Investment Rating - The report does not provide a specific investment rating for the industry. Core Insights - The document outlines the Crypto-Asset Reporting Framework (CARF) approved by the OECD in 2023, which facilitates the automatic exchange of information between tax administrations regarding crypto-assets [6][12]. - The CARF XML Schema is designed for the exchange of information reported under CARF between competent authorities and can also be used for domestic reporting by Reporting Crypto-Asset Service Providers [13][12]. - The CARF Body contains information on Reporting Crypto-Asset Service Providers, Crypto-Asset Users, and relevant transactions, ensuring compliance with tax reporting requirements [67]. Summary by Sections Introduction - The CARF User Guide links to the CARF XML Schema, which is divided into logical sections detailing specific data elements and attributes [12]. CARF XML Schema - The schema includes a Message Header, Organisation Party type, Person Party type, and the CARF Body, which collectively facilitate the reporting process [12][67]. Message Header - The Message Header identifies the sender, recipient, message type, and reporting period, ensuring clarity in communication between tax administrations [18][19]. Organisation Party Type - This section defines the information related to Entity Reporting Crypto-Asset Service Providers and Entity Crypto-Asset Users, including residence country codes and tax identification numbers [26][29]. Person Party Type - The Person Party Type provides identification information for individual Reporting Crypto-Asset Service Providers and Crypto-Asset Users, including tax identification numbers and addresses [44][49]. CARF Body - The CARF Body includes details on Reporting Crypto-Asset Service Providers and Crypto-Asset Users, as well as information on relevant transactions, ensuring comprehensive reporting [67]. Annexes - The report includes diagrams and a glossary of namespaces related to the CARF XML Schema, aiding in understanding the structure and requirements of the schema [16][8].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights a shift in tax policy reforms across OECD countries, indicating a trend towards increasing tax rates and broadening tax bases in response to economic challenges and the need for additional revenues [13][15][16] - Policymakers are balancing the need for increased domestic resources with the necessity of providing tax relief to alleviate the cost-of-living crisis affecting households and businesses [14][19] - The trend of decreasing corporate income tax (CIT) rates has halted, with more jurisdictions implementing rate increases for the first time since 2015, reflecting a need for additional revenues and equity within the tax system [16][63] - Significant progress has been made towards implementing the Global Minimum Tax (GMT), with 60 jurisdictions taking steps towards its introduction [16] Summary by Sections Macroeconomic Background - Global GDP growth was estimated at 3.1% in 2023, with many economies affected by high inflation and geopolitical tensions [23] - The unemployment rate in OECD countries was 4.9% at the end of 2023, indicating a stable labor market despite economic challenges [30] - Public debt rose to 113% of GDP for the OECD as a whole in 2023, with government deficits increasing again due to the energy crisis [36] Tax Revenue Context - The average tax-to-GDP ratio across OECD countries decreased by 0.15 percentage points to 34.0% in 2022, with significant variations in tax revenue sources [43][45] - High-income countries saw a rise in corporate income tax revenues driven by heightened profits, particularly in the energy sector [43] Tax Policy Reforms - The report documents tax reforms introduced or announced in 2023 across 90 jurisdictions, showing a trend towards increasing rates and broadening bases [13][59] - Personal income tax (PIT) reforms focused on supporting low- and middle-income households, while social security contributions (SSCs) have seen increases in many jurisdictions [17][66] - VAT relief measures on energy products are slowing, with some jurisdictions increasing their standard VAT rates [19][67]

G20/OECD report on approaches for financing and investment in climate-resilient infrastructure This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of OECD member countries. This document, as well as any data and any map included herein, are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to ...

Making Dispute Resolution More Effective – Simplifi ed Peer Review, Serbia (Stage 1) OECD/G20 Base Erosion and Profit Shifting Project Making Dispute Resolution More Effective – Simplified Peer Review, Serbia (Stage 1) INCLUSIVE FRAMEWORK ON BEPS: ACTION 14 OECD/G20 Base Erosion and Profit Shifting Project | --- | --- | |-------|-------------------------------| | | | | | More Effective – Simplified | | | Peer Review, Serbia (Stage 1) | INCLUSIVE FRAMEWORK ON BEPS: ACTION 14 This document, as well as any dat ...

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 ...

建立更可持续的投资框架 评估与南部邻国的可持续投资便利化协议的可行性 建立更可持续的投资框架 评估与南部邻国的可持续投资便利化协议的可行性 0YVZoNtOmNrRvMwPoRtMtR7NcM8OsQmMsQsOfQoOvNfQoPqR8OoPoPMYoNpRvPsPvN 本文件以及本文所包含的任何数据和地图均不影响任何领土的地位或主权 ， 国际边界和边界的划定以及任何领土 ， 城市或地区的名称。 以色列的统计数据由以色列有关当局提供 ， 并由以色列有关当局负责。经合组织使用此类数据不影响戈兰高地 ， 东耶路撒冷和以色列在西 岸的定居点根据国际法的地位。 蒂尔基耶共和国的说明 本文件中关于 "塞浦路斯 " 的信息涉及该岛南部。岛上没有代表土耳其和希族塞人的单一机构。蒂尔基耶承认北塞浦路斯土耳其共和国 （ TRNC ） 。在联合国范围内找到持久和公平的解决办法之前，蒂尔基耶将保持其对 "塞浦路斯问题 " 的立场。 经合组织和欧洲联盟所有欧盟成员国的说明 除蒂尔基耶以外 ， 塞浦路斯共和国得到联合国所有会员国的承认。本文件中的信息涉及塞浦路斯共和国政府有效控制的地区。 请引用本出版物 ： 经合组织 （ 2024 ...

Financial Data and Key Metrics - No specific financial data or key metrics changes mentioned in the provided content Business Line Data and Key Metrics - No specific business line data or key metrics changes mentioned in the provided content Market Data and Key Metrics - No specific market data or key metrics changes mentioned in the provided content Company Strategy and Industry Competition - Nvidia has successfully transformed from a chip module manufacturer to a server manufacturer, with its supply chain competition landscape also changing [5] - The investment focus is on Nvidia's supply chain changes, including the increase in OEM share and the potential entry of new suppliers such as copper links, liquid cooling, and power supplies [5] - Nvidia's GB200 is expected to see increasing shipment expectations due to its performance improvements in large models like GPT-4, with performance boosts ranging from 5x to 21x [14] Management Commentary on Operating Environment and Future Outlook - No specific management commentary on the operating environment or future outlook mentioned in the provided content Other Important Information - The third plenary sessions of the CPC Central Committee have historically had a significant impact on China's economic development, with decisions often serving as guiding documents for future reforms [12] - The impact of the third plenary sessions on the stock market is generally neutral, with no clear pattern of structural changes in the short term [10] - Companies like Megmeet, Chuanzhong Technology, Xunchuang Data, and Boke New Materials are mentioned as related to the A-share market [11] Summary of Q&A Session - No Q&A session content provided in the documents

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 ...

USING AI IN THE WORKPLACE OPPORTUNITIES, RISKS AND POLICY RESPONSES OECD ARTIFICIAL INTELLIGENCE PAPERS March 2024 No. 11 2  This paper is published under the responsibility of the Secretary-General of the OECD. The opinions expressed and the arguments employed herein do not necessarily reflect the official views of OECD member countries. This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty over any territory, to the delimitation of international ...

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 ...