With the increasing internet services penetration, improving communication infrastructure, and data speed improvements, the growing number of internet and mobile users is influencing various business, across the world, to adopt internet to offer their services and products, driving the need for creation of different profiles by the end-users. Along with this, enterprises are increasingly adopting security measures to increase accountability by adopting user accounts. Such developments are, in turn, augmenting the demand for password management software. Owing to the increase in the number of profiles operated by a single entity, the management of password becomes vital, especially in enterprises, thus, creating a requirement for authenticating the right user. Password management is one of the frequent types of services which IT helpdesks have to deal on an everyday basis, consuming a significant share of their time. The sheer volume of requests for password resets received by the IT helpdesks makes it an extremely time-consuming task. For instance, META Group data suggests that a helpdesk receives an average of 21 calls per user per year asking for a password reset. Moreover, such requests can be easily avoided by the adoption of self-service password management and automating the process cutting IT service desk's time consumed in resolving such Level-1 issues and increasing their time and efforts on pressing on core issues.

受疫情影响寿险销售展业，预计上市险企1Q2020 NBV 同比负增长。国寿开门红布局较早+2019 年末逆势增员有效，或将NBV 正增长，领先同业。疫情期间人力考核放松，短期内有望拉动新单销售。财险受疫情冲击较小，费用改革+车辆使用率下降，有望改善承保盈利。

证券账户闲置资金：场内申赎型货币基金最佳。我们建议首先考虑申购或买入一支场内货币基金（申赎型管理费率低、收益率略高；若买入交易型场内货基建议价格不超过100.005 元/份）。遇月末/季末/中期末/年末/春节前夕等特殊时点，可择时手工下单国债逆回购（先GC001 后R-001）。同时建议开通国债逆回购和券商保证金产品自动下单功能进行保底。

负债端：2季度保费将迎来改善，寿险保费有望进入小复苏期，这是保险股估值修复的驱动力。需求方面，我们近期开展了样本量较大的寿险代理人调研，调研结果显示：居民对于寿险的购买意愿很强，但购买能力趋弱。购买意愿对于健康险的正向提升力很强，但购买能力对于年金险的负面压制存在。供给方面，代理人线下展业逐步恢复，且各公司2季度更加积极地激励队伍，调整产品策略，明显增加了费用投入，有助于促进保险销售的改善。我们判断，接下来健康险销售将迎来显著提升，但年金险销售短期仍会承压。