随着金融去杠杆的深化，2017 年MPA 考核趋严，部分中小银行可能受到一定约束，由于预期充分，预计对基本面的影响不大。鉴于银行板块核心逻辑未变，业绩向上拐点+不良反弹趋缓带动估值中枢小幅提升，同时自2016Q4 以来融资需求持续保持比较旺盛的状态，我们看好银行基本面的企稳回升；当前板块估值处于合理偏低区间，配置价值提升，我们维持对银行板块的买入评级。

本周五银监会发布了《关于外资银行开展部分业务有关事项的通知》，通知明确，在华外资银行可以与母行集团开展内部业务协作，为“走出去”的企业在境外发债、上市、并购、融资等活动提供综合金融服务，发挥外资银行的全球化综合服务优势。

The global aerospace insurance market is expected to decline until 2017 following the growth trend from the past decade due to the declining premium prices.However, we estimate the market to grow 2018 onwards, with the growing aerospace industry due to the procurement of new aircraft and establishment of new airports.The market is dominated by premium airlines followed by low-cost airlines. The rising number of passengers has triggered the civil aviation industry worldwide to refurbish facilities. The rise in air passenger traffic will likely propel the aerospace insurance market during the forecast period.EMEA has the highest market share in the global aerospace insurance market due to a high number of aircraft and airports operational in the region. However, APAC is expected to witness a high growth rate due to the expansion of aircraft fleets and aerospace facilities in the region.

Catastrophe insurance helps in protecting residences and businesses against natural disasters like hurricanes, floods, earthquakes, and against man-made disasters such as terrorist attacks. Generally, catastrophe insurance has a low probability that involves high-cost events. These high-cost events are excluded from the standard hazard insurance policies. It is difficult to estimate the total potential cost of an insured loss thereby making it difficult for the catastrophe insurance issuers to effectively manage risk. Retrocession and reinsurance are used with catastrophe insurance to manage catastrophe risk.

B2B media refers to the communication channel between the vendors and their customers. For a B2B vendor, the customer cannot necessarily be a consumer. Business organizations constitute the customers of B2B vendors and require a different media mix to get business from them. For instance, if a vendor has to pitch in for hydraulic hose pipes, an engineer from the company will bring his engineering experience into the discussion to justify the decision to the superiors, who work in the same field. In contrast, the home owner will care little about the technicalities in the manufacturing of hose pipes that are being used in the garden.

上周申万非银指数下跌 0.62%，跑输大盘 0.45%。各子板块全部下跌，其中多元金融板块跌幅最大，下跌 1.30%；保险板块跌幅最小，下跌 0.45%。个股方面，涨幅位居前三的分别是方正证券、锦龙股份以及熊猫金控，分别上涨7.24%、7.19%、5.16%。估值方面，截至上周五申万非银板块市盈率（TTM,剔除负值）为21.00 倍。

两市日均成交额4597.17 亿元环比回落0.89%，周度换手率为3.35%期末两融余额 9132.55 亿元环比增加 0.10%，占 A 股流通值2.23%；投行业务募集资金814.98 亿元，其中首发 11 家。10 年期国债到期收益率上涨 5.8BP 报 3.416%,750 日移动平均线下行0.75BP 至 3.3858%。

2016 年信托行业迎来重大政策转暖。首先，《基金子公司管理规定》、《基金子公司风控指引》和升级版资管八条底线《证券期货经营机构私募资产管理业务运作管理暂行规定》从净资本角度对基金子公司和券商资管加强了杠杆倍数约束，对两者的通道业务进行限制，通道业务回流至信托；其次，12 月在上海召开的信托业年会，史上最高规格监管领导的出席（ 时任银监会主席尚福林、上海市长杨雄）受人瞩目，会上为通道业务的正名（纳入监管为同业业务）、指出八大信托业务发展方向以及对信托行业的重视让行业欢欣鼓舞，在大资管被严控的情况下，信托将成为唯一受益的非银金融牌照。

2017年2月份，行业指数随大盘反弹，略跑赢指数。本月，上证综指、深成指、沪深300分别上涨2.61%、3.38%和1.91%。申万纺织服装板块整体上涨3.58%，其中纺织制造上涨3.72%，服装家纺上涨3.48%。纺织服装各子行业均有不同程度的反弹。

3 月 5 日，第十二届全国人民代表大会第五次会议在人民大会堂举行开幕会。国务院总理李克强作政府工作报告，对回顾了 2016 年工作回顾，对 2017 年工作进行部署。2017 发展的主要预期目标是：国内生产总值增长 6.5%左右，在实际工作中争取更好结果；居民消费价格涨幅 3%左右；城镇新增就业 1100 万人以上，城镇登记失业率 4.5%以内；进出口回稳向好，国际收支基本平衡；居民收入和经济增长基本同步；单位国内生产总值能耗下降 3.4%以上，主要污染物排放量继续下降。