2014年美联储Taper曾导致非美汇率承受极大的贬值压力。目前美联储Taper再次临近，市场本来存在对人民币汇率贬值的担忧，但我们认为本轮Taper对人民币汇率影响有限。

北交所成立的原因是国家支持“专精特新”中小科创企业直接融资，其制度安排基本沿用新三板精选层已有制度，投资者准入门槛有所降低：北交所成立的原因是国家进一步完善金融领域对“专精特新”中小企业的支持，优化金融资源利用效率，鼓励直接融资，深化资本市场改革。

上周五（20211015）大部分宽基指数预测波动率处于近三年中位数以下（中证500>创业板指>万得全A>上证指数>沪深300），中证500 的波动率在近期快速抬升有所稳定。机构持仓较多的板块中茅指数和公募基金重仓股预测波动率稳定在较低水平，分别处于近三年34%分位和27%分位，宁指数整体的预测波动率略微抬升，位于50%分位。行业层面上，部分周期行业如电力、煤炭、钢铁、石油石化、有色、化工、建筑处于高波动区域（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）。值得注意的是，食品饮料波动率处于近三年80%分位的较高水平。

Banking and financial services outsourcing refers to the use of third party vendors to deliver services or perform tasks, which is normally undertaken by financial institutions. The objective behind its adoption among banks and financial institutions is to make it easier for them to dedicate their time and resources to core business and operations. Banking business process outsourcing (BPO) is a strategic tool that supports banks for its business growth and account servicing functions. The third party financial services provider may be offshore on onshore. The report focuses on the growth prospects, restraints, and trends of the global BFSI BPO services market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the global BFSI BPO services market.

NFC payment is a contactless payment service that allows people to transfer or receive money using smartphones, tablets, laptops, and other devices. Furthermore, numerous benefits provided by NFC payment devices service include high security, hassle free transaction, faster transaction processing speed, and others. In addition, various banks and financial institutions are providing NFC payment devices service as it provides bank customers with convenient, fast, and secure payment processing systems. This increases the adoption of NFC payment devices among people, thereby driving the growth of the market.

根据我们测算，第三支柱长期发展空间广阔，投资端通过提升入市规模也将增厚其投资收益，可见第三支柱发展未来有望为保险行业带来新的增长点，建议关注多线布局养老产业、内含价值相对稳健、股息率较高、未来有望实现估值修复的大型保险公司中国平安、中国太保。

Pay TV is a subscription based television service. Pay TV generally includes subscription-based content such sport event, newly released movies and television serials. Pay TV includes different types of subscription services such as cable TV, satellite TV and IPTV. Cable TV offers its services through coaxial cables or fiber optic cables. Satellite TV is a type of television programming that is wirelessly delivered to TV sets across the world through network of radio signals, communications satellites, broadcast centers and outdoor dish antennas. IPTV uses Internet protocol (IP) based network to deliver TV channels to viewer’s set-top box. The prominent factors that drive the Pay TV market growth include increase in number of subscribers and the launch of new television channels. Moreover, increase in demand for IPTV in developed countries further fuels the growth of the market. However, emergence of OTT platforms such as Netflix, Amazon Prime, and Hotstar, are expected to restrain the growth of the pay TV market.

10 月18 日，国家统计局公布了我国9 月份经济数据。三季度GDP 按可比价计算，同比增长4.9%，低于市场预期；1-9 月份固定资产 投资累计同比增加7.7%，两年复合增速为3.8%，较8 月回落0.2 个百分点；9 月份，规模以上工业增加值同比增长3.1%，两年复合 增速为5.0%，较8 月回落0.4 个百分点；9 月份社消同比名义增长 4.4%，两年复合增速为3.8%，较8 月增加2.35 个百分点。

2021年上半年，尽管市场环境及券商基本面均较好，但券商股走势却较弱。 下半年随着财富管理及大资管主题被关注，我们建议关注东方财富、东方证 券、广发证券等券商个股。

10 月 18 日国家统计局公布数据显示：我国前三季度实际 GDP 同比增长 9.8%，两 年平均增长 5.2%，其中三季度实际 GDP 同比增长 4.9%。从需求端看，受疫情扰 动，消费复苏较为疲软。从固定投资来看，房地产投资持续回落，基建和制造业支撑有限。