当前位置:首页 > 研报详细页

研究报告:高华证券-美国经济分析:仅是GDP增长的一段不平路-140201

研报作者:Jan Hatzius,Alec Phillips,Jari Stehn 来自:高华证券 时间:2014-02-07 10:17:37
  • 股票名称
  • 股票代码
  • 研报类型
    (PDF)
  • 发布者
    港股***68
  • 研报出处
    高华证券
  • 研报页数
    10 页
  • 推荐评级
  • 研报大小
    312 KB
研究报告内容

2014年2月1日 Issue No: 14/05 美国经济分析 研究报告 仅是GDP增长的一段不平路 美国经济数据和金融市场情绪均出现恶化。

一个可能的解释是近期新兴经济 体和市场的震荡。

但发达经济体在新兴市场的业务比重相当有限,美国尤其 如此。

总体来看,新兴经济体仅占美国出口、银行债权和企业利润相对较小 的份额,如果将目光锁定在最为动荡的新兴市场,这个数字将进一步下降。

但还有另外一个更为技术性的因素可能显著拉低了2014年初的GDP增长: 即GDP数据中库存积累的大幅上升,其对2013年下半年GDP的贡献高达 1个百分点。

库存可能成为2014年上半年GDP的拖累因素,我们已将2014 年一季度和二季度的GDP增速预测从原来的2.7%和3%下调至2%和 3%。

我们认为库存周期不会对GDP以外的经济活动指标产生较大影响。

库存累积 的调查指标在下半年仅处于略高水平,这加大了GDP库存大幅上升只是徒有 其表的可能性。

而且最近的调查指标显示,大部分实际库存所需调整可能已 经在岁末年初时完成。

因此,我们预计下周公布的1月份经济数据将表现稳健。

我们预计1月份非 农就业人数初值数据为增加20万人,因12月份天气的负面影响逆转以及报 告其他部分反弹至趋势水平。

12月份数据还有较大可能向上修正。

我们还预 计失业率将进一步下降至6.6%(部分反映出紧急失业救济到期),ISM制造 业和非制造业数据表现将基本稳定。

Jan Hatzius (212) 902-0394 jan.hatzius@gs.com 高盛集团 Alec Phillips (202) 637-3746 alec.phillips@gs.com 高盛集团 Jari Stehn (212) 357-6224 jari.stehn@gs.com 高盛集团 Kris Dawsey (212) 902-3393 kris.dawsey@gs.com 高盛集团 David Mericle (212) 357-2619 david.mericle@gs.com 高盛集团 Shuyan Wu (212) 902-3053 shuyan.wu@gs.com 高盛集团 Michael Cahill (801) 884-4621 michael.e.cahill@gs.com 高盛集团 投资者不应视本报告为作出投资决策的唯一因素。

有关分析师的申明和其他重要信息,见信息披露附录,或参阅 /research/hedge.html。

高盛集团 全球投资研究 2014年2月1日 美国经济分析 全球投资研究2 APothole for GDPGrowth Both the US economic data and financial market sentiment have taken a turn for the worse since the start of the year. Exhibit 1 shows that our US-MAP surprise index has fallen into negative territory and our current activity indicator (CAI) has slowed from an average of 3.1% in October/November to 2.3% in December, primarily because of the weakness in the employment and housing indicators. Real GDP in the second half of 2013 did grow 3.7% (annualized), much stronger than expected a few months ago, but even there the “guts” of the report were softer as final demand grew only 2.7%. Exhibit 1: ATurn to Negative Surprises Source: Goldman Sachs Global Investment Research. The USEconomy Is Not Very Exposed to EM What lies behind this weaker news A tempting explanation is the turbulence in emerging economies and markets. As our EMMarkets team has noted, we do not expect the difficulties there to disappear quickly as they reflect a need for significant adjustments in a range of countries in an environment of higher global real interest rates and lower commodity prices.1 So at least the headline risk from the EM troubles for US financial markets is likely to persist for some time. However, as our Global Economics team has noted, the exposure of developed market economies to EM troubles is quite limited, and this conclusion applies particularly to the US.2 Exhibit 2 provides a summary of US exposures to emerging markets through three channels: (1) merchandise exports as a share of USGDP, (2) banking system claims as a share of US bank assets, and (3) corporate profits by the EM subsidiaries of US multinationals as a share of overall US corporate profits. In each case, we show both the overall exposure to emerging markets and the exposure to a smaller group of key EM economies in recent focus (Argentina, Brazil, Russia, South Africa, Turkey, Indonesia and India). 1 See “It ain’t over ‘til it’s over,” Emerging Markets Weekly,14/04, January 30,2014. 2 See Dominic Wilson, “What happens in EM (mostly) stays in EM,” Global Economics Weekly,14/04, January 29,2014. 0 1 2 3 4 -4 -3 -2 -1 0 1 2 3 Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr US-MAP (left) CAI (right)* Standard deviation Percent change, annual rate 2011201220132014 * 2-month moving average. 2014年2月1日 美国经济分析 全球投资研究3 Exhibit 2: USExposures to EMAre Fairly Small Source: Department of Commerce. BIS. Broadly speaking, the exposures look small. US exports are worth 5% of GDP when looking at EM economies broadly and 0.7% when looking at the most affected countries. If we assume a 10% drop in overall EM import demand as a result of the recent troubles this would mechanically shave 0.5 percentage points from real GDP growth. But this is close to a worst-case assumption, as it would match the worst point of the very severe Asian crisis of the late 1990s. It is also worth noting that our USGDP forecast already assumes a small negative contribution from net trade. So we do not see our forecast as particularly vulnerable in this respect. US banking exposures are likewise quite small, accounting for 5.5% of total banking assets when looking at EM overall and 1.9% when looking at the most affected countries. Although the exposures obviously vary significantly between different types of banks, it is difficult to see how credit losses in EM would deal a large blow to the US banking system short of a worst-case outcome for the EM cycle. Finally, the profitability of the US corporate sector is also not particularly exposed to trouble in its EM subsidiaries, at least in aggregate. We estimate that EM subsidiaries account for 5.5% of US corporate profits overall and for 1.0% when looking only at the most troubled economies. Again, short of a very bad outcome with significant contagion across EM and the broader global economy, this is a manageable issue. Inventory Payback, But Probably Only in the GDPData There is another, more technical factor that probably will subtract noticeably from GDP growth in early 2014, namely the sharp pickup in inventory accumulation in the GDP data for the second half of 2013 and the likely payback over the next few quarters. As shown in Exhibit 3, the level of inventory investment stood at 0.9% of GDP in 2013Q4, toward the top end of the range over the past 25 years. Such a rapid pace is unlikely to be sustained, and this probably implies a mechanical negative impulse from inventories to GDP growth over the next couple of quarters. Inventories are likely to be a drag in 2014H1, and we have taken down our GDP estimates to 2% in Q1 and 3% in Q2, from 2.7% and 3% previously. 0 1 2 3 4 5 6 7 8 0 1 2 3 4 5 6 7 8 Exports (% of USGDP) Banks' Asset Exposures (% of total US bank assets) Corporate Profits (% of total US corp. profits) EM Affected Countries* * Argentina, Brazil, India, Indonesia, Russia, South Africa, and Turkey. Percent Percent USExposures To: 2014年2月1日 美国经济分析 全球投资研究4 Exhibit 3: GDPReport Shows an Inventory Surge Source: Department of Commerce. But we expect the inventory cycle to have much less impact on non-GDP measures of economic activity such as our CAI and US-MAP index. For one thing, Exhibit 4 shows that survey measures of inventory accumulation constructed from the relevant parts of the ISM manufacturing and nonmanufacturing reports only ran at modestly elevated levels in H2, suggesting that the more rapid accumulation rate in the GDP report may be at least partly a statistical artifact. Moreover, the surveys show a sharp drop in accumulation pace in December, suggesting that whatever real-world inventory runup did occur may already have abated at the end of the fourth quarter. Exhibit 4: Survey Measures Are Not Consistent with Inventory Surge Source: Institute for Supply Management. Department of Commerce. More broadly, our confidence in the fundamental drivers of stronger US growth remains high. As shown in Exhibit 5, the private sector financial balance stood at +4.6% of GDP in the third quarter. This is still 1 percentage point above the historical average, at a time when the improvements in household wealth, credit availability, and labor market conditions are starting to suggest that the -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 198919921995199820012004200720102013 Inventory Investment in Percent of GDP Percent of GDPPercent of GDP -250 -200 -150 -100 -50 0 50 100 150 35 39 43 47 51 55 59 20042005200620072008200920102011201220132014 ISMComposite Inventories Index (left)* Real Change in Private Inventories (right) Index Billions of chained 2009 dollars * Weighted average of ISM mfg and non-mfg inventories indices. 2014年2月1日 美国经济分析 全球投资研究5 balance will fall to a below-average level over the next few years. Combined with the waning fiscal drag, this should result in meaningfully above-trend growth in coming years, as shown in Exhibit 6. Exhibit 5: Private Sector Balance Still Has Room to Fall Source: Department of Commerce. Goldman Sachs Global Investment Research. Exhibit 6: APositive Net Impulse to GDPGrowth Source: Goldman Sachs Global Investment Research. -6 -4 -2 0 2 4 6 8 10 12 -6 -4 -2 0 2 4 6 8 10 12 19601965197019751980198519901995200020052010 * Income less spending, all US households and businesses. Percent of GDPPercent of GDP Equity Boom Equity Bust Housing Boom Housing Bust Private Sector Financial Balance* 1960-2012 Avg = 3.3% 20092010201120122013201420152016 -8 -6 -4 -2 0 2 4 -8 -6 -4 -2 0 2 4 Private and Public Sector Impulse* Net Impulse Forecast Percent of GDPPercent of GDP Private Sector Public Sector * Relative to trend growth. Impulses calculated from GS financial balances model. 2014年2月1日 美国经济分析 全球投资研究6 Looking for Decent January Data Next Week Consistent with all this, the January ISM and employment data due next week are likely to look reasonably firm. Our preliminary forecast for the nonfarm payroll report is a bounceback to a 200,000 pace of increase. There are two key reasons why we expect the report to look strong: 1. Better weather (yes, really). Although the month of January as a whole was quite cold, the payroll survey week was actually somewhat warmer than normal, and we expect no significant weather impact on the seasonally adjusted level of payrolls this month. Given our estimate that the cold weather in the December survey week depressed the seasonally adjusted level of payrolls last month by about 50,000, this implies a positive weather impact on the payroll change of about 50,000. 2. Bounceback from spurious weakness. Even excluding the weather impact, the December employment gain looks to be about 50,000 below the recent trend. In our view, this is implausibly weak relative to other job market measures such as jobless claims, Conference Board labor market perceptions, and most hiring surveys. This could result in a bounceback to an above-trend pace even outside the weather impact, although it is also possible that the December reading will be revised up. We also expect a relatively strong household employment survey. In particular, we see a drop in the unemployment rate from 6.7% to 6.6%, partly because the expiration of emergency unemployment benefits at yearend may have caused another drop in labor force participation and partly because we expect a good increase in household employment, which has likewise underperformed job market indicators such as claims. Admittedly, it is also possible that the employment weakness in the establishment and household survey is genuine, and other labor market indicators will soon turn down as well, but that is not our expectation. Finally, we expect the manufacturing ISM to edge down to 56.0 (from 56.5) and the nonmanufacturing ISM to edge up to 54.0 (from 53.7). The regional business surveys did not change much in January versus December, the inventory cycle is unlikely to be a bigger drag than last month, and consequently steady growth seems like a reasonable expectation. Jan Hatzius 2014年2月1日 美国经济分析 全球投资研究7 The USEconomic and Financial Outlook Source: Goldman Sachs Global Investment Research. (% change on previous period, annualized, except where noted) 2012201320142015201620132014 (f) (f) (f) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 OUTPUTANDSPENDING Real GDP 2.81.93.13.23.01.12.54.13.22.53.03.53.5 Consumer Expenditure 2.22.02.92.82.52.31.82.03.32.73.23.23.2 Residential Fixed Investment 12.912.05.912.412.512.514.210.3 -9.87.09.013.013.0 Business Fixed Investment 7.32.66.76.85.5 -4.64.74.83.88.18.28.28.2 Structures 12.71.37.15.95.0 -25.717.613.4 -1.37.57.57.57.5 Equipment 7.62.97.78.16.11.63.20.26.910.010.010.010.0 Intellectual Property Products 3.43.15.05.45.03.8 -1.55.73.26.06.06.06.0 Federal Government -1.4 -5.1 -3.0 -1.4 -1.3 -8.4 -1.6 -1.5 -12.00.00.00.0 -3.0 State and Local Government -0.7 -0.21.31.92.0 -1.30.41.70.51.51.51.52.0 Net Exports ($bn, '09) -431 -409 -388 -400 -410 -422 -424 -420 -370 -380 -390 -393 -391 Inventory Investment ($bn, '09) 58859084944257116127109938375 Industrial Production, Mfg 3.92.33.53.73.54.90.11.46.33.03.54.04.0 HOUSINGMARKET Housing Starts (units, thous) 7839281,1151,3331,5369578698821,0021,0471,0821,1361,193 New Home Sales (units, thous) 368430502626749449442388441464486514545 Existing Home Sales (units, thous) 4,6615,0735,3595,5855,7014,9435,0575,3574,9375,2505,3285,3965,463 Case-Shiller Home Prices (%yoy)* 5.49.24.13.22.47.98.910.09.27.35.64.34.1 INFLATION (% ch, yr/yr) Consumer Price Index (CPI) 2.11.51.71.92.11.71.41.61.21.41.81.61.8 Core CPI 2.11.81.71.92.11.91.71.71.71.61.71.71.8 Core PCE** 1.81.21.31.61.81.51.21.21.11.11.31.31.4 LABORMARKET Unemployment Rate (%) 8.17.46.45.95.57.77.57.37.06.66.56.36.1 GOVERNMENTFINANCE Federal Budget (FY, $ bn) -1,087 -680 -600 -475 -550 -- -- -- -- -- -- -- -- FINANCIALINDICATORS Federal Funds^ (%) 0.160.090.130.131.250.140.090.080.090.130.130.130.13 10-Year Note^ 1.722.903.253.754.001.962.302.812.902.903.053.153.25 Euro ($/€)^ 1.311.371.401.351.251.301.321.341.371.381.401.401.40 Yen (¥/$)^ 84103110115125959799103103107109110 Brent Crude Oil ($/bbl)^ 110111103100100108103112111107105105103 * Weighted avg of metro-level HPIs for 366 metro cities where the weights are dollar values of single-family housing stock reported in the 2000 Census. ** PCE = Personal consumption expenditures. ^ Denotes end of period. NOTE: Published figures are in bold. 2014年2月1日 美国经济分析 全球投资研究8 Economic Releases and Other Events Source: Goldman Sachs Global Investment Research. Time Date (EST) Indicator GSConsensus Last Report Mon Feb 0310:00 Construction Spending (Dec) +0.5% Flat +1.0% 10:00 ISMManufacturing Index (Jan) 56.056.056.5 17:00 Lightweight Motor Vehicle Sales (Jan) 15.8M 15.6M 15.3M 17:00 Domestic Motor Vehicle Sales (Jan) 12.3M 12.0M 11.6M Tue Feb 0410:00 Factory Orders (Dec) -2.01% -1.6% +1.8% Wed Feb 058:15 ADPEmployment Change (Jan) n.a.190,000238,000 10:00 ISMNonmanufacturing Index (Jan) 54.053.753.0 Thu Feb 068:30 Nonfarm Productivity (Q4 Final) +3.0% +2.5% +3.0% Unit Labor Costs -1.5% -0.5% -1.4% 8:30 Trade Balance (Dec) -$35.5bn -$36.0bn -$34.3bn 8:30 Initial Jobless Claims n.a.335,000338,000 8:30 Continuing Claims n.a.3,000,0002,991,000 Fri Feb 078:30 Unemployment Rate (Jan) 6.6% 6.7% 6.7% 8:30 Nonfarm Payrolls (Jan) 200,000181,00074,000 8:30 Private Payrolls (Jan) 200,000190,00087,000 8:30 Average Hourly Earnings (Jan) n.a. +0.2% +0.1% 15:00 Consumer Credit (Dec) n.a. +$12.0bn +$12.3bn Estimate 2014年2月1日 美国经济分析 全球投资研究9 信息披露附录 分析师申明 我们,Jan Hatzius、Alec Phillips、Jari Stehn、Kris Dawsey、David Mericle、Shuyan Wu、Michael Cahill,在此申明,本报告所表述的所有观点准确反映 了我们的个人看法,没有受到公司业务或客户关系因素的影响。

高盛信息披露 全球产品;分发机构 高盛全球投资研究部在全球范围内为高盛的客户制作并分发研究产品。

高盛分布在其全球各办事处的分析师提供行业和公司的股票研究,以及宏观经济、货 币、商品及投资组合策略的研究。

本研究报告在澳大利亚由Goldman Sachs Australia Pty Ltd(ABN 21006797897)分发;在巴西由Goldman Sachs do Brasil Corretora de Títulos e Valores Mobiliários S.A.分发;股票及其他研究在加拿大由高盛集团分发;在香港由高盛(亚洲)有限责任公司分发;在印度由高 盛(印度)证券私人有限公司分发;在日本由高盛证券株式会社分发;在韩国由高盛(亚洲)有限责任公司首尔分公司分发;在新西兰由Goldman Sachs New Zealand Limited分发;在俄罗斯由高盛OOO分发;在新加坡由高盛(新加坡)私人公司(公司号:198602165W)分发;在美国由高盛集团分发。

高盛国际 已批准本研究报告在英国和欧盟分发。

欧盟:高盛国际(由审慎监管局授权并接受金融市场行为监管局和审慎监管局的监管)已批准本研究报告在英国和欧盟分发;Goldman Sachs AG和Goldman Sachs International Zweigniederlassung Frankfurt(由联邦金融监管局监管)可能也会在德国分发。

一般性披露 本研究报告仅供我们的客户使用。

除了与高盛相关的披露,本研究报告是基于我们认为可靠的目前已公开的信息,但我们不保证该信息的准确性和完整性,客 户也不应该依赖该信息是准确和完整的。

我们会适时地更新我们的研究,但各种规定可能会阻止我们这样做。

除了一些定期出版的行业报告之外,绝大多数报 告是在分析师认为适当的时候不定期地出版。

高盛是一家集投资银行、投资管理和证券经纪业务于一身的全球性综合服务公司。

高盛全球投资研究部所研究的大部分公司与我们保持着投资银行业务和其它 业务关系。

美国证券经纪交易商高盛是SIPC的成员(。

我们的销售人员、交易员和其它专业人员可能会向我们的客户及我们的自营交易部提供与本研究报告中的观点截然相反的口头或书面市场评论或交易策略。

我 们的资产管理部门、自营交易部和投资业务部可能会做出与本报告的建议或表达的意见不一致的投资决策。

本报告中署名的分析师可能已经与包括高盛销售人员和交易员在内的我们的客户讨论,或在本报告中讨论交易策略,其中提及可能会对本报告讨论的证券市场 价格产生短期影响的推动因素或事件,该影响在方向上可能与分析师发布的股票目标价格相反。

任何此类交易策略都区别于且不影响分析师对于该股的基本评 级,此类评级反映了某只股票相对于报告中描述的研究范围内股票的回报潜力。

我们以及我们的关联机构、高级职员、董事和雇员,不包括股票分析师和信贷分析师,将不时地对本研究报告所涉及的证券或衍生工具持有多头或空头头寸, 担任上述证券或衍生工具的交易对手,或买卖上述证券或衍生工具。

在任何要约出售股票或征求购买股票要约的行为为非法的司法管辖区内,本报告不构成该等出售要约或征求购买要约。

本报告不构成个人投资建议,也没有考 虑到个别客户特殊的投资目标、财务状况或需求。

客户应考虑本报告中的任何意见或建议是否符合其特定状况,以及(若有必要)寻求专家的意见,包括税务意 见。

本报告中提及的投资价格和价值以及这些投资带来的收入可能会波动。

过去的表现并不代表未来的表现,未来的回报也无法保证,投资者可能会损失本 金。

外汇汇率波动有可能对某些投资的价值或价格或来自这一投资的收入产生不良影响。

某些交易,包括牵涉期货、期权和其它衍生工具的交易,有很大的风险,因此并不适合所有投资者。

投资者可以向高盛销售代表取得或通过 取得当前的期权披露文件。

对于包含多重期权买卖的期权策略结构产品,例如,期权差价结构产 品,其交易成本可能较高。

与交易相关的文件将根据要求提供。

在撰写研究报告期间,Goldman Sachs Australia全球投资研究部的职员可能参与本研究报告中所讨论证券的发行人组织的现场调研或会议。

在某些情况下,如 果视具体情形Goldman Sachs Australia认为恰当或合理,此类调研或会议的成本可能部分或全部由该证券发行人承担。

所有研究报告均以电子出版物的形式刊登在我们的内部客户网上并向所有客户同步提供。

并非所有研究内容都转发给我们的客户或者向第三方整合者提供,高 盛也并不对由第三方整合者转发的我们研究报告承担任何责任。

有关某只证券的所有研究报告或数据,请联络您的销售代表或登陆。

披露信息可以查阅或向研究合规部索取,地址是200 West Street,New York,NY 10282。

高盛版权所有 2014年 未经高盛集团公司事先书面同意,本材料的任何部分均不得(i)以任何方式制作任何形式的拷贝、复印件或复制品,或(ii)再次分发。

高华证券信息披露 一般披露 本报告在中国由高华证券分发。

高华证券具备证券投资咨询业务资格。

本研究报告仅供我们的客户使用。

本研究报告是基于我们认为可靠的目前已公开的信息,但我们不保证该信息的准确性和完整性,客户也不应该依赖该信息是 准确和完整的。

我们会适时地更新我们的研究,但各种规定可能会阻止我们这样做。

除了一些定期出版的行业报告之外,绝大多数报告是在分析师认为适当的 时候不定期地出版。

高盛高华为高华证券的关联机构,从事投资银行业务。

高华证券、高盛高华及它们的关联机构与本报告中涉及的大部分公司保持着投资银行业务和其它业务关系。

我们的销售人员、交易员和其它专业人员可能会向我们的客户及我们的自营交易部提供与本研究报告中的观点截然相反的口头或书面市场评论或交易策略。

我 们的自营交易部和投资业务部可能会做出与本报告的建议或表达的意见不一致的投资决策。

本报告中署名的分析师可能已经与包括高华证券销售人员和交易员在内的我们的客户讨论,或在本报告中讨论交易策略,其中提及可能会对本报告讨论的证券 市场价格产生短期影响的推动因素或事件,该影响在方向上可能与分析师发布的股票目标价格相反。

任何此类交易策略都区别于且不影响分析师对于该股的基 本评级,此类评级反映了某只股票相对于报告中描述的研究范围内股票的回报潜力。

2014年2月1日 美国经济分析 全球投资研究10 高华证券及其关联机构、高级职员、董事和雇员,不包括股票分析师和信贷分析师,将不时地对本研究报告所涉及的证券或衍生工具持有多头或空头头寸,担 任上述证券或衍生工具的交易对手,或买卖上述证券或衍生工具。

在任何要约出售股票或征求购买股票要约的行为为非法的地区,本报告不构成该等出售要约或征求购买要约。

本报告不构成个人投资建议,也没有考虑到个别 客户特殊的投资目标、财务状况或需求。

客户应考虑本报告中的任何意见或建议是否符合其特定状况,以及(若有必要)寻求专家的意见,包括税务意见。

本报告 中提及的投资价格和价值以及这些投资带来的收入可能会波动。

过去的表现并不代表未来的表现,未来的回报也无法保证,投资者可能会损失本金。

外汇汇率 波动有可能对某些投资的价值或价格或来自这一投资的收入产生不良影响。

某些交易,包括牵涉期货、期权和其它衍生工具的交易,有很大的风险,因此并不适合所有投资者。

投资者可以向高华销售代表取得或通过 取得当前的期权披露文件。

对于包含多重期权买卖的期权策略结构产品,例如,期权差价结构产 品,其交易成本可能较高。

与交易相关的文件将根据要求提供。

北京高华证券有限责任公司版权所有 2014年 未经北京高华证券有限责任公司事先书面同意,本材料的任何部分均不得(i)以任何方式制作任何形式的拷贝、复印件或复制品,或(ii)再次分发。

推荐给朋友: 收藏    |      
尊敬的用户您好!
         为了让您更全面、更快捷、更深度的使用本服务,请您"立即下载" 安装《慧博智能策略终端
         使用终端不仅可以免费查阅各大机构的研究报告,第一手的投资资讯,还提供大量研报加工数据,盈利预测数据,历史财务数据,宏观经济数据,以及宏观及行业研究思路,公司研究方法,可多角度观测市场,用更多维度的视点辅助投资者作出投资决策。
         目前本终端广泛应用于券商,公募基金,私募基金,保险,银行理财,信托,QFII,上市公司战略部,资产管理公司,投资咨询公司,VC/PE等。
慧博投资分析手机版 手机扫码轻松下载