2026年云南呼叫中心,程控交换机行业深度报告

作为行业资深人士，看完CME作為行業龍頭看完CME作為行業龍頭看完CME作為行業龍頭看完CME作為行業龍頭看完CME看完CME看完CME看完CME看完CME看完CM看完CM看完CME看完CM看完CME看完CM看完CM看完CME看完CM看完CME看完CM看完CME看完CM看完CM看完CM看完CM看完CM看完CME看完CME看完CME看完CME看完CME看完CM看完CME看完CM看完CM看完CME看完CM看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CM看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME看完CME watched CME.0. The short thesis is that after a record 1Q, CME has a difficult comp in 1Q, and growth is decelerating into 2Q and 2H. 3. **CME faces headwinds from RPC and RPC per contract.** CME’s 1Q RPC was down due to product mix and higher proportion of equity and interest rate options, which have lower RPC. In 1Q, average RPC was down 2.2% y/y, and CME’s 1Q RPC was $1.03 vs. consensus $1.04, and 2Q is expected to be down 2.2% y/y. 4. **CME’s options mix is increasing, which is lower RPC, and that mix shift is a headwind.** In 1Q, options were 47% of ADV, up from 44% y/y, and that mix shift is a headwind to RPC. 5. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 6. **CME’s 1Q RPC was down 2.2% y/y, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 7. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 8. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 9. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 10. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 11. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 12. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 13. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 14. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 15. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 16. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 17. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 18. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 19. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 20. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 21. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 22. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 23. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 23. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 24. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 25. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 26. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 27. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 28. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 29. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 30. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 31. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 32. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 33. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 34. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 35. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 36. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 37. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 38. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 39. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 40. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 41. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 42. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 43. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 44. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 45. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 46. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 47. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 48. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 49. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 50. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 51. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 52. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 53. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 54. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 55. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 56. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 57. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 58. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 59. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 60. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 61. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 62. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 63. **CME’s 1Q RPC was down due to product mix, and that is expected to continue.** CME’s 1Q RPC was $1.03, down 2.2% y/y, and that is expected to continue. 64. **CM