行业指数跑赢大市，个股涨跌互现。1 月4 日至1 月28 日，沪深 300 指数下跌7.62%，银行指数上涨2.47%。在30 个一级行业指 数（中信）中，银行指数区间表现位居第1 位。银行板块中，国有 大型银行指数上涨2.12%，全国性股份制银行指数上涨1.95%，区 域性银行指上涨3.97%。个股涨跌互现，表现前五位的银行为：成 都银行、江苏银行、常熟银行、邮储银行、杭州银行，表现后五位 的银行为：瑞丰银行、紫金银行、青岛银行、厦门银行、平安银行。

The scope of the study revolves around the last-mile model for grocery and food. The last-mile delivery landscape is fast evolving; due to the pandemic, people prefer ordering at home, which provides them safety and convenience. This study focuses on the market size of last-mile grocery and food delivery and the forecast is done till 2025. Last mile is the last phase of the supply chain, which is the delivery of products from the distribution center or restaurant to the consumer.

A credit card is a piece of metal or plastic issued by a financial services company or banks, which allows cardholders to borrow funds to pay for goods and services with different types of merchants. Furthermore, credit cards provided by the banks and other fintech institutions help customer purchase different types of services on credit without having to put up cash at the point of sale. Instead, the charges accrue as a balance that must be paid off on a monthly billing cycle, giving the buyer more time to get the cash together. Rise in demand for cash alternatives and availability of affordable credit cards across the globe boost the growth of the global credit card payments market. In addition, rise in demand for credit card among the developing nations positively impacts the growth of the market.

Enterprise resource planning (ERP) is a modular software system primarily designed to integrate the main functional areas of an organization's business processes into a unified system. An ERP system includes core software components, often called modules, which focus on essential business areas such as finance and accounting, human resource (HR), production and materials management, customer relationship management (CRM), supply chain management, and others. Organizations choose which core modules to use based on the business importance. ERP software enables efficient resource management and integration of organizational activities and its implementation enhances the operational efficiency, thus providing competitive edge to enterprises.

Employment screening services help in identifying the authenticity of a candidate for the security of the organization and to safeguard the organization from fraudulent candidates. Numerous benefits provided by the employment screening services include reduced workforce violence, protect inattentive hiring, and meet the regulatory, insurance, and customer requirements of the organization. Furthermore, developing economies offer significant opportunities for employment screening services to expand & develop their offerings, especially among emerging economies such as Australia, China, India, Singapore, and South Korea. This is attributed to developing economies such as India and China, which are highly populated and therefore, possess high prospects of employment. This is further expected to provide lucrative opportunities to the employment screening services market in the coming years.

Hardware wallet is one of the prime components of blockchain database intended to store users private key in a secure wallet. This wallet is immune to any computer virus that may damage to steal store coin or crypto information. Rise in demand for cryptocurrency across the commercial sector, owing to high investment from prime players coupled with surge in demand for next-generation digital technology in the financial sector is influencing the market growth. However, implementation of stringent government regulations for dealing in cryptocurrency and the absence of customer awareness regarding cryptocurrency are acting as major restraints of the market. Furthermore, surge in value of crypto currencies such as Bitcoin, Doge coin, Tether, and Etherereum is offering lucrative opportunities for the hardware wallet industry during the forecast period.

Cross-border payments or international payments are defined as payments made to merchants or sellers in a location that is different from the buyer’s country. International Remittances are defined under the International Organization for Migration (IOM) as encompassing any personal money transfers across borders by migrants to family or relatives, typically back to the country of their origin. The remittance industry can be segmented into formal and informal channels. The focus of this study is on the formal channel, which includes money transfer operators—banks and non-banking institutions (including FinTechs).

一是按照1 年期AAA 存单收益率应当在“1 年MLF 利率±35BP”范围之内波动的规律，当前1 年期AAA 存单利率已低于“1 年期MLF 利率-35BP”的区间下限。二是5 年期国开债收益率下行过快。2016 年1-10 月，5 年国开收益率中位数3.0%，当前政策利率比当时低15bp（当时OMO 利率为2.25%，现在为2.1%），对应当前中枢应当为2.85%，而5 年国开已经下降至2.6%，处于2.85%±20BP 区间的下边界。三是2 年期AA+中票收益率当前处于较低位置。

“政策底”已夯实，稳增长“三步走”进行时，带动需求逐步改善，“经济底”或即将出现。需求收缩下，“政策底”在2021 年下半年已出现、且不断夯实。稳增长，已从第一步的货币宽松、稳增长相关融资增多，逐步向第二步的实体需求改善过渡，经济最差的阶段或就在当下，预计2 季度经济边际改善最为明显，第三步，需求走出收缩“负循环”、经济预期修复，GDP 增速回升至合理区间。

21 年日均交易额11207 亿元，同比+26%，IPO、债券发行规模显著回升，预计投行业务整体保持增长。预计2021 年上市券商净利润同比+35%。预计2022 年行业净利润同比+6%。考虑到行业发展政策积极，我们认为大型券商优势仍显著，推荐东方财富、东方证券、广发证券、招商证券、中金公司H 等。

与2008年金融危机时不同的是，尽管本轮疫情冲击下经济深度衰退，但是银行金融机构所受影响较小，资产质量总体保持良好状态。这为信用恢复和扩张提供了基本保障。这是美国经济继续恢复的重要保障。

一般而言，市场大幅上涨过后的下跌和震荡盘整期，例如2011-2013、2016-2019年，高股息策略发挥“熊市保护伞”特性，超额收益明显。1月市场整体回落，岁末年初市场防御情绪占据主导，叠加稳增长预期较高，以地产、银行、采掘为主要成分股的高股息组合明显跑赢。

本篇报告回顾了1970 年以来全球五轮资本开支周期的特点、驱动力及期间的大宗商品价格表现，并分析了当前全球资本开支情况。2022 年疫情逐渐改善，有可能会进入新一轮全球资本开支扩张周期，而中国进入稳增长阶段，可以关注其中相关的投资机会，尤其是全球定价大宗商品的投资机会。

在上月央行降息、 超量续做MLF 后，近期资金成本有所下将，流动性较2021 年年末更加充 裕。近两周同业存单利率较降息前下行约17bp，近1 月DR007 均值约为 1.83%。在1 月下调MLF 利率10bp 后，新增社融与信贷超预期增长。2021 年12 月以来的降准降息操作效果得到了一定体现。在社融数据较强的情况 下，央行于本月连续降息的必要性较低。同时，2022 年1、2 月份的经济 数据仍未公布，此前货币政策的宽松效果还有待进一步观察。

货币数量方面，为维护流动性合理充裕，数量工具边际微调难度较小，后续继续调整的可能亦较大。货币价格方面，调整的难度较大。货币价格调整固然能有效降低融资成本，但长期影响货币政策的正常空间，短期受海外加速紧缩的掣肘。总体上，我们认为，在稳增长压力较大的背景下，为支持经济发展，降低融资成本仍然是央行和整个金融系统努力的方向。但当下宽信用数据超预期、外部因素掣肘政策利率调整，净息差较低掣肘LPR 加点下调的背景下，短期内降息的预期有所降温。不过，如果一季度宽信用、稳增长数据不及预期，降息的预期可能还有反复。

当前环境满足金融风格业绩相对优势行情的触发条件，行情持续支撑的条件苗头已现，但仍需确认。

基于21Q4 主动偏股型公募基金重仓数据（统计截至2021 年12 月31 日），以及沪股通+深股通流入A 股的情况（以下简称“北上资金”，统计截至2022 年1月28 日），本文据此探讨银行板块的上行空间与方向。

专属商业养老险是基于万能险开发的一种新型产品，采取“保底+浮动”的收益模式，设臵了稳健型以及进取型两类投资账户，以满足不同风险偏好的消费者需求，并且结算利率会按时公布。因此专属商业养老保险具有收益稳健透明、收益率相对较高的特点。截至2022 年1 月底，原6 家试点公司累计承保保单近5 万件，累计保费4 亿元，其中快递员、网约车司机等新产业、新业态从业人员投保近1 万人。我们预计，伴随试点范围的显著扩大，潜在客群和市场消费需求将有大幅度扩张，专属商业养老保险保费有望实现快速增长，同时更为丰富多元的新产业、新业态场景有助于提升保险公司产品设计和服务运营能力。

内蒙古伊泰集团有限公司（以下简称“公司”）前身为成立于1988 年的内蒙古 伊克昭盟煤炭集团公司（以下简称“伊煤集团”）。1999 年10 月，伊煤集团完 成产权制度改革后成立内蒙古伊煤实业集团有限公司（以下简称“伊煤实业”）； 2005 年12 月，伊煤实业改制为有限责任公司，并更为现名。截至2020 年底， 公司主要控股股东为内蒙古伊泰投资股份有限公司（以下简称“伊泰投资”）， 持股比例为99.64%。

本文介绍了Rafael Zambrana 和Fernando Zapatero 于2021 年发表在Journal of Financial Economics(JFE) 的文章A tale of two types: Generalistvs. specialists in asset management。文章探讨了对于专家（在单一投资目标下管理基金）和通才（在多个投资目标下管理基金），是否分别有更好的投资策略（选股/择时），亦或是不同策略对于这两种类型都具有同等效力。