我们认为 16 年在经济增速再下台阶，供给侧改革加剧过剩产能行业的风险暴露的情冴下，银行的资产质量即将面临较大压力，但这种压力可能因行而异，我们看到个别上市银行已有资产质量企稳的迹象，如暴露不良较早的城商行及部分股份制银行。

2015 年 12 月，沪深 300、创业板、中小板分别上涨 4.62%、 1.55%、4.78%，中信证券板块和中信保险板块分别上涨 5.66%和 6.38%，2015 全年分别下跌 27.01%和 6.44%。个股方面：证券板块中东兴、广发和中信领涨，西部、国元和东北证券则出现明显回调；保险板块整体上涨明显，新华保险以 18.63%的涨幅领涨，中国平安以 6.51%涨幅位居最后。

本文梳理不良资产行业的发展、结构和盈利模式，并对二级市场的相关投资机会进行阐述，我们认为目前风口已至，但标的却较为分散，行业龙头尚未形成，可从三条逻辑线积极布局，推荐组合陕国投 A、光大证券、海德股份、天津普林。

证券业务量随市场年中高位回落，上市券商的业绩环比大幅下降：IPO 市场表现活跃，增发募资额显著提升。企业债发行规模降幅明显，公司债规模赶超企业债。证券行业平均佣金率大幅下降。

报告从战略性分析、环境信息、竞争对手信息、市场信息等方面对金融行业进行了分析评论。

报告包括电子商务方面的重要观点、政策与环境、网购平台、行业应用、电商物流、电商金融等研究。

报告包括电子商务方面的重要观点、政策与环境、网购平台、行业应用、电商物流、电商金融等研究。

Gamification is the process of implementing game mechanics into a nongaming context to drive user engagement and problem solving. Points, badges, a leader board, challenges, and rewards are some examples of game mechanics. It is not about creating real games but using game techniques to engage users. From loyalty programs of businesses to educational video games and rewarding schoolchildren for homework, people have always been trying to merge work with play.

Duty-free retailers are those that are exempt from certain local and national taxes and duties because they sell goods to international travelers. However, taxes may be imposed on them once the buyer reaches their country of destination or when the value or quantity of those goods exceeds certain limits. Such retailers are available at international airports, border towns, seaports, train stations, and on board aircraft and ships. These retailers sell full ranges of perfumes, cosmetics, alcohol, cigarettes, chocolates, electronics, accessories, etc.

Luxury e-tailing involves the sales of luxury items from the vendor or retailer to the customer using the online medium. With the rapidly changing market dynamics, the vendors are required to adapt to the users' tastes. Customers have moved to Internet purchasing to find better product fulfillment and convenience. Many brick-and-mortar retailers offer multi-channel retailing so that shoppers also have the option of placing orders conveniently online. This has given rise to e-tailers, which include the vendors that operate online and some brick-and-mortar businesses that operate websites to reach consumers.