本周五（20211022）大部分宽基指数预测波动率处于近三年中低水平（中证500> 创业板指>沪深300 >上证指数>万得全A），创业板指、沪深300 、上证指数、 万得全A 的波动率均处于20%分位数以下。在机构持仓较多的板块中，基金重仓指数预测波动率位于11%分位，茅指数和宁组合预测波动率均位于31%分位。 行业层面上，部分周期行业（煤炭、电力、钢铁、石油石化、有色）以及食品饮 料处于高波动区域（80%分位数以上），TMT 板块中电子、通信、计算机处于较 低波动区域（20%分位数以下）。

今年以来，全球经济在新冠疫情反复的背景下曲折修复，但多数经济体增长还并 没有回到疫情之前的水平。2021 年业已接近尾声，展望明年，海内外经济和政策 将会迎来哪些变化？本报告对此进行展开分析。

美元债违约处置大致分为庭内和庭外两类，分布和回收率如下：（1）庭 内处置，即通过破产程序由法庭参与解决，包括破产重整和破产清算，按 此方式处置的违约债比例为24%；破产清算仅有个别案例，首次回收率为 12.5%，破产重整回收率为2%-35%；（2）庭外处置，即债权人和债务 人在破产程序之外对债务合约做出协商安排，包括债券置换、回购、展期、 债转股等，按此方式处置的违约债比例为36%；回收时间与空间往往不能 兼顾：现金回购及时兑付，回收率约为30%-60%；展期或置换平均延期 2-7 年，回收率100%。（3）约40%的中资美元债处置方式未知。

近期，市场风格快速切换，基金的风格分化愈发显著，不同 风格基金表现差异巨大。为了研究风格因素对基金收益的影 响，我们在Barra 多因子模型的基础上，围绕12 个常见风 格因子对基金收益的影响进行了研究。

本期（10.11-10.22 ）SW非银金融指数收于1859.72 点，较上期末下跌 0.93%，板块整体跑输市场（沪深300） 1.53 个点，在28个一级行业中排 名第15位,各板块表现保险>证券>多元金融。

券商板块公募持仓显著回暖，保险板块持仓续创历史新低。1）21Q3 券商板 块（除东方财富，下同）公募持仓比例大幅触底反弹，这是自19Q3 年以来的 首次。我们通过计算灵活配置型、偏股型与普通股票型（最能反映公募基金持 仓风格与主观配置意愿的基金类型）公募基金的重仓持仓明细情况，截至 21Q3，券商板块的公募重仓股持仓占比0.61%，环比21Q2 的0.11%显著触 底回升。2）21Q3 保险板块的公募重仓股持仓占比进一步滑落，体现出市场 对板块的持股意愿进一步下降。截至21Q3，保险板块的持仓占比已由20Q4 的2.25%降至0.20%，继21Q2 的0.33%续创历史新低.

The BFSI industry includes commercial banks, insurance companies, non-banking financial companies, and other entities. The availability of new channels to improve the customer experience means that security capabilities across the organization must be improved. BFSI security includes cybersecurity and the physical security of banking and other financial organizations.

Practically overnight, clinicians, healthcare providers, pharmaceutical companies and payers shifted much of their work onto virtual platforms and other digital technologies. As consumers grappled with a deadly new virus, providers embraced virtual technology in unprecedented numbers so they could continue to serve patients despite restrictions on in-person interactions. In doing so, they packed a decade’s worth of reforms into a few short months. Players across the industry boosted data analytics capabilities to respond to ongoing shifts in healthcare needs, consumer behaviour and the economy. The deployment of digital tools in clinical trials helped companies quickly test whether existing medicines worked against the new virus and enabled the rapid development of COVID-19 vaccines. And work began to shore up the weaknesses evident in the healthcare supply chain. All this took place amid the broader backdrop of changes coursing through the industry and a set of long-standing common issues affecting the health ecosystem. In the years before the pandemic, and in the months since COVID-19 altered the course of history, a series of transformations has been altering traditional paradigms. And they will continue to do so in coming years. These include a heightened focus on well-being and prevention, the push to develop cures in addition to treatments, paying based on outcomes rather than fee-for-service, new developments in gene therapy and precision medicine, cross-industry convergence, and an end-to-end focus on patient and clinician experience. These themes intersect and interact with significant issues, including excessive cost; health inequities; inadequate transparency, interoperability and collaboration; and a general lack of trust.

Global company car leasing (financial and operational leasing) market fell by 17.0% year-on-year (YoY) with annual sales of 6,000,605 units in 2020. It accounted for 49.5% of the total true fleet cars (company cars) registered in 2020. Corporate customers delayed their fleet renewal decision amidst the pandemic resulting in the market decline.