本报告基于系统性研究框架，从行业趋势、商业模式、估值范式等维度，解构消费金融行业核心驱动要素，主要结论包括：

4 月以来，随着“对等关税”政策落地，美国上演股债汇三杀场景，金融资 产全面承压：截至 4 月 11 日，标普 500 指数、彭博美国债券总回报指数、 美元指数当月分别下跌-4.4%、-1.7%、-3.9%。

本周关税扰动显著，建议底部积极加配医药板块。本周沪深 300 下跌 2.9%，医药生 物下跌 5.6%，处于 31 个一级子行业第 22 位，本周医疗服务、化学制药、医疗器械、 医疗商业、中药、生物制品板块分别下降 11.88%、5.65%、4.92%、3.93%、3.35%、 2.71%。2025 年初到目前的医药板块进行分析，医药板块收益率-1.1%，同期沪深 300 收益率-4.7%，医药板块跑赢沪深 300 收益率 3.6%。本周市场在全球的“对等关税” 政策下出现剧烈调整；美国时间 4 月 8 日，特朗普发表讲话称，美国将对药品征收单 独关税，受此影响医药板块出现进一步下跌。

Digital video content is primarily accessed through two sources, namely OTT and Pay TV. These platforms are major sources of entertainment for users worldwide. Pay TV is a subscription-based TV service that delivers digital video content through analog, digital, and satellite connections. The OTT industry includes third-party service providers that deliver video content to users through the Internet.

A digital workplace is defined as a virtual and modern version of the traditional workplace. It helps provide customized role-based solutions and services to employees. The employees can quickly access services and data from anywhere and at any time based on their requirements. The digital workplace uses smart devices like smartphone, laptop, among others and digital technology to adapt to the way people work, in addition to improved employee engagement and satisfaction levels.

Dining out restaurants include both fast-casual restaurants and quick-service restaurants. These restaurants also include drinking establishments. Dining out restaurants serve food along with other dining services such as alcohol and non-alcohol beverages.

Direct selling refers to a method of marketing and selling goods and services directly to consumers. This is often done through person-to-person interaction in a non-retail environment, such as the home or workplace of the customer. Direct selling is typically done by independent sales representatives or consultants who are compensated based on their sales.

A document management system (DMS) is a software solution designed to store, manage, and track electronic documents and images of paper-based information. It provides a centralized repository for documents, enabling easy retrieval, sharing, and collaboration. DMS enhances productivity by reducing the time spent searching for documents and streamlining business processes. It also supports compliance with regulatory requirements by maintaining audit trails and ensuring data integrity.

Document outsourcing is a BPO service, whose adoption is driven by the need to reduce fixed and overhead costs, avoid capital expenditure, improve business processes, ensure compliance with complex regulations, and enhance communication with customers.

A document scanner is a device that scans a paper document and converts it into a digital format, which can be stored on digital devices. The process of document scanning is also referred to as document imaging.