6 月 16 日，国务院办公厅正式印发《自由贸易试验区外商投资准入特别管理措施（负面清单）（2017 年版）》。就保险业而言，新版的负面清单由原来的三条减少为两条，基本保留了寿险公司外资比例不超过50%以及境内保险公司合计持有保险资产管理公司的股份不低于75%这一要求。新版负面清单删除了“非经中国保险监管部门批准，外资保险公司不得与其关联企业从事再保险的分出或者分入业务”一项。

2017 年第 26 周，上证综指上涨 0.17%，收于 3217.96 点；中证军工指数上涨 0.64%，跑赢大盘，相对收益率为 0.47%。年初至今国防军工行业作为高贝塔行业下跌幅度较深，跌幅为 9.06％。同时，我们整理了核心军工标的的融资数据，选取了 2014 年 4 月至今的变化值，目前融资余额 228.05 亿元，仍相对较高。

5 月，货币类基金收益率继续上扬，余额宝收益率时隔两年再次“回 4”；由于 4 月网贷成交量基数较低，5 月成交量出现回升走势，成交量达到 2488.44 亿元，环比上升了 10.64%; 网贷平台贷款余额继续稳步上升；众筹平台数量延续下滑态势，筹资额趋于平稳。当前，网贷平台禁卖大额标，市场大额借款需求难以满足；同时，银行存管费用不断提高，中小平台或被洗牌出局。

Globally, the commercial coffee brewer market is driven by numerous factors such as increasing consumer preference for fresh brewed coffee, food service establishments' need to offer coffee with a better and consistent taste, and influx of new models of commercial coffee brewers with better controls and features. In addition, globally, many coffee providers are also gaining a preference for using eco-friendly coffee brewers that use less water and also minimize coffee wastage. In 2014, Bloomfield introduced the ECO series coffee brewer, which uses up to 20% less energy and also helps in minimizing water wastage. Moreover, to ensure compliance to safety features, many manufacturers of coffee brewers are also focusing on getting certifications like National Sanitation Foundation (NSF), Underwriters Laboratories (UL), and Canadian Safety Association. Such certifications ensure that the product has been tested properly and adheres to all the set safety standards.

The global automotive industry is highly competitive, and due to the nature of the competition, product life cycle, and consumer demand, it goes through dynamic growth phases. Presently, the industry is characterized by companies relocating their production centers from developed to developing regions. During the 2008 and 2009 global financial crisis, the industry experienced a considerable decline in demand. However, the markets have slowly stabilized primarily due to the relative economic stability in developing nations.

Commercial aircraft lease is a legal arrangement used by airlines and other aircraft operators or leasing companies for reducing the financial burden of the airlines while procuring new aircraft. As aircraft are flexible in deployment and their supply is limited, leasing them via short, medium, or long term operating lease contracts allows airlines to maintain steady and stable cash flows.

Business accounting software deals with the management of internal financial transactions of organizations. Organizations in all industry verticals make many investments on a regular basis. There is a rise in M&A deals across all verticals as more vendors are investing in existing business accounting solutions and services. The following exhibit lists the functions of the business accounting software.

Blockchain is the distributed ledger technology that is used for the management of financial transactions. Block chain facilitates peer-to-peer transactions without the use of intermediaries such as banks and governing bodies. Bitcoin is regarded as the foundation of the development of BT. BT is the most advanced and innovative distributed ledger management system that has revolutionized the payment industry. The technology is at a nascent stage but has gained popularity in a very short period. Leading financial services firms, IT companies, and manufacturing firms are testing the feasibility to implement BT on a real-time basis.

我们持续看好保险股的长期投资价值，短期估值仍有提升空间， 长期看 2-3 年在长期保障型业务占比提升之下新业务价值高增无疑，保险 公司价值的内生增长可观！政策持续超预期，税延养老政策之下预计商业 养老保险每年贡献 1000 亿以上保费规模增量。另外，重点提示券商股配 置价值，看好券商股绝对收益表现，核心原因是券商股目前估值与盈利能 力的不匹配。

我国的保险行业除在 1996 年经历了连续降息带来的保险风暴外，一直都 砥砺前行。1999 年，预定利率一刀切致使理财型保险产品开始出现，此后 形成了以分红险、万能险和投连险为主的理财保险体系。2008 年，银保渠 道崛起开启新一轮增长高峰。2011 年，银保新规出台，银保占比开始下滑， 一些战略前瞻的公司开始谋求转型。2013 年万能险开始爆发，一直持续到 2016 年，成为理财型保险发展路上的最后一道饕餮盛宴。2016 年开始监 管出手限制万能险产品，基本宣布了理财保险时代的终结。

投资收益边际改善，“保险姓保”下对接实体拉长期限 一季末行业资金运用平均收益率 1.33％，同比上升 0.13 个百分点。 我们预计，全年投资收益率回到 6%以上的水平，整体环境好于 2016 年。保护投资款及独立账户缴费同比下降前5 个月同比下滑61.36%， 以平安为代表的“既重保障又不失理财功能”的长期险产品的优势 凸显。

上周两市大盘呈现震荡调整的走势，沪指先抑后扬，K 线出现四阳一阴，上涨0.14%，深成指、中小板指数和创业板指数出现下跌，下跌幅度分别是 1,29%、0.79%和 4,90%。市场结构分化表现十分明显，金融、煤炭、钢铁、有色金属、食品饮料等权重股轮番强势上涨，助推沪指企稳上行，尤其是助推上证 50 指数与沪深 300指数创出年内反弹新高。

平安银行：零售已起飞，对公条线或已见底：该行零售条线 ROAA 自 14 年见 底后，15 年开始显著提升，16 年已提升至 3.04%，位列行业第五，与“零售 之王”招行（3.17%）仅一步之遥，且已显著超越平安寿险条线 ROAA（1.80%）。 在条线 ROAA 三大构成项中：平安银行零售条线资产收益率居上市银行第一， 两行合并后投入高峰期已过带来成本收入比回落，零售资产质量企稳显著缓 解信用成本压力。16 年在上市银行和险企中位列最后的银行对公条线 ROAA （0.79%）主要受信用成本拖累，对公条线资产收益率和成本收入比均有优异 表现，但达到历史新高的信用成本和不良生成率意味着对公条线或已见底

上周沪深 300 指数跌幅 0.30%，创业板指涨幅 0.96%，其中 券商指数涨幅 0.45%，保险指数涨幅 3.15%，前者跑赢大盘 0.74 个百分 点，后者跑赢大盘 3.45 个百分点；沪深两市 A 股日均成交量 4209.75 亿 元，较上个交易周上升 11.85%，两融余额 8858.94 亿元，环比上升 0.69%。

上周申万非银指数上涨 1.51%，跑赢大盘 0.71%。各子板块全面上涨，其 中保险板块涨幅最大，上涨 3.10%；证券板块涨幅最小，上涨 0.31%。个 股方面，涨幅位居前三的分别是西水股份、浙商证券、中国中期，分别上 涨 26.74%、9.11%、6.51%。估值方面，截至上周五申万非银板块市盈率 （TTM,剔除负值）为 22.65 倍。

金融去杠杆渐进推进，市场预期持续消化。鉴于 A 股纳入 MSCI 后资金对以金融板块为代表的蓝筹偏好提升，银行板块不良反弹趋缓，基本面企稳，存在配置价值，我们维持对银行板块的买入评级。推荐招商银行、宁波银行，政策风险较小、资金优势明显的国有大行（建设银行、农业银行等），适度关注兴业银行、常熟银行。