根据调研情况，首月银行信贷投放较高，尤其中小银行出现较大幅度环比增长，预计 1 月新增 1.8-2 万亿元。2 月上旬，多地银行按揭贷款利率优惠幅度减小。结合近期央行利率调控操作及货币政策稳健中性定调，流动性趋于稳健，利率呈上行趋势。因为银行资产端的利率敏感性大于负债端，利率上行将形成对净息差的支撑，缓解原来在低利率环境下的“资产荒” 压力。预期到流动性收紧以及地方改革加速，银行今年将加大对消费贷款和大中型企业的贷款投放。我们继续推荐成长性好、改革预期强的真价值银行股，招商银行、南京银行、华夏银行、宁波银行、北京银行。 

Strong Home Price Prospects: The ideal conditions for rapid home price rises exist in several markets, with the combination of extremely low borrowing costs, readily available credit, steady economic growth and limited housing supply. Fitch Ratings expects this situation to remain in 2017 and this is reflected in the Stable or Stable/Positive outlooks on the housing and mortgage markets for 19 of the 22 countries in this report.Slowdown Overdue in Hottest Markets: The rate of price increases should slow as home purchases become increasingly expensive relative to household income and rents. Unsustainably rapid price rises in some countries (eg New Zealand, Norway, Australia, Canada) are expected to moderate in 2017.

传媒板块 2013-2015 年整体以贝塔行情为主，估值变化贡献了行情的主要部分，产业并购推动了业绩的高增长。从第一波互联网流量红利，到近期的大 IP 热潮，在连续几波红利的冲击下，并购成为了文化传媒行业最主要的成长路径。上市公司看重文化传媒企业的轻资产与高回报，文化传媒企业也由于其高增长性强，连续性弱的特性愿意被收购，供需匹配的前提下，促成了文化传媒板块的并购热潮。

2 月 6 日，国家主席习近平主持召开中央全面深化改革领导小组第三十二次会议并发表重要讲话。会议强调，要把加强党对对外工作的集中统一领导贯彻到对外工作体制机制改革方方面面，加强战略谋划，强化统筹协调。要明确地方党委对本地区外事工作的主体责任，完善省以下地方党委对外事工作的领导和工作体制。要深化驻外机构管理体制改革。要优化援外战略布局，改进援外资金和项 目管理，改革援外管理体制机制，提升对外援助综合效应。会议指出，规范和引导社会智库健康发展，对发挥民间智力、为党和政府决策服务具有重要意义。

A lot of events occurred in the Azerbaijani economy in 2016. In particular, Azerbaijan planned to pass to an economic model not to depend on oil in 2016.The government mainly focused on the development of the country’s export potential in 2016, namely, the expansion of non-oil goods and services and the creation of more favorable conditions in the investment sphere.Azerbaijan has recently invested billions in the development of marine, rail, automotive,communal, social infrastructure. As a result, Azerbaijan turned into a major transit country in the region.An important event of 2016 was the coordination of the details of implementing the North-South corridor project, which will become a bridge to connect the railways of Iran,Azerbaijan and Russia. Thus, the expansion of the transport routes will further increase the country's attractiveness for investors by supplying the products produced in Azerbaijan to other markets.

1 月 18 日，国务院发布的《国务院关于扩大对外开放积极利用外资若干措施的通知》提出，服务业重点放宽保险机构、保险中介机构外资准入限制等机构，释放出了保险业进一步扩大对外开放的积极信号。

产业资本融资：1月再融资规模出现下降。1月份A股融资规模为932.08亿元，比12月份减少3000多亿元。数据显示，由于元旦和春节假期等因素影响，使得产业资本融资意愿有所下降，从而导致融资规模出现下降。从2月份的情况来看，受到市场流动性紧张和市场资金成本上升等因素影响，市场融资意愿预计可能出现下降，预计2月融资规模或出现下降。

我国私募股权投资行业萌芽于上世纪八九十年代，经历近三十年发展，随着社会经济快速发展和金融体系不断完善，正在迎来黄金时代。

券商曾经是投资者印象中牛市王者，却在经济景气向上时跑输周期股；2012 年后股市底部徘徊，券商却成为上佳的弹性品种。本文深入详细剖析券商股驱动力因素，并以史为鉴，阐明哪些市场环境更适合券商股投资，在行情的哪个阶段介入最合适。