伴随经济增速小幅回暖，预计 17 年 1 季度贷款将出现开门红。债转股持续推进，有助于加速银行潜在风险出清。鉴于行业业绩 17 年出现向上拐点，不良生成速度阶段企稳，板块调整后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。建议积极关注宁波银行、招商银行、南京银行，适度关注兴业银行、贵阳银行、交通银行。 

The global gambling market is expected to grow at a CAGR of 7.91% in the forecast period. The burgeoning middle class population and their growing disposable income are the major factors driving the growth of the market. This increase in demand for the overall gambling games is leading to an increase in the construction and opening of new casino centres across the world. For example, the Marina Bay Sands, which opened in April 2010, generated a revenue of $1.06 billion by 2010 from casino and more than $2.3 billion by 2015.

通过支出法、收入法及投入产出分析法，我们估算房地产行业本身及产业链对我国 GDP 影响占比略超 21%，其中前者占比约 11%，后者占比约 10%，大比重显示房地产依然是国民经济支柱产业；并且通过投入产出表分析可知，房地产对上下游的需求拉动效应高达近 3 倍，因而房地产对经济影响依然举足轻重；但与此同时，房地产对经济的增长贡献率却逐步走低，自14 起房地产对 GDP 增长进入拖累阶段，贡献率分别由 13 年 14.2%快速下降至 14 年4.3%、15年1.1%，

白酒持续弱复苏，临近春节终端价持续上扬。2016 年 11 月全国白酒产量 135.2 万千升，同比增长 5.8%，1-11 月白酒累计产量 1,215.9 万千升，累计同比增长 3.2%。延续弱复苏态势。2016年 12 月 30 日京东价格环比 11 月 25 日：52 度五粮液维持 829 元/瓶；53 度飞天茅台价格上升 70元至 1,169 元/瓶；52 度剑南春上升 10 元至 359 元/瓶；52 度水井坊上升 20 元至 459 元/瓶，节前终端价持续上涨。

Micro-insurance products are coverage policies targeted at households with low income levels. Micro-insurance plans provide tailored insurance coverage policies for individuals with little or low saving plans. Such policies provide lower value assets and compensation for injury, illness, or death to an individual than in other insurance policies. Micro-insurance companies assist poor families by offering customized insurance plans to meet the specific needs of the customers. The value of the coverage policy is lower compared to other insurance plans because of which the policyholder pays smaller premiums to the insurance company than in the case of a usual plan. The micro-insurance market is stronger in developing countries which offer high growth opportunities for the insurance industry

Cloud computing solutions are IT solutions that are deployed in the ICT systems and eliminate the need to install in-house hardware and software. The cost of in-house IT solutions is relatively low compared to cloud-based solutions among most of the IT deployment models. Cloud computing solutions have been implemented in a majority of organizations, irrespective of the size of the business. Firms that have high IT budgets and are willing to spend more on flexible IT solutions have majorly invested in cloud computing solutions. However, some of the firms are still using on-premise solutions due to cloud security concerns and also due to resistance from in-house IT departments.

Trade financing is when finance is made available by banks to various trading companies to perform cross-border transactions. It also acts as an engine that drives the growth of a country's GDP. When a country produces goods or services, it exports some of those goods and services to other countries. However, there is a time lag between the production and delivery time required for the consignment to reach the importing country. So, there is a certain degree of uncertainty about whether the parties will honor their part of the transaction. Hence, the importing country appoints a bank to issue a financial instrument that promises to make the payment to the exporting country upon the successful delivery of the consignment to the importing country.

This section of the report considers the current size of the global property insurance in the oil and gas market by volume in the year 2016. It also provides an anticipated scenario of the market size for the forecast period leading to fiscal 2020.

走势分化。2017 年底一个交易周，二级市场利率债和信用债走势分化。1 月3 日为首个交易日，债市上演激烈过山车行情，全周震荡幅度加大，利率债收益率主要以上行为主，信用债收益率全部下行，国债期货震荡收跌。2016 年12 月经济数据本周将密集发布，预计仍处于改善周期，政策方面央行在2017 年年度工作会议上强调货币政策中性，调节好流动性闸门，资金市场上单周净回笼超5000 亿，春节之前流动性整体偏紧。人民币汇率仍面临贬值压力依然较大。目前市场对债市尚未形成一致性预期，市场仍有调整压力。

成也信用、败也信用。2016 年表现最好的是AA-企业债，整体而言，2016 年信用债呈现短端表现差于长端，高等级表现差于低等级。信用债在2016 年利差走势出现“V 型反转”，1 月至3 月中旬信用利差较为平稳，3 月中旬至4 月底，受信用违约等一系列因素影响，信用利差急剧上行，4 月底至7 月，信用利差大幅回落；8-10 月，高等级信用利差开始走阔，而11 月开始低等级信用利差也开始走阔。