受保险行业结构转型时期影响，互联网保险整体发展受阻，2018年行业保费收入为1889亿元，较去年基本持平，不同险种发展呈现分化格局，其中健康险增长迅猛，2018年同比增长108%，主要由短期医疗险驱动。

汽车金融服务，是指在汽车生产、流通、购买售后等环节中所产生的金融活动。本文分析的汽车金融服务主要包括汽车消费金融、车险、车抵贷等相关业务。其中以汽车消费金融为重点分析对象。

The Asia-Pacific cleanroom disposable gloves market is segmented based on material type, end user, and country. By material type, the market is classified into natural rubber/latex gloves, vinyl gloves, nitrile gloves, polyethylene/neoprene gloves, and others. Depending on end user, it is segregated into aerospace industry, disk drives industry, flat panels industry, food industry, hospitals, medical devices industry, pharmaceuticals industry, semiconductor industry, and others. Based on country, it is studied across China, Japan, South Korea, Philippines, Vietnam, Taiwan, India, Malaysia, and rest of Asia-Pacific.

The Colombian insurance sector is in the eye of foreign investors due to its strong fundamentals and positive regulations. According to the EMIS DealWatch database, between January 2015 and March 2019, the Colombian insurance sector saw a total of 15 M&A deals. In 2018, the most relevant deal was the acquisition of South African QBE Insurance Group’s Latin American operations in February by Zurich Insurance Group, for USD 409mn. New players also enter the sector through greenfield developments, such as BMI Seguros, the local subsidiary of US-based insurance company BMI, which launched its operations in the life segment in May 2018. However, as local incumbents dominate the industry, international companies are usually starting from a reduced market position, targeting niche segments not yet exploited by the main players. In 2018, mid-sized foreign companies with a market share lower than 4% as of the end of the year reported the highest growth rate in terms of written premiums across both the life and non-life segments. In spite of this positive performance, local companies still have the advantage of their long-standing associations with the largest banks and financial conglomerates in Colombia. As a result, foreign companies had a share of only 32% of written premiums in 2018, and the sector remained highly concentrated, with the main three players, all local companies, accounting for 40% of written premiums in 2018.

The Philippines insurance sector is one with promising growth prospects as insurance penetration and density in the Philippines remains low compared with other ASEAN countries, despite the continued strength of the economy in recent years. The stronger economy has pushed a growing proportion of Filipino citizens into the ranks of the middle class, increasing the total addressable market of the insurance sector. Despite this, a significant proportion of Filipinos still earn low incomes. Their insurance needs are increasingly being met by a rapidly growing microinsurance industry which is primarily supplied by cooperatives and mutual benefit associations, while private insurers have only tentatively begun exploring this line of business in recent years, primarily as part of their corporate social responsibility initiatives.

Fintech is an emerging technology that aims at automating and enhancing distribution and usage of financial services. Fintech aids business owners, companies, and consumers to successfully accomplish their financial operations through the application of specialized software and algorithms that are used on computers and other mobile devices.

Colombia’s tourism and leisure sector features a high level of competition. Regarding the sector as a whole, in 2018, the top ten companies accounted for about 20.8% of total revenues, according to EMIS Insights estimates. The evolution of competition is largely similar across the different segments, the level of concentration still being low but progressively increasing over time. In the case of hotels and accommodation, the three largest companies accounted for a combined 13.5% share of all sales in 2018, up from 13.2% in 2014. Meanwhile in the travel agencies and tour operators segment, the three most significant players had a combined 18.4% share in 2018, up from 12.8% in 2014.

The 2015-2016 economic recession – combined with several corruption investigations involving major construction companies – triggered a restructuring process in Brazil’s real estate sector, marked by increasing participation of small and medium-sized players. Moreover, several debt-laden companies opted to scale back operations by selling non-core assets, allowing new players to enter the market at bargain prices. Additionally, the revival of foreign investor interest since end-2017, supported by a general economic uptick and higher demand for both residential and commercial real estate, suggests that competition in the sector will continue to intensify.

The American workforce is riddled with money angst. The situation on-ground, filled with workplace woes, is rather complex. As a result, the modern workplace is witnessing a cultural shift. For too long, businesses were about making money. Now, the focus is on the people that work in these businesses and their money. Studies have demonstrated that financially stress-free workers tend to be more engaged – their mental cognition is not disrupted with thoughts of loans, retirement savings, and debts. With employees worried about their finances more than ever, financial wellness benefits are coming to the fore to guide the way just like rewards and recognition, voluntary benefits, and employee discount schemes, through the realm of personalized employee offerings. Financial wellness is finding a permanent footing in employee benefits programs because it works well not as a one-off corrective measure, but as a routine intervention.

科创板开启资本市场市场化新阶段，是注册制改革的试验田。将重塑中国资本市场新生态，打破原有商业模式，倒逼投行模式新突破。在注册制开启的新时代下，投行业务迎来高阶转型战略机遇。投行业务在券商业务体系中扮演龙头牵引角色，是券商业态全面升级的关键突破口，有望成为驱动新时代下证券新龙头崛起的核心竞争力。展望战略崛起方向，量化收入贡献空间，追溯发展转折脉络，前瞻预判变革驱动下的长远路径。我们坚定看好投行前景，预测投行业务收入有望实现5 年4 倍高速腾飞。

2019 年一季度市场交投活跃叠加政策宽松，上市券商业绩大增，一季度35家上市券商全部盈利，总计营收977 亿元（同比+51%）；净利润378 亿元（同比+87%），为2016 年以来业绩规模最高单季度。龙头券商规模优势依旧，净利润排名前五位的是中信、海通、国君、广发、华泰。从各项业务对业绩增长贡献来看，自营业务和信用业务增幅最大，轻资产业务中投行增幅较大。2019 年一季度证券行业ROE 大幅回升，年化达到9.08%，创下2016年以来新高。

行零售转型推进持续，从 18 年来看，大部分银行把 50%以上的信贷投向零售，其中信用卡、消费贷款持续成为除房贷外的重要增长引擎。不过需要注意的是，消费类贷款 18 年不良率有所抬升，虽然绝对水平仍在低位，但考虑到近两年仍处于各家银行投放扩张期，未来潜在风险需要关注。负债端，行业 18 年零售存款增速回升，主要来自定期存款贡献，在对公存款增长乏力的背景下，各行对零售负债的争夺更为激烈。银行板块目前对应 19年 PB 为 0.85x，股息收益率 4.2%，估值性价比突出。个股方面，关注股份行在前期调整后的修复机会，同时看好基本面表现稳健的大行和招行。