从最新数据来看，关税2.0对美国实体经济冲击如何？1）通胀上行压力尚不显著。美国3月进 口商品价格环比仅-0.1%，核心进口价格环比也较弱。根据联储官员表态，美国通胀可能要到 6月才会体现关税效果；2）美国经济当前仍为“强现实，弱预期”，3月就业、零售表现较强。

4Q24 互联网金融平台的基本面延续稳中向好的趋势，具体体现在健康的质量、温和增长的新增放款量，和进一步提升的盈利。3Q24 后大部分平台完成了对 23 年风险小高峰的消化，贷款质量保持稳健的同时不再刻意收缩放款，“量”、“质”同步的特点明显，并且良好的质量为盈利的环比提升打下基础。4 月 3 日《加强商业银行互联网助贷业务管理 提升金融服务质效的 通知》（《助贷新规》）出台，我们认为对头部平台是正面影响，或加速长尾小平台的出清。互金行业的估值近期受“对等关税”冲击而大幅回落，但高 关税并不影响依托消费内需的互金行业。结合行业稳健的基本面和友好的政策环境，行业估值性价比凸显，关注乐信、奇富科技（US/HK）、信也科技。

随着债市进入高波动阶段，准确评估债券波动性有助于投资者增厚收益或控制估值风险。本篇报告测算了各类券种与组合波动率，整体信用债＞国债，信用债内部二永债> 普信债>商金债，波动率与市场调整及后续修复期间债券价格涨跌幅呈正相关。分组合来看，二级债拉久期/子弹型组合波动较大，城投债哑铃型组合相对稳健。债券防守性与进攻性的评估结果与上述结论类似，普信债抗回撤能力较强但进攻性不足，适用于调整期间防守；二永债进攻性较强，但容易在债市走熊时出现较大回撤。

A crepe maker is a cooking device that makes crepes, galettes, pancakes, blinis, tortillas, and other food items. The market includes the sales of crepe makers by the manufacturers to the end-users, such as restaurants and cafes.

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.

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.

Cyber threats are Internet-based attempts to disrupt or damage information systems and hack critical information using spyware, malware, and phishing. Cyber security solutions enable end-users to maintain data confidentiality by monitoring, detecting, reporting, and countering cyber threats.

Cybersecurity training refers to educational programs designed to equip individuals and organizations with the knowledge and skills necessary to protect digital systems, networks, and data from cyber threats. These programs teach participants about various security practices, tools, and technologies to defend against threats such as hacking, phishing, malware, and data breaches. Training can be delivered through online courses, classroom sessions, or corporate programs, and is aimed at enhancing awareness and competence in maintaining digital security.

Cycling wear refers to products worn by athletes, daily commuters, and cyclists who engage in cycling as a sports activity or for recreation. The different types of cycling wear offered in the market are clothing, footwear, and other gear.

Decking refers to the material used to create the surface of a deck, which is typically an outdoor structure connected to a building. Decking materials can include wood, composite materials, aluminum, vinyl, and other synthetic materials.