Deep Mehta +1(212)357-8419 | deep.mehta@gs.com Goldman Sachs & Co. LLC 5 January 2025 | 9:49PM EST 2024 US Factor Review Ujjwal Mahajan +1(332)245-7708 | ujjwal.mahajan@gs.com Goldman Sachs India SPL Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investm ...

哈尔滨酒店消费 洞察报告 哈尔滨酒店消费洞察报告 2024 Foreword Looking Ahead To 2025 2023年及2024年全国乃至全世界的旅行业，都向前迈进了 一大步。旅行者挤满了机场、车站及热门景区，服务游客的餐 厅也重新恢复了生机，酒店大堂也更加的有活力。特别是一些 城市借助新的媒体营销方式，为城市的旅游业复苏及发展带来 了巨大的推动力，哈尔滨就是其中的优秀代表，所以本文我们 聚焦哈尔滨旅游，特别是酒店行业，为用户展开一幅哈尔滨旅 游业的消费洞察画卷，以期为关注哈尔滨旅游的游客、旅游从 业者及旅游行业投资者带来有价值的洞见。 现在世界比以往任何时候都运转的更快，旅行者以更快的 速度展现其旅游需求的多变，但同时也欣赏能够放慢脚步的时 刻，他们花时间建立面对面的联系。他们模糊了商务旅行和休 闲旅行的界限，找到无论场合扩展视野的方法。最终，旅行者 达成了共识，那就是对"花小钱办大事"表现出普遍的赞赏， 越来越多的旅行者更加的关注"支出体验比"，在旅行预算之 内，旅行者越来越看重旅行本身带来的独特体验。 展望2025年，我们充满信心和乐观，我们期待已久的新的 旅行黄金时代已经到来，各个年龄段 ...

Contents EM Flows Weekly Feast or Famine? Thanksgiving brings continued outflows for EM bond funds EM Flows Weekly includes fund flow data, non-resident EM portfolio flow data, weekly retail fund flow models, EM-dedicated retail bond fund beta trackers, and historical cross-asset fund flows. • EM bond flows were -$2.7bn (-0.72% of weekly AUM, ↓ from -$2.5bn); EM equity flows were -$4.3bn (-0.33% of weekly AUM,↑ from -$6.6bn). • YTD flows to EM bonds and equities: -$24.7bn and -$23.8bn, respectively. • EM Bo ...

那么今天的这个主题呢是关于这个因子研究啊因子研究里面开源精工特色因子体系我们给它一个命名叫KYFETA那么这个体系的这个介绍以及它的应用 具体的这个内容我们会分为三块第一块是开源进攻团队从历史上我们过往所做过的特殊的因子体系做一个复盘那么第二块是在这个特殊因子体系的基础上我们做一个KY-FET的这个多因子的一个指数增强那么这个是偏应用 那么第三块呢进一步我们想去讨论啊在自适应的一个背景底下我们怎么去做相应的这个因子知识啊这个应该讲是我们过去啊五六年开源金融团队啊整体在因子体系啊因子研究上面的这个所有成果的一个极大层的啊极大层的一个一个一个啊新的产品那么也可以衍生出很多啊定制化的一些啊机构的投资的交流 下面我把时间交给我们团队成员开源竞工工程资深分析师胡亮永有请亮永好的感谢魏博各位投资者大家晚上好我是开源竞工胡亮永今天给各位汇报一下我们开源竞工团队在音质这一块的构建然后我们现在在开源竞工的内部有一个叫KYFACT的音质库这个音质库的话它其实是 落在云端的现在我们也尝试着在给各相关的机构去做一个云端的实质访问的这种服务那在整个QA Factor里面我们其实是包含了最近几年就是开源进攻成立以来的一些研究成果的汇总那 ...

Industry Overview - The global tourism industry generated $3.3 trillion in revenue in 2023, directly contributing 3% to global GDP [3] - In 2019, China's domestic tourism revenue accounted for 5.8% of GDP, dropping to 1.7% during the pandemic, but rebounding to 5.1% in Q1 2024 [3] - Tourism serves as a crucial economic driver, creating jobs, stimulating infrastructure investment, and promoting sustainable development [3] Rural Tourism Development - Rural tourism received 784 million visitors in Q1 2024, setting a new historical record [26] - The rural tourism industry surpassed 900 billion yuan in output value in 2023, playing a significant role in rural economic revitalization [27] - Rural tourism directly and indirectly created over 60 million jobs, making it a vital industry for rural employment [30] Market Performance - Domestic tourism reached 1.419 billion trips in Q1 2024, a 16.7% year-on-year increase [6] - Average per-trip spending in domestic tourism reached 1,071 yuan in Q1 2024, showing strong consumption recovery [9] - Major holiday tourism markets remained robust, with Spring Festival, Qingming, and May Day holidays setting new records for domestic travel [8] Consumer Behavior - 80s and 90s generations constitute the most important visitor groups for rural tourism [32] - The average travel distance for rural tourism exceeded 200 kilometers, with medium and long-distance travelers accounting for nearly half of visitors [33] - The average stay duration for rural tourism exceeded two days in Q1 2024, indicating increasing attractiveness [35] Emerging Trends - Short video platforms have become powerful tools for rural tourism marketing, with over 200 million content creators and nearly 800 billion annual views [68] - The number of new farmers with professional skills returning to rural areas increased by 62.7% in four years, significantly contributing to rural revitalization [56] - Short video platforms have gathered over 800 million potential rural tourism users, making them the largest traffic platform for rural tourism marketing [67] Challenges and Solutions - Many rural tourism projects face challenges in planning, marketing, and talent acquisition [39][44] - The "1+1+1+X" methodology proposes government-led strategies, creation of tourism IPs, and cultivation of quality service providers [50][51][52] - Content marketing through short videos has become the core capability for rural tourism promotion, enabling precise user targeting and complete booking fulfillment [69][66] Future Outlook - Rural tourism marketing should focus on brand exposure, stable growth, and long-term operation through short video platforms [71] - The integration of "advertising + content + IP" strategies will help rural tourism projects achieve nationwide customer acquisition [73] - Continuous optimization of marketing strategies and user asset management will drive the next growth cycle for rural tourism [75]