在线旅游PC端的用户规模及使用时间持续下滑，PC端流量红利消退。随着移动互联网的高速发展和智能手机的普及，移动端用户粘性较大，2019年中国在线旅游APP月度总有效使用时间相比2018年有着大幅增长。

自2014年在线K歌行业开始规模化发展以来，短短数年时间迅速积累起庞大的用户流量规模，至2018年，行业月活跃设备数超过2亿，网民渗透率达50.6%。2019年，随着音乐行业纵深进一步加剧，科技的进步加速线上线下娱乐形式融合，在线K歌行业的用户规模将迎来再度的明显增长。2019年行业月活跃设备数逼近2.2亿，网民渗透率将有进一步增长。

The report provides market dynamics and trends related to the global nephrology devices market. In addition, it presents the market estimations and forecast of the market. It includes revenue generated from the sales of devices such as dialysis instrument, lithotripter, dialysis catheters, and other products, which are provided by key players. For the purpose of analysis, the global nephrology devices market is segmented into device type and region. The study estimates revenue generated from the sales of nephrology devices. On the basis of device type, the market is divided into dialysis instrument, lithotripter, dialysis catheters, and others. This further provides an understanding of the use of nephrology devices. Moreover, the report covers revenue generated from the sales of nephrology devices offered across regions such as North America, Europe, Asia-Pacific, and LAMEA.

HnB device is a battery-powered inhaler that simulates tobacco smoking. A heated tobacco vapor product device is also known as a tobacco heating product or, most commonly, an HnB device. It contains tobacco in either leaf or granular form. The device heats the tobacco, directly or indirectly, instead of burning it to form tobacco- enriched inhalable vapors.

The increasing rates of product innovations in the Indonesian and Malaysian markets are extensively driving the sales of whipping cream. The manufacturing companies are concentrating on the individual demands of the consumers, such as halal-certified, lactose-intolerance, clean-label, and soy-free products. Owing to a large presence of the Muslim population in these countries, the demand for halal-certified food products has witnessed a surge. Thus, the manufacturing brands, such as Anchor and Embog, are producing halal-certified whipping cream with proper labelling, to entice the consumers.  For instance, Indonesia only accepts its own Halal body. Thus Fonterra, a New Zealand-based company, launched a generic halal logo, which is used in anchor whipping cream, to share the same packaging with Indonesia. In Malaysia, the concentration of lactose-intolerant consumers is high, leading to the demand for lactose-free whipping cream. Thus, the manufacturers are introducing lactose-free whipping cream, to satiate the consumers’ demands. For instance, the brand, Paul's, offers lactose-free and gluten-free thickened cream made of cream, skimmed milk, milk solids, gelatin, and other ingredients. The product is apt for whipping, pouring, and cooking, resulting in its diverse application in the foodservice sector.

The growth of the market studied is currently being driven by various factors, including the increasing pet ownership and animal health expenditure, increased burden of animal zoonotic diseases, and the growing pet insurance and animal health investments made by the pharmaceutical companies.  The recent years have observed an increasing adoption of pet animals every year. Not only the pet ownership, but also the number of farm population has increased at a steady rate. There is also a high adoption of pigs across billions of farms all over the world.  Moreover, there is an increase in the immune mediated diseases in animals, which has driven the market for new immunodiagnostic tests. ELISA is a highly sensitive means of detecting relatively low levels of molecules within a biological fluid. For this reason, it is a very commonly used immunodiagnostic test and is applied to a wide variety of samples from different body fluids.

The report provides market dynamics and trends related to the global veterinary imaging market. In addition, it presents the estimations and forecast of the market. The study estimates the revenue generated from the sales of veterinary imaging; however, it excludes the veterinary imaging service revenue. The valuations comprise revenue generated from veterinary imaging product such as instruments and reagent. Conversely, the report excludes revenue generated from post-sale services of veterinary imaging. For the purpose of analysis, the global veterinary imaging market is segmented into product, animal type, application, and region. The study estimates the revenue generated from the sales of instruments and reagent. The applications covered in the study include orthopedics & traumatology, oncology, cardiology, neurology, and other. The report covers the revenue generated from the sales of products related to veterinary imaging systems offered in regions such as North America, Europe, Asia-Pacific, and LAMEA.

The market studied is currently being driven by factors, such as the rising incidence of thyroid disorders, the increasing consumption of tobacco and alcohol, the increasing geriatric population and the rising sedentary lifestyle among the population. Over the last few years, there have been significant advancements in the specificity and sensitivity of thyroid testing, which has impacted the treatment for thyroid disorders. Thyroid stimulating hormone (TSH) measurement subsequently gained a dominant role in thyroid function testing, which facilitates cost effective disease screening, which is augmenting the demand across the developing and developed countries. While there are several problems associated with interpretation of thyroid blood tests but with the appropriate follow-up tests, and consultation, most of these cases can be resolved easily, which is expected to progressively improve the thyroid testing methods.

油价已底部企稳，对比 2008 年油价见底后，通胀预期出现快速修复，且明显快于油价 上行速度，实际利率依然下行。目前通胀预期已经修复至 1%附近，我们认为疫情稳定 后，通胀预期有望修复至疫情前的 1.5-1.6%水平，实际利率仍有下行空间。同时，全球 各国推出强力财政和货币政策，或增加后续通胀压力。

国内外券商并购回顾：国内受政策推动为主，国外受市场驱动为主。 从我国兼并收购历程来看，共出现了四波并购浪潮：前三波离不开政 策推动，受到“分业经营”、“综合治理”和“一参一控”政策影响， 行业内证券公司纷纷并购，典型代表是中信和华泰的数次并购；第四 波则主要受市场因素助推，出于补业务短板目的而并购，如东方财富 并购西藏同信证券。