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.

近期十年期国债到期收益率企稳，4 月 16 日水平为 3.1631%，对保险 板块估值的影响属于中性；负债端逐步恢复常态发展；行业为实体经济提供 风险保障和长期资金支持的职能稳定和强化；板块估值仍处于相对底部，具 备长期配臵价值。维持行业“推荐”评级。 近两年证券行业政策逐步回暖，资本市场地位提升，证券公司在服务 实体经济中更有效发挥资本中介职能的重要性得到强化，也将在直接融资、 要素配臵、价格发现、交易流通等方面发挥专业化、市场化的中介和服务作 用。维持行业“推荐”评级。

本周市场日均成交额环比下降 250 亿至 6900 亿，两融规模亦小幅回落，市场持续 下行压制投资者交易热情。上市险企披露 3 月保费数据，受队伍清虚和产品重心 调整影响，寿险整体表现不及预期，除新华保险和太平人寿外，其余寿险 3 月单 月保费收入均同比减少，其中披露新单数据的平安寿险和人保寿险 3 月新单保费 分别同比减少 25%和 42%。车险费改亦一定程度压降产险保费收入，3 月增速较 2 月显著回落。同时我们看到，近期保险业监管有趋严迹象，代理人和银保渠道业 务模式存在一定调整压力，亦致使保费收入放缓。