January 12, 2025 10:13 PM GMT ADM & Bunge | North America Morgan Stanley & Co. LLC M Update 45Z Guidance Update The U.S. Treasury released its long-awaited preliminary guidance for the Clean Fuels Production Credit (45Z). The updated guidance (issued Friday) includes both: i) a notice of intent to propose regulations on the 45Z credit; and ii) a notice providing the annual emissions rate table for 45Z (please see below for more details). The response from industry participants has been mixed, highlighting t ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights the increasing expectations for modern compensation teams, emphasizing their strategic role in enhancing employee loyalty and driving business efficiency [6][8] - Key challenges include talent acquisition, productivity, pay equity, transparency, and data security, with organizations actively addressing these issues through training and automation [8][10] - The integration of AI and automation is identified as a significant driver for transforming compensation operations, with a focus on improving efficiency and productivity [11][40] Summary by Sections Introduction - Organizations are raising their expectations for compensation management, which is now seen as a strategic function rather than merely transactional [6] Executive Summary - 83% of respondents are expanding their compensation teams, but 61% report that skill shortages are impacting service delivery [10] - Companies are creatively addressing skill gaps through employee training and outsourcing [10][31] Skills and Talent Acquisition - There is a significant skills gap in compensation management, with 61% of respondents affected by talent shortages [27] - Organizations are focusing on enhancing existing employees' skills and considering outsourcing to fill gaps [31] Utilizing AI and Automation - 65% of organizations are exploring ways to manage compensation with fewer staff, with 58% considering AI and 50% looking at process automation [11][35] - AI is viewed as a key driver for transformation, with 32% of respondents identifying it as a primary factor [40] Enhancing Employee Experience Standards - The average accuracy of compensation processes is reported at 85%, with an increase in organizations achieving over 90% accuracy [58] - Companies are focusing on pay equity and transparency, with over one-third planning to prioritize these areas in the coming years [12][63] Data Security Focus - 93% of respondents consider data security crucial for their compensation strategy, reflecting a rise from 86% two years ago [13][72] - Organizations are increasingly developing manuals and emergency plans to address cyber threats [74] Seamless Integration - Nearly half of the respondents report integration of compensation data with accounting and HR systems, indicating a push for improved operational efficiency [14][81] - The average time spent by IT teams on managing data flow between systems has increased, highlighting the need for better integration [84] Future Potential of Compensation - The report emphasizes the need for continuous improvement in compensation management, driven by digitalization and technology [88] - Organizations are encouraged to adopt innovative technologies to enhance processes and provide deeper business insights [88][89]

谢谢小助理感谢各位领导各位投资者的时间我给大家介绍一下这个拥有超级精英的构建行业联动策略的这篇报告这篇报告其实比就是在我实际上写的时候是比选我那个要早的因为最开始是20年我到国军之后是先做了一下行业联动这块研究因为当时联合配置组的一个 主要定位是偏中观的一些配置研究主要是行业的配置 行业配置为主然后选股选股相对少一些然后是最近一段时间选股我们再加强当然这个报告写完之后有些收入关注选股效果就写了选股的然后这个报告其实主要还是想看一下抄袭的投资逻辑在行业运动上的效果行业运动这块整个框架之前雨昕老师在之前的那个已经介绍过了然后我这边可能稍微再补充一点 像我们这个报告主要分四块内容第一块是讲一下我们整个行业轮动的一个框架第二个是介绍一下用到的超级精英子第三个是单一自带行业轮动的效果第四个是组合的一个最终的结果 这个策略我们是整个报告软件先发的软件反正样模样我们也跟踪了整个来讲去年的效果是比较差的因为去年整个界面的逻辑不管是在选股还是选行业都是不行的去年其实在选行业的维度就是低估值和动量的两个维度选行业还可以然后界面的维度不管是超越期限和景气度去年都不行但今年可以今年的话界面因子整体的一个大表现都不错然后不管是选股选行 ...

会议即将开始请稍后音频及文字记录的内容仅供国泰居安证券客户内部学习使用不得外发并且必须经国泰居安证券研究所审核后方可留存国泰居安证券 未授权任何媒体转发此次电话会议相关内容未经允许和授权转载转发均属侵权国泰均安证券将保留追究其法律责任的权利国泰均安证券不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎 提醒广大投资者谨慎做出投资决策大家好欢迎参加如何基于PEAD超预期因子构建行业轮动策略解码量化投资系列第十一讲目前所有参会者均处于静音状态下面有请主持人讲话谢谢好的谢谢小助理 感谢各位领导、各位投资者的时间我给大家介绍一下这个用超越基金子构建海洋联动策略的这篇报告这篇报告在实际上写的时候是比选我那个要早的 因为最开始20年我到国军之后是先做了一下行业轮动这块的研究因为当时联合配置组的一个主要的定位是偏中观的一些配置研究主要是行业的配置 行业配置为主吧然后选股相对少一些然后是最近一段时间选股我们再加强 当然这个报告写完之后有些客户关注选股效果写了选股的这个报告其实主要还是想看一下超级的投资逻辑在行业运动上的效果 行业轮动这块整个框架之前雨昕老师在之前的那个我已经介绍过了然后我这边可能稍微再补充一点像我们这个 ...

本次电话会议仅服务于国泰居安证券正式签约客户会议音频及文字记录的内容仅供国泰居安证券客户内部学习使用不得外发并且必须经国泰居安证券研究所审核后方可留存国泰居安证券 未授权任何媒体转发此次电话会议相关内容未经允许和授权转载转发均属侵权国泰均安证券将保留追究其法律责任的权利国泰均安证券不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎 提醒广大投资者谨慎做出投资决策大家好欢迎参加低于PAD效应的超预期因子选股效果如何解码量化投资系列第三讲目前所有参会者均处于静音状态下面有请主持人讲话谢谢 好的谢谢小助理首先感谢各位投资者各位领导的时间在今天晚上8点的继续听我们的这样一个解码量化投资系列的一个讲座然后今天我给大家介绍一下我们之前写过的一个超预期因子悬股的一个报告然后这个报告它是专注于超预期的因子介绍的相对比较详细然后我们今天就做一个比较详细的介绍 超越器因子这个报告的内容呢我们是先是简单介绍了一下我们当时的一个多因子的一个模型然后重点介绍了一下涉及到的这几类的一个超越器因子然后再看一下它的一个测量效果所以整个一个报告就是三块而超越器类这个因子呢整体来讲它是这个 基本面或者是成长逻辑里面最强的一类因子然后他们的 ...

本次电话会议仅服务于国泰居安证券正式签约客户会议音频及文字记录的内容仅供国泰居安证券客户内部学习使用不得外发并且必须经国泰居安证券研究所审核后方可留存国泰居安证券 未授权任何媒体转发此次电话会议相关内容未经允许和授权转载转发均属侵权国泰均安证券将保留追究其法律责任的权利国泰均安证券不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎 提醒广大投资者谨慎做出投资决策大家好欢迎参加低于PAD效应的超预期因子选股效果如何解码量化投资系列第三讲目前所有参会者均处于静音状态下面有请主持人讲话谢谢 好的谢谢小助理首先感谢各位投资者各位领导的时间在今天晚上8点的继续听我们的这样一个解码量化投资系列的一个讲座然后今天我给大家介绍一下我们之前写过的一个超预期因子悬股的一个报告然后这个报告它是专注于超预期的因子介绍的相对比较详细然后我们今天就做一个比较详细的介绍 超越器因子这个报告的内容呢我们是先是简单介绍了一下我们当时的一个多因子的一个模型然后重点介绍了一下涉及到的这几类的一个超越器因子然后再看一下它的一个测量效果所以整个一个报告就是三块而超越器类这个因子呢整体来讲它是这个 基本面或者是成长逻辑里面最强的一类因子然后他们的 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The global workforce is undergoing significant transformation due to technological advances, evolving workplace norms, and demographic shifts, with a strong emphasis on pay and job security as top priorities for workers [1] - Workers globally are increasingly dissatisfied with their pay, with over 55% ranking salary among their top three job priorities for the fourth consecutive year [3][8] - Expectations for pay increases are high, with workers anticipating an average increase of over 5% in 2024, despite previous overestimations of pay gains [15][20] Summary by Sections Executive Summary - The ADP Research Institute's survey highlights the ongoing changes in the workforce post-pandemic, emphasizing the importance of pay and job security [3] - Workers express a strong desire for employers to invest in their career development and address workplace stress [5][6] What Workers Want: Pay—and More - Salary remains the top priority for workers across all regions, with 55% including it in their top three job attributes [8] - Job security is ranked second in importance, particularly in the Asia Pacific region, where 50% of respondents prioritize it [11] What Workers Expect: Pay Increases - In 2023, the average pay increase was 4%, but workers expect higher increases in 2024, averaging over 5% [15][20] - There is a notable gap between expected and actual pay increases, with many workers likely to be disappointed [16] The Promise and Peril of Remote Work - The global labor market has improved, with job security perceptions rising, yet concerns about AI and remote work persist [3][34] - Remote workers report feeling more monitored and less secure compared to their on-site counterparts [35][38] ESG and DEI: A Workforce Divided - Worker sentiment on diversity, equity, and inclusion (DEI) initiatives varies significantly by region and generation, with many feeling their employers do not adequately invest in their career development [5][6] Career Development: Room for Improvement - Less than half of workers feel their employers are investing in the skills needed for career advancement, highlighting a skills confidence gap [5][6] Stress, the Constant Companion - Approximately half of workers report feeling stress on the job, although the frequency of daily stress has decreased compared to pre-pandemic levels [7] Regional Workforce View - In North America, job insecurity has decreased significantly, while in Europe, concerns remain high due to economic conditions [34][37] - The Asia Pacific region has seen the largest drop in hybrid work, with a slight increase in fully on-site workers [37][38]