A 股结构分化特征与风格轮动规律：观察近年各指数年度收益情况，发现市场“一九”效应凸显，除了极端风格的涨跌分化，多数主流指数分化显著减弱，传统策略 Alpha 空间被大大压缩，押注极端风格及跟随风格趋势成为部分机构在策略上的首要选择。

宏观量化框架回顾：在因子新视野系列报告中，我们将依托于经济、流动性、信用三大维 度指标的敏感性测试方法应用于风格因子上，我们发现不同风格对宏观因子的敏感性存在差异，如价值因子对经济敏感，小市值对流动性敏感，成长因子对信用敏感，而红利对信用不敏感等。在复盘宏观方法的因子选择结果时，我们进一步发现通过宏观方法筛选整体 在选择时点上偏左侧，与常用的根据因子 IC、IR 加权或筛选的方法存在差异，因此我们尝试与因子动量的方法进行结合，宏观方法整体对基本面因子的筛选效果更好，而因子动量方法对于宏观敏感性较弱的价量因子有更好的效果，而两者共同选到的“共振”因子胜率提升都较为明显。

A 股市场晴雨表的修正：上证综指发布于 1991 年 7 月，截至目前已经运行 超过 30 年，是目前 A 股市场中历史最悠久、认可度最高、使用最频繁的指 数，被称为 A 股市场的晴雨表。上交所与中证指数公司于 2020 年 7 月 22 日修订了上证综指的编制方案，从新股延迟纳入、剔除风险警示股和纳入科创板证券等三个维度进行升级，有效增强了上证综指的代表性和稳定性。

什么是拥挤度？用什么去衡量？我们常提到拥挤度其实就是衡量情绪 或者预期的演绎程度，这里我们用板块的成交额占全部 A 股的比重去衡量，并用移动 5 日平均（MA5）来熨平单日的波动。

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.

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. Constructionspecific 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.

Some of the other drivers fuelling the growth of consent management market include stricter data privacy regulations, proliferation of data-driven technologies, increasing awareness and concerns for data privacy, and increasing demand for improved the customer experience. On the other hand, some of the restraining factors of the consent management market include diverse regional regulations, user resistance and consent fatigue, cost of compliance, and implementation challenges. The rise in incidents of data breaches across various industries is propelling the growth of the consent management market. For instance, in November 2021, California Pizza Kitchen (CPK), a restaurant chain, revealed a data breach that exposed the personal details of ~100,000 current and former employees. To reduce such data breaches and protect the information of the citizens, governments of various countries are enhancing their data protection regulations, which is further raising the need for consent management solutions. Furthermore, the growing need for the integration of blockchain technology in consent management solutions to augment user control and privacy will further propel the growth of the consent management market during the forecast period.

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. Some of the other drivers fuelling the growth of consent management market include stricter data privacy regulations, proliferation of data-driven technologies, increasing awareness and concerns for data privacy, and increasing demand for improved the customer experience. On the other hand, some of the restraining factors of the consent management market include diverse regional regulations, user resistance and consent fatigue, cost of compliance, and implementation challenges.

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.