A POS terminal is a device that is used to make payments or carry out transactions using a debit or credit card. When a POS terminal is EMV (Europay, MasterCard, and Visa standard)-compatible, it is referred to as an EMV POS terminal.

Luxury goods companies play an important role in moving the broader fashion industry toward an environmentally responsible, circular economy. Technology can help accelerate the green transition and improve the relationship between companies and their customers. Several recent developments in digital technology, including artificial intelligence (AI), machine learning, and the Internet of Things (IoT), may change the luxury market forever.

A self-service kiosk is an interactive device that empowers customers to conduct transactions or access services conveniently. For instance, customers can purchase train or bus tickets, check-in at hotels, manage office inventories, or check in for flights without waiting in long lines or seeking assistance. The global self-service kiosk market is expected to grow at a CAGR of 8.71% over the forecast period. North America and Europe, followed by APAC, are expected to witness significant selfservice kiosk demand. However, the Middle East and Latin America are likely to develop opportunities with the opening of new business projects of branded retail shops and expansion of established firms in these areas, especially in the retail and food & beverage industries.

The global luxury fashion market is gaining momentum with the rise in the number of high-net-worth individuals (HNWIs), the popularity of millennials and Gen Z, increasing brand loyalty among customers, and the association of luxury brands with greater social acceptance. The rapidly changing technological landscape and the growing adoption of technologies such as AR by the fashion industry, supported by the growing penetration of digital channels across developing markets, provide significant growth opportunities for vendors.

资管产品回表及银行扩表力度较大，2022年-2023上半年存款明显提速。资管产品回表方面，受资管新规及市场波动影响，部分资管产品赎回后沉淀为银行存款。值得注意的是，由于银行表内资产端配置与资管产品明显不同，回表内过程中存款增速快于资产增速。从银行经营角度看，这意味着存款供给较为充裕，一定程度上为2023年多轮存款降息创造了适宜条件。银行扩表方面，商业银行加大信贷投放与政府债券配置力度，资产增速快于社融。由于银行扩表会同步派生存款，因此，扩表力度加大也会提升存款增速。

债市走牛提振理财收益率升至 5%附近，3 月理财收益率有所回落。2 月市场流动性充裕、资金面整体运行平稳，机构间行为因春节效应等因素存在分化，同时，信贷投放力度有所减弱，债券市场收益率快速下行。2 月 10Y 国债收益率、1Y 国股行 NCD 发行利率中枢分别环比上月下降 10、13bp 至 2.4%、2.31%。受债市走牛提振，2 月末固定收益类理财近 1 个月年化收益率升至 5.1%，较月初大 幅提升 3pct。3 月以来理财收益率稳中略降，但仍运行于较高收益率区间，截至 3 月 8 日，固定收益类理财近 1 个月年化收益率 4.7%。

我国个人养老金第三支柱发展潜力较大。目前我国养老体系主要由第一支柱承担，第二支柱部分补充，第三支柱发展不足。截至 2022 年末，我国养老第一支柱、第二支柱和第三支柱规模分别为 9.6、5.0 和 0.2 万亿元。截至 2023 年 9 月末，美国养老第三支柱，IRAs 与 Annuities 的规模高达 14.8 万亿美元。我国养老第三支柱刚刚起步，潜力较大。

泡沫破灭后日本银行资本市场表现。1990 年代初至 2003 年一季度，东证银行业指数累计下跌了 91%，跑输大盘指数约 20 个百分点。东证银行业指数除了 2003 年二季度至 2006 年一季度迎来一波大反弹，以及 2023 年以来跟随大盘有所上涨，其他时期均表现低迷，且长期持续跑输大盘。估值上，2011 年之后日本东证银行指数 PB 估值长期在 0.5x 附近震荡，近期有回升到 0.8x 以上。另外，日本大型银行在盈利和估值上都优于中小银行，在长期低增长低利率大环境下，日本并没有出现小而美的银行。

ETF 市场：ETF 规模突破 2 万亿，管理人格局稳中有变。2023 年中国境内上市 ETF 数量和规模均逆势增长，数量达到 888 只，规模超过 2 万亿元，非货 ETF 规模增长接近 5000 亿元，其中股票 ETF 规模增长贡献超过 75%。规模增长以存量产品为主，股票 ETF 中宽基 ETF 的优势地位增强。ETF 管理人前十 大格局相对稳定，前二十大格局略有变化。

新能源、电子等科技成长方向近期出现了基本面改善、政策支持等密集催化，且在前期调整过程中跌幅较大，后续或将成为上行阻力最小的方向。对于基建链而言，本期受春节假期影响，数据更新较少，继续关注后续数据变动及钢铁、建材行业潜在的投资机会。此外，猪周期或将触底，目前已可开始关注。