据彭博报道，央行正会同证监会、银监会、保监会及其他有关部门，拟出台《关于规范金融机构资产管理业务的指导意见》，就资产管理业务范围内涵盖的银行、信托、证券、基金、期货、保险、私募基金等金融机构发行的资管产品进行统一监管。意见稿拟将资管产品按照募集方式进行分类，对资管的投资范围、合格投资者标准和杠杆要求进行了明确界定。意见稿从严禁嵌套、集中度控制、计提风险准备金等维度控制风险。接下来将具体探讨资管意见稿对银行理财、信托业务、券商资管和基金子公司的影响。

监管层对证券行业的资产管理业务实施专项检查，意味着券商的资管业务正迎来规范发展阶段，‘去通道’化将使资管业务逐步摆脱低水平的通道业务，转向以主动管理为特色的业务模式。主动管理业务包括 FOF/MOM、权益、债券、股票质押、 ABS 等。无论是大券商，还是中小券商，只要充分发挥自身优势，精耕细作，均能够走出一条适合的业务发展道路。 

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，2017 年我们建议积极关注招商银行、宁波银行、次新股中的贵阳银行、常熟银行，当前位置推荐估值相对便宜的交通银行、工商银行、中国银行、农业银行等国有大行。 

上周沪深 300 指数跌幅 1.32%，创业板指跌幅 0.52%，其中券商指数跌幅 1.92%，保险指数跌幅 2.23%，前者跑输大盘 0.59%，后者跑输大盘 0.90%；沪深两市 A 股日均成交量 4633.97 亿元，较上个交易周下降 7.01%，两融余额 9123.82 亿元，环比上升 0.77%。 

2017 年两市股基累计成交额 163,545 亿元。目前融资融券余额 9123.82亿元，年初以来，券商的股权质押觃模（未解押交易的标的市值）2091.1亿元。 

Health insurance is a type of insurance where the insurer pays the medical expenses on behalf of the insured. The insurer has to pay a monthly premium to the health insurance company, which can be on a monthly, quarterly, or annual basis. Health insurance covers disability and long term nursing. The healthcare providers cover the costs related to medical treatments, drugs, and other expenses. The coverage depends on the health insurance plan taken by the insurer. Health insurance plans are provided through direct-insurance companies, independent brokers, and employersponsored programs. Beside the premiums being paid by the insurer, there are other additional costs that are taken into consideration in health insurance coverage that includes co-insurance, co-payments, deductibles, and stop loss limits.

Modern financial markets use advanced mathematical models to arrive at transaction decisions and execute them. Such automated technologies are referred to as highspeed algorithmic trading. These methods determine the optimal time for an order to be placed so as to generate the least impact on stock prices. Large institutional investors use algorithmic trading technologies to buy and sell large blocks of shares in small tranches every day. The use of such technologies allows users to use the best possible pricing without any significant impact on purchasing costs. The automated trading systems are also referred to as algorithmic trading or mechanical trading systems where it allows the trader to establish specific rules for both trade entries and trade exits. They are generally programmed in a way so that they can be automatically executed through computer systems. The entry and exit in the trade is based on the moving average crossovers. Sometimes it also requires the understanding of the programming language that is specific to the user’s trading platform.

本周投资要点：强烈建议关注券商股在目前利空出尽（再融资新规与资管指引方向对券商投行及资管业务收入影响有限）、环比业绩有望转负为正预期之下的行情机会。利率上升将提升保险资金再投资收益、减轻会计准备金增提压力。监管政策强调“保险姓保”，在限制平台型保险公司万能险销售和激进股票投资的同时，间接利好坚守保障和价值的上市保险公司，保险股基本面边际改善逻辑将逐步强化。

上周申万非银指数上涨 0.18%，跑输大盘 1.42%。各子板块全部小幅上涨，其中多元金融板块涨幅最大（0.45%），证券板块涨幅最小（0.07%）。个股方面，涨幅位居前三的是多元金融板块中的香溢融通、新力金融以及爱建集团，分别上涨 4.07%、 3.92%、 3.92%。估值方面，截至上周五，申万非银板块市盈率（TTM,剔除负值）为 21.57 倍。

市场及行业表现：指数方面，本周上证综指收于 3253.43 点，上涨1.60%，深证成指上涨 2.41%，沪深 300 指数上涨 1.53%。成交方面，本周共成交 A 股 24906.13 亿元，较上周增加 1078.27 亿元，上涨幅度为 4.53%；沪深 A 股周换手率为 4.80%，较上周有所上涨。板块方面，多元金融板块上涨 0.21%，保险板块上涨 0.29%。非银券商股中国元证券涨幅最大，上涨 3.06%；保险股中中国平安涨幅最大，上涨 0.83%；多元金融股中爱建集团涨幅最大，上涨 3.92%。