企业永续债：一级市场方面，5月进入信用债全年发行淡季，永续债融资显著缩量。5 月仅发行企业永续债 36 只，合计融资 446 亿元，相较上月下降 58%；偿还规模也降至 287 亿元，最终实现净融入 159 亿元，仅约为上月三成水平。行业方面，5 月发行量位居前三的行业为城投、公用事业和采掘，城投融资额大幅领先。次级属性方面，5 月新发的 36 只企业永续债中属次级债的有 13 只、规模 176 亿元，只数、规模占比降至 36%和 39%。二级市场方面，5 月产业、城投永续债收益率稳步下行，长端压缩幅度更大，对应长端信用利差也明显收窄，AA 级 5Y 产业永续债利差最多收窄 23bp。5 月企业永续债成交额和换手率继续下滑，城投、综合和公用事业成交额依然位居前三。5 月未新增企业永续债未被赎回事件。

回顾近十年银行板块的五轮上涨行情，驱动因素主要包括：1）宏观政策发力稳增长，经济预期向好或已有数据验证。2）银行基本面改善，如业绩增速、净息差、不良率、信贷增速等指标的边际改善。3）资本市场流动性改善。4）全社会预期回报率下行、市场风格向红利策略切换。

1）破净率呈现下降趋势：截至 5 月底，全市场理财产品破净率为 2.42%，环比下降 0.71%；2）理财产品达基率相对稳定：截至 5 月末，封闭式理财产品达基率为 86.58%，开放式产品达基率为 71.96%。

1、禁止手工补息政策目前进展如何？ (1)银行执行态度较为坚决。银行严格按照监管要求执行，在4月底前已停止对所有违规补息产品付息。(2)针对保险资管和理财子存款双方仍在博弈。由于涉及产品净值波动，保险资管和理财子仍在向银行追讨补息。

银行的合并重组浪潮掀起，不仅源于自身经营原因，也源于区域化险要求中小银行面临盈利不足、资产质量弱、资本补充受限等困境，监管对其合并重组持鼓励态度。此外，即使银行自身经营问题不大，中小银行也可能出于区域金融改革、形成金融合力的要求被合并。

ESG投资理念高度契合国家发展战略，这意味着相关政策将放大ESG理念对企业发展的实质性影响，具有较高ESG评分的企业将比同类企业更具竞争力，也更易获得资本青睐。

实际工资同比连续下降，4 月日本消费者信心指数回落。4 月消费者信心指数回落至38.3（前值为39.7），低于50的中立值，表明消费者仍然信心不足。截至今年 3 月，日本实际工资指数已连续 24 个月同比下跌，名义工资提升速度不及物价涨幅。4 月 29 日，美元兑日元突破 160 关口，日元汇率创 34 年新低。3 月核心通 胀率环比微降至 2.6%，家庭实际消费支出同比-1.2%，连续 12 个月负增长。4 月访日游客人数超 304 万人，较 2019 年 4 月增长 4.0%。

基本面相关因子由于高策略容量、低换手率受到广泛关注，而基于基本面的另类数据研究也颇受重视。本文主要对财务附注这一另类数据源进行应用探索，扩充兴证金工另类数据源。

Cloud ERP is known as an enterprise resource planning software that can be accessed over the Internet. Hosted on a provider’s cloud computing platform, cloud ERP is typically delivered as a service (software-as-a-service or SaaS ERP). Cloud ERP software provides various advantages; one of the largest advantages of cloud ERP software is its almost limitless customizability. Add-on solutions, open APIs, industry-specific functions, and role-based dashboards allow companies to implement powerful decision-making tools, unparalleled data visibility, and a future-proof platform for success. Enterprises can implement chosen editions that have been designed to the needs of their specific industries—distribution, manufacturing, retail, and construction, among others. The field and office teams work in tandem to complete multiple projects under budget and on time, but challenges arise when they do not have efficient information. Construction-specific ERP software integrates applications and systems—including financials, job cost accounting, inventory, CRM, payroll, and project management, among others—for a complete, real-time view of the business that instantly connects all workers in the team.

The global route optimization software market was valued at USD 6.31 billion in 2023 and is expected to grow at a CAGR of 14.70%, reaching USD 13.87 billion by 2029. The key drivers contribute to the increasing use of logistics-specific solutions and declining hardware and connectivity costs.