大消费板块整体表现强势，农林牧渔领涨。周三沪深300 指数低开高走，收盘时上涨0.82%。大消费板块整体表现强势，除纺织服装行业外，其他消费板块均跑赢沪深300 指数，其中农林牧渔涨幅达到4.08%，涨幅居首，其中种业股迎来涨停潮。食品饮料涨幅仅次于农林牧渔，贵州茅台盘中创历史新高。休闲服务、商业贸易、家用电器和医药生物涨幅均超过1%。

全国居民人均教育文化娱乐消费支出从2013 年的1398 元增加到了2019 年的2513 元。2019 年这一支出同比增速为13%，稳定在占总支出的约11%这一比例。中国网民数量和互联网渗透率持续攀升，互联网流量每年翻番。2019年上半年，中国共有8.5 亿网民，其中网络视频用户7.59 亿人，占网民整体的88.8%;其中，短视频用户规模为6.48 亿，占网民整体的75.8%。

Internet growth is a major factor that will drive the data center market in India during the forecast period. In India, the increasing smartphone penetration and deployment of 4G LTE technology is driving the number of internet users in the country. With the rollout of 5G networks, the connectivity and fixed broadband connectivity will improve significantly over the next few years. The average fixed broadband internet speed has also grown significantly in the past decade, leading to higher internet penetration in the country. By the end of 2019, there were around 510 million internet users in India and around 450 million smartphone users. According to Cisco, smartphone users will reach over 800 million by 2022.

Internet penetration is among the strongest drivers for data center growth in the APAC region. Also, the increasing social media usage among consumers and digital transformation by enterprises across industry verticals are major factors promoting data center growth. Mobile broadband networks have become the primary mode of internet access in most Asia Pacific nations, with more than a third of the region's population using mobile networks and devices. Data centers are built, operated, and maintained to process a vast amount of both customer and business data. The number of people accessing the internet has grown significantly in the past decade from about 1.77 billion in 2009 to 4.39 billion in 2019. The growth of internet users was driven by more affordable smartphones and mobile data plans. The amount of data generated has also grown by over 50 times because of the increasing use of desktop systems, smartphone penetration, social media, wearable devices, and connected devices.

本周，沪指周涨1.5%报2838.49 点，深成指周涨2.23%报10527.99 点，创业板指涨3.64%报2020.77 点，沪深300 指数涨1.87%报3839.49 点。两市成交27,307.29 亿元，申万行业传媒板块周涨1.8%报667.58 点。本周传媒板块自选股涨幅前五分别是掌阅科技（21%）、电魂网络（17%）、众应互联（16%）、宝通科技（15%）和省广集团（12%）；跌幅前五分别是华谊嘉信（-17%）、聚力文化（-13%）、吴通控股（-11%）、北纬科技（-11%）和长城影视（-11%）。

“爆款游戏”的量价齐升效应能带给公司较大的盈利空间预期差所有的游戏类型中，头部游戏的玩家人数、付费率和ARPU值均大幅高于行业平均水准，也会带来较高的预期收益差并反应在股价和估值表现上。由于不同公司对于其游戏流水的预期不同，我们认为定义一款“爆款游戏”需要同时关注绝对和相对指标。绝对指标中，“爆款游戏”需要至少进入畅销榜前30并维持一段时间；相对指标中，“爆款游戏”的流水需要高于研发商其余游戏的平均流水至少30%以上。

The blow-molded plastics market is among the many technologies used in the production of plastic products. The other technologies used include compression- molded, extrusion molding, injection molding, and thermoforming. Blow-molded plastic containers are generally sold by vendors through their direct sales team and by through distributors who in turn have their own warehouses and sales personnel. Plastic products sold through distributors are generally made by generic molds while custom molds are used for clients who require specific design and shapes. Some clients also catered through proprietary molds.

本次草根调研走访了上海、西安、安康、汕头、铜陵等5 大地区，选取当地热门商圈的餐饮门店，包括：海底捞、太二酸菜鱼、呷哺呷哺、西贝莜面村、肯德基、麦当劳等全国连锁餐饮品牌，以及部分当地餐饮品牌。本次草根主要关注餐饮门店的客流量恢复情况。

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。

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。