RegTech, which is a combination of the words regulatory and technology, manages regulatory processes within the financial industry via advance technologies. RegTech solutions help businesses to comply with regulations efficiently & less expensively by using advance technologies such as machine learning, biometrics, cloud computing, big data, and blockchain. Moreover, main functions of RegTech include data analytics, regulatory monitoring, risk management, reporting, regulatory compliance, and fraud detection. This report features information on RegTech solutions offered by key vendors. Furthermore, it highlights strategies of key players to improve the market share and sustain competition. Key players operating in the market include ACTICO GmbH, Acuant, Inc., Ascent, Broadridge Financial Solutions, Inc., ComplyAdvantage, International Business Machines (IBM), MetricStream Inc., NICE Ltd., Thomson Reuters, and Wolters Kluwer N.V.

Supply chain analytics targets to improve operational efficiency and effectiveness by enabling data-driven decisions at strategic, operational, and tactical levels. It incorporates virtually the complete value chain including sourcing, manufacturing, distribution, and logistics. Supply chain analytics helps in increasing productivity, reducing wastage, inventory forecasting, and to improve customer relationship. For the purpose of analysis, the global supply chain analytics market is segmented into component, deployment, enterprise size, industry vertical, and region. The report highlights various components available in the market, which include solution and services. According to enterprise size, the market is classified into large enterprises and SMEs.

A smart parking system typically obtains information about available parking spaces in a particular geographic area or in residential areas and process is real-time to place vehicles at available positions. For the operation of the smart parking the system involves low-cost sensors, real-time data collection, and smart phone enabled automated payment systems. This combination allows people to reserve parking in advance and predicts the parking space location. This system is deployed to reduce car emissions in urban centers and is helpful for people searching a vehicle parking across the city. The smart parking system implies the M2M technologies to properly manage parking supply and also helps one of the biggest problems on driving in urban areas, i.e., finding empty parking spaces and controlling illegal parking. Increased parking concern, growth in demand for IoT-based technology, and surge in number of vehicles that leads to traffic congestion are the factors expected to drive the smart parking market growth during the forecast period. However, high implementation cost and configuration complexity restrain the market growth.

The report focuses on various polymer foams and the major applications including building & construction, transport, packaging, and furniture. It analyzes the current market trends of polymer foam, and related products in different geographies and suggests the future growth opportunities for key market players. In addition, it highlights numerous factors that influence the growth of the global market such as key drivers, restraints, growth opportunities, and the role of different key players. Market segmentation based on type of polymer foam such as polyurethane, polypropylene, and polyethylene is also included, along with the quantitative data in terms of both value and volume.

Over-the-top (OTT) service refer to movies and TV shows, which are delivered directly to digital users without the requirement of cable or satellite television subscription. OTT content can be directly downloaded and viewed on user’s demand over the internet connected to devices such as PC, tablet, smartphone, and console. Presently, over-the-top services are at a relatively nascent stage, and are widely accepted as a trending technology across the globe. For the purpose of analysis, the report segments the globe over-the-top market into component, device type, content type, revenue model, user type, end user, and region. This report further outlines current trends, key driving factors, and key area of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. This report further features information on over-the-top services offered by key vendors. In addition, it highlights the competitive landscape of the key market players to strengthen their foothold in the industry. furthermore, the report covers strategies adopted by key market players to sustain the competitive environment and increase their market share..

Travellers create a single digital identity containing their biographic data and any additional information required for identity establishment and verification. This is used across all stakeholders, public and private, in the traveller’s journey Allow travellers to enrol early in the traveller journey, so they can use their digital identity across the end-to-end journey Digital identity management is done in a decentralized manner, where the traveller maintains and controls access to their data Traveller’s digital identity data is governed by a globally agreed-upon set of standards, allowing for interoperability across governments and all sectors of the Travel & Tourism sector Privacy standards are continually developed and enhanced with guidelines to ensure they are of the highest quality

整体来看，2020 年下半年以来，监管对互联网贷款的规范逐步趋严，此次《通知》较《办法》的规定更加具体、严格。互联网贷款业务来看，监管框架的完善、监管指标的明确将推动业务规范发展。银行来看，部分对互联网平台依赖度高的中小银行受影响较大，短期内其贷款增速将有所放缓，面临集中度调整压力；自营渠道有优势、自主风控能力强、经营稳健的大中型银行将相对受益。

美股投资者结构变迁：居民与机构的此消彼长。1、美股市场投资者结构变迁：70s分水岭后，居民占比下降、机构持续 提升（截至2019年底，居民\机构占比分别38%\56%）。2、机构投资者内部结构：70-80年代养老金占比最高，2000年后 共同基金、外资、及ETF占比提升。3、美股机构化启示：居民通过养老金及基金间接入市。新经济拉动美国经济复苏、 直融占比提升、养老金税优政策、共同基金发展等，共同推动居民间接投资股市。

本周五个交易日市场成交额逐日递减，周四、五再次降至万亿下方，预计偏紧的 流动性仍将制约交易活跃度的快速回升，短期成交额大概率维持在9000-10000 亿。 当前两融规模较1 月末有所回升，但短期快速上升的可能性不大。

数字人民币DC/EP 试点快速推行，运营体系、支付方式等核心要素逐步清晰呈现；另外，作为9 万亿M0 的有效补充，DC/EP 份额有望快速提升，有利于引导培育C、B 端客群支付习惯，推动银行数字钱包使用从低频到高频的转变，是流量回归银行数字钱包的重要机遇。重点推荐试点领先的国有六大银行和头部Fintech，其APP 活跃用户的提升和后续用户价值的开发具备相当潜力。

非银金融行业1 月跑输大市。在28 个申万一级行业指数中位列第24位。非银金融二级子行业指数中，证券板块下跌5.13%。

在美国以银行卡为主的C2B 非现金支付体系中，清算卡组织是其中盈利能力强、 海外扩张潜力大以及具有规模效应的细分赛道，其中Visa、Mastercard 和American Express 三大卡组织巨头当前市值合计~8,000 亿美元。我们通过分析美国银行卡 清算组织的前世今生、增长驱动力以及风险挑战，以探索中国平台型综合支付服 务商未来的发展路径以及投资价值。

2 月21 日-2 月26 日，申万证券II 指数-5.82%，跑输申万非银指数和沪深300 指数。2 月23 日，证券业协会发布证券公司2020 年度经营数据。

未来发展方向预期：银行理财子公司先天受母行优势的影响， 在渠道以及客户上均具有相对优势。因此，发展的过程中，更 多的精力放在了产品、投研和系统上。随着理财子公司的成立 以及产品的快速发行，我们预计2021 年产品净值化率仍将继 续提升，封闭式产品的周期也将缓慢拉长。

2 月26 日，（一）上交所发布《新三板挂牌公司向科创板转板上市办法（试行）》；深交所发布《新三板挂牌公司向创业板转板上市办法（试行）》；全国股转公司发布《转板上市监管指引》，均自发布之日起实行。

近期以比特币为代表的数字货币行情火爆，我们认为主要缘自部分投资者认可其“数字黄金”属性。不同于美国私人组织机构设计推广的加密数字货币，中国央行致力于研究并推出的数字人民币（DC/EP）是基于国家信用的电子化现金，具有法币地位。央行数字货币推出后，我们认为金融服务形态可能发生改变，而金融机构的数字化能力可能是未来市场竞争的重要因素。

2000-2006 年美国商业银行保持了20 世纪90 年代以来的高盈利能力。 但次贷危机负面冲击巨大，危机后美国进入零利率和QE 市场环境，经 济增长动能也有所减弱，因此美国商业银行盈利能力虽有所修复但明显 低于危机前水平。2014 年美国经济基本走出次贷危机阴影，2017-2019 年美国经济增长较为强劲，美国商业银行ROA 提升到危机前水平，但权 益乘数下降使得ROE 仍低于危机前水平。

投资建议。建议关注：1）挖矿股：MARA、第九城市、RIOT、BTBT。2） 矿机股：嘉楠科技、亿邦国际、英伟达等。3）矿场股：DMGI；4）矿池股 （500.com）；5）买币股：Microstrategy、特斯拉、GBTC 等；6）交易所： 火币科技、欧科云链；7）其他：中嘉博创、雄岸科技等。

2 月19 日，《中国外汇》刊登了对国家外汇管理局资本项目 管理司司长叶海生的专访。本次专访内容共两次提及证券业，一 是研究论证允许境内个人在年度5 万美元便利化额度内开展境外 证券、保险等投资的可行性，二是推动证券公司外汇业务试点。

投资建议：五大上市险企1 月保费增速总体表现亮眼，仅中国平安保费呈负增长。寿险方面，国寿、新华领跑上市险企，表现超预期；平安个险新单保费同比大幅增长31.0%，寿险改革成效逐步释放；新旧重疾切换叠加开门红，健康险增速仍维持高位，同时养老险保费增速也迎来大幅上涨，我们维持判断商业养老保险和商业健康保险是21 年保费增长的主要突破口。