大小盘风格暴露是一把双刃剑，一方面大小盘风格暴露是获取超额收益的重要途径；另一方面大小盘风格切换也令广大投资者面临严峻的投资风险。因此把握 A 股市场大小盘风格轮动规律对 A 股投资至关重要。本篇我们将从内外部宏观环境边际变化与股票市场大小盘风格演绎切入，从货币周期、信用利差、货币活化、外资流入意愿、风格动量、相对波动维度探索大小盘轮动规律，构建择时指标，进而构筑大小盘风格轮动策略。

机构佣金是对机构交易的支付，欧美机构佣金率呈下滑趋势。1）机构佣金是机构投资者通过经纪商交易时，对于交易执行、研究及经纪服务费用的支付；2）21 世纪初的十年，美国机构佣金率经历了大幅下降，自 5 美分/股下降至不足 2 美分/股。2018 年以来，欧洲机构佣金率大幅下滑，自接近 8bp 下降至 4bp。

从整体表现来看，上周四大期指涨跌不一。其中上证 50 期指涨幅最大，幅度为 0.52%，中证 500 期指跌幅最大，幅度为-0.72%。上周新的 IC、IF、IH 主力合约基差贴水幅度较上上周均有所收窄，反映了投资者乐观的市场预期。全部合约角度看，受交割周影响，较上上周而言，四大期指当月、下月、当季和下季合约的平均成交量均上升，其中 IF 上升幅度最大，为 23.32%。四大期指上周五的合计持仓量较上上周五均有所下降，其中 IH 下降幅度最大，为6.14%。

At present, the whole world is experiencing strict data privacy legislation. Globally operating organizations have no options left but to adopt cross-border and cross-regulatory compliance strategies to operate efficiently. One of the major factors that have drastically impacted the way companies interact with customers and use their data is the growing data protection regulations by the governments of different countries. One such regulation is General Data Protection Regulation (GDPR), a data privacy regulation enforced by European Union (EU) on May 2018. As per the GDPR, an organization must take consent from the citizen whose personal data it wants to process. Apart from GDPR, various other privacy laws prevail across the globe, such as Brazil’s Lei Geral de Proteçao de Dados (LGPD) and California Consumer Privacy Act (CCPA). Consent management platforms and solutions help the website meet the GDPR and compliance by gaining user consent for collecting their data for further use during website visits via cookies. They also help the websites automate and simplify the consent management process.

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.

受高基数影响，财政收入同比增速为负，完成进度偏慢。1至4月一般公.共预算收入同比增长-2.7%，负增主因在于去年出台的缓税减税政策。一般公共预算收入完成进度为36.1%，五年维度看处于低位。

1-4 月全国一般公共财政预算收入 80926 亿元，同比下降 2.7%，其中中央一般公共预算收入 35250 亿元，同比下降 6.2%；地方一般公共预算本级收入 45676 亿元，同比增长 0.1%。 1-4 月，全国一般公共预算支出 89483 亿元，同比增长 3.5%。其中中央一般公共预算本级支出 11268 亿元，同比增长 10.5%；地方一般公共预算支出 78215 亿元，同比增长 2.6%。

以 A 股、港中资股、美中概股为范围，我们从中选出各行业前两大龙头企业，这一批企业代表了中国面向世界的名片，曾享受了全球流动性宽松的红利，也承接了外界对中国经济的质疑声音，我们称其为“中国 beta 型资产”。2021 年以来，伴随着地产压力的变化，中国 beta 型资产经历了一轮深度的筹码出清；从去年下半年开始，情况在悄然变化，中国 beta 型资产的 ROE 率先企稳，展现出卓越的基本面韧性，但股价却大多仍受制于地产预期。在政策路线转向去库存后，我们认为中国 beta 型资产的宏观风险有望得到更合理的评估，韧性有望得到更充分的认知。结合财务表现和股价回撤，我们从中进一步筛选出一批“中国好公司”，供投资者参考（标的详见正文）。

At present, the whole world is experiencing strict data privacy legislation. Globally operating organizations have no options left but to adopt cross-border and cross-regulatory compliance strategies to operate efficiently. One of the major factors that have drastically impacted the way companies interact with customers and use their data is the growing data protection regulations by the governments of different countries. One such regulation is General Data Protection Regulation (GDPR), a data privacy regulation enforced by European Union (EU) on May 2018. As per the GDPR, an organization must take consent from the citizen whose personal data it wants to process. Apart from GDPR, various other privacy laws prevail across the globe, such as Brazil’s Lei Geral de Proteçao de Dados (LGPD) and California Consumer Privacy Act (CCPA). Consent management platforms and solutions help the website meet the GDPR and compliance by gaining user consent for collecting their data for further use during website visits via cookies. They also help the websites automate and simplify the consent management process.