美国劳工部公布9 月CPI 数据，9 月未季调CPI 同比上涨8.2%， 前值为8.3%，市场预估为8.1%；环比上涨0.4%，预估为0.2%，前值 为0.1%。核心CPI 同比上涨6.6%，预估6.5%，前值6.3%；核心CPI 环比上涨0.6%，预估0.4%，前值0.6%。当日美股三大指数大幅低开, 随后逐渐修复。截至收盘标普500 指数涨2.60%，纳斯达克指数涨 2.23%，道琼斯工业指数涨2.83%。

非银板块整体估值位于历史低位，悲观情绪反映较为充分，国内经济企稳、外围 局势缓和以及政策信号改善有望驱动非银板块估值修复。从3 季报角度看，保险 3 季度NBV 同比降幅有望逐步收窄，财险仍有望保持较好的景气度；券商受股 市下跌影响3 季度同比增速或与中报降幅接近，交易量已在底部区间，关注左侧 机会。

文化数字化带动了文化产业的基建投资，同时为中国经典文化打开了在数字内 容、文旅、衍生品的商业空间。出版企业主业稳健分红可观，估值具有较大安 全边际。我们认为，文化数字化战略驱动下，出版业迎来历史性转型机遇。出 版公司有望依托自身资金优势和内容储备，开展 IP 运营等数字化创新业务，打 开增长天花板。

2022 年9 月5 家上市险企寿险总保费累计同比+0.7%（2022 年8 月+0.9%），其 中：中国人保+9.3%、中国太保+4.4%、新华保险+0.9%、中国人寿+0.1%、中国 平安-2.5%。9 月单月总保费同比分别为：中国太保+9.4%、中国人寿-0.8%、中 国平安-1.3%、中国人保-3.5%、新华保险-5.3%。9 月寿险总保费同比表现分化， 中国平安、中国太保、中国人保同比分别改善2.2/21.1/34.7pct，中国人寿、新华 保险同比分别恶化1.9/4.1pct。考虑到2022 年权益市场波动较大，预计多数险企 储蓄型保险产品销售情况仍然良好，有望补充NBV，但受行业内外部因素影响， 保障型产品需求仍未出现修复迹象。综合人力规模趋势、产品需求以及基数情况， 我们预计2022 年前9 月上市险企NBV 同比分别为中国人寿-13.1%、中国平安 -26.0%、中国太保-41.1%、新华保险-38.1%，较2022 年H1 同比降幅有所收窄。

Leveraging strong R&D platforms, Innovent has built a robust pipeline of 25 clinical-stage assets in the fields of cancer, metabolic, autoimmune diseases and other major therapeutic areas, with 5 products, including Tyvyt (sintilimab injection, PD-1 antibody), Byvasda (bevacizumab injection), Sulinno (adalimumab injection) and Halpryza (rituximab injection) approved by the National Medicine Products Administration (NMPA) for marketing in Mainland China and IBI375 (Pemigatinib, FGFR1/2/3 inhibitor) approved by Taiwan Food and Drug Administration (TFDA), 6 assets in pivotal clinical trials, and additional 14 molecules in early clinical stage.

The power generation industry volume is defined as the total electrical energy (TWh) generated within a country over the course of each calendar year. The value of the industry is obtained by multiplying volume of generated energy by the appropriate annual average non-household power price, or equivalent, excluding taxes and levies. The power generation industry is segmented by volume into electricity produced from nuclear, conventional (thermal generation from fossil fuels), and renewable (hydropower, wind, solar PV, biomass, and geothermal) sources.

The BFSI industry includes commercial banks, insurance companies, non-banking financial companies, and other entities. The availability of new channels to improve the customer experience means that security capabilities across the organization must be improved. BFSI security includes cybersecurity and the physical security of banking and other financial organizations.

COVID-19 forced organizations around the world to enact radically new ways of working and operating amid the pandemic’s human and economic impacts. Organizations had to respond to a sudden, unforeseen crisis whose rapidly changing nature confounded efforts to predict and plan for events. The pandemic brought into sharp relief the pitfalls of strategies that envision moving from point A to point B on a static path, and that assume that one has years, not months or weeks, in which to rethink outdated views and establish a new set of truths. As we all learned the hard way, in an environment that can shift from moment to moment, the paths and time frames to achieving one’s goals must shift as well.

Despite the unpredictability of the weather, microbes are expected to emerge as a low-cost, high-yielding input. With increasing investments from the institutional sector and venture capital, metabolomics and strain enhancement efforts are underway to expand biopesticides to help optimise acre production. The ongoing research into the development of new microbial products is likely to support the market's growth.

According to the World Bank, the US and Euro Area economies had substantial declines of 3 6 percent and 7 4 percent in FY 2020 respectively, resulting in a 4 3 percent slowdown in the global economy However, while Asian countries are expected to make a strong comeback, but still many economies will witness contracts until the end of 2021  With the rollout of the vaccine, across the world in 2021 the global economy is expected to expand by roughly 4 in 2021 However, in January 2021 the World Bank stated in its Global Economic Prospects that the recovery will be slow unless governments around the world take effective action to control the pandemic and begin implementing investment enhancing reforms, as well as vaccination campaigns, strict health policies, and financial support