Investment Rating - The report indicates that Serbia meets most elements of the Action 14 Minimum Standard for dispute resolution mechanisms, suggesting a positive investment outlook in this area [22][23]. Core Insights - Serbia has a relatively large tax treaty network with 64 treaties, all of which include provisions for a Mutual Agreement Procedure (MAP) to resolve disputes [22][28]. - The report highlights that Serbia has signed and ratified the Multilateral Instrument, modifying five of its tax treaties to align with the Action 14 Minimum Standard [23][39]. - Serbia's MAP program has shown modest experience in resolving cases, with an average closure time of 6.53 months for cases closed during the reporting period [25][26]. Summary by Sections Tax Treaty Network - Serbia has entered into 64 tax treaties, all in force, which provide for a MAP for resolving disputes [39]. - The tax treaties largely comply with the Action 14 Minimum Standard, with provisions equivalent to Article 25 of the OECD Model Tax Convention [39][46]. MAP Guidance and MAP Profile - Serbia has issued guidance on the governance and administration of the MAP, which is available in both Serbian and English [28]. - The competent authority for MAP in Serbia is the Ministry of Finance, which currently employs one person dedicated to MAP cases [28]. MAP Statistics - During the 2021-22 reporting period, Serbia had a total of 7 MAP cases, with 5 remaining open at the end of the period [30]. - The average time to close cases was 6.53 months, with only one case resolved within the reporting period [26][30]. Practical Application of Action 14 Minimum Standard - Serbia partially meets the Action 14 Minimum Standard, needing to amend eight of its tax treaties to fully comply [23][24]. - The report identifies areas for improvement, including the need for a documented bilateral consultation process for cases where objections are deemed unjustified [24][25].

GF INTERGOVERNMENTAL FORUM on Mining, Minerals, Metals and Sustainable Development Determining the Price of Minerals A transfer pricing framework for lithium ITHIUM © IISD/OECD, 2024. This publication is licensed under a Creative Commons Attribution 4.0 licence (CC-BY 4.0). Nothing in this license shall be construed as a waiver of the privileges and immunities that the OECD enjoys as an international organisation. This work is published under the responsibility of IISD and the Secretary- General of the OECD ...

Investment Rating - The report does not explicitly provide an investment rating for the industry under review. Core Insights - The report evaluates the feasibility of a sustainable investment facilitation agreement (SIFA) between the EU and Southern Neighbourhood countries, aiming to improve local business environments and promote mutually beneficial investments [6][20]. - It highlights the importance of creating a comprehensive investment facilitation framework to guide government actions and improve local investment conditions, particularly in the context of recent geopolitical and economic challenges [17][25]. - The report emphasizes the need for transparency and predictability in regulatory frameworks to attract foreign direct investment (FDI) and support sustainable development goals [24][28]. Summary by Sections Section 1: Context, Structure, and Key Findings - The report outlines the background and structure of the investment facilitation practices in selected Southern Neighbourhood countries, including Algeria, Egypt, Jordan, Morocco, and Tunisia [22][35]. - It discusses the potential of SIFA negotiations to enhance investment conditions and attract better FDI in the region [20][31]. Section 2: Incorporating Key Investment Facilitation Standards - The report assesses the current investment environment in the selected Southern Neighbourhood countries based on key facilitation standards outlined in the EU-Angola SIFA [6][35]. - It identifies challenges such as the influence of privileged companies benefiting from special regulatory treatment, which hinders competition and investment growth [17][31]. Section 3: Opportunities for SIFA Negotiations - The report evaluates the readiness of each selected Southern Neighbourhood country for SIFA negotiations, focusing on their domestic legal and regulatory frameworks [20][35]. - It highlights the importance of aligning domestic laws with international labor and environmental standards to maximize the benefits of FDI [28][30]. Attachments - Attachment A provides a detailed overview of the domestic investment legal frameworks in the selected countries, based on extensive desk research [35]. - Attachment B discusses the investment and policy frameworks for renewable energy and green hydrogen in the Southern Neighbourhood [20][35].

OECD-FAO Agricultural Outlook 2024-2033 Food and Agriculture Organization of the United Nations OECD-FAO Agricultural Outlook 2024-2033 This work is published under the responsibility of the Secretary-General of the OECD and the Director-General of FAO. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the Member countries of the OECD, or of the Members of the Food and Agriculture Organization of the United Nations. The names and representation of countrie ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 基于 FCF-ROE 和 DCF 定价模型的策略框架 20240526 摘要 · 报告探讨A股市场投资风格，强调行业比较的重要性，并提出基于自由现金流（FCF）、 净资产收益率（ROE）和折现现金流（DCF）定价模型的策略框架。 ·报告提出LE-SCF（留存收益率-自由现金流）框架，认为自由现金流占净利润的比例和 LE 是基于DCF 定价模型的公司估值的关键变量，并指出 DCF 定价模型适用于具有正自 由现金流的公司，特别是行业细分市场的龙头公司。 报告分析了中证质量指数、中证150指数和国证绩效指数在过去十多年的表现，发现这 些指数在 2016 年三季度到2021 年第廿季度超额收益明显提升，但从2021 年 3月开始 呈现加速下行态势。 报告认为，当前宏观环境下，中国经济发展模式将发生显著变化，从高杠杆、高波动增 长阶段进入低杠杆、低波动增长阶段，稳态增长将成为主流，投资者应关注自由现金流 增速较高的公司。 报告分析了沪深300 指数过去几年的估值变化，认为2024年沪深300 指数的估值水平 有望实现一定程度的修复，特别是那些高自由现金流和高RO ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The rapid development and adoption of AI technologies in the workplace present both opportunities and risks for policymakers and workers alike [4][5] - AI has the potential to significantly enhance productivity and job quality, with surveys indicating that 80% of AI users report improved performance and 60% report increased job enjoyment [5][9] - However, there are substantial concerns regarding job displacement, wage reduction, and increased work intensity due to AI implementation [6][11] Summary by Sections Introduction and Purpose - Policymakers globally are addressing the swift advancements in AI technologies and their integration into workplaces, affecting all sectors and occupations [4] Opportunities and Benefits - AI can enhance worker performance and job satisfaction, with 80% of workers acknowledging improvements in their work due to AI [5] - The unequal access to AI may exacerbate disparities among firms and workers, highlighting the need for equitable AI adoption [5] Risks and Concerns - A significant portion of the workforce (60%) fears job loss to AI within the next decade, and 40% anticipate wage reductions in their sectors [6] - Concerns also include increased work intensity, data privacy issues, and potential biases in AI systems [6][37] Policy Gaps and Recommendations - There is a lack of concrete action plans for skills development related to AI, with existing programs often focusing narrowly on digital skills [14][15] - Recommendations include monitoring AI's impact on labor markets, anticipating future skill needs, and providing adequate social protection for displaced workers [15][21] Specific Risks Identified - **Automation and Job Displacement**: AI poses risks to high-skilled jobs, with 27% of total employment in occupations at high risk of automation [11][14] - **Rising Inequality**: Disparities in AI access can lead to increased inequality in the labor market [16][21] - **Occupational Health and Safety**: AI can both improve and pose new risks to worker health and safety [22][25] - **Privacy Breaches**: Increased data collection through AI raises significant privacy concerns among workers [27][30] - **Bias and Discrimination**: AI systems can perpetuate existing biases if not properly designed [37][40] - **Lack of Autonomy**: AI can limit workers' autonomy and agency, impacting their professional identity [43][46] - **Lack of Transparency and Explainability**: Workers often struggle to understand AI decision-making processes, leading to distrust [48][51] - **Lack of Accountability**: Unclear lines of accountability for AI systems complicate regulatory enforcement [55][57] - **Challenges to Social Dialogue**: The introduction of AI can create information asymmetries between employers and workers [58][60] Conclusions - Continuous monitoring of AI risks and policy responses is essential to address the fast-evolving landscape of AI in the workplace [64]

我是张任劝特别分析师张夏不好意思刚才那个系统出了点问题然后这个刚刚接接入了啊登录的时候出现了一个软件突然假死的情况今天呢我们是汇报一篇之前写了一篇新的报告这个也是我们对风格A股风格的一个理解的一个新的一篇报告 那么众所周知就是A股呢他在做投资的时候最重要的他不是去择时看多或看空嗯行业比较也非常重要但是其实呢就是在做行业比较过程当中呢呃不同的行业就明显的这种属性啊那么把这种属性的核子呢我们把它叫风格实际上我们所有的这个A股啊最重要的一件事情呢是把这个风格或者说资产类型呢给他搞清楚啊这个是事半功倍的 就是说你天天在外面调研啊或者研究啊5000多家上公司你肯定都不可能都研究的完对吧那你研究哪些公司才是有价值的那这个就是需要一套方法论去指导啊也就是说到底我应该在什么时候去选择一个什么样类型的公司那么今天呢我们来讨论一下一种新的资产类型啊就是基于这个FCF和ROE以及DCF的定价模型的策略框架 而这些词看起来有点唬人啊但其实都是我们平时经常用的一些啊比较基本的概念呃这个FCF呢就是自由限流free cash flow它的核心啊这个大家应该都一般都比较清楚啊就是把这个企业赚得的经营性限流金额减去必要的基本开支和一些正常的 ...