A content delivery network is platform, which is highly distributed by server to minimize delays and loss time in web page and content loading by minimizing physical distance between the user and server. This helps users to view and show high-quality content and web page without delay in loading. Without using content delivery network server, the local server must respond to each and every single user request ticket. This will create significant traffic at the origin and increase chances of server failure; however, content delivery network carries significant protection for internet traffic.

4 月社融不及预期，存量增速继续下行。短期贷款同比少增，贷款结构优化。表外非标持续压降，企业债融资回归疫情前水平。M1 和 M2 增速回落，M2-M1 剪刀差收窄。经济复苏促使贷款需求提升，叠加信贷额度收紧，利好银行资产端定价。政 策“不急转弯”使银行资产质量保持稳定，信贷成本同比将有较大改善空间。 当前银行板块估值仍然较低，建议重点关注银行股的投资机会。

目前头部券商估值已回到匹配位置，ROE/PB 比率升至 8.39%，与头部银行接近，券商左侧布局时点到来。中长 期看，直接融资扩容趋势不改，机构化趋势延续，券商财富管理、资产管理、机构业务和投行业务持续增长可期，轻资本 业务扩张有望驱动 ROE 持续上行，头部券商表现将更强。目前行业估值低于历史中枢，头部券商估值已到底部，维持行业 “看好”评级。三条主线选择受益标的。