A credit card is a piece of metal or plastic issued by a financial services company or banks, which allows cardholders to borrow funds to pay for goods and services with different types of merchants. Furthermore, credit cards provided by the banks and other fintech institutions help customer purchase different types of services on credit without having to put up cash at the point of sale. Instead, the charges accrue as a balance that must be paid off on a monthly billing cycle, giving the buyer more time to get the cash together. Rise in demand for cash alternatives and availability of affordable credit cards across the globe boost the growth of the global credit card payments market. In addition, rise in demand for credit card among the developing nations positively impacts the growth of the market.

Employment screening services help in identifying the authenticity of a candidate for the security of the organization and to safeguard the organization from fraudulent candidates. Numerous benefits provided by the employment screening services include reduced workforce violence, protect inattentive hiring, and meet the regulatory, insurance, and customer requirements of the organization. Furthermore, developing economies offer significant opportunities for employment screening services to expand & develop their offerings, especially among emerging economies such as Australia, China, India, Singapore, and South Korea. This is attributed to developing economies such as India and China, which are highly populated and therefore, possess high prospects of employment. This is further expected to provide lucrative opportunities to the employment screening services market in the coming years.

Enterprise resource planning (ERP) is a modular software system primarily designed to integrate the main functional areas of an organization's business processes into a unified system. An ERP system includes core software components, often called modules, which focus on essential business areas such as finance and accounting, human resource (HR), production and materials management, customer relationship management (CRM), supply chain management, and others. Organizations choose which core modules to use based on the business importance. ERP software enables efficient resource management and integration of organizational activities and its implementation enhances the operational efficiency, thus providing competitive edge to enterprises.

从盈利和市值表现来看贝莱德是资管行业龙头。1）市值来看，截至2021 年末贝莱德市值高达1400 亿美元，根据彭博资产管理与托管银行的全球分类，贝莱德仅略低于黑石集团位居资管行业第二名，同时较大的市值基础上仍能保持稳定上涨，2011-2021 年复合涨幅高达16%；2）估值来看，贝莱德的PE估值相较主动管理和另类公司具备更强稳定性和更高溢价，近10 年来PE 中枢从15 倍抬升至20 倍，P/AUM的中枢约为1.2%；3）盈利来看，2020 年贝莱德实现收入和净利润为162.05 和49.32 亿美元，排名行业第2、第1 名，较高的业绩基础上仍能保持持续快速增长，近10 年净利润复合增速达9.1%，同期头部主动资管公司和另类资管公司平均复合增速分别为7.7%和10.6%。

与2008年金融危机时不同的是，尽管本轮疫情冲击下经济深度衰退，但是银行金融机构所受影响较小，资产质量总体保持良好状态。这为信用恢复和扩张提供了基本保障。这是美国经济继续恢复的重要保障。

2021 年发展情况：存量业务深化整改，理财公司颇具亮点。2021 年，理财配套监管要求进一步细化，严监管强监管成为常态。截至2021 年9 月末，理财存续规模27.95 万亿元，预计全年规模增速或在10-13%左右，对应存续规模28-29 万亿左右。截至2021 年末，绝大部分银行如期完成存量理财整改，理财基本实现全面净值化。随着银行理财由资金池模式转为净值化运作，单只产品规模持续提升，封闭式产品加权平均期限稳步上升至1 年左右。理财产品业绩比较基准整体呈现了稳中略升的较好态势，但净值波动有所加大。

结合最新交易情绪跟踪，节后市场动能温和修复，稳增长交易升温，内外资分歧再起。

本篇报告回顾了1970 年以来全球五轮资本开支周期的特点、驱动力及期间的大宗商品价格表现，并分析了当前全球资本开支情况。2022 年疫情逐渐改善，有可能会进入新一轮全球资本开支扩张周期，而中国进入稳增长阶段，可以关注其中相关的投资机会，尤其是全球定价大宗商品的投资机会。

1 月PPI 同比上涨9.1%，涨幅比上月回落了1.2 个百分点，延续了下行趋势。其中生产资料价格上涨11.8%，涨幅回落1.6 个百分点；生活资料价格上涨0.8%，涨幅回落0.2 个百分点。环比来看，1 月PPI 环比下降0.2%，降幅比上月收窄1 个百分点，其中生产资料价格下降0.2%，降幅比上月收窄1.4 个百分点；生活资料价格继续持平。1 月国内与国际大宗商品价格呈现分化格局，国内保供稳价继续推进，煤炭、钢铁价格回落，国际定价的原油以及铜、铝等有色金属价格则明显上升。1 月PPI 翘尾因素为9.3 个百分点，全年逐月下行，且下行速度较快，与2021 年新涨价因素决定PPI 走势相反，今年翘尾因素可能是PPI 走势的主要影响因素，在翘尾因素下行的情况下，PPI 全年可能呈现出逐季下行的态势。

一是按照1 年期AAA 存单收益率应当在“1 年MLF 利率±35BP”范围之内波动的规律，当前1 年期AAA 存单利率已低于“1 年期MLF 利率-35BP”的区间下限。二是5 年期国开债收益率下行过快。2016 年1-10 月，5 年国开收益率中位数3.0%，当前政策利率比当时低15bp（当时OMO 利率为2.25%，现在为2.1%），对应当前中枢应当为2.85%，而5 年国开已经下降至2.6%，处于2.85%±20BP 区间的下边界。三是2 年期AA+中票收益率当前处于较低位置。