Compliance training is to train employees to make them aware of company policies, regulations, and laws required for performing workplace-related duties. Such training helps companies eliminate instances of violations that could result in legal liabilities. Companies are also focusing on maintaining a healthy and hospitable workplace environment.

The corporate event industry market refers to the sector that focuses on organizing, managing, and executing events specifically for businesses and organizations. This market encompasses a wide range of events, including conferences, seminars, product launches, trade shows, exhibitions, team-building activities, shareholder meetings, executive retreats, workshops, award ceremonies, networking events, and incentive travel programs. The major goal of these events is to facilitate business interactions, raise networking opportunities, enhance brand visibility, strengthen client and employee relationships, and drive business growth and profitability.

Corporate wellness is a workplace health program or activity designed to support healthy behavior in the workplace while improving the health outcomes of employees.

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。

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.

海南作为中国唯一的离岛免税购物目的地，近年来其旅游零售市场继续保持稳健发 展。尽管2024年海南离岛免税金额增长承压，但第一季度和第四季度环比分别录得 44.6%和24.9%的增长，显示市场仍具活力。根据最新政策，海南自贸港离岛旅客 每年免税购物额度为10万元人民币，是全球最高限额之一。加之离岛免税店提供的 高品质商品阵容，海南成功吸引了众多国内外游客，显著推动了当地旅游零售市场 的蓬勃发展。

行业因子上周最大特征是仅有营业总成本/营业总收入录得 绝对收益，财报质量因子继续超额，有望持续到至少四月 中下旬。短端动量、长端反转超额靠前，资金流方面主力 资金净流入口径开始有效。

3 月社融新增 5.89 万亿，较去年同期多增 10544 亿元，新增规模超过万得一致预期。存 量社融同比增 8.4%，较 2 月同比增速环比提升 0.2 个百分点。  社融结构分析：1、表内信贷情况：信贷方面主要有低基数效应的影响（2024 年央行有季 度平滑信贷投放节奏的要求），也有银行自身抢投放、信贷投放前置的影响。3 月不含非银 的人民币贷款同比多增 5358 亿元，恢复同比多增。2、表外信贷情况：和去年同期相比变 化不大。3 月票据少增，跷跷板效应下未贴现的银行承兑汇票增加 3633 亿元，同比多增 81 亿元；信托贷款增加 238 亿，同比少增 443 亿；委托贷款减少 166 亿元，同比少减 299 亿元。3、政府债发行维持高增。一季度国债净发行规模超 1.4 万亿元，地方政府债券发行 规模超 2.8 万亿元，其中用于置换存量隐性债务的置换债券发行规模约 1.34 万亿元。在此 基础上，3 月政府债发行维持高增，新增融资 1.5 万亿元，同比多增 1 万亿。4、企业债融 资较去年同期减少。随着一季度债市利率的上行，出现一定程度的“债贷跷跷板”效应， 企业债融资较去年同期减少。3 月新增企业债融资-905 亿，股票融资新增 413 亿，分别同 比变化-5142 亿、+186 亿。