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ADB亚洲开发银行：2026年中东冲突与亚洲及太平洋的宏观经济风险报告（英文版）

The authors highlight that broad based energy subsidies and price controls should give way to targeted and time-bound fiscal support. They note that monetary policy should focus on targeted liquidity provision rather than aggressive tightening, while...

2026-04-03 0 617.59KB 12页
ADB亚洲开发银行：2026年东帝汶加入东盟：能否缩小发展差距？（英文版）

After Cambodia, the Lao People’s Democratic Republic, and Viet Nam joined ASEAN, they harnessed reforms, investment, and regional cooperation to reduce development gaps. Timor-Leste is beginning a similar journey. The country has made advances in hea...

2026-04-03 0 310.05KB 8页
国信证券：中国中免（601888）-Q4毛利率优化明显，政策红利与经营动能持续释放

中国中免(601888) 核心观点 2025年公司业绩与快报一致，Q4利润端改善显著。2025年公司实现营业收入536.94亿元，同比下降4.92%；实现归属于上市公司股东的净利润35.86亿元，同比下降15.96%。其中，2025Q4实现收入138.31亿元，同比增长2.81%，收入端重回增长通道；Q4归母净利润5.34亿元，同比增长53.59%。我们预计利润增长主要系毛利率改善及费用摊薄，若剔除本期计提的日上上海3.38亿元商誉减值影响，归母净利润预计将更高。公司拟每10股派发现金红利7.0...

2026-04-03 0 252.9KB 7页
国信证券：氟化工行业：2026年3月月度观察：二季度空调排产同比增速转正，制冷剂价格继续上行

核心观点 3月氟化工行情回顾：截至3月末（3月31日），上证综指报3891.9点，较2月末下跌6.5%；沪深300指数报4450.1点，较2月末下跌5.5%；申万化工指数报4674.4，较2月末下跌10.3%；氟化工指数报1942.3点，较2月末下跌13.6%。3月氟化工行业指数跑输申万化工指数3.3pct，跑输沪深300指数8.1pct，跑输上证综指7.1pct。据我们编制的国信化工价格指数，截至2026年3月31日，国信化工氟化工价格指数、国信化工制冷剂价格指数分别报1352.16、2030...

2026-04-03 0 2.18MB 23页
ADB亚洲开发银行：2026年蒙古采矿业的环境、社会和治理评估报告（英文版）

Mongolia has the opportunity to be a leader in sustainable mining practices and a key contributor to the global renewable energy supply chain while ensuring responsible resource management, community engagement, and ecosystem protection and restorati...

2026-04-03 0 769.17KB 48页
欧洲央行：住房财富与货币政策传导：跨国证据（英文版）

This paper quantifies the role of housing wealth in the transmission of monetary policy to consumption in 20 advanced economies. Using Bayesian VAR models we identify structural shocks with a novel combination of sign and maximum forecast error varia...

2026-04-03 0 1.66MB 39页
ADB亚洲开发银行：2026年是时候了：亚洲的衡量、挑战和政策报告（英文版）

Time-use surveys (TUS) are specialized statistical inquiries that measure how people allocate their time across different activities over a given period, typically 24 hours. By capturing both economic activities and unpaid care and domestic work (UCD...

2026-04-03 0 6.34MB 184页
世界银行：2026年繁荣、健康和尊严：发展中国家老年妇女的政策途径报告（英文版）

Beyond headlines about aging populations lies a more nuanced truth: women are shaping the story of old age across developing countries. More than 400 million women aged 60 or more currently live in low- and middle-income countries. Their numbers ...

2026-04-03 1 9.97MB 49页
ADB亚洲开发银行：2026年新兴的亚洲太平洋地区宏微观财政与治理挑战与机遇报告（英文版）

Despite phenomenal economic and social progress in Asia and the Pacific in the last half century, further improvements in the macrofiscal and governance domains could be made. This study considers the various issues and challenges facing 34 developin...

2026-04-03 1 8.62MB 132页
ADB亚洲开发银行：2026年印度补贴与转移研究报告（英文版）

India’s road map to Vision 2047 and its path to becoming a developed nation necessitate sustained economic and social development, aided by investment in people, land, and infrastructure. A strong catalyst of this is high quality of public expenditur...

2026-04-03 0 3.37MB 76页
世界银行：非洲经济转型的电气化：政府应该推行哪些改革？（英文版）

This paper examines the challenges that African governments are grappling with as part of a renewed international effort to expand electricity access. It shows how the crux of the challenge is twofold: one, to enable poor people to make productive us...

2026-04-03 0 2.44MB 61页
世界银行：2026年构建电网弹性：输电系统的弹性度量和标准报告（英文版）

The bottom line. Power transmission systems are emerging as one of the most vulnerable parts of the power sector as climate change intensifies the frequency, intensity, and duration of extreme weather events and multiplies system-wide risks. Followin...

2026-04-03 0 373.75KB 12页
世界银行：2026年弹性低交通量道路的设计原则：工程最佳实践指南报告（英文版）

The purpose of this guide is to support preliminary conceptual approaches and systematically promote climate resilience into the full lifecycle of low volume roads— from identification and planning through design, construction, maintenance, and event...

2026-04-03 1 189.24MB 278页
世界银行：2026年欧盟更好的农业风险管理解决方案报告（英文版）

Globally, the agri-food system is facing an increasingly complex and volatile risk landscape. Traditional risks, related to production, markets, finances, and others, are now compounded by climate change, geopolitical instability, pandemics, and digi...

2026-04-03 1 7.32MB 147页
世界银行：2025年评估北马其顿当前和未来的长期护理支出报告（英文版）

This assessment focuses solely on government expenditures on sustainable long-term care (LTC) for the elderly, as requested by the The Government of North Macedonia (GoNM). It does not attempt to calculate the costs of the provision of uncompensated ...

2026-04-03 0 1.86MB 56页
国际货币基金组织：2026年阿拉伯埃及共和国：根据扩展基金机制下的扩展安排进行的第五次和第六次审查报告（英文版）

The Executive Board of the International Monetary Fund (IMF) completed the fifth and sixth reviews of Egypt’s Extended Fund Facility (EFF) arrangement and the first review under the Resilience and Sustainability Facility (RSF), allowing the authoriti...

2026-04-03 2 5.56MB 132页
国际货币基金组织：不完全信息、需求冲击的构成和菲利普斯曲线的平坦化（英文版）

We study why inflation responds differently to economic activity over time. Using survey data covering the universe of Japanese firms, we show that firms are unable to perfectly distinguish aggregate from sector-specific demand changes, leading to po...

2026-04-03 1 2.36MB 83页
中信证券经纪(香港)：调查结束-260403

摘要中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在2026年3月31日发布的题为《Investigationover》的报告，KDDI发布广告相关欺诈调查结果，公司已经确认季度业绩。KDDI将退出子公司的广告相关业务。尽管该事件因长期未被发现而令人尴尬，但公司最终妥善处理了问题，为高管层留出时间回应股东关切并采取果断行动。调查主要发现此次调查发现，KDDI子公司GPlan和Biglobe在2018至2025年期间广告代理业务中存在虚构循环交易，累计影响销售额2,460亿日元、营...

2026-04-03 2 647.92KB 3页
中信证券经纪(香港)：若非现在更待何时-260403

摘要中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在2026年4月1日发布的题为《Ifnotnow,thenwhen?》的报告，2026年4月新气井价格环比上涨58%至12.91美元/百万英热单位。根据已公布政策将APM天然气上限价格提高0.25美元/百万英热单位，加上上周对成品油出口征收暴利税时未提及上游企业，这些明确表明印度政府不会出台政策剥夺ONGC等生产商从高油价中获得的收益。这应能消除市场对暴利税的担忧（当前股价仅反映布伦特现货价格60%水平），并推动估值重估。这些因素加上...

2026-04-03 2 654.82KB 3页
东吴证券：中裕科技（920694）-2025年报点评：境外营收同比大增51%，看好新品与海外产能释放增量

中裕科技(920694) 投资要点 2025年营收同比增长18%，业绩端受关税、运费、汇率波动等因素拖累同比下滑。公司发布2025年度报告，全年营收实现7.10亿元，同比+18.41%；归母净利润0.90亿元，同比-14.25%；扣非归母净利润0.86亿元，同比-9.09%。公司2025年营收同比增长主要系美国市场和中东市场的销售增加。业绩同比下滑主要系公司内部商品调拨至境外子公司而产生的关税及相关运费金额比2024年同期增加；中裕沙特等境外公司经营费用比2024年同期增加；受汇率波动影响，财务...

2026-04-03 2 485.54KB 3页

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