some companies choose to become IDMs to design and manufacture their own chips, TSMC decided not to manufacture any products under its own name, so that the company never engages in direct competition with its customers. The competition in the semiconductor foundry industry is fierce as TSMC competes with other foundry service providers and some Integrated Device Manufacturers (IDMs). However, as chip designs grew increasingly complex, requiring specialize

TSMC Logo and symbol, meaning, history, PNG Company Overview Established in 1987 and headquartered in Hsinchu Science Park, Taiwan, Taiwan Semiconductor Manufacturing Company (TSMC) was the pioneer of the pure-play foundry business model. Led by Morris Chang who revolutionized the semiconductor industry, TSMC's adoption of the foundry business model has been instrumental in shaping the global fabless industry, solidifying its position as a leading semiconductor foundry by providing American chip companies with cost-effective manufacturing solutions. This model is distinguished by its exclusive focus on manufacturing its customers' products, abstaining from designing, manufacturing, or marketing any semiconductor products under its own name. This deliberate choice ensures that TSMC never en

Overview Company Overview Xpeng (NYSE: XPEV) is a Chinese smart electric vehicle (EV) company whose operations began in 2015. It designs, develops, manufactures and sells smart EVs that appeal to large and growing technology-savvy middle-class consumers. It also provides services including charging solutions, after-sales services and value-added services. Headquartered in Guangzhou, China, it also has main offices in Silicon Valley, San Diego and Amsterdam while the manufacturing plants are in Zhaoqing and Guangzhou, China. Xepeng X9 launched Jan 2024; Photo credits to Xpeng website On 1 January 2024, Xpeng launched XPENG X9 ultra smart large seven-seater MPV and commenced deliveries in the same month. Between January and February 2024, there were 12,795 vehicle deliveries. A. Business Seg

AGCO Corporation NYSE: AGCO “If she ain’t red, keep her in the shed.”- Farmer proverb Investment summary Rather than talk about precision agriculture and South America revenues, we are differentiated in that we believe that dealers will be the main thesis driving the stock in the near-medium term of 2 years. AGCO’s better command of dealerships will allow it to gain share in the industry downturn over CNH, its closest competitor. We acknowledge that while precision agriculture is a thesis, it is still far from being a key driver of stock price, with it only contributing to 5% or less of current revenues. However, we believe that our medium-term thesis on dealerships will feed into the long-term thesis of precision agriculture due to dealers being required to sell new tractors with precisi

6. Competitors 1) Fat-burning energy drinks grab the market Celsius (CELH), as a challenger to Monster, focuses on the healthy concept of "0 sugar, 0 calories, 0 fat", emphasizing more natural nutrients and claiming to help burn fat. This "fat-burning healthy drink" positioning has opened up a unique market path for Celsius and caters to current consumer trends. In the past two years, Celsius has received investment and distribution support from Pepsi, seemingly replicating Monster's development path. In the field of fat-burning beverages, Monster successfully acquired Bang in 2023. Bang focuses on the fitness and fat-burning niche market, and its different positioning and pricing strategy from Monster enriches Monster's product portfolio while resisting Celsius' attacks on the fat-burning

2） Gross profit margin, growth rate   -- Divided by regional income -- US market: Due to strong consumption power and high product pricing, the gross profit margin has been stable at about 68% for a long time. International Market: In contrast, the average product pricing in the international market is lower, and the gross profit margin is only maintained in the range of more than 40%. From 2015 to 2020, especially in major markets such as Europe and South America, the gross profit margin has declined year by year, mainly because the overseas market is still in the growth stage, and the company has to increase some promotional subsidies to develop the market. Overall: Overall, the company's gross profit margin remains between 50% -60%. From 2021 to 2022, the compan

1. Company Overview： Monster Beverage Corporation, formerly known as Hansen, is a Holding Company headquartered in Crona, California. It develops, promotes, sells, and distributes energy drinks through its subsidiaries. In 2002, it launched the Monster energy drink series and began transitioning from juice soda to energy drinks. The revenue streams are primarily divided into four operating and reportable segments: 1) Monster Energy Drink (91.81%): primarily sells ready-to-drink packaged energy drinks (RTD) to bottlers and full-service beverage distributors. 2) Strategic Brands (5.27%): primarily generates net operating income from the sale of concentrate or beverage base to authorized bottled and canned partners for the brand series eg, NOS, Throttlee, etc., which were exchanged from Coca-

Wide Economic Moat and Cost Optimisation Efforts On Track To Improve Margin Gains With the largest network of waste management facilities in North America, WM’s extensive infrastructure is a key cost advantage. The company operates over 300 landfills, more than 140 recycling facilities, and numerous transfer stations. This wide economic moat enables WM to achieve operational efficiencies, lower costs, and provide reliable services across a broad geographic area. Additionally, WM’s investment in automation and technology enhances the efficiency and effectiveness of its operations, improving margin gains. By implementing routing optimization tools and automating residential routes, WM has been able to streamline its operations and reduce operating costs. These efforts have led to reductions

Porter's Five Forces Competition Within The Industry - High With numerous large players and low switching costs, the competitive rivalry in the waste management/garbage industry is high. Bargaining Power Of Buyers - Moderate While individual customers may have limited bargaining power, larger commercial and municipal customers can negotiate contracts and prices based on volume. However, switching costs for customers can be high due to the specialised nature of waste management services. Thus, the bargaining power of buyers is moderate. Bargaining Power Of Suppliers - Moderate Suppliers providing necessary equipment and supplies to waste management companies establish substantial bargaining power due to their direct impact on the company’s operations. However, due to the dominant market pos

Sustainability & ESG Considerations Sustainability Strategy & Targets WM’s sustainability strategy is centred on three core ambitions: Material is repurposed Under this ambition, the Company seeks to reimage a circular economy. WM strives to operate innovative recycling and waste solutions that help fuel the continuous reuse of materials. Using 2021 as a baseline, WM sets a target to increase recovery of materials by 60% to 25 million tons per year by 2030, including an interim milestone of a 25% increase by 2025. Energy is renewable Under this ambition, WM aims to innovate for climate progress. The Company leverages advanced technologies to turn waste into energy that powers communities and reduces GHG emissions. It aims to reduce absolute Scope 1 and 2 GHG emissions to 42% by 203

Executive Summary 美国废弃物管理公司 NYSE:WM Against NYSE Composite Index Key Financial Information Company Overview Waste Management, Inc. (WM) is a leading provider of environmental solutions headquartered in Houston, Texas. Established in 1971, the company operates a comprehensive suite of services, including collection, transfer, recycling, and disposal services to millions of residential, commercial, industrial and municipal customers throughout the U.S. and Canada. WM maintains the most extensive disposal network and collection fleet in North America. It is also the largest recycler of post-consumer materials and is the leader in beneficial use of landfill gas, with a growing network of renewable natural gas plants and the most landfill gas-to-electricity plants in North America. WM's fleet e

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国

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《新一代人工知恩

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 prominen

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、氢源供应

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系统平均售价

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过