1 月22 日国新办举行银行业保险业2020 年改革发展情况发布会，梁涛副主席、首席风险官兼新闻发言人肖远企介绍了银行业改革发展情况并解答了相关问题。主要内容包括信贷投放、经营业绩、风险处置、房地产融资集中度管理影响等，相当部分内容已在前期报告讨论涉及，本报告聚焦处置3 万亿元不良资产和行业负增长1.8%的意义。

《商业银行负债质量管理办法（征求意见稿）》核心是，建立负债质量体系化和长效化监管机制，引导商业银行负债“由量到质”。当前监管重心在于银行长期高质量发展，保证银行系统运行稳健。银保监数据显示，四季度行业单季盈利增速近30%，逐步验证市场预期。2021 年全年，银行板块受益宏观乐观和盈利改善，具备高确定性价值，年初以来板块表现乐观具备基本面基础，下阶段建议运用长线思路来把握板块机会。

为促进商业银行提升负债业务管理水平，维护银行业体系安全稳健运行,有效防范金融风险，中国银保监会研究制定了《商业银行负债质量管理办法（征求意见稿）》（下称《办法》），现向社会公开征求意见。

4 季度银行股重仓比例较3 季度环比回升至1.52%，个股来看，主要是兴业银行和龙头银行获得增持。进入2021 年以来，国内经济复苏改善态势延续，同时货币政策回归常态，多重利好因素叠加下行业基本面有望较2020 年取得明显改善。同时近期部分银行年报业绩快报表现超预期，引发板块关注度提升，我们认为1 季度行业基金持仓占比有望进一步上行。目前银行板块仍具备低估值（对应2021 年PB 为0.83x）、低仓位特点，个股方面建议关注优质个股（如招商银行、宁波银行、平安银行等），以及基本面改善标的（如兴业银行、邮储银行等）。

12 月24 日至01 月20日，沪深300 指数上涨15.6%，银行指数上涨12.4%。在30 个中信一级行业指数中，银行指数区间表现位居第5 位。银行板块中，国有大型银行指数上涨2.6%，全国性股份制银行指数上涨20.2%，区域性银行指数上涨4.3%。个股表现为涨多跌少。其中，平安银行、招商银行、兴业银行、宁波银行与邮储银行涨幅靠前。

1 月 22 日，国务院新闻办公室就银行业保险业 2020 年改革发展情况举行发布会，会上介绍了2020 年银行业发展情况；同日，银保监会发布《商业银行负债质量管理办法（征求意见稿）》（以下简称意见稿），涉及内容包括负债质量管理体系、负债质量管理要素、负债质量管理监督等方面。

国新办举行银行业保险业改革情况新闻发布会，2020 年银行业净利润同比-1.8%，其中Q4 单季利润同比+29%，我们预计绝大部分前三季度利润负增长的上市银行2020 年净利润增速将修复至0%左右；全年不良率下降，不良认定从严且加大处置力度，缓释后续风险压力。银保监会就负债质量管理办法征求意见，明确负债质量管理六大要素，负债管理体系有望逐步建立，利好目前体系较完善的大中型银行。各银行业绩快报释放基本面积极信号，银行业利润增长预期得到确认，我们坚定看好银行股当前加配机遇，当前首推成都银行、长沙银行、兴业银行，推荐常熟银行、宁波银行。

Mobile payment is an alternative method for traditional payment systems where cash, cheques or credit cards are the medium of payment. Mobile payments provide customers a way to purchase any good or services with the help of wireless devices such as smartphones, tablets and others. In addition, mobile payments use different technologies such as NFC (Near Field Communication), SMS-based transactional payments and direct mobile billing, for improving the security of the transaction and to provide hassle-free transactions. Rise in penetration of smartphones across the globe and increase in the m-commerce industry in emerging countries are the major factors driving the growth of the market. In addition, upsurge in adoption of mobile payment services in emerging countries fuels the growth of the market. Furthermore, rising data breaches and security issues in mobile payments hampers the growth of the market. Furthermore, growth in usage of NFC, RFID and host card emulation technology in mobile payments and rise in demand for fast and hassle-free transaction services is expected to provide lucrative opportunity for the market.

Internet advertising is the process of using the internet as a medium to deliver marketing or promotional messages to an identified as well as intended audience. It helps to attract website traffic & brand exposure and is designed to encourage the targeted consumer to engage in a specific action such as making a purchase. It is one of the most effective ways for all size of businesses to find new customers, expand their reach, and diversify their revenue streams. The businesses are using internet advertising (such as banners, pay-per-call ads, payper- click ads, and pop-ups) in e-newsletters, on search engines, on compatible websites, and in online versions of magazines and newspapers as a way of reaching people who uses the internet for shopping or to gather information. Internet advertising not only helps brands to find the right audience but also helps keep the target audience engaged as it is a fast and easy way of advertising

The report on the residential real estate market presents a detailed analysis of the trends, future estimations, and thorough study of the market based on budget and size. The market segmentation based on budget includes less than $300,000, $300,001 to $700,000, $700,001 to $1,000,000, $1,000,001 to $2,000,000, and more than $2,000,000. By size, the market is fragmented into less than 50 square meters, 51-80 square meters, 81- 110 square meters, 111-200 square meters, and more than 200 square meters. The companies analyzed in the report are Arabtec Holding, Christie’s International Real Estate, Coldwell Banker Real Estate LLC, DLF Limited, Engel & Völkers AG, Hochtief Corporation, IJM Corporation Berhad, Lennar Corporation, Pultegroup, Inc., Raubex Group Limited, Savills plc, Sotheby's International Realty Affiliates LLC, Sun Hung Kai Properties Limited and Vinci.