DeepSeek-R1 模型以开源方式问世带来广泛影响，LLM 大模型发展由基础设置转向模型应用，但同时大模型仍面临模型“幻觉”、过时信息以及专业知识匮乏三个困境。RAG 架构可以通过搭建存储知识信息的数据库，并从中检索具有及时性、专业性的信息补充大语言模型的文本生成与逻辑思考过程。但在 RAG 的工作流程中，存在多个痛点问题影响其使用效果：在文档解析入库的流程中存在如何高质量完成文本识别 与分块、如何对分块信息进一步处理、如何选择合适的 Embedding 模型等痛点问题；在信息检索输出的流程中存在如何高质量进行内容检索、如何选择合适的重排序模型以及如何进行合适的 Prompt 处理衔接 RAG 与大模型等痛点问题。

以史为鉴，1971 年以来，美元指数有 9 轮历时超 1 年的大幅度调整，大类资产规律如下：（1）美债和美元走势不完全同步，在美元指数 9 轮调整中，美债共有 4 轮上行，5 轮下行，并非朝单一方向变动。（2）全球权益市场表现分化。标普 500 指数和恒生指数在美元贬值背景下走强居多，1989 年以来，日经 225 指数多与美元指数同步下行。（3）大宗商品整体表现较好。2000 年以来的美元数轮调整中，黄金、铜和原油均呈整体上涨走势，表现出一定的负相关关系。（4）非美货币中，欧元表现较好。1985 年以来美元 7 轮调整中，欧元对美元上涨幅度均超 20%。1994 年后，人民币在美元贬值过程中对美元整体走强。

资金面建议在继续谨慎的同时，关注 MLF 投放力度与 4 月政治局会议货币政策相关表述。关 税政策不确定性和会议召开的影响下，长债或需暂时回归保守态度。长债利率处于较低分位， 或已定价关税冲击；而美国摇摆态度和后续谈判可能带来长债的隐含利空，加之当期中国经 济数据显示较强韧性，股市情绪或可继续积极，因此建议保持长端防御。超长债或面临短期的 供给压力，有可能带来超长短端-长端的利差变化，建议关注二者利差扩大带来的投资机会

2024 年，“资产荒”行情贯穿全年，进入 2025 年，一季度资金面持续处于 均衡偏紧的状态，债市萦绕在“负债荒”的状态之下，这背后包含了几点变化： 第一，债市阶段性进入“负 carry”状态；第二，从“手工补息”整改到非银同 业存款自律新规，大行非银存款从扩张到收缩，负债端压力显现，银行体系资金净供给规模降至历史偏低水平。

近两年央行买债或购金均构成该资产对应的主力资金，继而带动该资产现货及期货价格出现趋势性上涨行情，而跟随主力资金选择具有趋势性行情的资产品种参与做多胜率较高。2025 年 4 月以来，在美国对等关税升级带来的大幅扰动后，由于中美关系走向暂不明朗， 4 月中下旬债市及权益市场均进入震荡行情，主力资金导向切换后债市单边策略失效，套利需求增加。

全球跨境支付模式主要包括代理行模式、互联模式、单一平台模式以及点对点模式四大类，基于SWIFT的代理行模式在跨境支付中占据主导地位。SWIFT已成为全球覆盖面最广、使用频率最高的金融通讯基础设施，但资 金流与信息流“双轨制”以及治理结构导致弱势中心化，逐步沦为美国金融制裁工具。未来的发展路径主要包括：1）基于SWIFT体系，打造以本币为结算货币的支付系统。2）基于本国支付体系，通过单边连接或者双边连接等方式，拓展延伸覆盖范围。3）第三方支付以移动支付场景为切入口，构建独立的支付网络体系。4）基于区块链技术，全新构建基于数币以及货币桥的支付体系。

Corporate wellness is a workplace health program or activity designed to support healthy behavior in the workplace while improving the health outcomes of employees.

Cyber insurance is a type of insurance policy that provides financial protection against losses and damages caused by various types of cyber-attacks and online security breaches, including hacking, data theft, and ransomware. It typically covers costs such as the expenses incurred in restoring the systems and data, legal fees, and the cost of notifying customers in case of a data breach.

Business process management (BPM) is a practice in operations management that includes analyzing and modeling business processes to work in different scenarios, executing improvements, and monitoring and optimizing the improved processes continuously. It is an ongoing activity that involves continuous process re￾engineering. BPMaaS refers to software solutions that enable enterprises to implement BPM to increase the efficiency of their business workflows.

Business travel refers to domestic or international trips made by an employee for several business-related purposes, including the organization of trade shows, marketing of the company, product launches, and internal meetings. Based on application, the market is segmented into marketing, internal meetings, trade shows, and product launch. Based on expenditure, the market is segmented into travel fares, lodging, dining, and other expenditures.

Cryptocurrency mining hardware solutions are specialized products that are used to mine cryptocurrency. Such hardware solutions include powerful processors, advanced graphics processing units (GPUs), and custom microchips, which are designed specifically to mine cryptocurrency.

Credit card payment is a cashless payment instrument that helps to cater to daily expenses, recurring expenses, and sometimes occasional expenses.

Compliance training is to train employees to make them aware of company policies, regulations, and laws required for performing workplace-related duties. Such training helps companies eliminate instances of violations that could result in legal liabilities. Companies are also focusing on maintaining a healthy and hospitable workplace environment.

The corporate event industry market refers to the sector that focuses on organizing, managing, and executing events specifically for businesses and organizations. This market encompasses a wide range of events, including conferences, seminars, product launches, trade shows, exhibitions, team-building activities, shareholder meetings, executive retreats, workshops, award ceremonies, networking events, and incentive travel programs. The major goal of these events is to facilitate business interactions, raise networking opportunities, enhance brand visibility, strengthen client and employee relationships, and drive business growth and profitability.

Business Intelligence (BI) is application software that captures business data and presents it in user-friendly views such as reports, dashboards, charts, and graphs. Business intelligence allows business entities to gather, store, analyze, and gain a better understanding of in-house data for an effective decision-making process. This application program uses a fact-based support system to derive insights and provide a business advantage to an organization. A few of the features of the business intelligence and analytics platform are online analytical processing, query and reporting, advanced analytics, corporate performance management, and collaborative business intelligence.

A convenience store is a small retail business that sells everyday items, including coffee, groceries, snack foods, confectionery, soft drinks, ice creams, tobacco products, lottery tickets, over-the-counter drugs, toiletries, newspapers, and magazines.

何为贴标债？ 贴标债通常是由特定主体发行的或募集资金主要投向特定用途的，部分或在 债券名称中附加特定标识的债券。 常见的贴标债大致可根据发行主体、募集资金用途、债项条款或结构分为三 大类；日常讨论语境下的贴标债更多是指诸如绿色债券、科创债券、乡村振兴债 券等符合特殊用途、或部分特殊主体发行的信用债。 截至 2025 年 3 月 31 日，常见贴标债中（仅统计普信债），科创债存量规模 最大，达 1.7+万亿元；绿色债其次，超过 8000 亿元；乡村振兴债、碳中和债等 贴标债存量亦超过 1000 亿元；其他贴标债品种存量相对较低。

深海科技：2025 年两会新亮点，以前沿科技探索广袤深海 深海科技指针对水深 200 米及以深的海域进行探测、开发和利用所需的一系 列先进技术体系和装备系统的总称。2025 年我国政府工作报告首次将深海 科技列为国家战略性新兴产业。我们认为，深海科技的核心是要保障 2 个安 全（经济安全和国防安全），在此基础上探索 N 个新兴经济业态，探测、开 发和利用深海的 3 个路径是深潜、深网、深钻，关键是突破材料、通信导航、 传感、能源等一系列核心技术群。建议沿三条主线布局深海科技：1）国家 级项目核心供应商，相关订单有望率先落地；2）技术壁垒高、国产替代需 求迫切环节；3）具备商业化场景验证能力的公司，助力产业走向商业闭环。

按照不同分类方法，人身险可以分为以下种类：1）按保障责任划分： 人寿保险、健康保险、意外伤害保险、年金保险；2）按设计类型划分： 普通型、分红型、投资连结型、万能型。

今年以来，我们的模型已经精准提示了两次拐点信号，近期又发出了阶段性 变化信号，市场关注模型看到了哪些我们主观上可能忽视的因素。 首先需要提示，我们给出的底层变化是【因子*参数】的变化结果，前者是变 量自身变化，后者则是模型训练的结果。