2020 年前三季度，新冠疫情大流行下，全球经济增速依然低迷，各国央行宽松政策持续，金融市场波动反弹。全球银行业经营压力不减：利差收窄，资产质量有所下降，损失准备大幅增加，盈利水平下滑，经营战略适应性调整。

Hadoop is an open source software administered by Apache software foundation. It is a distributed processing technology that can be used in different sectors for big data analysis. It is much cost effective compared to traditional data analysis tools such as Relational Database Management System (RDBMS). Apache Hadoop is a simple, powerful, efficient, and shared platform. However, Hadoop technology deployment provides features such as scalability, which helps in reducing operating cost and use of commodity hardware for reliable distribution. Hadoop-based applications are used by organizations that require real-time analytics from video, email, machine generated data from a multitude of sensors and from external sources such as social media and the internet. Hadoop enables technical experts of organizations to perform several operations which include big data analytics, big data management, and big data storage in a cloud. The Hadoop as a Service (HaaS) platform enables organizations to use Hadoop technology in a highly cost-effective manner, along with ensuring minimal consumption of time. Hadoop is mainly a software framework which is used to manage data and storage for big data applications in clustered systems. It gives users the ability to collect, process, and analyze data. Despite Hadoop being the leader, not all organizations are capable of installing as well as maintaining in-house Hadoop environment. Users do not have to invest in or install additional infrastructure on premises when using the technology, as it is provided and managed by a third-party vendor. Customers using HaaS, do not need to invest in or install additional infrastructure on their premises. This helps them to concentrate on their core businesses.

Hadoop is an open-source software administered by Apache software foundation. It is a distributed processing technology, which can be used in different sectors for Big Data analysis. Hadoop is more cost-effective solution as compared to traditional data analysis tools such as relational database management system (RDBMS). Apache Hadoop is a simple, powerful, efficient, and shared platform. However, Hadoop technology deployment provides features such as scalability, which helps in reducing operating cost and use of commodity hardware for reliable distribution. Hadoop-based applications are used by organizations which require real-time analytics from data such as video, email, machine generated data from a multitude of sensors, and data from external sources such as social media and the internet. Hadoop-as-a-service enables technical experts of organizations to perform several operations, which include big data analytics, Big Data management, and big data storage in a cloud. The HaaS platform enables organizations to use Hadoop technology in a highly cost-effective manner along with ensuring minimal consumption of time. This report features information on Hadoop-as-a-service offered by key vendors. Furthermore, it highlights strategies adopted by key market players to improve their market share and sustain competition.

一是伴随金融系统让利实体经济政策的不断落实，银行净息差明显收窄，补充核心一级资本能力下降；二是经济下行压力叠加疫情冲击，信贷投放规模创新高，资产规模扩张提高银行补充资本需求；三是疫情长尾效应使不良压力加大，潜在不良风险对资本的侵蚀不容忽视；四是非标回表以及TLAC 监管的逼近提高了银行补充资本的紧迫性。

保险行业经历了一季度疫情的业务低迷期，二季度以来呈现边际回暖迹象，保障需求持续激活，叠加长端利率维持高位水平，权益市场活跃度提升，负债与投资两端稳中向好。此外政策引导高质量发展，给予险企更大的灵活度与自主性。目前估值优势突出，是中长期配置优选板块，建议把握四季度开门红机遇，个股推荐中国平安、中国太保、新华保险、中国人保。

投资建议：当前时点，我们认为银行板块兼具绝对收益和相对收益配置价值，核心逻辑如下：1）中报靴子落地使得对银行业绩的负面预期出清，后续核心影响因素转移到疫情后国内经济的修复；2)行业估值对应20 年0.75xPB，位于历史底部区间，2 季度基金持仓数据反映银行股的持仓情况亦然，安全垫充分；3)货币政策从宽松转向稳健，有利于后续银行息差预期的改善，从资金层面低估值板块也更为受益。个股方面，推荐1）以招行为代表的前期受盈利预期压制的优质股份行；2）成长性突出的区域性银行：宁波、常熟。

券商板块8 月行情回顾：2020 年8 月券商板块整体表现波澜不惊。中信二级行业指数证券Ⅱ全月收涨1.82%，跑输沪深300 指数0.76个百分点；与30 个中信一级行业指数相比，排名第18 位。8 月38家纯证券业务上市券商（剔除次新股国联证券）仅17 家实现上涨，21 家出现下跌。头部券商表现较优，板块内结构分化较为显著。

陆金所控股是全国领先的以科技赋能的个人金融服务平台，公司处于转型期； 陆金所控股致力于打造以科技赋能的个人综合金融服务平台，为客户提供微贷和财富管理服务；受监管政策影响，公司微贷和财富管理业务均于2017年开始转型；陆金所控股的营收和利润表现受转型期影响较大，2020H营收和利润增速分别为+9.5%和-2.8%。

按照逻辑，之前存量风险在约束银行股估值，但是中报中，银行业关注类贷款占比在下降，核销力度在加大，约束估值的因素在稳步消除，银行股估值要修复，但是银行股却持续低迷。原因在哪里？我们认为：对三季报的不确定性预期，以及政策上原地踏步，对3.5 万亿不良资产处置的担忧是主因。

否极，泰来！情况发生积极变化，四季度银行有望迎来一轮较大级别反弹，重点推荐优质股份制银行：兴业/平安、光大和招行。

寿险2020 年1-8 月实现原保费收入18,391 亿元，同比增长4.9%，保持正增长趋势；8 月单月同比增速为8.4%，较上月增速有所下降，但仍保持连续五个月保费正增长。健康险1-8 月实现原保费收入5,025 亿元，同比增长15.1%；单月同比增速为6.8%，单月同比增速不及寿险，但总体保费仍正增长，行业保费增速持续修复。

营业收入与净利润均实现大幅增长。2020年上半年39家上市券商实现营业收入2,289.90亿元，同比增长41.78%；实现归母净利润731.02亿元，同比增长27.12%；实现扣非归母净利润711.41亿元，同比增长26.42%。2020年上半年行业营业收入增长速度为19.26%，净利润增长速度为24.73%，上市券商营业收入与归母净利润增长速度均高于行业同期增长速度。

DC/EP 推进有助银行积极介入电子支付领域，支付双向开放有助提升人民币国际竞争力。对于商业银行而言，基于其数字人民币发行的重要环节作用，有助积极介入电子支付领域，进而倒逼其提升数字化能力。对于第三方支付公司而言，开放和竞争会加剧竞争格局，头部公司具备相对优势，更需借助先发优势在获客和场景方面保持既有优势。

全面注册制改革、提升 A 股监 管水平与加强信批、退市等配套制度建设将提升 A 股的市场化程度与价值发现 功能，同时有助于 A 股市场提质增量，提升市场整体吸引力与活力，加速包含 红筹企业与中概股在内的优质企业 A 股上市进程，引导更多中长期资金入市与 A 股市场价值投资导向，重点利好券商经纪、投行、资管等业务。

近期，大行理财子相继联合外资机构布局资管业务。9 月24 日，首家中外合资理财公司汇华理财正式获批开业，是银行理财转型新范式的探索，也是我国金融进一步对外开放的重要标志。目前贝莱德建信理财已获批筹建，工银理财、交银理财、光大理财等理财子也在积极筹建合资理财公司。国股行当前密集表态推进合资理财公司建设，我们认为响应政策号召、争取政策红利是主要考虑。理财子的资金+渠道优势，结合外资的投研+管理经验，双方互补性高、具有较强合作诉求。

上周行情回顾：Chainext CSI 100 下跌1.28%，细分板块中基础增强表现最优。从细分板块来看，文娱社交、商业金融、基础增强、纯币类优于Chainext CSI 100 平均水平，为5.07%、1.63%、5.77%、-1.18%；支付交易、物联网&溯源、基础链、存储&计算、AI 表现逊于Chainext CSI 100平均水平，为-1.41%、-11.59%、-2.85%、-6.17%、-3.14%。

行业开始重新审视规模与价值的平衡。2017 年监管转变风向，提倡“保险姓保、回归保障”，此后上市险企战略和业绩表现开始有所分化。各公司试图探索重价值的发展路线，给市场传递出“淡化开门红”、“保持规模，提高人力产能”的发展思路，努力提高产品的保障属性，提升价值率。各家公司价值率水平在2018、2019 年达到顶峰，人力规模出现了缩减的情况。但是在近2 年半市场低迷、业绩持续承压的情况下，行业和各公司不可避免遭受到来自于各方面的压力，开始重新审视价值和规模的平衡。目前来看，无论是从产品形态还是人力发展策略上均可以体现出险企对业绩的较大诉求，各公司在价值和规模上做了不同程度的折中，价值率达到顶峰后开始有向下的趋势。