Workplaces should have health-promoting activities or organizational policies, designed to support healthy behavior and to improve the health conditions of their employees. The corporate wellness programs are, thus, designed to support and encourage a holistic approach to employee wellbeing, by creating an organizational culture of health. Wellness programs not only benefit the employees’ health conditions, but also reduce absenteeism and lead to more energized, productive workers, and therefore, greater productivity within the firm. With the increasing prevalence of chronic illnesses, the demand for workplace wellness programs is increasing across the world. Therefore, both the government and private health insurers have begun offering programs that help the working population live a stressfree and healthy life. Many companies in Unites States, Europe, and Asia have implemented effective programs that include numerous training activities, for the wellness of their employees. These activities include training events, forums, fitness centers, health checkups, and awareness sessions, using banners and brochures. Widespread awareness has contributed significantly to the reduction of prejudices associated with this issue and has broadened the program's credibility.

支付动作包括信息流的传递和处理以及资金流的结算和清算。国际支付体系中，各国支付系统承担资金流的清算结算功能和信息流处理功能，SWIFT 系统则承担信息流传递功能。我们认为，SWIFT 系统的区域布局中，27 个金融中心城市是形成全球系统不可或缺的核心环节，不会出现核心区域或核心节点被排除的情形。

SWIFT 是银行间传递信息的一个标准化体系，其本身是一家政治中立的国际组织，但屡次受美国“要挟”而将部分国家或银行踢出体系，引起社会关注。SWIFT 目前缺乏有效的替代品，因此受到制裁的国家或机构将难以进行跨境支付结算，其经济运转将受到很大影响。但通过SWIFT 实施制裁，本质上是政治博弈的结果，SWIFT 只是其中的一张牌而已。我们认为，考虑到中国的综合国力，美国想要通过SWIFT 对中国实施相关的制裁，是绝对不现实的。

7 月20 日，LPR 最新报价利率公布。1 年期LPR 利率为3.85％，5 年期LPR 利率为4.65％，连续三个月维持不变。本次长短期LPR 报价均与上个月持平，自4 月以来连续三个月维持不变，是LPR 新机制改革后首次出现。近期LPR 保持不变是货币市场与经济基本面共同作用的结果，整体符合预期。前期MLF 中标利率不变给予市场对本月LPR 不变预期；近期短端利率的抬升拉高了银行负债成本，限制了LPR 继续下调的空间；经济数据向好也提供了LPR 暂时不变的基本面支撑。

公募配置比例大幅下降，低配状态接近历史底部。Wind 数据显示公募基金2020 年二季度报告披露完毕，我们统计分析了开放式股票型基金（不含指数型）、开放式偏股混合型基金、开放式灵活配置型基金和封闭式股票型基金（不含指数型）的前十大重仓股配置情况。

随着国内经济逐步走出疫情影响，后疫情时代，针对疫情的宽松政策适时逐步退出。我们认为政策的退出或收紧是逐步的，不会一步到位大幅收紧，因而我们预计下半年新增贷款将由上半年的同比大幅多增转为略微多增。我们预计全年新增贷款20 万亿左右。

投资建议：逆周期调控政策不断加码、且逐步落地，监管继续聚焦推动要素市场化配置、资本市场改革稳步推进。长期来看，我国疫情已得到有效控制，监管明确表态金融市场平稳运行，金融板块进入低估值的配置区间。