维持行业“超配”评级。2020 年重点公司业绩预告基本披露，部分公司已经披露完整业绩，总体表现基本在预期之中。2021 年1 季度，我们预计行业将在低基数的基础上，呈现高增长态势，尤其是1 月重疾定义切换，各公司执行“择优赔付”政策，更有利于行业的增长态势。所以，整体而言，寿险行业的负债端基本面无碍。接下来，对于股价，我们主要关注资产端基本面：我们认为国内十年期国债利率之后会持续走强，寿险企业资产端的回报率有望提升。

报告从行业实践出发，提出行业升级的关键在于渠道改革。并深度拆解了渠道改革的本质及需要解决的核心问题。结合全球最佳实践及我国本土市场发展经验，预测未来渠道发展路径。并通过对比分析上市险企近10 年的利润表数据，观测上市险企对“客户-渠道-股东”不可能三角的分配，有助于投资者理解渠道改革的本质、理解上市公司渠道转型战略及进行未来业绩预判。

中国房贷市场报告属于融360 大数据研究院市场数据监测及分析类报告，主要统计监测并分析国内重点41 个城市房贷市场数据。本报告数据维度包含：首二套房贷利率、首付政策、放款时间、银行平均利率等。目前数据维度及监测频率均可实现订制需求，数据监测最高频率为1 次/周。本报告主要针对全国利率变化情况，依据监测数据对当前利率形势及未来利率趋势做出分析判断及解读，并结合政策动向及重点城市实际情况对城市利率变化原因、影响及未来变化趋势进行分析。

2020年公募基金行业各数据上升迅猛，同比增长均超20%，基民收益率“跑赢”股民，基金行业迎来“高光时刻”。2020年，6000万新基民加入基金的狂欢，互联网基民用户规模突破1.2亿，同比上升90.7%。2020年新增基民中超5成为90后，被热搜“骗上车”90后，没想到登上的是辆“过山车”。

本篇是申万非银团队“中国资本市场展望系列”深度之一：立足人口老龄化和A 股机构化程度低的现状，深入研究个人账户养老金入市与机构化进程。以美为鉴，三支柱养老体系发达，上世纪80 年代以来个人账户养老金大发展并大量持基入市，加速了美股机构化进程，在此过程美国居民金融资产中股票占比升至近4 成。展望未来，中国发展个人账户养老金并以引导其投资权益公募，帮助居民银行储蓄转化为投资养老储蓄，增配权益的同时A 股加速机构化。

中国人寿、中国平安、中国人保、中国太保和新华保险2021 年1-2月累计保费收入分别为2540 亿元、1809 亿元、1361 亿元、990 亿元和441 亿元，同比+11.4%、-4.4%、+9.6%、+8.8%和+11.5%。

2020 年是业绩和估值双低的一年，今年宏观利率环境和行业基本面的改善将促使保险股估值修复，目前各家公司PEV（2021E）估值分别为：1x（平安），0.65x（国寿）、0.7x（太保）、0.54x（新华），仍处低位，我们认为至少还有20%的修复空间，后续随着保险需求恢复被验证，向上弹性更大。继续推荐：1）中国平安：目前的估值水位更加具有吸引力、此前市场预期有所降温后续有望超预期、随市场变化调整策略的决断力和执行力强、积极拥抱互联网和年轻人市场；2）中国太保：估值还未修复到位，历来风格保守稳健，有加速创新改革预期；3）新华保险：高弹性低估值，业绩有望超预期。

The global casino gaming equipment market is analyzed on the basis of its prospects and future growth rate. The report highlights numerous factors that influence growth of the casino gaming equipment market, which include market forecast, drivers, restraints, opportunities, and role of different key players operating in the market. The report further emphasizes on current market trends and future growth opportunities of various product types, installation, and mode of operation.

Car subscription service is the new generation vehicle ownership model, which allows to opt for a vehicle with fixed fee, particularly for less than 2 years and more than 1 month. Car subscription providers also provide the maintenance and insurance expenses along with the option for multiple switching of the vehicle as per the contract between the service provider and car subscription consumer. Car subscription services only include the services opted for passenger cars such as compact, mid-size, and SUV propelled by either IC engine or electric powertrain. The number of market participants operating in the global market is large and it is difficult to be consolidation as these players are operating in the domestic regions only.

The key objective of boiler insurance is to cover the physical damages occurred to boiler as well as it also covers the cost of repairing or replacing the damaged equipment, motors, computers, telephones, and electrical. In addition to this, various commercial and industrial end users are adopting boiler insurance to reduce their spending on cost incurred due to damage of the boiler. Furthermore, the boiler insurance providers are executing different rules & regulations related to insurance of various countries and are developing their existing offering by implementing advanced technologies that address a variety of customized coverages in the market, which is expected to fuel the growth of the boiler insurance market. The market size include boiler and machinery insurance premiums adopted in different end-user verticals. An in-depth analysis across North America, Europe, Asia-Pacific, and LAMEA has also been included. This report features information on boiler insurance offered by key vendors.