近两年，大健康产业快速发展，但由于其重资产、回报慢及公益属性等特征，大健康企业也多制约于政策监管、资金储备、技术科技等因素，发展较慢。本篇报告针对大健康企业在发展过程中遇到的资金壁垒进行研究剖析，探索产业金融与大健康企业的融合，以寻求解决方案。

The Europe compound management market is estimated to grow at a CAGR of 14.5% from 2019 - 2027. The market of compound management in the Europe region is majorly contributed by the UK. The region is experiencing the robust growth of the market owing to growth in the bio-banking sector and development of the European pharmaceutical industry. The top 10 industry players operating in the market of Compound management across the globe include, Brooks Life Sciences, Tecan Trading AG, Hamilton Company, TTP Labtech, Frontier Scientific Services, Biosero Inc., Evotec, Icagen, Inc., Wuxi Apptec, and TCG Lifesciences Pvt. Ltd.

The report on the Asia-Pacific group travel market presents a detailed analysis of the trends, future estimations, and thorough study of the market.Group travel refers to the people travelling together in a group of two or more than two. Reservations for group travelers are often booked together during the course of their travel, which includes logistics, accommodation, and travelling. Moreover, traveling in a group is relatively more economical than traveling solo, as the costs incurred in meals, transits, activities, and accommodations are shared between the groups. The Asia-Pacific market is analyzed across 12 countries to understand its regional trends. The report highlights the drivers, restraints, opportunities, and growth strategies adopted by the key players to understand the dynamics and potential of the market

China's National Bureau of Statistics announced that real estate investment in January to February 2019 accelerated to 11.6% year-on-year. Although the government has restrained real estate speculation in large cities and the Chinese economy has slowed, inland investment demand was strong in the first quarter of 2019. According to NBS, home transactions in 2018 reached an all-time high, with 1.7 billion square meters and CNY 15 trillion worth of homes traded, a growth of 1.3% and 12.2%, respectively, compared to 2017. According to the Statistics Bureau, strong housing prices and increased housing construction contributed to the strong growth in real estate investment.

The report on the global adventure tourism market presents a detailed analysis of the trends, future estimations, and thorough study of the market based on type, activity, type of travelers, age group, sales channel, and geography. Adventure tourism involves exploration or travel to remote areas, and includes activities such as mountaineering expeditions, trekking, bungee jumping, rafting, and rock climbing. The market is analyzed based on four regions into North America, Europe, Asia-Pacific, and LAMEA to understand its regional trends. The report highlights the drivers, restraints, opportunities, and growth strategies adopted by the key players to understand the dynamics and potential of the market.

当前市场对保险股关注的两个方面主要在于：1）中小公司在价值主力的重疾险方面的竞争会如何演化？2）上市险企20年开门红及负债端的表现将会如何？

2008 年金融危机爆发以后，全球多数国家经济遭遇重创，以美联储为主的主要发达国家央行携手推出量化宽松政策，为市场注入新的流动性，同时全球利率进入下行轨道。全球货币宽松状况短期不会改变，利率中枢仍将下行。中国 10 年期国债收益率对比美国、日本、欧洲处于相对高位，但全球发达市场债券收益率绝大部分已下降至 2%以下，我国国债利率趋势与全球趋同，低利率环境是保险行业将要面临的挑战。 

自从18年末开始，金融监管进入新一轮的放松周期，资本市场改革持续推进中，且从韩国、台 湾等经验来看，改革有利于提升资本市场效率，利好市场长远发展。展望2020年，主要改革的方向主要在于： 1）科创板平稳运行、再融资和并购重组松绑下，股权融资有望持续发力，创业板受改革利好刺激将有较好发 展；2）对外开放持续推进，可以促进本土券商提升专业化服务能力，利好其长期发展；3）衍生品稳步扩容， HS 300ETF期权和HS 300股指期权将于12月23日正式上市，可在期权经纪、做市价差、期货子公司层面增厚 券商业绩，也有利于激发资本市场活力。

在用信用卡 7.34 亿张，信用卡发卡增速较上季度继续回升，人均信用卡持卡量升至 0.53 张。联网商户数和联网 POS 机数量在二季度回升之后再次出现负增加，原因或与收单业务加强监管有关。

从资产质量来看，农商行与城商行的平均不良率差异不大，上半年次新银行股不良率显著改善，所有农商行不良率均下降，不良率改善幅度要大于城商行。农商行的关注类贷款占比显著大于城商行且农商行之间的关注类贷款占比差异也更大，上半年次新银行股关注类贷款占比有所改善，农商行改善幅度更为明显。次新股剪刀差均小于100%的监管要求，农商行的剪刀差显著小于城商行，上半年次新银行股剪刀差变动分化较大，城商行剪刀差变动两极分化，而除江阴银行以外农商行剪刀差均下降。