本文主要包括两部分内容：首先，本文从复杂自适应系统理论出发，结合资源基础理论、营销能力理论和企业网络理论，分析探讨了自适应营销能力的基本内涵和概念模型，比较、分析静态营销能力、动态营销能力和自适应营销能力在理论基础、对市场的认识、分析视角、战略重点和能力构成等方面所存在的本质区别，并提出了第一个理论模型和相关假设；其次，本文以资源依赖理论、社会网络理论为理论基础，进一步探究企业网络特征（包括企业垂直网络范围与质量、企业水平网络范围与质量）对企业自适应营销能力和企业绩效的影响作用，并借助相关理论分析不同程度的公司企业家精神在此过程中的影响调节作用，进一步提炼出了第二个理论模型和相关假设。

2020年中国大数据金融风险防控指数分析报告。

A taxi, also known as a cab, is a type of vehicle for hire with driver used by a single passenger or small group of passengers, often for a shared or non-shared ride. A taxi or a cab conveys passengers between locations of their choice. This differs from public transport, as here the pick-up and drop-off locations are decided by the customer, and not by the service provider. There are various distinct forms of taxi, which includes limousines, hackney carriages, and private hire vehicles including passenger car, motorcycle, scooters, minivan, van, buses & coaches, auto rikshaw, bicycles, and tricycles. Taxi services are typically provided by automobiles, but in some countries various human-powered vehicles such as rickshaw or pedicab, animal-powered vehicles such as the Hansom cab and water taxies or air taxies are also used. Customers can book a ride via text message request, phone calls, or by going directly service provider’s physical location.

Air freight or air cargo involves the rapid transportation facility of items via a chartered or scheduled air carrier. Shipping freight by air has always been a big cost-to-weight kind of delivery, which is refuted by the fastest means to deliver goods worldwide. One of the lucrative options offered by air freight companies is consolidation where air freight can be combined to form consoles. Consolidating freight with other transporters is quite economical due to economies of scale. Goods shipped by aircraft have the benefit of being delivered to their final terminus at very high speed, which proves quite helpful for a time-sensitive shipment. Moreover, deliveries that are shipped by means of air carrier go through a superior grade of security than land or sea mode, which makes it one of the safest means to transport items across the globe.

A mutual fund is an investment fund and a professionally managed portfolio of several financial products such as stocks, bonds, equity funds, debts funds, and other financial instruments. It is an investment vehicle where investors buy shares and the mutual fund company pools that money to make investments on their behalf. For the purpose of analysis, the report segments the global mutual fund assets market based on fund type, distribution channel, investor type, and region. The report provides information about various fund types such as equity funds, bond funds, money market funds, and hybrid & other funds. In addition, banks, financial advisors/brokers, direct sellers, and others are the distribution channels highlighted in this study. It further outlines the details about various investor types, including institutional and individual. It covers the revenue generated by mutual fund assets across various regions such as North America, Europe, Asia-Pacific, and LAMEA.

Neo and challenger banks rely for their services on third-party traditional banks with a banking license to operate in the banking industry. The customer deposits or funds are held in the third-party bank. A challenger bank has its own banking license and offers banking services through online access or a mobile application. Banks that have received their own banking license approved by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) are traditional banks that have launched their own digital subsidiary in the market. The report covers the study of the neo and challenger banks market by service type, end user, and region.

我们根据不同的风险收益结构，将国内现有的投连险品种进行了两级分类。其中，一级分类有6 类，分别是指数型、激进型、混合型、债券型和货币型，以及类固定收益类（2014 年8 月期新增）。二级分类共有8 类，将一级分类中的混合型细分为混合激进型和混合保守型，将债券型细分为增强债券型和全债型。

从各地城投利差数据分析，不同区域城投利差走势出现分化，近期优质地区下沉资质与拉久期并行，弱资质区域折价抛售不断，通过投资者的风险偏好也可看出，市场仍在主动规避高风险地区、弱资质城投，抱团选择优质高等级城投。在此背景下，可适当关注江浙以外的财政实力较强、债务负担较轻“中等”地区，挖掘省级平台流动性较好的公益类项目债，控制好久期；需警惕债务负担较重、非标融资占比较高的主体，不建议在风险较大的“网红”区域下沉信用资质增厚收益。

银行板块月度市场表现 5 月，沪深300 上涨4.06%，银行板块（中信）上涨4.37%，跑赢沪深300 指数0.31 个百分点，银行板块月涨跌幅在30 个中信一级行业中排名第14 位。分机构看，国有大行上涨2.53%，股份行上涨6.14%，城商行上涨4.34%，农商行上涨2.61%。个股方面，5 月银行业个股大部分呈上涨趋势，厦门银行（18.26%）、南京银行（14.50%）、成都银行（13.08%）表现居前，贵阳银行（0.26%）、宁波银行（0.17%）、杭州银行（-0.12%）表现居后。

我们认为券商板块短期内将呈反弹走势，长期内资本市场改革和政策催化可为板块估值提升提供动力。（1）当前港股上市券商公司平均PB 估值为0.56 倍，A+H 股券商港股平均PB 估值为0.62 倍，A 股上市券商平均PB 估值为1.56 倍，估值较低；而40 家A 股上市券商的一季报净利润合计同比+27%；可见券商板块的估值与其业绩存在错配，具向上修复的势能。（2）监管政策方面，主板注册制进程放缓、保荐机构监管趋严的负面影响已充分反映在券商板块的股价之中；年内或推行资管公司挂牌上市、深市股指期货等，进一步加大对外开放、引导中长期资金入市等措施有望推出，为券商板块提供增量业绩来源。

受保障需求减弱及高基数拖累，多数险企 5 月总保费同比承压。中国平安、中国人保新业务保费同比持续承压。车险综改及高基数影响持续，非车险表现略有分化。负债端维持弱复苏，权益市场风险偏好提高或带来边际变化。

预计今年是银行典型的“业绩驱动年 ”。在去年上市银行净利润增速形成“深洼地 ”、不良大幅 出清 、让利政策缓和的背景下 ，下半年上市银行业绩将迈入 “V型”反转的右半程 。

结合 5 月社融数据 和北上资金流入趋势，我们仍预期市场流动性边际改善和交易活跃度提升，进而 看好证券板块估值修复的持续性，短期行情或将演进至中期机会。据此我们认为证券公司财 富管理、投行、衍生品业务将直接受益，投行、资管蛋糕均有望不断做大，获得 中长期发展机会。此外，预计证券行业政策环境仍将保持平稳，“严监管与促发展 并重”或成常态。在行业马太效应持续增强的背景下，仅行业龙头的护城河有望持续存 在并拓宽，资源集聚效应最为显著，进而有机会获得更高的估值溢价。高净值客群和年轻客群成为险 企新客竞争主战场，如何突破友邦和互联网险企的“前后夹击”成为破局关键点。

新规较征求意见稿小幅放松，但全面对标货基监管仍然会带来产品的调整压力。监管要求全面看齐货基，防范监管套利。未来现金管理类产品收益率将逐步下行。理财规模短期受到一定制约，长期取决于个体经营能力差异。

证监会主席易会满在第十三届陆家嘴论坛上，就IPO 常态化的问题发表观点。易主席表示，IPO 发行既没有收紧、也没有放松，前5 个月IPO 融资超过1500 亿元（同比增长37%）。之所以市场主体会有收紧的感觉，一是证监会落实新《证券法》的要求，对中介机构的责任压得更实了；二是证监会加强股东信息披露监管，明确了穿透核查等相关要求；三是证监会完善了科创属性评价体系，强化了对“硬科技”要求的综合研判。上述表述是对“注册制改革与提高上市公司质量”矛盾的详细论述，意味着注册制改革仍将向全市场稳步推进，但节奏将视市场发行秩序而定。

我国农业发展处于现代化的重要转型期，急需资金、技术等生产要素的持续投入提供发展动力。目前，农业领域投融资总量远低于其他产业部门，农业基础设施建设和公共服务供给主要依靠政府财政资金。近年来，经济下行，政府财政支出压力增大，难以保证财政支农资金的增加。因此，政府需要创新农业投融资机制，充分发挥财政资金的“撬动”作用，通过财政资金“补改投”、设立产业发展基金、完善农业投资担保体系、促进PPP模式在农业领域的应用保证农业投资的不断增加，为农业产业的转型升级提供基础。

截至6 月15 日，上半年利率债收益率曲线收益率基本稳定，信用债曲线明显回落（尤其是中低等级曲线），信用利差缩窄较多。

六月FOMC 议息会议后，资产表现出现分化：美元涨主要因为美联储正通过隔夜逆回购回收市场过量流动性，风险情绪回落，大宗商品价格下跌。短端美债收益率上行，长端美债收益率下行，因为反映的流动性预期变化的期限不同。风险情绪恶化令美股整体承压，而短端加息预期抬升，通胀预期回落导致美股分化，纳斯达克（成长）受益于长端利率回落明显跑赢道琼斯（价值周期）。

我国绿色金融体系逐步建立，碳金融服务蓬勃发展。2016 年，我国开始构建绿色金融体系，目前已成为全球首个建立比较完善绿色金融政策体系的经济体；碳达峰、碳中和的“30·60”目标提出后，央行等部门进一步推动绿色金融体系建设，积极构建绿色金融标准等五大支柱。碳金融服务是绿色金融体系的核心构成，包括碳融资、碳交易、碳支持三大部分，目前市场格局基本形成，正蓬勃发展。

从A股市场使用习惯来看，申万行业分类和中信行业分类是接受度最高的分类体系。尽管行业分类标准存在一定差异，但行业分类体系整体相对固定，往往数年才会调整一次。