本文是聚焦国资国企高质量发展系列专题政策报告的第二篇。本文将部分 A 股世界一流示范国有企业 2015 年至 2022 年“一利五率+市值管理”指标表现与 A 股上游水平进行了比较；并从分位数角度比较分析了 2015 年至 2022 年，A 股三类不同属性企业——中央国有企业、地方国有企业、其他类型企业的“一利五率+市值管理”的整体指标表现，从“一利五率+市值管理”角度分析得出了国企的整体投资价值。

通过对收支两端的拆解与推演，我们认为 FY2024 美国财政政策的主基调是“正常化”：影响上年财政收入超预期减少的因素或难持续，财政支出的高峰已过，但难见显著的下行风险。综合来看，财政赤字预计边际收敛、易上难下。对美债供给而言，财政融资需求的洪峰已过，美债供给压力边际缓释，但预计 2024 全年发债规模的绝对水平仍高，供给总量尚未达峰，久期压力在年内或将持续，流动性风险溢价的收敛幅度亦相对有限。

1972-2023年，日股总体跑赢其他日本资产，1972-1989年和2013年后的超额优势显著，但1990-2012年失去的二十年间表现不佳：（1）大部分资产跑赢通胀，日股和黄金领先，债券其次。70-80年代日股大幅领先其他资产，1990年泡沫经济破灭后日股回撤明显，债持续优于股，直到2013年日 股再度领跑；（2）风险-收益比看，日本资产整体不及美国资产，股票类资产尤为明显，源于过早进入负利率及日股在1990-2012年表现不佳。

12 月贷款疲弱走势减缓，全年来看在香港使用贷款的增长更好。其中建筑业、物业发展及投资 Q4 环比+0.8%，转为正增长，制造业贷款余额全年逐季度下降，运输及运输设备行业和批发零售业贷款余额 Q4 转为正增长。

科技金融引领五篇大文章，直接融资服务能力仍有待提升。中央金融工作 会议明确要“做好科技金融、绿色金融、普惠金融、养老金融、数字金融 五篇大文章”，科技金融位于首位，充分彰显金融在服务科技创新中的重要作用。金融监管总局、证监会、各地区政府也充分响应会议号召，出台支持科技型企业金融服务高质量发展的若干措施。理论上直接融资更符合 初创期科技企业高投入、高不确定性的特征，但国内融资结构长期以间接融资为主、与科技企业需求存在错配，直接融资服务质效仍需提升。

Online travel agencies IT spending refers to the investment made by these companies in technology infrastructure, software systems, and digital platforms necessary for their operations. This includes expenditures on website development and maintenance, booking engines, customer relationship management (CRM) systems, payment gateways, mobile app development, and other IT-related projects. Online travel agencie IT spending is aimed at improving the online booking experience, enhancing user interfaces, ensuring secure transactions, managing customer data, and optimizing overall operational efficiency.

Middle office outsourcing refers to the packaging of traditional middle-office functions, such as trade processing, reconciliations, corporate actions and investment accounting, with new data aggregation, storage and analytics services. These middle-office operations are outsourced for competitive advantages.

A government open data management platform is a centralized system or platform used by governments to store, manage, and publish their open data initiatives. It serves as a repository for government agencies to collect, organize, and share various types of data with the public and other stakeholders. These platforms often provide tools for data cleaning, quality assurance, metadata creation, and data visualization. They aim to promote transparency, accountability, and data-driven decision-making by making government data more accessible and usable to the public.

Foreign exchange is a mechanism that allows people to swap currencies from other countries. This is done with credit instruments such as foreign currency bills, bank draughts, and telephone transfers. An electronic network of banks, financial institutions, brokers, and private traders facilitates capital transfers. Forex has a wide range of uses, including transferring payments to support the trade of commodities and services between nations.

Financial analytics is the process of using data analysis and mathematical models to evaluate financial data and make predictions, leading to informed financial decision-making. This practice involves the examination of various financial information, including historical and current financial data, to gain insights into an organization or individual financial health and performance.