稀土磁材何以强势？20241104 摘要 • 11 月份是布局顺周期板块的关键节点，主要受美国大选、风貌会议以及 国内财政政策是否接力出台的影响。短期市场波动剧烈，但长期变化不可 低估。四季度是一个极其重要的拐点，如果特朗普上台，建议减配钢铁和 有色金属，更多关注内需和科技成长板块。如果哈里斯上台，并且国内财 政政策接力出台，也将是布局顺周期的好时机。 • 从金属下游相对于国内政策弹性来看，钢材无疑是最大的，其次是铝和铜。 钢材下游 53%为建筑行业，而铝和铜分别为 33%和 9%。短期内市场仍处于 震荡区间，需要等待会议指引方向。 • 稀土板块近期强势上涨主要受基本面改善和题材共振驱动。基本面方面， 自三季度以来，国内稀土供需出现了明显边际缓解，供给端压力加大，需 求端如新能源风电走强，推动了稀土价格上涨。 • 上游方面，两大集团北锡和中锡主导轻稀土市场，上游厂商库存持续减少。 下游方面，新能源风电需求在下半年走强，整体供需格局改善明显。 • 稀土题材共振主要体现在特朗普交易和并购预期。特朗普交易指的是与美 国政治环境相关的不确定性增加，使得投资者对具有战略意义资源如稀土 更加关注。而并购预期则涉及到行业内 ...

好的感谢会议助理接下来我们进行11月份的策略讲解我是金融统一证券策略分析师崔威我们这次拟定的标题叫流动性精准灌溉PMI重返景气从这个标题我们也看得出来包括央行从9月份采取了一系列的措施那就是向市场注入流动性 这种流动性在9月份很明确的指向了一个叫房地产市场一个叫什么证券市场所以整个我们看到证券市场非常的活跃那接下来的一个流动性灌溉到哪里呢我们觉得就向企业端那大家普遍关注的叫央行财政这一块地方政府化债那有一个其实是 一直是权在头上的对于企业的应收账款这一块我们觉得这个有可能是未来财政发力的一个方向这是整个报告的一个概述那我们10月份说了什么我们看一看我们说正反馈效应已经建立然后增量政策是陆续出炉将坚定看多中国做多中国的信息 其实11月份还是有很多扰动包括很多人会关注美国大选的情况我们看到包括美国股市还有欧洲日本的股市在临近大选这一段时间都出现了比较大的波动但是我们中国的股市 可以看得到保持了一个很强的韧性为什么会这样呢实际上就是我们做了正确的自己我们把自己做好那么激活各个市场的一个叫做主体向上这样一个活力那就会比较好的叫做扛住外部风险的这种压力测试 然后整个10月份我们说8号是高开高开之后呢全月是一个强势震荡整 ...

Investment Rating - The report does not explicitly provide an investment rating for the cybersecurity education and workforce development sector Core Insights - The report emphasizes the critical need for a skilled cybersecurity workforce to address the growing threats posed by cybercrime and the increasing complexity of digital infrastructure [4][30] - It highlights the significant gaps in workforce capability and skills, exacerbated by the rapid growth of the cybersecurity industry and the rise of new technologies like Artificial Intelligence [30][44] - The report outlines a strategic action plan aimed at enhancing cybersecurity education and workforce development through both traditional and non-traditional pathways [7][8] Summary by Sections Section 1: Cybersecurity Workforce Development and Education Challenges - Identifies various challenges, barriers, and limitations in the current cybersecurity workforce development landscape [8][54] - Discusses the need for a comprehensive understanding of these issues to formulate effective strategies [8][57] Section 2: Framework for Hardening Campus Information Security - Proposes strategies for enhancing campus information security and critical infrastructure protection [6][8] - Emphasizes the importance of digital awareness programs in educational institutions [6][8] Section 3: Cybersecurity K-12 Education - Discusses the importance of integrating cybersecurity education into K-12 curricula [8][11] - Highlights the need for academic support and skill development from an early age [11] Section 4: Traditional Pathway Model - Describes the traditional academic pathway for cybersecurity education, including degrees and certifications [8][11] - Stresses the importance of aligning educational programs with industry standards [8][11] Section 5: Non-Traditional Pathway Model - Explores non-traditional approaches such as apprenticeships, internships, and industry certifications [7][8] - Advocates for experiential learning opportunities to enhance workforce readiness [7][8] Section 6: Diversity, Equity, Inclusivity, and Accessibility (DEIA) - Addresses the need for DEIA initiatives to support underrepresented populations in technology [7][8] - Emphasizes the importance of creating inclusive pathways for all individuals [7][8] Section 7: Value of Industry Recognized Professional Certifications - Highlights the significance of professional certifications in enhancing workforce skills and employability [8][11] - Discusses the role of certifications in bridging the skills gap in the cybersecurity field [8][11] Section 8: On-the-Job Training - Examines the effectiveness of on-the-job training in preparing cybersecurity professionals [8][11] - Identifies challenges and opportunities in implementing effective OJT programs [8][11] Section 9: AI Risks and Opportunities - Analyzes the impact of AI on cybersecurity, including both risks and potential benefits [8][11] - Discusses the need for adaptive strategies to address evolving threats in the cybersecurity landscape [8][11]

Fire and State Bank of Pakistan Annual Payment Systems Review – FY24 (July 01, 2023 to June 30, 2024) Internet Banking ATMs 日日 E-Commerce POS ▲翻 Mobile App QR Payments Banking e-Wallets Payment Systems Review For the Fiscal Year 2023-24 State Bank of Pakistan Contents | --- | --- | --- | --- | --- | |-------|-------|-------|-----------------------------------------------------------------------------------------------------|-------| | | | | | | | 1 | | | 1 Executive Summary | | | | | | Payment Systems Snaps ...

大家好我们上一周的主观点剩余路线的盛宴那么我们对风格的看法在过去的4N三个季度做了比较大的一个调整认为小盘和成长可能会在未来的短期上继续占优最大的根源就在于整个剩余路线从低位逆转是比我们看到的宏观经济复苏以及包括EPS回暖更为确定且领先的这样一个事情 当然在上一周,很多投资者或者是和我们直接的交流,或者通过和我们的销售沟通来询问我们,是不是我们的观点发生了非常大的变化,因为在传统大家的印象中,在过去的三个季度,我们一直给大家强调的像是价值,是自由现金流, 那么承认我们要承认的一个点上是对于中长期来说的话我们认为股票是一个称重机这个称重机之下最优先进入的资产会显得越发的珍贵但是就短期来说的话我们也要承认它可能就短期只是一个流动性试验的一个投票器那在上一周大家从股价的表现来看的话北正以及包括万德的微盘股那么都创下了自10月8号新高之后的又一个新高 那从各种的朋友圈以及包括大家的这样一个转发和讨论中,更多感受到像是机构投资者在本轮市场中的一个无力感。这样一个无力感当然更多体现一些调侃,对吧?比如这一轮牛市都是别人家的牛市,这个和基本面无关,甚至不如不看基本面。 更多像是一篇小票重组以及标扩垃圾股的一个行情究竟怎么认 ...

Investment Rating - The report indicates a positive investment outlook for the micro-loan ABS market, highlighting significant growth in issuance and net financing despite a general decline in the overall ABS market [1][4]. Core Insights - In Q3 2024, the micro-loan ABS market saw a total of 100 issuances with a combined scale of 914.22 billion, marking a substantial increase of 69% quarter-on-quarter and 61% year-on-year in the number of issuances, and a 55% quarter-on-quarter and 111% year-on-year increase in issuance scale [3][4]. - The growth in micro-loan ABS issuance is primarily driven by the rapid recovery of ABN and significant contributions from major banks like China Construction Bank [1][3]. - The net financing for micro-loan ABS in Q3 2024 reached 503.63 billion, with a market balance of 1913.37 billion, reflecting a 36% quarter-on-quarter and 21% year-on-year increase [5][6]. Summary by Sections Overall Issuance Overview - The micro-loan ABS market experienced a robust growth trajectory in Q3 2024, with 100 issuances totaling 914.22 billion, driven by the resurgence of ABN and significant contributions from credit ABS [3][4]. - The cumulative issuance for the first three quarters of 2024 reached 213 issuances totaling 1924.53 billion, representing a 40% increase in the number of issuances and a 94% increase in total issuance scale year-on-year [4]. Issuance Rates - The issuance rates for micro-loan ABS continued to decline in Q3 2024, although the rate of decline has slowed. The average issuance rates for credit ABS were 2.06% and 2.24% for AAAsz and AA*sr securities, respectively [15][19]. - The average issuance rates for ABN were 2.17% and 2.25%, reflecting a decrease of 8bp and 22bp, respectively [15][19]. Issuer Composition - The primary issuers of micro-loan ABS in Q3 2024 were trust companies, micro-loan companies, and commercial banks, with trust companies showing a significant increase in both the number and scale of issuances [6][7]. - The asset providers for micro-loan ABS included commercial banks, internet financial platforms, and financing guarantee companies, with commercial banks leading in issuance numbers and scale [8][9]. Market Trends - The report highlights a notable head effect in the trading market, where the top three asset providers accounted for 61% of the total issuance scale of micro-loan ABS [11]. - New entrants in the ABN market included internet financial platforms such as Du Xiaoman and JD.com, indicating a diversification of asset providers [12][14].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report introduces the concept of situated AI, emphasizing its role in establishing AI-driven competitive advantages for firms. It highlights the organizational activities of grounding, bounding, and recasting as essential for situating AI effectively within a firm's unique context [4][6][34]. Summary by Sections Theoretical Perspectives - The report is grounded in resource-based and knowledge-based views, focusing on how firms can leverage AI to create unique value and competitive advantages [4]. Conceptual Background - AI is seen as a transformative technology that can enhance productivity and lead to new product innovations. However, firms face challenges in realizing these benefits due to AI's generic nature, explicit knowledge form, and myopic tendencies [5][12][13]. Strategic Limitations of AI - The report identifies three strategic limitations of AI: its generic nature, which makes it replicable by competitors; its explicit knowledge form, which is easily transferable; and its myopic nature, which limits contextual awareness [13][14][16][17]. Theory of Situated AI - The theory of situated AI posits that firms can overcome AI's limitations by embedding AI within their organizational capabilities through grounding, bounding, and recasting activities [22][26][34]. Situating AI Activities - **Grounding**: Involves strategically providing AI with historical data and experiences to shape its learning and decision-making processes, thus enhancing its alignment with the firm's unique context [36][40]. - **Bounding**: Refers to efforts to shape the competitive landscape by protecting AI-driven capabilities through data encryption, confidentiality agreements, and strategic partnerships [43][44]. - **Recasting**: Involves adapting internal technologies and routines to better integrate AI into the firm's operational framework, ensuring that AI aligns with the firm's strategic goals [47][48]. Environmental Dynamics - The report discusses how environmental dynamism influences the effectiveness of AI-driven capabilities, suggesting that firms must remain adaptable to capture emerging opportunities [29].

Investment Rating - The report indicates a positive investment outlook for the accounts receivable ABS market, with an increase in issuance quantity and scale compared to the previous year [1][2]. Core Insights - In Q3 2024, the issuance of accounts receivable ABS (including exchange ABS and ABN) saw a significant increase, with 48 issuances totaling 646.81 billion, marking an 11.58% growth year-on-year [2][3]. - The primary issuance venue remains the exchange, while the share of asset-backed commercial paper (ABCP) in the accounts receivable ABN issuance has notably declined [3][4]. - The asset providers are predominantly state-owned enterprises and their subsidiaries, with a high concentration in the construction industry, which is characterized by a significant amount of accounts receivable [4][5]. - The majority of securities issued maintain a credit rating of AAAst, reflecting a low overall credit risk [6][7]. Summary by Sections Issuance Situation - In Q3 2024, the accounts receivable ABS issuance included 48 units, an increase of 18 units from the previous year, with a total issuance scale of 646.81 billion [2]. - The cumulative issuance for the first three quarters of 2024 reached 113 units and 1389.80 billion [2]. Issuance Venue and Types - The exchange remains the main venue for accounts receivable ABS, with a cumulative issuance of 613 units and 8841.68 billion by the end of September 2024 [3]. - The issuance of ABCP in Q3 2024 was 33.83 billion, accounting for 24.03% of the accounts receivable ABN issuance, which represents a 37.60 percentage point decrease from the previous quarter [3][4]. Asset Providers - The asset providers are mainly state-owned enterprises, with a concentration in the construction sector, which accounted for 87.54% of the issuance in Q3 2024 [4][5]. - Major contributors include China Railway, China Communications Construction, and China State Construction, collectively issuing 36 units worth 560.91 billion, representing 86.72% of the total issuance [4]. Credit Ratings - The majority of issued accounts receivable ABS are rated AAAst, with 92.06% of the issuance being AAAst rated, indicating a low credit risk environment [6][7]. Credit Enhancement - Full credit enhancement securities dominate the market, with 38 units issued, totaling 531.42 billion, which accounts for 82.16% of the total issuance [8][9]. - The issuance of partially enhanced securities has decreased by 30.27% compared to the previous quarter [8]. Issuance Rates - The average issuance rate for accounts receivable ABS in Q3 2024 was 2.42%, reflecting a downward trend in line with benchmark rates [12][13]. - The average issuance rate for AAA rated securities was 2.32%, with a decrease of 9.71 basis points from the previous quarter [12][14]. Spread Analysis - The issuance spreads for AAA rated securities vary significantly among asset providers, with local state-owned enterprises showing the widest spread [16][17]. - The average issuance spread for AAA rated securities has narrowed for most asset providers compared to 2023, with reductions ranging from 5.42 to 80.41 basis points [16].

渐行渐近，看好反转 - 房地产政策前瞻 20241103 摘要 | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | • | 出了市场预期，有助于促进房地产市场止跌回稳。 当前房地产政策呈 ...

宏观周周谈：聊聊当前的确定性因素 20241103 摘要 • 10 月份中国制造业 PMI 重回扩张区间，达到 50.1，环比上升 0.3 个百分 点，显示制造业出现超季节性走强。供需缺口收窄，生产指数提升，采购 量和进口改善。需求端新订单接近临界值，但出口订单和在手订单较弱。 出厂价格修复，表明内需对价格支撑增强，但原材料购进价格增幅大于出 厂价格增幅，企业盈利改善仍需时日。 • 10 月份非制造业 PMI 因国庆假期影响有所回升，服务业 PMI 重回扩张区 间，但建筑业 PMI 略有放缓，主要受房地产投资疲软拖累。基建投资同比 增长超过 15%，加上已发未用专项债若能形成实物工作量，将有助于提升 建筑业 PMI。金融市场活跃度提升也将对服务业形成正面影响。 • 10 月份数据显示，制造业和非制造业均有一定程度改善，四季度开局良 好，为全年实现 5%的 GDP 增长目标提供了基础。高频数据显示政策落实 效率提高，对市场主体信心和预期起到了显著提振作用。例如螺纹钢现货 价格在 10 月上半月突破 3,900 元，一些库存较高品种价格也出现反弹。 • 人民银行推出买断式逆回购这一新政策工具，有助于进一步优化流动 ...