Establishments described in this report are primarily participating in the tokenization market. Tokenization, when applied to data security, is the process of substituting a sensitive data element with a non-sensitive equivalent, referred to as a token, that has no extrinsic or exploitable meaning or value. The token is a reference that maps back to the sensitive data through a tokenization system.

Establishments described in this report are primarily participating in the tokenization market. Tokenization, when applied to data security, is the process of substituting a sensitive data element with a non-sensitive equivalent, referred to as a token, that has no extrinsic or exploitable meaning or value. The token is a reference that maps back to the sensitive data through a tokenization system.

Establishments described in this report are primarily participating in the toc analyzer market. TOC refers to a Total Organic Carbon analyzer, which utilizes a catalytic oxidation combustion technique at high temperature (the temperature raises up to 720 ºC), to convert organic carbon into CO2. The CO2 generated by oxidation is measured with a Non-dispersive Infra-Red (NDIR) sensor.

2022 年1-6 月工业企业产成品存货累计同比18.9%，较前值的19.7%下行了0.8 个百分点。剔除PPI 同比后，1-6 月实际存货累计同比为12.8%。我们以营业收入增速与产成品存货增速剪刀差来衡量企业补库去库行为，1-6 月剪刀差为-9.8%，已连续2 个月回升。2021 年3 月至疫情期间工业企业处于“被动补库存”，而近两个月营收与库存剪刀差收窄，疫情扰动消退、企业生产经营开启修复进程，似乎指向库存周期正步入新阶段。有待后续经济向疫情前常态回归，进一步观察存货水平的变化趋势。

以高盛、大摩为代表的投行系资管走出了一条快速成长的差异化之路。在海外功能监管与统一监管营造的较为灵活的环境下，资管机构集中度持续提升，头部机构竞争壁垒不断巩固，但最近10 年，高盛资管、大摩资管快速增长，2020 年规模全球分别排第九名、第十五名。究其原因，投行系资管充分发挥全球网络优势，与投行、财富管理等深度协同，在产品、资产类型和多元服务上与共同基金形成差异化发展模式。以史为鉴，为国内券商资管转型发展提供了有益借鉴。