data/objective_questions_public_80.json

[
  {
    "id": "1",
    "question": "Using Zurich Assurance Ltd (ZAL) SFCR disclosures, compute the **decrease in the Solvency II SCR ratio (in percentage points)** from **31 December 2023** to **31 December 2024**.\n\nData requirement (must be sourced from official ZAL SFCR PDFs):\n- ZAL SCR ratio as of 31 Dec 2023\n- ZAL SCR ratio as of 31 Dec 2024\n\nCalculation rule:\n- Decrease (pp) = SCR ratio(2023) − SCR ratio(2024)\n- Report the answer in **percentage points**, rounded to **0 decimal places**.\n\nAnswer format: number (percentage points, 0 decimals).",
    "answer": "35",
    "classification": "Insurance-Actuarial & Reserving",
    "classification_code": "INS-RSV",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "2",
    "question": "You are an equity analyst reviewing whether the capital-return assumptions in a broker note are internally consistent. The note expects Allianz to deliver FY2025E DPS of €16.94 and assumes a FY25 share buyback of €1.8bn. The same note states a target total payout of 75% of earnings, split as 60% dividend and 15% share buyback. Using the company’s disclosed number of shares outstanding at 4Q 2024 (assume this equals the shares eligible for FY2025 dividends, and ignore intra-year share count changes), compute the difference (in € million) between (A) the buyback amount implied by the 15% buyback share of earnings and (B) the note’s assumed FY25 buyback of €1.8bn. Round to the nearest € million and output a single integer.",
    "answer": "166",
    "classification": "Insurance-Actuarial & Reserving",
    "classification_code": "INS-RSV",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "3",
    "question": "As a senior analyst in diversified financial industry of brokerage, I was required to evaluate the investment value and risk of Berkshire Hathaway after the management transition for public fund clients. Based on data from Bloomberg Research, Berkshire's 2024 annual report and other data and public information, which of the following statements are correct? (Multiple choices, at least 1 choice, multiple choices, less choices, wrong choices will not be scored)\nA. Based on the research report \"Geico's pre-tax underwriting profit margin in 2024 is 18.5%, with an average of 5.7% from 2021 to 2023\" and the 2024 revenue data in the annual report, it can be calculated that Geico's pre-tax underwriting profit in 2024 is approximately 7.819 billion US dollars, which is an increase compared to the average level from 2021 to 2023. Cost reduction and policy adjustment have significantly boosted the profit, which is consistent with the research report's view that \"profit recovery stems from structural adjustments\". \nB. Berkshire's financial decision-making power will be further concentrated at headquarters\nC. The research report quotes Buffett as saying that \"Abel assumes all the day-to-day operations\", and Abel has taken over non-insurance operations, capital allocation and core investment responsibilities. Meanwhile, the annual report shows that the overall profitability of the group in 2024 increased by 8.2% year-on-year, so it can be judged that there is no potential risk of management transition\nD. Of 2020-2025, Geico will see the least growth in in-force policies in 2023\nE. As of the end of 2024, Berkshire Hathaway's major holdings include technology, banking and other diverse industries",
    "answer": "ABDE",
    "classification": "Insurance-Property & Casualty",
    "classification_code": "INS-PCA",
    "modality": "Multi-Modal",
    "language": "en",
    "attachment": []
  },
  {
    "id": "4",
    "question": "Using Aviva Insurance UK Limited (AIUK) official SFCR disclosures, compute the **change in SCR coverage ratio (in percentage points)** from **31 December 2023** to **31 December 2024**.\n\nData requirement (must be sourced from AIUK SFCR text):\n- SCR coverage ratio at 31 Dec 2024\n- SCR coverage ratio at 31 Dec 2023 (as referenced in the 2024 SFCR and/or the 2023 SFCR)\n\nCalculation rule:\n- Change (pp) = SCR coverage ratio(2024) − SCR coverage ratio(2023)\n- Report the answer in **percentage points**, rounded to **0 decimal places**.\n\nAnswer format: number (percentage points, 0 decimals).",
    "answer": "-52",
    "classification": "Insurance-Actuarial & Reserving",
    "classification_code": "INS-RSV",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "5",
    "question": "BCBS d424.pdf provides a transition schedule for the Basel III **output floor**.\n\nTask (time-anchored): Using the floor percentage applicable on **1 January 2026**, compute the **incremental RWA add-on** due to the floor for the following hypothetical bank:\n- Standardised-approach RWA = **USD 500.0 bn**\n- Internal-model RWA (pre-floor) = **USD 320.0 bn**\n\nDefinitions:\n- Floor-implied RWA = Floor% × Standardised RWA\n- Binding RWA = max(Internal-model RWA, Floor-implied RWA)\n- RWA add-on = Binding RWA − Internal-model RWA\n\nAnswer requirements:\n- answer_type: number\n- unit: **USD billions**\n- precision: **1 decimal**\n\nKey traps:\n- The floor% depends on the date (use **1 Jan 2026**, not 2027).\n- Apply the floor to **standardised RWA**.\n",
    "answer": "30.0",
    "classification": "Capital Markets-Special Topics & Policy Research",
    "classification_code": "CAP-POL",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "6",
    "question": "You are benchmarking new-business profitability and channel dynamics for a global life insurer.\n\nUsing AIA Group Limited Annual Report 2024 (for the year ended 2024-12-31), select EXACTLY THREE options that are correct.\n\nA. For 12 months ended 31 December 2024, Total VONB was US$4,712 million.\nB. For 12 months ended 31 December 2024, Total ANP was US$7,650 million.\nC. For 12 months ended 31 December 2024, Total VONB margin was 54.5%.\nD. The report states that partnership distribution VONB grew by 28% with strong performances from both bancassurance and intermediated channels.\nE. For 12 months ended 31 December 2024, Total VONB margin was 45.5%.\nF. The report states that Premier Agency VONB declined by 16% in 2024 due to fewer active agents.",
    "answer": [
      "A",
      "C",
      "D"
    ],
    "classification": "Insurance-Life Insurance",
    "classification_code": "INS-LIF",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "7",
    "question": "HSBC Bank (Singapore) Limited discloses both (i) an **All-currency LCR** table and (ii) an **SGD LCR** table for the **quarter ended 31 December 2024**.\n\nUsing ONLY the **SGD million** figures shown in the LCR tables (NOT the headline LCR % row), compute:\n\n**Implied All-currency LCR (%) − Implied SGD LCR (%)**\n\nWhere the implied LCR is defined strictly as:\nImplied LCR (%) = (Total HQLA / Total Net Cash Outflows) × 100.\n\nImportant traps to avoid:\n- Do NOT use the reported headline “Liquidity Coverage Ratio (%)” line.\n- Use the **Total Adjusted Value** row values: “Total HQLA” and “Total Net Cash Outflows”.\n- Return the answer as a single number rounded to **1 decimal place**, unit = **percentage points** (do not include the % sign).\n\nAnswer format: number (e.g., 12.3).",
    "answer": "11.0",
    "classification": "Banking-Treasury & ALM",
    "classification_code": "BNK-TSY",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "8",
    "question": "Using the official FRED SOFR series, compute the **maximum peak-to-trough drawdown** in SOFR over the **five business days 16 Dec 2024 to 20 Dec 2024 (inclusive)**.\n\nDefinition (must follow):\n- Peak-to-trough drawdown (bp) = (Peak level earlier in time − Subsequent trough level) × 100.\n- Report the **absolute drawdown magnitude** as a positive number.\n\nAnswer requirements:\n- answer_type: number\n- unit: **bp**\n- precision: **0 decimals**\n\nCritical traps:\n- Must be **peak before trough** (time order matters).\n- Must be **maximum** drawdown within the window, not end-to-end.\n",
    "answer": "35",
    "classification": "Banking-Treasury & ALM",
    "classification_code": "BNK-TSY",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "9",
    "question": "Unlike China, the United States does not set a unified, mandatory minimum regulatory metric for banks called the ' allowance for loan losses to total retained loans' Instead, it ensures the adequacy of reserves through model reviews and capital levels. Based on JPMorgan's annual reports from 2021 to 2024, over these four years, according to China's \"Measures for the Administration of Loan Loss Reserves of Commercial Banks,\" how much does JPMorgan's highest allowance for loan losses to total retained loans during 2021-2024 fall short of China's required allowance for loan losses to total retained loans? Please provide the result as a numerical value, in percentage points (without the % sign), rounded to two decimal places.",
    "answer": "0.63",
    "classification": "Banking-Risk Management",
    "classification_code": "BNK-RSK",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "10",
    "question": "You are the research compliance officer reviewing a sell-side equity note that cites an “Adjusted EPS bridge” from a Wells Fargo research report covering UnitedHealth Group.\nThe note references a performance metric derived from reported earnings but modified through adjustments not defined within U.S. GAAP accounting standards.\nThe metric originated in the company’s earnings press release and is reconciled to reported EPS in an investor presentation.\nThe research note itself does not reproduce the reconciliation table, but merely cites the adjusted metric.\nYour firm’s policy requires the internal compliance memo to identify the specific SEC rule that forms the baseline disclosure regime governing the public dissemination of such adjusted performance metrics.\nDuring your regulatory review you observe the following structure in the SEC disclosure framework within Title 17 of the Code of Federal Regulations:\nOne rule group governs selective disclosure of material information.\nAnother governs management’s discussion of financial condition and operating results.\nA different rule governs financial measures derived from reported results but adjusted outside the accounting framework used to prepare those results.\nThe rule relevant to this case satisfies these conditions:\nIt applies to any public dissemination of such adjusted performance metrics, including earnings releases and investor presentations.\nWithin the CFR hierarchy it appears under Title 17 → Chapter II → Part 244.\nThe SEC commonly refers to the rule using a short regulation title, but the codified authority appears as a numbered section within that Part.\nYou further determine that when similar adjusted performance metrics appear inside SEC filings, the disclosure regime is supplemented by a specific paragraph within Regulation S-K that governs the presentation of such measures in filings.\nThat paragraph imposes conditions including:\nreconciliation to reported results,\npresentation prominence requirements, and\nprohibitions against misleading adjustments.\nQuestions\n(1)\nInstead of naming the regulation title, identify the codified CFR section that establishes the baseline disclosure requirement for the type of adjusted financial metric described above.\nRequirements:\nProvide the exact CFR citation in Title–Part–Section format.\nOutput one unique citation string.\n\n(2)\nWithin Regulation S-K, identify the specific paragraph that establishes the primary conditions for presenting such adjusted performance measures in SEC filings.\nRequirements:\nProvide the Item number and paragraph designation.\nOutput one exact regulatory citation string.",
    "answer": "1. 17 CFR 244.100;  2. Item 10(e)（1） of  Regulation S-K",
    "classification": "Insurance-Health Insurance",
    "classification_code": "INS-HLT",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "11",
    "question": "You are designing an ALM dashboard rule for solvency monitoring.\nUsing Swiss Re Annual Report 2024 and Swiss Re Financial Condition Report 2024, compute the change in headroom versus the upper end of Swiss Re’s Group SST target range from:\nthe reported Group SST ratio as of 1 January 2024; to\nthe stressed Group SST ratio as of 1 January 2025 after applying the disclosed −50 bps interest-rate sensitivity.\nDefine headroom as: SST ratio minus the upper end of the target range.\nCompute: stressed headroom at 1 Jan 2025 minus reported headroom at 1 Jan 2024.\nReport the answer as an integer number of percentage points (pp) with sign.\nTime qualifier: Use Swiss Re’s disclosed Group SST ratio points and the 2025 financial market sensitivity disclosure.",
    "answer": "-20",
    "classification": "Insurance-Insurance Investment",
    "classification_code": "INS-INV",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "12",
    "question": "Deutsche Bank, founded in 1870 and headquartered in Frankfurt, Germany, is a leading global bank. It offers a wide range of financial services, including corporate and investment banking, asset management, and private banking, to clients worldwide .\nwhich of the following bullet points in the draft presentation are  FACTUALLY CORRECT ?\nA.Liquidity Coverage Ratio (LCR) of Deutsche Bank in 2022 was 134%.\nB.Deutsche Bank's cost/income ratio in 2024 has decreased compared to 2023.\nC.Net interest income was € 13.1 billion in 2024, a decrease of € 536 million compared to 2023 primarily driven by a further normalization of the interest rate environment and the discontinuation of the minimum reserve remuneration.\nD.The CAGR of Deutsche Bank's total assets from 2020 to 2024 is 1.15%\nE.As of December 31, 2020, our economic capital demand amounted to € 28.6 billion, which 2 % lower than economic capital demand as of December 31, 2019.\nF.Deutsche Bank's leverage ratio in 2024 is 4.6%, the highest in five years.\n",
    "answer": "CDE",
    "classification": "Banking-Account & Cash Management",
    "classification_code": "BNK-ACM",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "13",
    "question": "Acrisure is a company that started as an insurance brokerage and has rapidly grown into a globally leading fintech firm. Between 2023 and 2026, the company experienced significant revenue growth, international expansion, and substantial fundraising, while also announcing layoffs due to technological integration. These dynamics are closely linked to its core insurance business. Based on the information above, answer the following question: Which of the following statements about Acrisure and its insurance business are correct? (Multiple select)\nA. As of 2024, its Property/Casualty (P/C) business revenue exceeded $2.8 billion, constituting a significant portion of the company's total revenue.\nB. In 2023, the company expanded its insurance client service coverage by adding multiple new European country markets.\nC. The company's acquisition of the insurance intelligence business of AI company Tulco aimed to leverage AI capabilities to innovate insurance product development and sales.\nD. The company plans to lay off approximately 400 employees in early 2026, primarily to address performance declines in its insurance business division.\nE. The company holds a significant share in the U.S. small business insurance market, with nearly 1 in 20 small businesses being its clients.\nF. Its partnership with the Pittsburgh Steelers and the naming of Acrisure Arena are marketing strategies specifically aimed at enhancing brand awareness for its insurance business.\nG. The $2.1 billion funding round completed in 2025 will be entirely used to expand its international insurance business network.",
    "answer": "ABCE",
    "classification": "Insurance-Actuarial & Reserving",
    "classification_code": "INS-RSV",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "14",
    "question": "As a leading insurance distribution and services company, Alliant Insurance Services' comprehensive strength is reflected in its strong financial performance, authoritative industry rankings, positive credit rating outlook, and deep commitment to corporate social responsibility. Based on the following factual information about the company, determine whether the descriptions are correct or incorrect.\nA. As of the end of 2024, Alliant’s annual revenue exceeded $5 billion, with managed premium volume reaching $47 billion, and it ranked fifth globally among the world’s largest insurance brokers.\nB. In 2024, Moody’s Investors Service revised Alliant’s rating outlook from \"stable\" to \"positive\" and affirmed its Ba2 corporate family rating, primarily due to improved profitability and reduced debt leverage.\nC. The sole purpose of Alliant’s key partnership with the Insurance Industry Charitable Foundation (IICF) is to enhance its appeal as a top brokerage firm for industry talent.\nD. Moody’s reported that Alliant’s debt leverage ratio (total debt/EBITDA) decreased to 4.8x in 2023 from 5.5x in 2022, with expectations of a further reduction to 4.5x in 2024.\nE. In 2025, Alliant ranked fifth on both the “100 Largest Brokers of U.S. Business” and “World’s 10 Largest Insurance Brokers” lists, while also securing the top position on the “Largest Privately Owned Brokers” list.\nF. Alliant’s CEO attributed the company’s sustained growth to a combination of organic growth and strategic expansion, emphasizing its commitment to being a “people-first” organization.\nG. As part of its collaboration with IICF, seven senior executives from Alliant were appointed to serve on various IICF boards, demonstrating the company’s leadership investment in industry philanthropy.\n",
    "answer": "ABDFG",
    "classification": "Insurance-Actuarial & Reserving",
    "classification_code": "INS-RSV",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "15",
    "question": "You are validating a liquidity-control exception flag for Pillar 3 interpretation.\nUsing HSBC Bank (Singapore) Limited Pillar 3 disclosures for the period ending 31 December 2024, identify the All-Currency LCR disclosure and compute the following metric:\nException gap (pp) = disclosed average All-Currency LCR − ratio-of-averages LCR\nwhere:\nratio-of-averages LCR (%) = (Average Total HQLA / Average Total Net Cash Outflows) × 100\nRules:\nUse only values from the All-Currency average LCR table in the Pillar 3 report.\nDo not use any SGD-only, by-currency, or point-in-time liquidity figures.\nPreserve the sign of the gap.\nRound the final answer to 1 decimal place.\nReturn only the numeric result.\nTime qualifier: Pillar 3 disclosure period ending 31 December 2024.",
    "answer": "12.5",
    "classification": "Banking-Treasury & ALM",
    "classification_code": "BNK-TSY",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "16",
    "question": "You are currently a senior analyst specializing in cross-border financial M&A research at the Strategic Consulting Department of ICBC Research. At the end of 2025, BNP Paribas advanced the disposal plan for its 12.7% equity stake in Allfunds. To verify the liquidity structure of capital repatriation, you need to break down the composition of the consideration. Based on J.P. Morgan's research report, transaction announcements, etc.: excluding 2025 fiscal year dividends and quarterly compensation, what is the exact percentage (%) of the cash payment portion in the total consideration per share of this transaction? Return the result in numerical form, retain two decimal places, and the unit is a percentage sign?",
    "answer": "69.77",
    "classification": "Banking-Account & Cash Management",
    "classification_code": "BNK-ACM",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "17",
    "question": "You are a commercial bank risk officer assessing the risk that U.S. large banks could become capital-constrained after the implementation of the “Basel III Endgame” reforms due to changes in risk-weighted asset (RWA) calculations. A research report estimates that under the Basel Endgame scenario, Bank of America’s (BofA) standardized RWAs could increase by approximately 20%, and management aims to maintain an additional 50 bps buffer above the regulatory Common Equity Tier 1(CET1) capital requirement. Using the Federal Reserve’s CET1 capital requirement for BofA that is effective on October 1, 2025 as the binding regulatory constraint, and based on BofA’s financial data as of December 31, 2025, calculate how much additional CET1 capital BofA would need under this scenario to meet “the regulatory CET1 minimum requirement + a 50 bps management buffer.” ",
    "answer": "22.00",
    "classification": "Banking-Risk Management",
    "classification_code": "BNK-RSK",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "18",
    "question": "You are currently a researcher responsible for digital strategy evaluation of the European financial sector at ICBC Research. Background: According to a Barclays research report, BNP Paribas is accelerating joint technology investment in its retail banking business. Based on BNP Paribas' announcement issued on July 7, 2025, governance restructuring news, and strategic presentation: Please identify the **official full name of the new internal management unit** established under BNP Paribas' CPBS division, which is specifically responsible for coordinating the four domestic retail banking businesses in France, Italy, Belgium, and Luxembourg within the Eurozone?",
    "answer": "Eurozone Commercial Banks",
    "classification": "Banking-Wealth & Investment Services",
    "classification_code": "BNK-WIS",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "19",
    "question": "In 2025, Berkshire Hathaway’s insurance operations were severely impacted by the Southern California wildfires, with first-quarter net underwriting earnings plummeting by nearly half; however, thanks to GEICO’s strong performance, the company remained profitable overall for the first half of the year.\nThe correct options are (multiple choices)\nA. In the first quarter of 2025, the company's overall net underwriting earnings were $1.34 billion, down approximately 50% compared to the same period in 2024, primarily due to losses from the Southern California wildfires.\nB. In the first half of 2025, GEICO achieved pre-tax underwriting earnings of $4 billion, representing a year-on-year increase of 8.1%, with an improved combined ratio, thereby offsetting the underwriting losses of the reinsurance and Primary Group.\nC. In the first quarter of 2025, Berkshire Hathaway Reinsurance Group's (BHRG) property and casualty (P&C) business suffered approximately $770 million in losses from the wildfires, resulting in an overall pre-tax underwriting loss of $307 million for the segment.\nD. As of June 30, 2025, the company's float decreased from $171 billion at the end of 2024 to $168 billion, reflecting the drain on the capital pool from catastrophe payouts.\nE. In the first half of 2025, the Primary Group recorded a pre-tax underwriting loss of $81 million due to wildfire losses and reserve adjustments, compared to earnings of $765 million in the same period of 2024.\nF. In the second quarter of 2025, the reinsurance division's pre-tax underwriting earnings were $650 million, down from $782 million in the second quarter of 2024, but remained profitable.\nG. Berkshire Hathaway recognized after-tax losses of approximately $860 million from the Los Angeles wildfires in the first quarter of 2025, of which the Primary Group bore approximately $300 million.\n",
    "answer": "BCEF",
    "classification": "Insurance-Reinsurance",
    "classification_code": "INS-RIN",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "20",
    "question": "Using only official disclosures that explicitly report an average Liquidity Coverage Ratio (LCR) for the relevant reporting window, identify ALL institutions whose disclosed average LCR was at least 175% as of 31 December 2024 (or the closest official reporting window explicitly labeled by that institution).\nIf an institution discloses both an average LCR and a point-in-time LCR, use the average LCR only. Do not classify institutions based on point-in-time LCR disclosures when an average LCR is also disclosed.\nOptions (select ALL that apply):\nA. UBS Group AG\nB. Barclays PLC\nC. HSBC UK Bank plc\nD. HSBC Bank plc\nE. Deutsche Bank USA Corporation\nF. Deutsche Bank AG (Group)\nG. None of the above\nAnswer format:\nmulti_choice (e.g., \"A,C,E\")",
    "answer": "A,C,E",
    "classification": "Banking-Treasury & ALM",
    "classification_code": "BNK-TSY",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "21",
    "question": "You are reviewing a market-risk and capital impact memo that cites Basel III monitoring results.\n\nUsing BCBS Basel III Monitoring Report (published Nov-2025), for the balanced dataset (Group 1 banks), the report provides the aggregate impact of the final Basel III framework on minimum required capital (MRC) and its decomposition.\n\nTask (multi_choice, select ALL that apply): Which statements match the report’s balanced-dataset decomposition for Group 1 banks (31 Dec 2024)?\n\nA. Overall MRC impact at the target level is +1.4%.\nB. Risk-based capital requirements contribute +2.7% to the overall MRC impact.\nC. Leverage ratio requirements contribute -1.4% to the overall MRC impact.\nD. Output floor contributes +1.7% to the overall MRC impact.\nE. Market risk contributes +0.5% to the overall MRC impact.\nF. Credit risk contributes +1.2% to the overall MRC impact.\n\nTime qualifier: As of 31 Dec 2024 (BCBS monitoring observation date).",
    "answer": [
      "A",
      "B",
      "C",
      "D"
    ],
    "classification": "Banking-Risk Management",
    "classification_code": "BNK-RSK",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "22",
    "question": "Using BCBS **“Basel III: Finalising post-crisis reforms”** (primary PDF), the output floor is phased in via a transition schedule. Consider the implementation date **1 January 2025**.\n\nGiven (hypothetical bank, time-anchored to the above implementation date):\n- Standardised-approach RWA = **USD 320.0 bn**\n- Internal-model RWA (pre-floor) = **USD 180.0 bn**\n\nTask:\n1) Extract from the BCBS PDF the **output floor percentage applicable on 1 January 2025**.\n2) Compute floor-implied minimum RWA = (Floor% × Standardised RWA).\n3) Compute binding RWA = max(Internal-model RWA, Floor-implied RWA).\n4) Compute the **incremental RWA add-on** due to the floor.\n5) Using a CET1 requirement of **7.0% of RWA** (defined here as 4.5% minimum CET1 + 2.5% capital conservation buffer), compute the **incremental CET1 capital** needed due solely to the floor add-on.\n\nAnswer requirements:\n- answer_type: number\n- unit: **USD billions**\n- precision: **2 decimals**\n\nKey traps to avoid:\n- Use the transitional floor applicable on **1 Jan 2025**, not the fully phased-in 72.5%.\n- Apply the floor to **standardised RWA**, then compare vs internal-model RWA.\n- Convert percent properly (e.g., 65% = 0.65).\n",
    "answer": "1.96",
    "classification": "Capital Markets-Special Topics & Policy Research",
    "classification_code": "CAP-POL",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "23",
    "question": "Using the official FRED SOFR series (Secured Overnight Financing Rate), compute the **population standard deviation** (ddof = 0) of SOFR over the **five business days from 16 Dec 2024 to 20 Dec 2024 (inclusive)**.\n\nAnswer requirements:\n- answer_type: number\n- unit: **basis points (bp)**\n- precision: **2 decimals**\n\nCritical traps:\n- Use **population** standard deviation (NOT sample).\n- Use ONLY the five business-day observations (do NOT add weekends/holidays).\n- Convert percentage-rate standard deviation to **bp** correctly (1% = 100 bp).\n",
    "answer": "15.56",
    "classification": "Banking-Treasury & ALM",
    "classification_code": "BNK-TSY",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "24",
    "question": "Using only the FDIC Quarterly Banking Profile – Fourth Quarter 2024 statements and the FDIC ROA convention, compute the banking industry’s quarter-over-quarter net-income-to-asset-growth wedge between 3Q 2024 and 4Q 2024, defined as:\nquarter-over-quarter net income growth rate − quarter-over-quarter implied average-total-assets growth rate\nFor this task, implied average total assets for each quarter must be inferred from the FDIC ROA convention using the relevant quarter’s net income and ROA.\nAnswer requirements:\nanswer_type: number\nunit: basis points (bp)\nprecision: 2 decimals\nRules:\nUse only the QBP statements that 4Q 2024 net income was USD 66.8 billion and increased by USD 1.5 billion from 3Q 2024.\nUse only the QBP statements that 4Q 2024 ROA was 1.11% and increased by 2 basis points from 3Q 2024.\nInfer quarter-specific implied average assets using the FDIC ROA convention.\nUse quarter-over-quarter percentage growth rates for both net income and implied average assets before taking the difference.\nConvert the final wedge into basis points.\nReturn only the numeric result.",
    "answer": "184.32",
    "classification": "Insurance-Insurance Investment",
    "classification_code": "INS-INV",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "25",
    "question": "You are currently the chief analyst responsible for G-SIB bank capital modeling at an institution. Based on BNP Paribas' 3Q25 performance appendices and related charts, calculate the implied total Risk-Weighted Assets (Total RWA) of BNP Paribas as of the end of the third quarter of 2025 (unit: billion euros；retain two decimal places)?",
    "answer": "754.71",
    "classification": "Banking-Risk Management",
    "classification_code": "BNK-RSK",
    "modality": "Multi-Modal",
    "language": "en",
    "attachment": [
      {
        "original_filename": "CIB.png",
        "mime_type": "image/png",
        "file_path": "attachments/en_6_CIB.png"
      },
      {
        "original_filename": "CIB占比.png",
        "mime_type": "image/png",
        "file_path": "attachments/en_6_CIB占比.png"
      },
      {
        "original_filename": "20251224_Barclays_BNP-FP_BNP_Paribas_SA-_UPDATE-_BNPP_in_exclusive_negotiations_t.pdf",
        "mime_type": "application/pdf",
        "file_path": "attachments/en_6_20251224_Barclays_BNP-FP_BNP_Paribas_SA-_UPDATE-_BNPP_in_exclusive_negotiations_t.pdf"
      }
    ]
  },
  {
    "id": "26",
    "question": "Using Swiss Re International SE SFCR disclosures for **31 December 2024**, compute the **implied eligible own funds (EUR millions)** based on:\n- Solvency ratio (eligible own funds as a % of SCR)\n- SCR amount (EUR millions)\n\nYou must use the following formula:\nEligible own funds (EUR m) = (Solvency ratio / 100) × SCR (EUR m)\n\nRounding rule:\n- Report the answer in **EUR millions**, rounded to the **nearest whole number (0 decimals)**.\n\nAnswer format: number (EUR millions, 0 decimals).",
    "answer": "513",
    "classification": "Insurance-Actuarial & Reserving",
    "classification_code": "INS-RSV",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "27",
    "question": "Global context (as of 2024-12-25, weekly H.4.1 data): You are validating a bank Treasury desk’s system-liquidity narrative using the Federal Reserve H.4.1 release.\n\nUsing ONLY the Federal Reserve H.4.1 release tables for the weeks ended 2024-09-25 and 2024-12-25, compute first-order changes (in USD billions, rounded to 0.1) and select ALL statements that are correct.\n\nA. Reserve balances with Federal Reserve Banks increased by about USD 78.2bn from 2024-09-25 to 2024-12-25.\nB. Reverse repurchase agreements decreased by about USD 278.0bn from 2024-09-25 to 2024-12-25.\nC. The U.S. Treasury General Account (TGA) increased by about USD 71.7bn from 2024-09-25 to 2024-12-25.\nD. The combined change in (Reverse repurchase agreements + TGA) is approximately -USD 349.8bn over the same window, implying a reduction in two major system-liquidity drains.\nE. If Reserve balances rose by ~USD 78.2bn while (Reverse repos + TGA) fell by ~USD 349.8bn, then other H.4.1 factors must have offset by roughly -USD 271.6bn (i.e., absorbed liquidity), ignoring sign conventions.\nF. A decline in reverse repos mechanically reduces reserve balances one-for-one, so statement B implies reserve balances must fall, not rise.\n\nPrecision requirement: report computed changes in USD billions, rounded to 0.1.",
    "answer": [
      "A",
      "B",
      "D",
      "E"
    ],
    "classification": "Banking-Treasury & ALM",
    "classification_code": "BNK-TSY",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "28",
    "question": "As a US stock market research analyst for a securities firm, one needs to select entities that meet all six core criteria from major US banks (JPM, BAC, C, GS, MS, WFC) for QFII institutional clients. The criteria are as follows: 1. CET1 ratio in 2024 ≥ 14% 2. Share of retail deposits in total deposits in 2024 ≥ 50% 3. Green credit balance as a percentage of total loans in 2024 ≥ 3% 4. Cross-border business income as a percentage of non-interest income in 2024 ≥ 15% 5. Per capita revenue of employees in 2024 ≥ 200,000 US dollars 6. FDIC deposit insurance coverage rate in 2024 ≥ 95%. Provide the full name of the bank. If there are multiple eligible banks, connect them with a comma. If no eligible banks are found, output \"none\". ",
    "answer": "J.P.Morgan Chase & Co",
    "classification": "Banking-Wealth & Investment Services",
    "classification_code": "BNK-WIS",
    "modality": "Multi-Modal",
    "language": "en",
    "attachment": []
  },
  {
    "id": "29",
    "question": "You are a Senior M&A Strategist in the Capital Markets Division of an institution. In its research report dated December 18, 2025, Barclays listed Allfunds, a fund distribution platform, as one of the core assets that BNP Paribas (BNPP) plans to divest to offset the capital consumption arising from the acquisition of Athlon. The divestment of Allfunds will make a significant marginal contribution to whether BNPP can ultimately achieve its 13% CET1 target.\\nBased on the forward-looking forecasts in the Barclays research report and the third-party cross-border transaction legal records released on January 22, 2026:\\n1. State the name of the **European stock exchange operator** that officially announced a Recommended Acquisition for Allfunds at an approximate valuation of €5.3 billion on January 21, 2026.\\n2. According to the operational fundamentals disclosed in the acquisition agreement, what is the **all-time high figure of Assets under Administration (AuA)** achieved by Allfunds on the eve of the acquisition (i.e., as of September 30, 2025)? (Provide the numerical value in trillion euros, rounded to one decimal place.)",
    "answer": "Deutsche Börse;1.7",
    "classification": "Banking-Capital Markets Intermediation",
    "classification_code": "BNK-CMT",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "30",
    "question": "You are an equity analyst at a buy-side fund reviewing Shenzhen Manst Technology Co., Ltd. (SZSE: 301325, “Manst”). Your investment committee requires that any broker valuation be normalized to (i) use the latest officially disclosed share counts and (ii) replace broker-assumed multiples with the peer-average forward P/E stated in the report. Using the report above as the narrative anchor (which gives 2025E attributable net profit of RMB 246 million and values Manst at 35× 2025E P/E for a target price of RMB 59.85), and using only authoritative public disclosures to source share data, do the following for valuation as of late 2024/early 2025: compute the free-float market capitalization implied by applying the peer-average multiple 28.3× (as cited in the report) to Manst’s 2025E EPS derived from the latest total A-share count, and then multiplying the resulting target price by the latest free-float share count. Give the final result rounded to the nearest yuan (digits only, no commas, no currency symbol).",
    "answer": "2801055471",
    "classification": "Capital Markets-Company & Equity Research",
    "classification_code": "CAP-COM",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "31",
    "question": "January 2025. You are the legal/compliance head of Guangdong Dongpeng Holdings Co., Ltd. (A-share: 003012.SZ), a Foshan-based ceramics and sanitary-ware maker planning a province-wide “trade-in for new” campaign to ride the broker’s sector call that policy support will revive home-furnishing demand. Your e-commerce platform partners require that the campaign Terms & Conditions cite the exact Chinese document number of **Guangdong Province’s official implementation notice** for the national trade-in program (not the State Council umbrella number, and not a municipal notice). Using authoritative sources only, (i) confirm the listed issuer identity and Guangdong domicile of Dongpeng, (ii) anchor the macro policy chain (State Council top-level No.7 [2024] and the MOFCOM-led 14-ministry action plan), (iii) locate **Guangdong Provincial Government’s trade-in implementation notice** that explicitly covers home furnishing/kitchen-bath renewals, and (iv) extract the **precise Chinese document number string** of that Guangdong notice to be printed verbatim in Dongpeng’s T&Cs. Output only that document-number string (short text; no extra words).",
    "answer": "粤府〔2024〕27号",
    "classification": "Capital Markets-Sector & Thematic Research",
    "classification_code": "CAP-STR",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "32",
    "question": "As a European banking analyst for securities firms, one needs to select 2024 entities from the core European banks (BNP Paribas, Credit Agricole, Societe Generale, UniCredit, ING Group) that meet all six core criteria for global hedge fund clients. The six criteria cover six dimensions: capital adequacy, profitability efficiency, revenue structure, ESG layout, asset quality, and shareholder returns: Condition 1 (capital adequacy, research report + ECB regulatory documents): CET1 ratio ≥ 12.5% (core capital meets the risk-resistance standard, ECB's minimum requirement for European systemically important banks in 2024 is 11.5%); Condition 2 (profitability efficiency, research report + bank annual report): ROTE (tangible common equity return rate) ≥ 11% (profitability exceeds industry average, EBA's industry average in 2024 is 9.8%); Condition 3 (revenue structure, research report + EBA industry data): Non-interest income as a proportion of total revenue ≥ 55% (diversified revenue, reducing reliance on interest spreads); Condition 4 (ESG layout, bank CSR report + SFDR regulatory data): Green credit balance as a proportion of total loans ≥ 2.5% (in line with the EU's sustainable finance policy orientation) - not disclosed directly in the research report; Condition 5 (asset quality, research report + bank annual report): NPL (non-performing loans) ratio ≤ 2.9% (asset quality is stable, lower than the industry average of 3.2% by EBA); Condition 6 (shareholder returns, research report + Bloomberg data): Dividend yield ≥ 5.5% (cash return meets the requirements, in line with institutional income requirements). Provide the full name of the bank. If there are multiple eligible banks, connect them with a comma. If no eligible banks are found, output \"none\".",
    "answer": "BNP Paribas",
    "classification": "Banking-Treasury & ALM",
    "classification_code": "BNK-TSY",
    "modality": "Multi-Modal",
    "language": "en",
    "attachment": []
  },
  {
    "id": "33",
    "question": "You are reviewing a bank’s operational risk remediation plan for risk data aggregation and risk reporting.\n\nUsing the January 2013 BCBS 239 principles together with the December 2015, June 2018, and October 2022 BCBS progress reports, answer strictly based on the BCBS text and progress-report observations.\n\nTask (multi_choice, select ALL that apply): Which statements are jointly consistent with those BCBS materials?\n\nA. BCBS 239 strongly suggests that national supervisors also apply the Principles to D-SIBs three years after their designation as such by national supervisors.\nB. The Principles apply not only to risk management data and reports, but also to all key internal risk management models and to processes that have been outsourced to third parties.\nC. BCBS progress reporting explicitly states that the Committee chose not to prescribe objective or quantitative benchmarks for judging compliance with the principles-based framework.\nD. In the 2022 progress report, supervisors assessed compliance on a 1–4 scale, where 4 = fully complied and 1 = not adopted.\nE. The 2022 progress report concludes that supervisors frequently used severe measures such as capital add-ons and restrictions on capital distributions or business activities to address BCBS 239 deficiencies.\nF. The 2015 progress report states that the framework contains 11 principles for banks and 3 principles for supervisors; therefore, supervisory principles account for 3/14 ≈ 21.4% of all principles referenced in the framework.\nG. The original implementation deadline referenced for banks identified as G-SIBs in November 2011 or November 2012 was 1 January 2016.\nH. BCBS 239 is limited to credit and market risk data only and therefore excludes Pillar 2 capital models, operational risk models, and VaR-type models from its scope.\nI. The 2022 progress report notes that recent stress events and heightened monitoring confirmed known RDARR issues and in some cases revealed new aspects.\nJ. BCBS progress reports consistently conclude that implementation across most G-SIBs is now complete, with only minor residual issues remaining.\n\nTime qualifier: Use only the January 2013 BCBS 239 principles and the December 2015, June 2018, and October 2022 BCBS progress reports.",
    "answer": "A,B,C,D,F,G,I",
    "classification": "Banking-Risk Management",
    "classification_code": "BNK-RSK",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "34",
    "question": "Global context (as of 2024-12-31): You are validating a bank’s Basel operational risk capital computation under the standardised measurement approach.\n\nAssume the following simplified case (all amounts in USD billions):\n- Business Indicator (BI) = 5.0.\n- Marginal coefficients by BI bucket (as per Basel operational risk standard): 12% for BI ≤ 1; 15% for 1–3; 18% for 3–10; 21% for 10–30; 24% for >30.\n- Loss Component (LC) is such that the Internal Loss Multiplier (ILM) equals 1.00 (ie, operational risk capital equals the BIC for this case).\n\nSelect ALL statements that are correct.\n\nA. The Business Indicator Component (BIC) equals 0.78 (because 0.12×1 + 0.15×2 + 0.18×2 = 0.78).\nB. With ILM = 1.00, the operational risk capital requirement equals 0.78.\nC. The operational risk RWAs implied by this capital are 9.75 (because RWAs = 12.5 × capital).\nD. Because BI = 5.0 is above 3.0, the marginal coefficient applied to the entire BI is 21%.\nE. ILM is strictly greater than 1.00 whenever the Loss Component is below the BIC.\nF. Under the Basel operational risk standard, operational risk capital is computed from a 99.9% VaR of internal loss data, analogous to market risk VaR.",
    "answer": "A,B,D",
    "classification": "Banking-Risk Management",
    "classification_code": "BNK-RSK",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "35",
    "question": "A.M. Best rating reports are the most influential risk and credit assessment tools in the global insurance industry. Their significance goes far beyond just 'scoring'; they are a fundamental information infrastructure for the operation of the insurance market. Which of the following bullet points in the draft presentation are  FACTUALLY CORRECT ?\nA. The Swedish Club's financial strength rating and long-term issuer credit rating are both A-, with a stable outlook.\nB CareSource Reinsurance LLC is a self-insured subsidiary of CareSource, one of the largest Medicaid managed care organizations in the United States, established in 2012, providing medical stop-loss reinsurance.\nC Surplus Lines (E&S, excess and surplus insurance market) premium growth has slowed significantly, with premiums increasing by 9.7% in the first three quarters of 2025, below 13.5% in the same period of 2024.\nD Saudi Arabian Insurance Company (Damana) has performed well, with improvements in its underwriting business in recent years leading to profitability. It is expected that in the medium term, as the business scale expands and costs are spread out, it will trend towards profitability.\nE According to Employers Holdings, Inc.'s assessment of unconventional reserves for the third quarter of 2025, reserve strengthening was carried out due to an increase in the frequency of cumulative trauma claims in California, amounting to 2.8% of the existing net loss and claim expense reserves.\nF  Employers Insurance Group's financial strength rating and long-term issuer credit rating are the best among the four companies.\n\n",
    "answer": "BEF",
    "classification": "Insurance-Actuarial & Reserving",
    "classification_code": "INS-RSV",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "36",
    "question": "You are an associate on the equity research desk covering U.S. airlines. Your team circulated a background note titled “Delta Air Lines: 2024 Outlook — Fuel & FX Assumptions (Jan 2, 2024).” In that note, the analyst made the following explicit simplifying assumptions for modeling purposes (these assumptions are given to you): (i) 2024 average jet fuel price = USD 2.60 per gallon (U.S. Gulf Coast spot basis), (ii) no fuel hedging effects, (iii) 2024 fuel consumption equals Delta’s most recent full-year reported gallons, and (iv) use the U.S. statutory corporate tax rate of 21% when translating pre-tax changes into net income; all else (revenue, non-fuel costs, interest, share count) held constant. \n\nIt is now time to replace the assumed fuel price with the authoritative **actual** 2024 annual average jet fuel price published by a U.S. government source and to compute the earnings effect precisely. Using only (a) Delta’s latest full-year reported fuel gallons and diluted weighted-average shares from official filings, (b) the **2024** U.S. Gulf Coast kerosene-type jet fuel **annual** average price, and (c) the U.S. statutory corporate tax rate, determine the **incremental change in Delta’s diluted EPS (USD)** versus the background note’s assumption that the 2024 fuel price would average USD 2.60/gal. \n\nReport **only one number**: the EPS change (positive means higher EPS than the note’s assumption), rounded to **2 decimals**, with **no unit or percent sign**.",
    "answer": "1.26",
    "classification": "Capital Markets-Company & Equity Research",
    "classification_code": "CAP-COM",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "37",
    "question": "You are a buy-side PM at a mainland mutual fund preparing a block trade risk check for Gambol Pet Group Co., Ltd. (SZSE: 301498). The sell-side report (above) forecasts 2025E net profit of RMB 850 million and sets a target price of RMB 95.20 based on 45x 2025E PE. Compliance requires you to (i) verify whether that target is internally consistent with PRC accounting rules for EPS and the company’s actual outstanding shares, and (ii) compute the **free-float–adjusted market capitalization** as of 2025-01-06 using the given current price RMB 82.90 and the latest official counts of restricted vs. unrestricted shares. Use only authoritative sources: CNINFO statutory filings for share counts and restrictions, and the Ministry of Finance ASBE No. 34 for the EPS formula. Assume no share capital change between the latest filing dates and 2025-01-06. Output **one number only**: the free-float–adjusted market capitalization in RMB, rounded to two decimals (no commas, no currency symbol).",
    "answer": "15062682626.40",
    "classification": "Capital Markets-Company & Equity Research",
    "classification_code": "CAP-COM",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "38",
    "question": "As a senior financial analyst, you are quantitatively evaluating the capital efficiency of BNP Paribas (BNPP) regarding its strategic acquisition of Athlon. According to the Barclays Equity Research report updated on December 18, 2025, BNPP intends to acquire a 100% stake in Athlon, a transaction expected to result in a negative impact of approximately 13 basis points (bps) on the Group's Common Equity Tier 1 (CET1) ratio. You must determine the precise capital consumption of this deal based only on the research report and official financial supplements:\n1. Based on the RWA value of the Corporate & Institutional Banking (CIB) division, determine the Group’s Total Risk-Weighted Assets (RWA) base for Q3 2025.\n2. Calculate the accurate capital consumption (Invested Capital) required for the 100% acquisition of Athlon, assuming the 13 bps CET1 impact is applied strictly to the Total RWA base derived in the previous step.\n3.Provide your answer in units of 100 million Euros, rounded to two decimal places.",
    "answer": "9.81",
    "classification": "Banking-Capital Markets Intermediation",
    "classification_code": "BNK-CMT",
    "modality": "Multi-Modal",
    "language": "en",
    "attachment": [
      {
        "original_filename": "CIB.png",
        "mime_type": "image/png",
        "file_path": "attachments/en_36_CIB.png"
      },
      {
        "original_filename": "20251224_Barclays_BNP-FP_BNP_Paribas_SA-_UPDATE-_BNPP_in_exclusive_negotiations_t.pdf",
        "mime_type": "application/pdf",
        "file_path": "attachments/en_36_20251224_Barclays_BNP-FP_BNP_Paribas_SA-_UPDATE-_BNPP_in_exclusive_negotiations_t.pdf"
      },
      {
        "original_filename": "CIB占比.png",
        "mime_type": "image/png",
        "file_path": "attachments/en_36_CIB占比.png"
      }
    ]
  },
  {
    "id": "39",
    "question": "Allstate Corporation's performance in the first half of 2025 demonstrated a coexistence of strong profitability and significant catastrophe losses. Net income increased substantially in the second quarter, while catastrophe losses in April and May were particularly notable. Based on public reports regarding Allstate in 2025, which of the following statements are correct? (Multiple answers possible)\nA. In Q2 2025, Allstate's Property-Liability underlying combined ratio was 79.5%, representing a significant improvement compared to the same period last year.\nB. In May 2025, Allstate raised the top of its catastrophe reinsurance tower to $9.5 billion of coverage, with a retention of $1 billion.\nC. The pre-tax total catastrophe losses for April and May 2025 combined were $1.37 billion, of which approximately 70% resulted from three widespread wind and hail events.\nD. Despite total catastrophe losses nearing $2 billion in Q2 2025, Allstate's net income reached $2.1 billion, significantly higher than the prior year period.\nE. In July 2025, Allstate estimated catastrophe losses of $184 million, which entirely resulted from 19 wind and hail events and were lower than the level in July 2024.\nF. In Q1 2025, the company's net catastrophe losses decreased to $2.2 billion due to $1.1 billion in reinsurance recoveries.\nG. In Q3 2025, the underwriting profit for Allstate's homeowners insurance business climbed to $1.1 billion, primarily benefiting from lower catastrophe losses.\n",
    "answer": "ADF",
    "classification": "Insurance-Reinsurance",
    "classification_code": "INS-RIN",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "40",
    "question": "You are the buy-side analyst supporting a bank covenant review for Shanghai Bailian Group Co., Ltd. (A-share code: 600827; B-share code: 900923). A sell-side report claims that as of 3Q24 the company had “net cash ≈ 89% of market cap,” which the lender wants independently verified using a conservative, covenant-style definition that **excludes trading financial assets** and **excludes lease liabilities**, and counts only **short-term borrowings + long-term borrowings** as interest-bearing debt. Use the research snapshot’s A-share price of **RMB 10.93** as the “current price” input, and use official filings to source balance-sheet items and the fully-diluted total shares outstanding. Compute the precise **Net cash / Market capitalization** (%) under this definition and report the final result **to two decimals, number only, no percent sign**. Assume shares outstanding equal the company’s total share capital at FY2024 year-end (A+B together).",
    "answer": "88.15",
    "classification": "Capital Markets-Company & Equity Research",
    "classification_code": "CAP-COM",
    "modality": "Text-Only",
    "language": "en",
    "attachment": []
  },
  {
    "id": "41",
    "question": "一家国际投资银行的医药行业研究团队正在为贝达药业（300558.SZ）准备2025年投资策略报告。团队核心关注点在于公司创新药产品的政策红利和审批进度，这些因素将直接影响收入预测和估值模型。具体而言，贝达药业的三代EGFR-TKI产品贝福替尼一线治疗适应症已确认纳入2024年国家医保目录，而CDK4/6抑制剂泰贝西利（Tabecycline）的国内上市申请也已提交。研究任务要求验证这些关键监管信息的真实性，以评估产品放量潜力和公司未来现金流。基于贝达药业2024年中报研报、公司公告及相关监管机构公开信息，请找出贝福替尼一线适应症纳入医保的官方通知文号，并确认泰贝西利国内上市申请的NMPA受理号（输出格式为：/n1. 官方文号;/n2. NMPA受理号）",
    "answer": "/n1. 医保发〔2024〕33号;/n2. CXHS2400039",
    "classification": "Capital Markets-Investment Banking",
    "classification_code": "CAP-IBK",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "42",
    "question": "兴业银行近期披露的2024年经营快报显示，资产质量继续保持稳中向好态势。全年在信贷扩张趋稳、息差承压背景下，银行加大了风险资产处置与不良压降力度，资产质量指标进一步改善，反映出公司在存量不良处置、批量转让以及核销等多手段配合下实现了“量价双降”，与此同时，公司强化了风险抵御能力建设，拨备覆盖率环比提升 4个百分点 。已知公司 2024年末贷款余额为 58,636 亿元，不良贷款率环比下降 1bp；不良贷款余额环比下降 1%。请从链接中读取2024年末兴业银行的不良贷款率和拨备覆盖率，计算兴业银行 2024年末拨备余额的环比增加额。（单位：亿元，结果保留两位小数）",
    "answer": "10.28",
    "classification": "Banking-Assets",
    "classification_code": "BNK-AST",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "43",
    "question": "中国财险是国内领先的财产险公司，长期以来，受益于国内稳步增长的保险需求、优化的风险管理和健康险、车险等新兴产品的扩展，盈利增长稳健。净利润增速是衡量保险公司经营效率、风险控制能力和市场适应性的关键指标之一。子公司中国财险2024年实现净利润295.02亿元至344.19亿元。请读取链接中公司2023年的净利润，计算2024年中国财险净利润的增速的均值。（结果保留整数）",
    "answer": "30%",
    "classification": "Insurance-Property & Casualty",
    "classification_code": "INS-PCA",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "44",
    "question": "作为覆盖申通快递的金融分析师，需验证提供的华创证券预测准确性及合理性，请先提取2024年全年中国快递业务量增速并于华创证券预测申通快递业务量增速做对比，若不符合华创证券观点（即全国增速大于申通增速且华创预测申通增速行业领先或全国增速小于申通增速且华创认为申通增速行业落后），则输出不准确；若符合华创证券观点，则结合研报核心预测数据，则需验证其单票净利润对归母净利润变动的敏感性，计算2024年预计申通快递单票扣非净利对预计归母净利的贡献占比（全部采用华创预测数据），并与年报披露的实际数据（采用年报披露的归母净利润和业务量以及研报预测的单票净利润）作对比，最终输出偏离幅度（预计占比-实际占比），结果保留百分号，保留两位小数",
    "answer": "16.79%",
    "classification": "Capital Markets-Sector & Thematic Research",
    "classification_code": "CAP-STR",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "45",
    "question": "假设你是某银行ALM（资产负债管理）负责人，需要根据监管IRRBB框架判断哪个度量指标触发了内部风险偏好“优先整改”机制。已知（单位：EUR m）：本行Tier 1资本=2,000；基准年度净利息收入NII_base=600。按照监管要求做标准利率冲击，得到：ΔEVE = -350；ΔNII = -90。\n内部风险偏好规定：（1） EVE口径限额|ΔEVE| 不得超过 Tier 1 的 15%；-（2）NII口径限额|ΔNII| 不得超过 NII_base 的 5%； 若两者均超限额，则“优先整改”由“相对超出限额幅度更大”的指标触发，其中相对超限幅度定义为（（实际比例 / 限额比例）-1）。\n请回答：在本题的数据下，触发“优先整改”的指标的名称是什么？（回答该度量指标的完整中文名称以及英文缩写）",
    "answer": "年度净利息收入NII",
    "classification": "Banking-Treasury & ALM",
    "classification_code": "BNK-TSY",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "46",
    "question": "2024年4月下旬，佛燃能源（SZSE: 002911）CFO在年度业绩路演前，要求IR团队就外界关注的“2023年度现金分红派息率约70%”给出一页核验证明，要求只使用公司正式披露文件与交易所/巨潮资讯等权威来源，且口径以“现金分红总额/2023年归母净利润”计算，不得以DPS/EPS比值代替（因当年实施资本公积转增+行权导致股本口径变动）。请你扮演买方机构合规审查分析师：基于公司2023年年报与“2023年度权益分派实施公告”（或其在巨潮资讯引用的权威转述），先精确还原应以何股本口径与每股现金红利口径计提，再据此计算2023年现金分红占归母净利润比例（%）。请给出唯一数字答案（四舍五入到小数点后一位）。",
    "answer": "70.2",
    "classification": "Capital Markets-Company & Equity Research",
    "classification_code": "CAP-COM",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "47",
    "question": "你是三达膜公司的投资经理，目前三达膜（688101）计划投资一个新的膜法水处理项目，初始投资额为3.5亿元，项目生命周期为5年，每年预计产生自由现金流1亿元。你需要评估该项目，公司股权按照年报披露股本数和年报发出日未复权收盘价计算，假设公司β系数为1.2，无风险利率为3%，市场风险溢价为7%，公司债务市场价值按2019年年报非流动负债的1.1倍计算，债务利率为5%，所得税税率由公司2019年年报披露的数据计算得出（实际所得税税率），假设资本结构遵循研报中预测的稳健增长趋势且项目风险和公司整体风险相同。请计算：三达膜投资项目的净现值，单位亿元，保留两位小数，不输出单位",
    "answer": "0.20",
    "classification": "Others-Internet Finance",
    "classification_code": "OTH-INT",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "48",
    "question": "随着人工智能模型参数规模的急剧扩张以及AIGC产业的快速发展，算力基础设施已成为推动数字经济的重要生产要素。海南华铁近年来积极布局“智能算力租赁”业务，通过融资租赁模式向AI企业、科研机构及互联网公司提供GPU算力服务，以实现资源的高效配置与资金收益的稳健增长。公司计划投资15亿元开展智能算力租赁业务，预计该业务将采用融资租赁方式，按月取租金，假设月租金收入为订单金额的2%。请从链接读取公司2024年末公司累计签署算力服务订单金额，计算该业务的年租金回报率。（结果保留整数，单位为百分比）",
    "answer": "40%",
    "classification": "Others-Financial Leasing",
    "classification_code": "OTH-LEA",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "49",
    "question": "结合汇丰控股（HSBC Holdings plc）发布的 2024年报（Annual Report and Accounts 2024） 及 2024年第四季度数据包（4Q 2024 Data Pack），分析其商业银行（Commercial Banking, CMB） 业务板块的2024年度财务表现及资产质量。 请完成以下步骤：\n\n从年报提取2024年商业银行（CMB）板块的 列账基准收入（Reported Revenue / Net operating income before change in ECL） 和 列账基准税前利润（Reported Profit Before Tax, PBT）。\n\n提取2024年末商业银行（CMB）板块的 客户贷款及垫款净额（Loans and advances to customers, net）。\n\n提取2024年集团整体的 列账基准税前利润（Reported Profit Before Tax）。\n\n计算商业银行板块的 资产收益率指标：2024年该板块收入与期末净贷款的比率（Revenue / Net Loans）。\n\n计算商业银行板块的 利润贡献度：该板块税前利润占集团总税前利润的百分比。\n\n根据提取的该板块 预期信用损失及其他信贷减值准备（Change in expected credit losses, ECL） （取绝对值），计算 信贷成本率（Cost of Risk）（ECL / Net Loans）。\n\n（注：金额单位为百万美元，百分比保留两位小数。计算中涉及的ECL为利润表中的计提金额。）\n\n参考链接：\n\nhttps://www.hsbc.com/-/files/hsbc/investors/hsbc-results/2024/annual/pdfs/hsbc-holdings-plc/250219-annual-report-and-accounts-2024.pdf (Annual Report)\n\nhttps://www.hsbc.com/-/files/hsbc/investors/hsbc-results/2024/annual/pdfs/hsbc-holdings-plc/250219-4q-2024-data-pack.pdf (Data Pack)",
    "answer": "2024年CMB收入：21,580百万美元；税前利润：11,860百万美元。\n\n2024年末CMB净贷款：306,926百万美元。\n\n2024年集团税前利润：32,309百万美元。\n\n收入净贷款比率：7.03%。\n\n利润贡献度：36.71%。\n\n信贷成本率：0.59%。",
    "classification": "Banking-Assets",
    "classification_code": "BNK-AST",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "50",
    "question": "作为金融分析师，你正在评估中国人寿养老保险股份有限公司2025年第三季度的偿付能力状况。基于其偿付能力报告摘要和假设的行业数据（行业平均核心偿付能力充足率为250%，综合偿付能力充足率为300%），分析以下说法是否正确（多选）：\nA. 本季度核心偿付能力充足率为183.94%，较上季度有所下降。\nB. 实际资本从1025432百万元增加至1103345百万元，预计2025年第四季度实际资本增长率为0.5%\nC. 2025年第三季度最低资本相较于上季度增加了11.70%。\nD. 流动性覆盖率（LCR）在基本情景下未来3个月为144%，高于监管下限（100%）.\nE. 净资产收益率为29.39%（年度累计），高于2025年第三季度净资产收益率。\nF. 公司2022年偿付能力风险管理能力评估中，风险管理基础与环境得分最高，操作风险管理得分最低。",
    "answer": "BCE",
    "classification": "Insurance-Actuarial & Reserving",
    "classification_code": "INS-RSV",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "51",
    "question": "作为一位金融分析师，你正在撰写重庆银行（601963）的深度研究报告,需要综合评估其2024年的财务表现、核心风险及市场估值。请根据提供的研报和公开资料完成以下多选题，选出所有最符合逻辑推理或计算结论的正确陈述（可能不止一项）。\nA.假设存量住房贷款利率调降50bps，结合研报披露的按揭贷款占比9和贷款占总资产比重，可测算此次调降对重庆银行息差的负向影响约2.3bps，显著低于上市银行平均5.8bps，印证研报“息差受影响小于平均”的观点\nB.根据重庆银行2024年年报披露的基本每股收益和24年权益分派股权登记日的股价，股息收益率为3.59%，分红派息率为17.97%\nC.根据研报提供的24年Q3数据和24年年报数据，24年底重庆银行不良率微降且拨备覆盖率提升，表明资产质量显著改善（定义为不良率降低0.05%以上同时拨备覆盖率提升10%以上），风险抵补能力增强\nD.重庆2024年全年GDP同比增速6.0%（全国第二），叠加“33618”现代化产业体系构建、工业及民间投资高增，可推导区域信贷需求旺盛，为重庆银行贷款投放提供增长空间，契合“区域赋能发展”的核心逻辑\nE.. 研报提示“存款大规模流失风险”，若出现该风险，将导致银行流动性覆盖率下降，被迫提高存款利率吸引资金，进而推高负债成本、压缩息差，形成“流动性紧张→息差收窄→盈利承压”的负向循环\nF.重庆银行2020-2024H1新生成不良逐年降低，说明重庆银行近年来资产质量得到提高",
    "answer": "ABE",
    "classification": "Banking-Risk Management",
    "classification_code": "BNK-RSK",
    "modality": "Multi-Modal",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "52",
    "question": "根据《英大财险2024年度交强险专题财务报告节选》中的2024分部损益表，列出同时满足以下两个条件的分部，并将符合要求的分部按赔款支出从高到低排序。：（1）是年度赔款支出前五的省份/直辖市分部；（2）不是2024年GDP排名前五的省份/直辖市（广东、江苏、山东、浙江、四川）之内。\n输出格式要求：仅包含地区的最简简称，不需要包含‘省’或‘市’。例如：“XX;XX;XX”；",
    "answer": "安徽;河南",
    "classification": "Insurance-Property & Casualty",
    "classification_code": "INS-PCA",
    "modality": "Multi-Modal",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "53",
    "question": "你是一名科技行业对冲基金经理，专注于安防和物联网领域的投资机会。请基于提供的大华股份（002236）研报和2019年年报，请计算：1. 验证研报数据与年报数据的一致性，使用准确数据计算2019年净资产收益率（ROE）与2018年相比的绝对变化百分比（采用准确数据，公式为（2019-2018）/2018，保留两位小数）；2. 2019年股息支付率；3.2019年可持续增长率（ROE使用2019年准确数据，保留两位小数）答案输出格式为：\\n1. XX;XX;\\n2. XX",
    "answer": "\\n1.  2.62%；\\n2.  12.48%；\\n3.  19.90%",
    "classification": "Capital Markets-Investment Asset Management",
    "classification_code": "CAP-IAM",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "54",
    "question": "近年来，医疗医美领域市场规模持续扩张，消费群体年轻化且男性占比提升，轻医美成主流，资本先热后冷，行业竞争激烈，商业模式不断创新，政策监管日益严格 。 作为一位金融分析师，你正在评估海目星（股票代码：688559）的投资价值。根据《海目星：中红外飞秒激光获突破，医疗医美领域前景广阔》研报，以下哪些陈述是正确的？（ ）（选择所有正确的选项，多选，计算结果保留两位小数，单位已在选项中明确）\\nA. 海目星高功率可调谐长波红外飞秒激光系统项目获权威专家认证为国际先进。\\nB. 目标价46.26元对应的2024年EPS 1.82元，P/E比率为25.4倍。\\nC. 使用两阶段DDM模型（权益成本10%，永续增长率4%，高速增长阶段3年，股息支付率100%），当股价为34.05元时，隐含的高速增长率约为10.71%。\\nD. 2024年净利润预测为3.71亿元，较之前下调了70.05%。\\nE. 公司在手订单约50亿元，主要来自锂电和光伏设备。\\nF. 中红外飞秒激光器的调谐范围为3~10μm，最大输出功率大于2W。\\nG. 公司计划在5年以上实现医疗相关产业的产业化布局 ",
    "answer": "ABC",
    "classification": "Capital Markets-Company & Equity Research",
    "classification_code": "CAP-COM",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "55",
    "question": "低利率环境下，保底加分红的设计让分红险悄然升温，成为市场新焦点。围绕最新发布的《关于分红险分红水平监管意见的函》以及中国人寿国寿鑫耀呈祥年金保险(分红型)产品，以下说法正确的是：\nA根据个人分红保险精算规定，分红保险可以采取终身寿险、两全保险或年金保险的形式。保险公司不得将其他产品形式设计为分红保险。\nB据不完全统计，2023年，现已披露数据的险企平均红利实现率高于100%，且有多款产品红利实现率达到50%。而在2022年，有近7成的产品达成或超过100%的红利实现率，平均值在106%。\nC中国人寿国寿鑫耀呈祥年金保险(分红型)2024年实际派发的红利金额较利益演示的红利金额高出21%。\nD根据《国寿鑫耀呈祥年金保险（分红型）利益条款》，被保险人在保险期间内身故，公司应给付的身故保险金为已交保费加计利息\nE《关于分红险分红水平监管意见的函》严格规定，对于监管评级 4-5 级的公司，若拟分红水平超过产品预定利率，必须提交银保监会审定\nF根据《国寿鑫耀呈祥年金保险（分红型）利益条款》，若投保人选择 5 年交，第 5 个保单周年日后的第一个年生效对应日仍生存，公司应给付特别生存金为年交保费的 30%。",
    "answer": "AC",
    "classification": "Insurance-Life Insurance",
    "classification_code": "INS-LIF",
    "modality": "Multi-Modal",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "56",
    "question": "2024年银行业整体利润增长展现韧性，多数银行归母净利润实现增长，但面临“增利不增收”情况，部分银行营收下滑，净息差也持续收窄 。 作为资深金融分析师，您需要对兴业银行2024年一季度的净息差表现及其经风险调整后的收益贡献进行深度评估。请根据《兴业银行跟踪点评：业绩筑底改善，资产负债表重构成效渐显》研报及兴业银行2023年年报，回答以下两问（计算结果保留两位小数，答案输出格式为：\\n1. XX;XX;\\n2. XX）：\\n1.假设兴业银行生息资产平均余额与总贷款余额相同；假设兴业银行贷款结构为：制造业贷款占比18%，绿色贷款占比20%，其他贷款占比62%，求兴业银行1Q24净息差相较于行业平均水平带来的年化净利息收入额外贡献（单位：百万元）\\n2. 该额外收益贡献，在考虑风险权重后，对兴业银行风险加权资产收益率（RORWA）的提升幅度？风险权重假设：制造业贷款100%，绿色贷款75%，其他贷款85%（单位：基点）",
    "answer": "\\n1. 1092.19;\\n2.  2.33",
    "classification": "Banking-Assets",
    "classification_code": "BNK-AST",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "57",
    "question": "根据阿里巴巴集团于2024年11月14日提交的关于Perfect Corp. (NYSE: PERF) 的Schedule 13G/A修正文件（CUSIP: G7006A109），其在第5项（Ownership of Five Percent or Less of a Class）旁标注了“☒”，表明其持股比例已降至5%以下。该文件披露，截至2024年9月30日，其通过子公司Taobao China Holding Limited持有4,189,810股Perfect Corp.的A类普通股。\n问题：\n1、该文件中提出阿里巴巴集团在Perfect Corp.的A类普通股中的实际持股比例是多少？\n2、根据美国《1934年证券交易法》Schedule 13G的申报规则，当一个合格机构投资者（Qualified Institutional Investor）的持股比例发生何种变化时，必须提交修正案并在第5项旁标注“☒”？",
    "answer": "1. 4.11%\n2. 下降至5%或以下（falls to 5% or less）",
    "classification": "Others-Internet Finance",
    "classification_code": "OTH-INT",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "58",
    "question": "2026年1月，你作为某商业银行的战略分析师，正在撰写一份关于全球宏观经济与监管环境的分析报告，以辅助银行制定年度资产配置与合规策略。基于世界经济论坛（Weforum）、澳洲联储（RBA）、RBC财富管理、KPMG及中国银行的研究报告，请判断以下关于2025年回顾及2026年展望的8个选项中，有哪些是正确的？（多选）\nA. 根据世界经济论坛（Weforum）的观点，人口老龄化会导致储蓄减少、投资增加，从而对利率产生上行压力，且老年群体对降息非常敏感，这使得传统货币政策工具更加有效。\nB. 澳大利亚储备银行（RBA）在2025年12月的货币政策会议上决定将现金利率目标维持在3.60%不变，这符合市场预期。\nC. RBC财富管理在《2025年全球展望》中预测，2025年美国GDP增长率为2.3%，且铜价预期为每磅4.50美元。\nD. 根据KPMG报告，香港金管局（HKMA）与美国证券交易委员会（SEC）联合推出了“GenA.I.沙盒”，以支持银行业在风险可控的环境下测试人工智能创新方案。\nE. 中国银行研究院发布的《全球银行业展望报告》预测，2025年美国银行业净利润将同比增长19.2%，主要得益于高利率环境下的利息收入增长。\nF. RBC预测美联储将在2025年第一季度持续大幅降息，并最终在2.00%左右的政策利率水平暂停，以应对经济衰退风险。\nG. 根据KPMG报告，香港金管局成立了“Cargox专家小组”，旨在利用货运物流数据优化贸易融资的数码生态圈。\nH. 世界经济论坛指出，随着寿命延长，老年人口为了购买住房等大额资产会增加贷款需求，因此他们对利率变化表现出极高的敏感性。",
    "answer": "BCG",
    "classification": "Banking-Treasury & ALM",
    "classification_code": "BNK-TSY",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "59",
    "question": "你在某公募基金的交易支持团队任量化研究员。基金经理A正在评估在古井贡酒（SZ:000596）年度分红前后的价差指令。她采用“保持原估值倍数不变”的做法，将卖方研报给出的目标价作为估值锚：该研报（见上方背景）给出目标价219.26元，并对2024-2026年EPS预测分别为10.66/12.06/13.41元。现在2024年财报已经披露，且年度分红方案也已实施：每10股派50元现金。A让你完成两步校正并给出**唯一数字**：1）先用**年报披露的2024年实际基本每股收益**替换研报中的2024E EPS，保持研报原有的**2024E静态P/E倍数不变**，得到“**除权前校正目标价**”；2）再依据**深交所除权（息）参考价计算规则**，仅考虑上述年度**现金红利**对价格的影响，得到“**除权后校正目标价**”。请输出第2步的结果（保留两位小数，不带单位）。为保证答案唯一，按如下口径：以研报目标价对应的**2024E静态P/E**为固定倍数；以公司**2024年基本每股收益（年报口径）**为实际EPS；现金分红仅使用**2024年度权益分派每股5.00元**；将第1步得到的价格视为**除权前一交易日收盘价**用于除权公式计算。",
    "answer": "209.73",
    "classification": "Capital Markets-Financial Engineering & Quantitative Research",
    "classification_code": "CAP-QUA",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "60",
    "question": "一家国际投资银行的农药行业研究团队正在深度验证先达股份（603086.SH）的创新药审批进展和研发合作真实性。研究任务要求基于先达股份深度研报及相关内容，首先确认吡唑喹草酯原药获得农药登记证的具体日期（格式：YYYY-MM-DD），然后确认公司与华中师范大学联合创制的首个获批上市的专利除草剂CA登录号是多少。输出格式为：/n1. XX;/n2. XX",
    "answer": "/n1. 2024-09-18;/n2. 1639426-14-4",
    "classification": "Capital Markets-Investment Banking",
    "classification_code": "CAP-IBK",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "61",
    "question": "你是中远海能（600026.SH/01138.HK）董事会秘书处的合规经理。公司拟通过控股50%的合营公司CLNG增资，公告披露预计本公司对CLNG增资总额约10,964万美元（披露日：2024-12-20）。请根据《港交所主板上市规则》第14.07条“资产比例”定义，使用：①港交所公告增资金额；②2024-12-20美元兑人民币中间价；③公司最近一期经审计财报披露的总资产；在统一口径（人民币）下计算资产比例，并输出最终数值（保留两位小数，不带百分号）。",
    "answer": "1.09",
    "classification": "Capital Markets-Investment Banking",
    "classification_code": "CAP-IBK",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "62",
    "question": "为券商金融行业资深分析师，需为公募基金客户开展中国平安2024年末目标市值的精细化校准，深度支撑机构持仓决策。结合年报，研报内容，并合理假设：2024年保险企业内涵价值（剔除投资收益）增长率为5%，2024年公司保险资金全年平均投资收益率为4.2%，投资收益全额计入内含价值。请按以下要求测算：先拆解2024年内含价值（EV）的增长驱动，分别计算内涵价值自身增长额、投资收益贡献的EV增长额，再合并得到2024年末EV；基于此EV及目标P/EV和24年年报披露的股本数测算2024年末目标股票价格，最终输出目标价格（单位：元）。",
    "answer": "57.70",
    "classification": "Insurance-Underwriting & Pricing",
    "classification_code": "INS-UWP",
    "modality": "Multi-Modal",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "63",
    "question": "2020年初疫情推动线上娱乐需求迁移，长视频平台用户基数与使用时长显著提升，芒果超媒凭借优质自制内容实现会员与流量双增长，假如你是CFA持证人，正通过杜邦分析法（评估其盈利能力驱动逻辑。根据《芒果超媒：会员业务加速发展，Q1业绩预增约10％》研报及芒果超媒2019年年报（公开数据源，假设总资产周转率计算采用“营业收入/期末总资产”，权益乘数=期末总资产/期末归属于母公司股东权益），下列关于芒果超媒2018-2020E ROE杜邦分解的计算及逻辑判断表述中，正确的有（ ）（多选，计算结果保留两位小数）\\nA. 2018年销售净利率约为9.00%\\nB. 2019E权益乘数约为1.98\\nC. 2020E总资产周转率约为0.72\\nD. 2019E ROE通过杜邦分解计算约为13.16%\\nE. “2020E ROE较2019E提升主要驱动因素为销售净利率上升”的表述正确",
    "answer": "ABCDE",
    "classification": "Others-Internet Finance",
    "classification_code": "OTH-INT",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "64",
    "question": "2024年上半年，全球航空客运需求旺盛，飞机制造商交付进度滞后，飞机经营性租赁租金收益率与机队价值上升，融资租赁收入因航司购机需求增长而提升，购机回租因机队价值回升带动出售飞机收益大增，第三方资产管理服务需求或因行业向好而增加 。 作为金融分析师，您需要对中银航空租赁进行深度估值分析。请根据《中银航空租赁2024年半年报点评：盈利超预期，美联储降息预期利好成本改善》研报，回答以下两问（计算结果保留两位小数，答案输出格式为：\\n1. XX;XX;\\n2. XX）：（ 假设无风险利率为3.0%，市场风险溢价为5.5%，Beta为1.2，美元兑港元汇率为7.8，永续增长率为3%。）请计算：\\n1. 公司的可持续增长率（以百分比表示，保留两位小数）; \\n2. 使用两阶段股息贴现模型计算股票的内在价值（港元，保留两位小数），假设前5年增长率为可持续增长率，5年后永续增长率为3%。",
    "answer": "\\n1.  9.56;\\n2.  59.19",
    "classification": "Others-Financial Leasing",
    "classification_code": "OTH-LEA",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "65",
    "question": "你是巨化股份（600160.SH）海外业务与合规统筹专员。公司拟在2025年将主要三代制冷剂以散装形式出口欧盟市场。CFO要求你以生态环境部公示的2025年度配额为“产能上限口径”，并以集团合并口径（含全资子公司浙江衢化氟化学有限公司、浙江兰溪巨化氟化学有限公司，以及母公司本部“巨化股份电化厂”等在配额表中单列的实体）核算：若公司计划在2025年将 HFC-32、HFC-125、HFC-134a、HFC-143a 各自产量的25%出口至欧盟，则公司在欧盟“投放市场”所需的最小 HFC 配额（以二氧化碳当量计）合计是多少吨？请：①严格以生态环境部《2025年度氢氟碳化物生产、进口配额核发表》中的企业与品种配额（吨）为依据，按集团口径汇总巨化相关主体在上述四种HFC的生产配额；②排除HCFC（如R22）及HFC-23等本题未指定的品种；③采用IPCC AR4（100年期）GWP 值将“出口份额对应的质量（吨）”换算为CO2当量（吨），并合计；④结果按四舍五入保留0位小数，答案只输出数字、不带单位与千分位分隔符。提示：欧盟F-gas法规以“CO2当量吨（采用附件GWP表）”核定配额与投放量；子公司口径需以公司定期报告“释义/子公司名单”确认归属。",
    "answer": "105348660",
    "classification": "Capital Markets-Special Topics & Policy Research",
    "classification_code": "CAP-POL",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "66",
    "question": "在当前利率下行与寿险产品重定价周期并行的背景下，保险公司正面临“双重压力”与“结构性机遇”。一方面，长期利率下行导致投资端收益率持续承压，过去采用较高预定利率（如 3.5% 或更高）定价的传统寿险产品出现利差缩窄甚至倒挂风险；另一方面，监管层引导行业回归保障本源，推动险企优化产品结构、提高风险定价精度与资本效率。为应对利差风险与偿付能力压力，某寿险公司2024年调整定价假设：预定利率从3.5%降至3.0%，预定死亡率上调5%。现有20年期定期寿险，保额50万元，20年期缴。假设死亡率q=0.001（即每年死亡概率0.1%），净保险费=Σ(q×现值)，忽略费用与退保影响。请计算在假设调整后净保险费的变化幅度。（结果保留两位小数）",
    "answer": "9.91",
    "classification": "Insurance-Underwriting & Pricing",
    "classification_code": "INS-UWP",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "67",
    "question": "你是巨化股份（600160.SH）海外合规负责人。公司计划在2025年把R134a（HFC-134a）年度配额的25%出口欧盟。销售团队按IPCC AR6的GWP值编制了欧盟“投放市场”（placing on the market）CO2e申报草案，但欧盟现行《F-gas条例》（Reg. (EU) 2024/573）配额与申报口径以法规附件表列的GWP为准（等同AR4数值）。CFO要求你纠正并给出在正确口径（AR4）下应申报的CO2e总量。已知并仅可作为“情境锚点”的研报信息：公司2025年R134a生产配额为7.7万吨（质量口径）。任务：①以研报口径计算“拟出口质量=配额×25%”；②在欧盟法规附件表或UNFCCC的AR4表中检索HFC-134a的GWP（100年期）；③按“CO2当量=质量×GWP”换算应申报的吨CO2e；④同时核对AR6下的GWP值（仅用于解释误差，不要求输出）；⑤最终答案仅输出“正确口径（AR4）下的CO2e总量”，四舍五入保留0位小数，不带单位与千分位分隔符。",
    "answer": "27527500",
    "classification": "Capital Markets-Special Topics & Policy Research",
    "classification_code": "CAP-POL",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "68",
    "question": "你是某大型公募基金的消费组研究员。投资委员会在2025年1月2日召开季度配置会，设定了“当年现金回款约束”：仅当目标标的在买入当年（自然年）可获得的**税后现金分红收益率**（以买入成本计）≥2.50%时，方可纳入“稳健分红池”。你被要求就古井贡酒（SZSE:000596）给出结论，并需要将卖方研报《古井贡酒更新报告：稳步收官，迈步向前》中给出的**目标价219.26元**视为拟买入成本（非今日市价）。为避免主观判断，投资委同时明确口径：①仅统计**2025年自然年内已实施或已由股东大会通过并在当年实施**的A股现金分红；②投资者属性为**个人**且持股期限**超过1年**（适用我国现行上市公司股息红利差别化个税政策）；③币种均以人民币计；④不考虑再投资与分红送转。请基于研报与公告口径，计算古井贡酒在上述约束下的**2025年税后现金分红收益率**（以219.26元为分母），并给出最终数值（保留两位小数，不带百分号）。",
    "answer": "2.74",
    "classification": "Capital Markets-Company & Equity Research",
    "classification_code": "CAP-COM",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "69",
    "question": "PS 估值（适用于高成长科技公司）、PE 估值（结合对赌业绩）的合理性，及估值偏差原因（如是否考虑业务协同效应、行业政策红利），是机构投资者关注的核心。作为覆盖科技行业的分析师，基于荣科科技2020年1月2日研报，请完成以下分析：1. 检索研报中2020年公司预测营业收入及给予的PS估值倍数，计算对应目标市值（单位：亿元，答案只输出数字）；2. 检索研报中今创信息2020年对赌净利润、给予的PE估值倍数及公司备考目标市值，计算按“对赌净利润×PE倍数”得出的今创信息估值与研报中实际采用的今创信息估值的偏差金额（单位：亿元，答案只输出数字）（所有计算结果保留两位小数，单位为“亿元”，答案只输出数字，输出格式为\\n1.XX,XX;\\n2. XX）",
    "answer": "\\n1. 42.88；\\n2. 2.70",
    "classification": "Others-Internet Finance",
    "classification_code": "OTH-INT",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "70",
    "question": "银行流动性风险经理如果需要向ALCO提交一份LCR测算结果（按Basel III口径），则需要完成以下计算。已知（所有金额均为USD bn）：\n Level 1资产（已是合格Level 1，haircut后仍按面值计入）：50 ；\nLevel 2A资产市场价值：40（适用 15% haircut）； \nLevel 2B资产：公开交易股票 ：30（适用50% haircut）；\nRMBS ：40（适用25% haircut）；\n30天压力情景下净现金流出（Net Cash Outflows）：70 ；\n要求计算：\n1）按照监管口径先施加haircut，再施加40% Level 2总量上限与15% Level 2B上限，处理两项上限联动；计算“最终可计入HQLA总额”（USD bn，保留两位小数）。\n2）根据巴塞尔协议确定LCR计算公式，结合题目给出的数据，计算LCR的数值（百分比%，保留两位小数）。",
    "answer": "1. 83.33;2. 119.05",
    "classification": "Banking-Treasury & ALM",
    "classification_code": "BNK-TSY",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "71",
    "question": "2024年5月，健民集团（600976.SH）市场准入团队拟在全国公立医院端，为中药1.1类创新药“七蕊胃舒胶囊”推出一项为期一年的患者支持计划：凡按说明书完成“标准疗程”的住院/门慢处方，企业给予按国家医保目录（NRDL 2023版）谈判支付标准的10%回扣（作为院端学术推广预算入账）。CFO要求你用“可审计的外部权威数据”核算对当期EPS的影响，以决定是否放行预算。请在忽略税费及其他会计影响的前提下，按以下约束计算：\\n1）“标准疗程”严格以官方用法用量为准；\\n2）每粒支付标准以NRDL 2023版（协议期内谈判药品部分）公示的“七蕊胃舒胶囊”支付标准计价；\\n3）假设当年全国共有10,000个“标准疗程”完成并享受该计划；\\n4）按健民集团2023年年报披露的“总股本”口径计算EPS影响；\\n问题：在上述条件下，2024年该计划对应的“每股收益（EPS）减少额”（单位：元/股，保留6位小数）是多少？仅填写数字答案。",
    "answer": "0.004790",
    "classification": "Capital Markets-Company & Equity Research",
    "classification_code": "CAP-COM",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "72",
    "question": "你受聘为广州凌玮科技股份有限公司（SZ:301373，简称“凌玮科技”）董事会秘书办的外部顾问。公司拟在年度股东大会上提交“2024年度利润分配方案”。为满足交易所对现金分红信息披露的合规要求，董事会要求你基于：①公司2024年年度报告披露的“归属于上市公司股东的净利润（归母净利润）”；②公司公告的“2024年度每10股派发现金红利5.00元（含税）”的利润分配预案；③公司2024年报告期末的总股本，计算并给出“2024年度现金分红占归母净利润的比例（%）”。\n请严格按以下口径执行：\n- 以“归属于上市公司股东的净利润（非扣非）”作为分母。\n- 以“每股派息×报告期末总股本”得到当年现金分红总额作为分子。\n- 结果保留两位小数；由于为百分比结果，**最终答案只输出数字，不带百分号**。\n- 请仅使用下述权威公开来源核取数据（公司年报/公告正文或交易所/权威金融媒体对该公告的转载页均可）。\n你的交付物是：一个**唯一数值**（两位小数，不含百分号），代表“2024年度现金分红比例”。",
    "answer": "40.21",
    "classification": "Capital Markets-Company & Equity Research",
    "classification_code": "CAP-COM",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "73",
    "question": "你是某头部券商计算机行业组的签字分析师。你在2025-01-01发布了对上交所科创板上市公司中科星图（688568.SH）的首次覆盖报告，采用可比法给予公司2025年48倍PE并据此给出目标价61.18元。随后，公司在2025-05-21实施了“每10股转增4.90股”的权益分派，且在二级市场以集中竞价完成了部分股份回购并用于注销，导致总股本发生变动。作为合规复核要求，你需基于：①原研报中给出的2025年归母净利润预测值6.93亿元与48倍PE；②公司在法定信息披露平台公告的转增与回购注销后“最新已注销后的总股本”；③会计准则关于基本每股收益的计算口径，重新计算在不改变估值倍数前提下、按“最新总股本”应当对应的“修正后目标价”。请严格按公开权威来源完成数据取数与计算，并给出最终修正后目标价（保留两位小数，不带单位，仅输出数字）。",
    "answer": "41.16",
    "classification": "Capital Markets-Secondary Market Trading",
    "classification_code": "CAP-SEC",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "74",
    "question": "你是一名大型保险资产管理公司的信用评级与债券投资经理。投资委员会正在审议是否参与认购某股份制商业银行2025年发行的二级资本债券。请查阅该期债券的募集说明书及《商业银行资本管理办法》，提取关于偿付顺序、减记条款、赎回权及风险权重的核心要素。请结合当前宏观利率环境与银行资本补充压力，评估该债券的投资价值与潜在风险，并辨析下列关于该期债券条款与属性的分析结论，选出所有正确的选项。（可多选）\nA华泰证券、工行、建行、农行、中行、江苏银行、海通证券、国开证券、国信证券、中金、招商证券等 11 家\nB本期交通银行金融债券采用“承销团成员簿记建档、集中配售”方式发行。华泰证券股份有限公司、上海清算所、中国工商银行股份有限公司、 大公国际资信评估有限公司直接参与了该债券的承销或簿记工作\nC本期债券在发行机制上设置了“超额增发权”。超额增发部分票面利率需高于基础发行规模 10 bps 以上\nD票面利率通过簿记建档、集中配售方式确定\nE承销团成员可在 1.80%–2.30%（含端点）区间内以 0.01% 为最小变动单位多次报价\nF若某承销团成员在获配后未能于 2024 年 9 月 27 日 15:00 前足额划付认购款项，将被视为违约申购。针对该情形，簿记管理人可以取消该机构未来参与交通银行金融债承销的资格\nG银行间债券市场主承销商应建立健全承销报价内部管理制度，综合评估项目成本、合理确定报价，不得以低于成本的承销费报价参与债券项目竞标。",
    "answer": "ADG",
    "classification": "Banking-Capital Markets Intermediation",
    "classification_code": "BNK-CMT",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "75",
    "question": "你是商业银行银团的财务契约监控岗。贷款合同约定“股利现金覆盖率”考核口径为：某自然年公司实际支付的现金分红总额 ÷ 上一会计年度经营活动产生的现金流量净额（OCF）。现需对古井贡酒（SZ:000596）进行2025年度的滚动核验。要求：结果以百分比形式计算并保留两位小数，不带百分号。",
    "answer": "67.09",
    "classification": "Capital Markets-Company & Equity Research",
    "classification_code": "CAP-COM",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "76",
    "question": "你在一家量化多因子/事件研究团队。基金经理拟在白酒板块分红季做“除权价偏离”日内交易模型回测，并要求先做一例手工校验：以古井贡酒（SZ:000596）2024年度现金分红为样本，计算2025-06-26（除权除息日）集合竞价开盘价相对理论除权（息）参考价的百分比偏离度（结果保留两位小数，不带百分号；正负号按实际方向保留）。口径固定：①仅按深交所现金分红除权（息）参考价公式（无其他事项）；②每股分红5.00元；③“前收盘价”取2025-06-25收盘价；④实际价为2025-06-26开盘价；⑤单位人民币；⑥仅输出最终偏离度。",
    "answer": "-0.10",
    "classification": "Capital Markets-Financial Engineering & Quantitative Research",
    "classification_code": "CAP-QUA",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "77",
    "question": "你是一名固定收益分析师，正在评估化工企业债券的信用风险。根据《金禾实业2019年年报点评》研报（2020年3月，股票代码：002597）及金禾实业2019年年报，回答以下三问（结果按要求保留小数位，仅输出数字，单位已在题干明确，答案输出格式为：\\n1. XX;XX;\\n2. XX）：\\n1. 根据研报披露2019年公司基础化工业务毛利数据，计算2018年基础化工业务毛利（单位：亿元，保留两位小数）；\\n2. 研报提及“三氯蔗糖生产线技改后收率提升至45%，成本下行约10%”，假设单吨生产成本与产品收率呈严格反比（即成本∝1/收率，忽略其他成本变动），计算技改前三氯蔗糖的收率（单位：%，保留两位小数）；\\n3. 结合年报及研报中相关数据，计算2020年目标市值（单位：亿元，保留两位小数）及目标PB（PB=目标股价/每股净资产，保留两位小数）",
    "answer": "\\n1.5.53;40.50%;\\n2.160.53,3.58",
    "classification": "Capital Markets-Secondary Market Trading",
    "classification_code": "CAP-SEC",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "78",
    "question": "某机构在配置家电/汽零板块时，对华翔股份的核心关注点集中于政策红利与资产整合效果，需要验证以下问题：1. 研报提及24年以旧换新的文件时间和公司所属地区中央承担比例是多少？（格式：YYYY-MM-DD，XX）是什么？2. 研报披露“2024年9月拟通过合资收购圣德曼山西提升铸造产能”，结合相关资料，本次收购中公司对圣德曼山西的现金出资额（即交易对价，单位：亿元，最终答案只保留数字）为多少？（答案输出格式为：/n1. XX；/n2. XX）",
    "answer": "/n1. 2024-07-24，90%;/n2. 4.29",
    "classification": "Capital Markets-Special Topics & Policy Research",
    "classification_code": "CAP-POL",
    "modality": "Multi-Modal",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "79",
    "question": "你担任医疗健康行业研究员，正在分析血制品行业供给端格局变化。请根据《天坛生物：老牌血制品龙头，重组后资源优化助力更上一层楼》研报及天坛生物2019年年报，回答以下三问（计算结果保留两位小数，答案输出格式为：\\n1. XX;XX;\\n2. XX）：\\n1. 根据研报估值信息。假设归母净利润为2020E不变，若公司以2020年合理估值的10%作为回购资金，按合理股值对应股价回购股份并全部注销，计算回购后2020年预计EPS（单位：元/股）；\\n2. 若投资者以研报当前价买入，持有1年以2020年合理估值对应股价卖出，期间获每股现金分红0.3元，计算预期年化总收益率（%）；\\n3. 研报中哪些公司同时具备开设浆站资格，人凝血因子Ⅷ批文和冻干静注人免疫球蛋白（pH4） 批文，以研报中公司名称为准输出答案，示例：天坛生物，博雅生物）",
    "answer": "\\n1 .0.82;\\n2. 33.41%;\\n3. 天坛生物，上海莱士",
    "classification": "Others-Trust & Asset Management",
    "classification_code": "OTH-TAM",
    "modality": "Text-Only",
    "language": "zh",
    "attachment": []
  },
  {
    "id": "80",
    "question": "一家大型商业银行的养老金融研究团队正在为个人养老金业务准备深度市场报告。团队重点关注第三支柱个人养老金的理财产品供给、FOF基金收益以及2025年四季度储蓄产品发行结构与变化，这些数据将影响产品矩阵优化、收益率预期与市场策略。\n请基于《2025中国养老金金融白皮书》及济安养老金研究发布的2025年第四季度系列市场数据，回答下列问题（答案为整数或保留两位小数）：\n1. 根据《2025中国养老金金融白皮书》制度化和非制度化养老金融产品矩阵，养老金理财产品（制度化 + 非制度化）总共有多少只？（整数）\n2. 根据济安养老金研究发布的《2025年第四季度养老金融产品市场数据之六：个人养老金FOF产品》，运作满1年的FOF基金产品中目标日期基金近一年平均收益率是多少%？（保留两位小数）\n3. 根据济安养老金研究发布的《2025年第四季度养老金融产品市场数据之二：个人养老金储蓄产品》，截至2025年12月31日，全国个人养老金储蓄产品总发行数量是多少只？其中6家国有大行发行占比是多少%？该季度发行产品数量环比变化如何（持平/增加/减少）？\n输出格式为：\\n1. XXXX;\\n2. XX.XX;\\n3. XXXX只，XX.XX%，环比XX",
    "answer": "\\n1. 86;\\n2. 17.86;\\n3. 466只，32.40%，环比持平",
    "classification": "Banking-Wealth & Investment Services",
    "classification_code": "BNK-WIS",
    "modality": "Multi-Modal",
    "language": "zh",
    "attachment": []
  }
]