行业研究报告-PDF版

花旗银行（Citi GPS）：2020年新冠肺炎疫情下的全球艺术品市场（英文版）（54页）.pdf

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2020-12-01 54页 5星级

好食品研究所（GFI）：2020年人造肉行业报告（英文版）（54页）.pdf

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2020-12-01 54页 5星级

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2020-11-23 24页 5星级

【研报】医药行业2021年度投资策略：聚焦三大属性制造[成本与创新]、市场[全球]、价格[议价能力]-20201115（39页）.pdf

制造属性：以成本优势为基础，创新追求迭代性（对应破坏式创新，如耗材的创新来自于临床术式的演进具备连续迭代性，创新药的创新来自科研进步，新机制具备颠覆性）。市场属性：面向全球市场，中国市场短期受制于医保.

2020-11-17 39页 5星级

【研报】医药行业：全球创新药物市场行业研究-200531（27页）.pdf

关于医药行业，全球创新药物市场行业研究分析。全球医药市场由化学药和生物药两大板块组成。2019年全球医药市场总量为13,245亿美元，预计到2024年将达到16,395亿美元，年复合增长率为4.4%。.

2020-11-13 27页 5星级

Natixis：2020全球机构投资者调查报告：机构投资者关注的十大市场趋势（英文版）（17页）.pdf

尽管2019年股市和债券大涨，但机构投资者担心的是，贸易谈判停滞不前、全球经济增长放缓和低收益率可能会损害2020年的投资组合表现。关键问题不在于哪种风险会造成损害，而在于何时发生。很少有.

2020-11-09 17页 5星级

2020全球海运市场展望 - DHL（英文版）（18页）.pdf

这是一个令人惊讶的转变，虽然有COVID-19疫情影响，但全球海运市场产能需求达到峰值。回顾过去，许多国家的封锁严重影响了消费、工业生产以及世界贸易。由于预期运量将出现停滞和下降，航空公司发布了利润预.

2020-11-06 18页 5星级

【公司研究】天合光能-全球光伏组件龙头210提升市场竞争力-20201103（37页）.pdf

1 1 上 市 公 司 公 司 研 究 / 公 司 深 度 证 券 研 究 报 告 电气设备 2020 年 11 月 03 日 天合光能 (688599) 全球光伏组件龙头，210 提升市场竞争力 报.

2020-11-04 37页 5星级

2020年金融与市场全球洞察力报告 - 欧华律师事务所（英文版）（32页）.pdf

ISSUE 18/APRIL 2020 Finance and Markets Global Insight COVID-19 and European Collateralized Loan Obligations challengesandopportunities COVID-19 and primary markets considerations for issuers ofsecurities Bank of England Covid corporate financing facility COVID-19 and Fund Finance considerations forFundManagers COVID-19 and its impact on the financial services sector COVID-19 Liability management and key considerations for debt issuers 2 FINANCE AND MARKETS GLOBAL INSIGHT Contents Foreword 3 COVID-19 and European Collateralized Loan Obligations challenges andopportunities 4 COVID-19 and primary markets considerations for issuers ofsecurities 6 Bank of England Covid corporate financing facility 8 COVID-19 and Fund Finance considerations for Fund Managers 10 COVID-19 and its impact on the financial services sector 12 COVID-19 liability management and key considerations for debt issuers 14 The road ahead for digital finance 16 Tackling the NPL mountain 20 Investment fund liquidity plugging the leaks 22 France introduces an innovative legal framework for digital assets 24 The demise of LIBOR: Is it an issue for Islamic banking? 26 FCA feedback statement on climate change and green finance 28 3 WWW.DLAPIPER.COM Foreword Martin Bartlam Partner, International Head of Finance, Projects makealleffortstomeettheirregulatoryand other obligations in a timely manner, despite any operational obstacles they may be facing even thoughcertaindelayswithregardstofinancial reporting will be permitted; and seek advice and/or speak to their regulator where they deem they are unable to comply with their obligations. ESMA recommendations On 11 March, the European Securities and Markets Authority (ESMA) published its statement outlining how market participants should act in light of the coronavirus outbreak. Among other things, ESMA recommends that issuers should do the following: Market disclosure issuers should disclose as soon aspossibleanysignificantinformationconcerning COVID-19thatmayaffecttheirfundamentals, prospectsorfinancialsituation,inaccordancewith their transparency obligations under the Market Abuse Regulation (MAR). Financial reporting issuers should disclose in their2019year-endfinancialreportsorifthese havealreadybeenfinalisedintheirinterimfinancial reporting disclosures, actual and potential impacts of COVID-19ontheirbusiness,financialsituationand economic performance. However, ESMA recognises thatissuersmayfacedifficultiesinsubmitting theirfinancialreportsontime.Tothisend,inits subsequent statement of 27 March 2020, ESMA recommended that national competent authorities should not take supervisory action against issuers who are unable to meet the upcoming reporting deadlines under the Transparency Directive, for a periodoftwomonthsforannualfinancialreports andofonemonthforhalf-yearlyfinancialreports. However, ESMA expects issuers to inform their national competent authority and the markets of the delay, the reasons for such delay and the estimated publication date to the extent it is feasible. Inaddition,toassistfinancialreporting,ESMAhas issued guidance on the accounting implications of the COVID-19 outbreak on the calculation of expected credit losses in accordance with the International Financial Reporting Standard 9 (IFRS 9). FCA guidance On 17 March, the UK Financial Conduct Authority (FCA) published the 27th edition of its Primary Market Bulletin, which includes a commentary for issuers of securities and coronavirus. The main points are the following: Ongoing disclosure under MAR The FCA expects issuerstomakeeveryefforttoremaincompliantwith their regulatory obligations under MAR and the FCA rules. Given the circumstances, however, it may be challenging for disclosure committees to convene and operate as usual. The FCA is conscious that, at least at the beginning, there may be slight delays as new processes are being implemented, but in general expects issuers to meet their obligation in a timely fashion. According to the FCA, issuers operational response to COVID-19 may itself meet the disclosure requirements under MAR. In brief. As the coronavirus COVID-19 outbreak develops intoafull-scalepandemic,financialmarkets participantsmayfinditchallengingtomeettheir regulatory and other obligations in a timely fashion. Inanefforttomitigatetheimpactofcoronaviruson theorderlyfunctioningofcapitalmarkets,financial services regulators in the UK and the EU have issued relevant guidance for issuers of securities. 1. Regulation (EU) 596/2014 2. Directive 2013/50/EU 7 WWW.DLAPIPER.COM Transaction notifications Persons discharging managerial responsibilities (PDMR) and closely associated persons are also expected to comply with theirnotificationrequirementsunderMARwithinthe required timeframes. Shareholder meetings Issuers must ensure that shareholders can exercise their rights, for instance in the Annual General Meeting, using virtual methods. Corporate transactions The FCA will continue to review documentation for corporate transactions in accordance with its established principles. If a transaction is urgent, issuers are advised to engage,inthefirstinstance,withtheirrelevant sponsorfirmoradviser. With regards to corporate reporting, the FCA will grant a temporary relief by giving listed companies an additionaltwomonthstopublishtheirauditedfinancial statements. This means that issuers may publish theirfinancialstatementswithinsixmonthsoftheir year-end, instead of four months, as required under the Transparency Directive. At the same time, the FCA strongly recommends that listed companies revise all elementsoftheirtimetablesforpublicationoffinancial information to ensure accurate and carefully prepared disclosures. However, this temporary relief does not affectissuersdisclosureobligations(andtimingfor these) under MAR. The Financial Reporting Council (FRC) and Prudential Regulation Authority (PRA) have also issued useful guidanceforcompaniespreparingfinancial statements in the current circumstances. Authors Marina Troullinou Associate T 44 20 7153 7797 Ronan Mellon Partner T 44 20 7796 6770 8 FINANCE AND MARKETS GLOBAL INSIGHT Bank of England Covid corporate financing facility It is striking that large sub-investment grade businesses were not directly provided for in this package with no meaningful provision for businesses that would typically access the high yield or sub-investment grade capital markets, leaving them to rely on continued support from equity holders and commercial lenders. What is the Covid Corporate Financing Facility? Liquidity support for large investment grade businesses will be provided by the Covid Corporate Financing Facility Limited (CCFF) operated by the Bank of England (BOE) on behalf of HM Treasury. TheCCFFwillprovidefinancetobusinessesacrossa range of sectors by purchasing Commercial Paper with an initial term of up to 12 months. The CCFF scheme itself will operate for at least 12 months and “for as long asstepsareneededtorelievecashflowpressures”. The BOE will provide 6 months notice of the withdrawal of the CCFF. The Fund will purchase Commercial Paper in sterling duringadefinedperiodeachbusinessday.TheFund will purchase, at a spread based on pre-Covid spreads over the current sterling overnight index swap rate , newly issued Commercial Paper in the primary market and after issuance from eligible counterparties in the secondary market. Further details on the Bank of Englands Covid Corporate FinancingFundforinvestmentgradenon-financial issuers were announced on Monday 23 March. The banks that were approved to act as dealers are the following: Barclays, HSBC, Lloyds Banking Group, Natwest, Bank of America, Citi, Goldman Sachs, JP Morgan, Morgan Stanley and Standard Chartered. Contacts have been provided for all except, at the time of writing this, Standard Chartered and are available here. Who can apply? The funding will be available to: 1.non-financialcompanieswhomakeamaterial contribution to the UK economy; and 2.thathad,priortobeingaffectedbyCOVID-19,ashort orlongtermratingofinvestmentgrade,orfinancial health equivalent to an investment grade rating. It is therefore a requirement that companies accessing the CCFF make a material contribution to the UK economy. This test is explained as follows: “In practice, firms that meet this requirement would normally be: UK incorporated companies, including those with foreign-incorporated parents and with a genuine business in the UK; companies with significant employment in the UK; firms with their headquarters in the UK. We will also consider whether the company generates significant revenues in the UK, serves a large number of customers in the UK or has a number of operating sites in the UK.” Companies that do not currently issue Commercial Paper but are capable of doing so will in principle be eligible to utilise the facility provided that they meet the eligible securities criteria. Issuers must have a minimum short term credit rating of A-3/P-3/F-3/R3 or above or a long-term rating of BBB-/Baa3/BBB-/BBB low or above from at least one of Standard theCovidCorporateFinancingFacility for larger investment grade businesses; and the Coronavirus Business Interruption Loan Scheme for smaller businesses with turnover under GBP45 million per annum. It also included business rates relief for retail, hospitality and leisure businesses and grants for small business and businesses in the retail, hospitality and leisure sector. 9 WWW.DLAPIPER.COM of whether the BoE can assess that the issuer is of equivalentfinancialstrength.Thisratingorequivalent requirement means that access to the facility will not be available to sub-investment grade issuers and hence not available to leveraged loan and high yield issuers. Such companies must be “fundamentally strong” but be experiencing short-term funding pressures caused by the current economic conditions. As yet, there is no guidance on how this can be demonstrated as part of the application process. However, we would suggest that companies interested in the CCFF get a clear view (as far as possible) on liquidity requirements so that they are able to make an appropriate and measured request for funding. On the eligibility criteria for companies that do not have a credit rating, the guidance is to contact one of the major credit rating agencies to seek an assessment of credit quality in a form that can be shared with the Bank of England and HM Treasury, noting that the company is doing so to use the CCFF. Here they envisage, in addition to public credit ratings, accepting the following (for those approachingcreditratingagenciesforthefirsttime): from Moodys Investor Services: (Private) Indicative ratings at a recent point-in-time from Standard and to maintain the stock of sterling non- financialinvestment-gradecorporatebondpurchases at GBP10 billion and the stock of UK government bond purchases at GBP435 billion. Last, the Financial Conduct Authority announced on 17 March its plans to postpone certain regulatory activity, to extend the date for responses to its open consultation papers and calls for input until 1 October 2020, and to reschedule most other planned work. In particular, the FCA will relax its programme of routine business interactions, and it will be focusing on business- criticalrequestsbyfirms.TheFCAhaspublishedmore informationonitswebsiteonitsexpectationsoffirms during the coronavirus crisis, including how they should treat their customers. Authors Michael McKee Partner T 44 (0)20 7153 7468 M 44 (0)7968 559 208 Marina Troullinou Associate T 44 20 7153 7797 14 FINANCE AND MARKETS GLOBAL INSIGHT COVID-19 liability management and key considerations for debt issuers Liability management can be employed to manage or mitigate risks where, for example, covenants in existing bond conditions are or will come under stress or where the possibility of future breaches could lead to events of default under the terms of bonds which in turn could result in cross-defaults across an issuers debt structure. Various types of liability management techniques Liability management methods include tender offers,exchangeoffers,consentsolicitationsoropen market repurchases. Any of these methods or a combination of such methods could be employed for a successful liability management exercise, especially in a distressed debt environment. Liability Management Techniques Intermediated exchange offers Open market repurchasesExchange offers Tender offers Consent solicitations Tender offer: Anofferbyanissuertopurchaseits bondsbylaunchingapublicofferforthedebt. Exchange offer:Anofferbytheissuertotheholdersof outstanding bonds to exchange those bonds (in whole or in part) for an amount of newly-issued bonds. Consent solicitations, mandatory exchanges and exit consents: A proposal to the bondholders to consider an amendment to the terms of outstanding bonds. A consent solicitation may be carried out to avoid a potential breach of a particular covenant, to cure or waive breaches or events of default that In brief. The global markets are a facing a challenge unlike any they have faced in peacetime history. A vast cross section oftheeconomyisexpectedtofacefinancialdistressin the coming months given the upheaval caused by the widespread outbreak of COVID-19. Corporates and/or other issuers who had accessed the relatively robust fixedincomemarketswhichexistedupuntilthebeginning of the outbreak, may now want to assess their options especiallygiventhefinancialdistresswhichcertain sectors are facing or expected to face in the near to medium term. This may be an opportunity to reassess their capital structure and engage with creditors (including bondholders) early in order to avert or address impending or existing defaults or insolvency situations or, more proactively, seek to optimise their balance sheet position. 15 WWW.DLAPIPER.COM have already occurred, or to introduce new terms to thetermsandconditionsofbonds.Thetenderoffers andexchangeoffersmayalsobecombinedwitha bond holder meeting where such bond holders are invited to consider a resolution giving the issuer the right to call the bonds. This is often referred to as “exit consent”. An exit consent and/or a mandatory exchange are techniques for an issuer to consider where it is necessary for an entire class of bonds to be retired. Open market repurchases: An issuer may consider repurchasing a portion of its bonds by inviting and/oracceptingbidsoroffersfromparticipants in the secondary market. When undertaking a liability management exercise, thequestionthatwillcomeupfirstiswhatarethelaws and regulations which are relevant for this exercise. Some of these laws and regulations which would be relevant are: the rules and regulations of the relevant clearing system; the law governing th

2020-10-21 32页 5星级

智线：2020年移动游戏全球市场买量及创意洞察(30页).pdf

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2020-10-07 27页 5星级

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2020-09-27 29页 5星级

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2020-09-27 18页 5星级

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更多报告获取，关注公众号“三个皮匠”2020 年深度行业分析研究报告目录一、半导体市场规模超四千亿美金，带动上游半导体材料快速发展.- 6 -1.1、半导体行业短期逢波动，中国成为全球最大半导体消费市.

2020-09-27 53页 5星级

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2020-09-27 54页 5星级

2020年全球替代金融市场基准报告：趋势、机会与挑战 - 剑桥大学（英文版）（228页）.pdf

In partnership with:With support of: April 2020 Global Alternative Finance Market Benchmarking The R.

2020-09-25 228页 5星级

Code Brew Labs：2020年全球电子商务市场研究报告（英文版）（38页）.pdf

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2020-09-23 38页 5星级

【公司研究】震有科技-投资价值分析报告：全球布局多元驱动细分市场优势独特-20200910（30页）.pdf

证券研究报告 请务必阅读正文之后的免责条款 全球布局多元驱动，细分市场优势独特全球布局多元驱动，细分市场优势独特 震有科技（688418）投资价值分析报告2020.9.10 中信证券研究部中信证券研.

2020-09-11 30页 5星级

【研报】科技行业全球SaaS云计算产业系列报告30：Okta全球IAM市场领导者-20200908（25页）.pdf

证券研究报告 请务必阅读正文之后的免责条款 Okta：全球全球 IAM 市场市场领导者领导者 全球 SaaS 云计算产业系列报告 302020.9.8 中信证券研究部中信证券研究部 核心观点核心观点.

2020-09-09 25页 5星级

微众银行：2020全球金融市场基础设施发展报告：逐力金融新基建[72页].pdf

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2020-08-12 72页 5星级