10 月，行业运行有所波动，整体发展表现一般。行业融资小幅回升，区块链融资热点有所减弱，行业融资金额为 28.33亿元，环比上月上升 90%。

Retail sales increased by 8.6% y-o-y in October 2018, down from 9.2% the previous month and down from 10.4% in July 2017. Several consumer goods categories have seen a retail slowdown, with furniture the most impacted and cosmetics the only category still showing positive growth in retail sales.  Following the criticism of a perceived racist marketing campaign, luxury retailer Dolce & Gabanna cancelled its high profile catwalk show in Shanghai, while e-commerce majors Alibaba, JD.com and Yoox Net-a-Porter have dropped the brand from their websites.  US retailer Urban Outfitters has announced global expansion plans which involve a broadened commitment to China through the Tmall platform, holding inventory in the country and fulfilling orders through a third-party service provider in China.  Ralph Lauren is set for rapid expansion in China, with plans to open one store a week. This follows Ralph Lauren's plan to hit USD500mn in revenue from Greater China in the next five years. Chinese consumption of luxury goods will face downside risk following the escalation in border crackdown in October 2018 on Daigou shoppers who bring luxury purchases from overseas to Chinese consumers to evade taxes. Inditex-owned Uterqüe announced the launch of its flagship store on Alibaba's business-to-consumer platform Tmall, joining Zara on the platform in August 2018.

Vietnam's insurance industry remains underdeveloped, with total premiums comprising only around 2% of overall GDP at present. Widespread poverty and low household incomes have limited the affordability of even basic property and motor products. As it is one of Asia's fastest-growing economies, we believe that there is potential for rapid growth across most lines over the next few years. In the personal insurance segment, increasing car ownership will support higher demand for motor insurance products, while fast growth in private healthcare usage will drive wealthier households to purchase health and personal accident insurance products. The fragmented nature of the market at present will also provide scope for mergers and acquisitions.

Kazakh real GDP growth will continue to receive tailwinds from global oil price and domestic crude production gains, though both factors will somewhat moderate in 2019 and 2020. • Moderating hydrocarbons growth will be offset by a strong outlook for investment, government led economic diversification and recovering private consumption. • Our real GDP growth forecasts of 3.8% in 2019 and 3.9% in 2020 thus remain above consensus, although we note that further KZT weakness could pose a headwind to Kazakhstan’s positive economic outlook.

The wheeled machine, which looks like an oversized floating computer scanner, is capable of moving up to 3,300 pounds around a warehouse without incident. It takes in its environment and learns, meaning that new obstacle somebody put in its way is now part of its programming. Otto receives orders, reports on its status, and notifies human operators of issues in real-time. And it has revolutionized warehouse management and logistics as we know it in just a decade: Otto’s maker, privately owned Clearpath Robotics, was founded in 2009 by a group of four University of Waterloo graduates.

我们对香港银行业转持谨慎态度，预计2019 年多重宏观阻力将削弱香港本地银行的盈利能力。我们建议投资者侧重估值安全性，买入具有长期增长潜力的银行。我们认为中银香港目前处于低估，建议积极买入；考虑到恒生及东亚的风险回报不具吸引力，维持其中性评级。

18年截至12月14日，债券实质违约的新增违约发行人共40家，违约债券105只，总违约债券本金金额1088亿，与16年的历史高点相比都是2倍以上的规模。

2018 年度银行业回顾——虎头蛇尾。2018 年银行股经历了“N”字形行情：1 月份逼空行情，2-6 月份一泻千里行情，7 月份以后至年底的弱修复行情。银行业2018 年下跌10%，但相对收益位居各行业之首。2018 年股市整体下跌25%，各行业均大幅下跌，跌幅最小的是银行业（-10%）。行业PB 整体呈下行趋势，目前已回落至历史最低点。银行指数PB 估值自2005 年以来估值从2.5 倍回落至1倍以内，整体呈下行趋势；历史上每次PB 估值跌破1 倍均有机会。

通过对美国、日本、我国香港与台湾地区的股票发行审核制度的研究，我们参考注册制在海外及我国香港与台湾地区的成功实践经验，并结合我国的具体国情，总结出我国注册制改革的实践方向——我国现阶段可行的制度模式构建仍应是以核准制为主，通过设立科创板并且试点注册制，然后逐渐扩大注册制的适用范围才是更适合我国资本市场发展的途径。

经济下行趋势不改，经济主体积极性有待提高。英国”硬脱欧“风险加剧，高位美元骑虎难下。

证券公司由于恰好经营的就是资本市场业务身，因此对其他行来说相外生的分母因素（如利率水平、流动性信用差等）反而在很大程度上会影响到分子端的盈利状况。

本文作为FOF专题系列中基金风格识别的第一篇报告，将研究对象锁定在权益型基金上，基于同一套风格体系对比组合持仓法和组合收益法进行基金风格识别的有效性、差异性及适用情况。

确定的资产规模增长。在经历2017年严监管政策带来缩表之后，2018年银行业的缩表情况出现边际下降，尤其在表外逐步回归表内，宽信用支持实体经济的大背景下，银行生息资产中的信贷资产规模增速出现明显回升。预计2019年将延续宽信用政策，并向中小微民营实体倾斜。但资产规模扩张的同时，银行仍将需要不断补充资本。