在投资主线上，我们建议重点关注经营情况良好、具有一定业务特色的低估值标的。投资主线一：经营稳健、资本实力强以及政策优势明显的头部券商。推荐综合实力行业第一、创新业务布局领先、业绩韧性较强的龙头券商中信证券（600030.SH），以及财富管理转型行业领先、充分受益再融资及并购重组政策松绑、同时具备一定估值优势的华泰证券（601688.SH）。投资主线二：区位优势明显、业务特色突出以及估值水平偏低的中小券商。推荐受益江苏区位优势、自营业务稳健发展、估值具有较高安全边际的东吴证券（601555.SH）。

2 月21 日，银保监会发布《关于强化人身保险精算监管有关事项的通知》（ “通知”）。主要内容为：1）引入责任准备金覆盖率指标，报审产品时最近季度末责任准备金覆盖率不得低于100%；2）修订完善分红保险利益演示的方法，明确了演示利率上限，并将红利分配比例统一为70%；3）完善非现场监测机制，新增责任准备金覆盖率、万能险账户基本情况、投连险账户基本情况等数据报送内容。

在中国保险行业高速发展的背后隐藏着多数险企经营惨淡的现状，另外长期的粗放式发展方式更是带来了诸多行业痛点。因此，科技驱动行业实现高质量发展是必由之路。

As a distributed ledger system, blockchain provides higher security to real-time transactions and hence boosts the digital economic processes. Blockchain comprises blocks that digitally records the data/transactions; combining such blocks it forms the chain that represent the entire blockchain network. Blockchain provides increased transaction speed, redefined business models, greater transparency, improved efficiency, and trust across transactions. Thus, this technology provides huge potential for the banking sector and other financial markets. Furthermore, blockchain in BFSI saves huge costs and time on cross-border payments, identity management, and know your customer (KYC) compliances. This report features information on blockchain in BFSI solutions and services offered by key vendors. Furthermore, it highlights the strategies adopted by key market players to improve the market share and sustain competition.

SAVE tourism is the concept of tourism where a group of tourists visit to a destination in order to engage in learning, research, or volunteer travel. In SAVE tourism travelers tend to be interested in various activities such as building homes, educating poor children, generating employment and more that contributes to the development of local lives. The global SAVE tourism market is analyzed based on its prospect and future growth rate. The report highlights numerous factors that influence the growth of the SAVE tourism market. These include market forecast, drivers, restraints, opportunities, and role of different key players operating in the market. The report is analyzed for SAVE tourism by type such scientist, academics, volunteer and education. Moreover, it focuses on the sales channel segment, which includes travel agent and online .Furthermore, it includes the revenue generated from the sales of SAVE tourism across North America, Europe, Asia-Pacific, and LAMEA.

存款降息概率提升。①对冲实体经济下行压力的角度：当前疫情影响下，短期经济压力加大，存款降息必要性上升；②引导社会融资成本下降的角度：LPR换锚和降息背景下，需保持银行适度的盈利能力以支持实体经济。如下调应为小步慢跑。目前活期存款基准利率仅为0.35%，下调空间有限；1年期定存基准利率为1.5%，相对下调空间更大。考虑LPR 是逐步小幅下调，预计存款基准利率一次性大幅下调可能性较低，大概率是“小步慢跑”。

我们前期持续对疫情后的金融政策分析，核心结论是货币和监管环境利于市场风险偏好提升，风险偏好提升是核心逻辑； 并在左侧重点推荐了券商板块。资本市场印证了我们的观点，详见报告《疫情会对金融政策有什么影响？——政策传导投资》。本周，我们和多家上市银行进行交流，从银行角度出发来看目前的经济形势、政策方向和银行经营。