Modern financial markets use advanced mathematical models to arrive at transaction decisions and execute them. Such automated technologies are referred to as highspeed algorithmic trading. These methods determine the optimal time for an order to be placed so as to generate the least impact on stock prices. Large institutional investors use algorithmic trading technologies to buy and sell large blocks of shares in small tranches every day. The use of such technologies allows users to use the best possible pricing without any significant impact on purchasing costs. The automated trading systems are also referred to as algorithmic trading or mechanical trading systems where it allows the trader to establish specific rules for both trade entries and trade exits. They are generally programmed in a way so that they can be automatically executed through computer systems. The entry and exit in the trade is based on the moving average crossovers. Sometimes it also requires the understanding of the programming language that is specific to the user’s trading platform.

Health insurance is a type of insurance where the insurer pays the medical expenses on behalf of the insured. The insurer has to pay a monthly premium to the health insurance company, which can be on a monthly, quarterly, or annual basis. Health insurance covers disability and long term nursing. The healthcare providers cover the costs related to medical treatments, drugs, and other expenses. The coverage depends on the health insurance plan taken by the insurer. Health insurance plans are provided through direct-insurance companies, independent brokers, and employersponsored programs. Beside the premiums being paid by the insurer, there are other additional costs that are taken into consideration in health insurance coverage that includes co-insurance, co-payments, deductibles, and stop loss limits.

鉴于银行板块核心逻辑未变，业绩向上拐点+不良反弹趋缓带动估值中枢小幅提升，同时自 2016Q4 以来融资需求持续保持比较旺盛的状态，我们看好银行基本面的企稳回升；当前板块估值处于合理偏低区间，配置价值提升，我们维持对银行板块的买入评级，2017 年我们建议积极关注招商银行、宁波银行、次新股中的贵阳银行、常熟银行，当前位置推荐估值相对便宜的交通银行、工商银行、中国银行、农业银行等国有大行。 

上周沪深 300 指数跌幅 1.32%，创业板指跌幅 0.52%，其中券商指数跌幅 1.92%，保险指数跌幅 2.23%，前者跑输大盘 0.59%，后者跑输大盘 0.90%；沪深两市 A 股日均成交量 4633.97 亿元，较上个交易周下降 7.01%，两融余额 9123.82 亿元，环比上升 0.77%。 

监管层对证券行业的资产管理业务实施专项检查，意味着券商的资管业务正迎来规范发展阶段，‘去通道’化将使资管业务逐步摆脱低水平的通道业务，转向以主动管理为特色的业务模式。主动管理业务包括 FOF/MOM、权益、债券、股票质押、 ABS 等。无论是大券商，还是中小券商，只要充分发挥自身优势，精耕细作，均能够走出一条适合的业务发展道路。 

2017 年两市股基累计成交额 163,545 亿元。目前融资融券余额 9123.82亿元，年初以来，券商的股权质押觃模（未解押交易的标的市值）2091.1亿元。