Retail stores are focusing on using the emerging technologies such as cloud, mobile, RFID, beacons, and others, to provide connected retail services and better shopping experience to customers. For instance, store owners are integrating sensors in the key zones of retail stores and connecting them to cloud through a gateway that enables real-time data analysis related to products, sales, and customers from the sensors. The growing incorporation of technologies such as augmented reality, virtual reality, artificial intelligence, and IoT to improve store operations, facilitate accurate inventory management, and enhance consumer’s shopping experience is one of the key trends escalating market growth.

An enterprise asset lease is an agreement wherein, one party, the lessor grant rights to the other party, the lessee to use capital goods or other assets such as utility vehicle, commercial equipment, medical & IT software for professional purpose against certain periodic payments. The lessee also has the option to acquire the ownership of the asset after the lease is over. It has been witnessed that COVID-19 has also majorly disrupted the businesses and entities as much as it has affected personal lives, due to which the demand for software, capital equipment, and vehicle has slowed down. This lower demand results from liquidity crisis in economy. In that scenario, leasing has proven to be a strong financing alternative because it facilitates entities such as startmultinationals, and others to acquire the right to use property, plant and equipment without making large initial cash outlays.

Revenue-based financing, also known as royalty-based financing, is a way of raising business capital from creditors, who earn a portion of a company's ongoing gross profits in return for money they have invested. A company that raises funds via revenue-based financing needs to make periodic payments to pay off investor's principal. In case of revenue-based financing activities, creditors earn a standard share of business profits until a predefined sum is compensated back. This report features information on revenue-based financing market offered by key vendors. Furthermore, it highlights the strategies of key players to improve the market share & sustain competition and an in-depth analysis across North America, Europe, Asia-Pacific, and LAMEA has also been included.

Trade credit insurance is a type of insurance designed to protect businesses from political & commercial risks that may influence the finances of the business. It is a type of property & casualty insurance, generally offered by private insurance companies and governmental export credit agencies to business entities or individuals. Moreover, trade credit insurance is largely used to protect accounts receivable from loss due to credit risks such as protracted default, insolvency, or bankruptcy. This report features information on trade credit insurance solutions offered by key vendors. Furthermore, it highlights strategies of key players to improve the market share and sustain competition.

With the strengthening of analytics technology, understanding the scope of customer need and behavior for current and future time period is gaining a rapid traction, thereby reducing the risk of colossal losses. B2B ecommerce has gained a rapid growth, within these COVID scenario, as the companies has shifted to digital sales, giving a fivefold revenue growth. As such scenario is being observed within all the industries, the need for understanding the customer right from platform choice for product/service availability, wide range of personalization and offers has one of the major agenda, putting customer experience management software in the forefront. This report features information on customer experience management software solutions and services offered by key vendors. Furthermore, it highlights strategies adopted by key market players to improve the market share and sustain competition.

A product information management (PIM) facilitates centrally managing the product information. It supports various organizations to integrate different product information collected from various information sources, like core product data (product name, title, and description), product attributes (SKU, cost, and pricing), product specifications (e.g., dimensions, warranty, and packaging info), product-related metrics, omnichannel product information, extended channel information, and store-specific information such as product catalogs and POS registers. PIM can be considered a subcategory or adjacent to the master data management (MDM) that is specific to digital commerce and is more all-inclusive than a standalone catalog software.

In accordance with several interviews that were conducted of the top level CXOs, blockchain distributed ledger refers to an approach of organizing information, data and records into blocks and sharing these blocks within the network of participants in the encrypted form. In addition, various organizations are adopting this type of ledger for creating new block of data, which contains several transaction records and the information within the new block; this new block is then shared across the entire network with enhance security. The blockchain distributed ledger is important in many organizations as it provides various benefits to the end users, which include improving the productivity of the employees and the organization as well as providing flexibility toward work and improving the storage capacity. The blockchain distributed ledger technology has been positively affected due to the outbreak of COVID-19. This is attributed to the fact that small & medium sized enterprises across developing countries of Asia-Pacific offer remote working facilities for avoiding crowd in organization. Therefore, a greater number of businesses are adopting blockchain distributed ledger technology to securely transfer data to their stakeholders.

“金融+科技”的结合在新兴持牌金融机构广有体现，在金融活动稳健合规为 先、牌照为王的新时代，我们认为消金公司、民营银行发展前景广阔，有望更 快走进大众视野，未来登陆资本市场可期。本文以马上消费金融公司、新网银 行分别作为消金公司、民营银行代表进行研究，两者在与银行零售业务错位的 赛道上已经做出成绩。

我们预计国内系统重要性银行的监管政策完全落实和实 施要到 2022 年及其以后，对于上市银行仍然有时间窗口达到监 管要求，另外，银保监会也将鼓励上市银行借助各种可行渠道补 充核心一级，满足附加资本的的监管要求。从而整体对银行业和 银行股的冲击有限。认为即使在 2021 年 D-SIBS 监管框架完全落地，2022 年开始实施，行业再融 资压力相对较小。从 2021 年起，部分上市股份行及城商行出现不同程度的资 本补充压力。

3月份新增贷款规模超市场预期，对公中长期贷款一如既往保持高景气度3 月份信贷投放“供需两旺”。狭义信贷额度管控仍在发挥作用，但预计中小银行增长偏快。今表外信用风险偏好结构性下降，需要表内信用进行承接。一是对公中长期贷款一如既往保持高景气度。二是零售按揭贷款供需双稳定。三是短期消费贷款增长较好。四是票据融资，3 月份票据利率逆季节性走低主要与票据集中到期有关。五是非银贷款延续负增长态势

数据：2021 年3 月社融新增3.34 万亿，同比少增1.84 万亿，存量同比增速12.3%；人民币贷款新增2.73 万亿，同比少增1200 亿元。M1 同比增速7.1%，较上月回落0.3pct；M2 同比增速9.4%，较上月回落0.7pct。

社融少增，存量增速趋于放缓。信贷需求超预期，结构持续优化。3 月 M2 同比增长 9.40%，增速环比下降 0.7pct。3 月社融存量增速趋缓，符合市场预期。贷款继续保持较快投放，且结 构持续改善。对于银行业，一是有利于定价回暖，推动息差回升；二是有利于保持 资产质量稳中向好的局面。

较好的选择是下沉服务重心，专注小微三农客户。从《农村金融部关于进一步加强农村中小金融机构大额风险监测和防控的通知》和《关于推进农村商业银行坚守定位 强化治理 提升金融服务能力的意见》两个发文来看，监管已经为农商行未来发展指明了一条清晰的道路，那就是坚守当地，下沉网点和客户资质，专注本地的小微和三农客户。做好小微金融业务的代表性银行：常熟银行和张家港行，其特点是法人治理能力良好、战略定位清晰、管理水平精益求精，充分利用科技赋能，网点充分下沉。

截至 3 月末社融存量同比增速 12.3%，环比下滑 1 个百分点；企业中长期贷款继续放量；发布会上，央行表示一直高度关注财政因素对银行体系流动性 的影响，并将其纳入流动性管理的框架。从今年来看，财政税收以及 国债、地方债发行兑付等因素对流动性的短期影响有所增大。

港股上市保险公司 2020 年全年业绩披露完毕，投资端亮眼，NBV 整体承压，险企各有亮点，优质标的值得关注。

信贷需求旺盛，企业和居民中长贷继续同比多增。社融增速在去年高基数下如期回落，企业债、政府债回归常态。经济持续复苏、信贷需求旺盛背景下，银行信用成本、息差有 望持续改善。目前头部银行估值仅相当于疫情之前水平，并未高估，而上 市银行整体估值仍远低于去年年初，在银行业景气度提升趋势下，配置价 值显著。我们同时看好头部银行和国有大行。

我们预计2021 年剩余时间到2022 年，中国大陆和澳门以外地区报告新冠肺炎确诊及死亡病例的增加将导致跨境旅行限制的增加，这将对赴澳门旅游产生负面影响。我们预计在中国大陆会继续不时报告小规模本地新冠肺炎病例，但疫情会受控，且并不会出现严重的全国性复发。因此，我们预计，至少在今年剩余时间里，目前澳门与中国大陆间的旅行限制将保持现状。

4 月9 日，央行、银保监会、证监会、外汇局发布《关于金融支持海南全面深化改革开放的意见》（下称“意见”）。《意见》从提升人民币可兑换水平支持跨境贸易投资自由化便利化、完善海南金融市场体系、扩大海南 金融业对外开放、加强金融产品和服务创新、提升金融服务水平、加强金融监管防范化解金融风险等六个方面提出33 条具体措施。《意见》的出台基本确立了金融支持海南全面深化改革开放的“四梁八柱”，有助于弥补海南金融短板、夯实海南金融基础。

3 月上市险企人身险业务表现平平，较为不及预期，与各公司发展节奏策略有关，也与行业面临的共性问题有关，负债端为行业的主要矛盾。接下来为行业下一个业绩期“四、五联动”，建议关注各公司策略及重点产品。我们认为在当前保障型需求恢复较缓的情况下，适时推出储蓄理财型产品不失为一种应对策略。当前保险板块持续调整，权益市场面临较大不确定性，行业负债端面临着需求恢复滞涨、专属代理人模式陷入瓶颈等状况，保险股估值受到较大压制，各公司PEV（2021E）估值分别为：0.88-0.91x（平安），0.68-0.7x（国寿）、0.62-0.63x（太保）、0.51-0.53x（新华）。在估值安全和基本面稳定的情况下，配置价值和防御优势凸显。推荐中国太保、新华保险、中国平安。