Travel insurance covers the expenses incurred and minimizes the risks during travel. It acts as a cushion in situations such as trip cancellation due to medical emergency, loss of baggage, evacuation due to medical condition or hijack, and loss of travel documents, among others. The travel insurance providers are executing travel rules & regulations, developing their existing offering by implementing advanced technologies that addresses a variety of customized coverages in the market, which is expected to fuel the growth of the travel insurance market. An in-depth analysis across North America, Europe, Asia-Pacific, and LAMEA has also been included. This report features information on travel insurance offered by key vendors. Furthermore, it highlights the strategies of key players to improve the market share and sustain competition.

The report incorporates the study of the global yacht charter market that focuses on the type, size and application. Chartering is the activity within the shipping industry where the charterer or a user hires the services of a vessel/ship from a ship owner. The Yachts charter is a motor driven or sail driven vessel that is used primarily for recreational purposes. Yachts can be privately owned (individual or by a company) or can be lend for chartering. The luxurious facilities are fitted in yacht that comes with the large, luxurious, professionally crewed motors or sailing yachts with varying length from 75 feet and expanding to more than 250 feet. The global yacht charter market is analyzed based on its prospect and future growth rate. The report highlights numerous factors that influence the growth of the global yacht charter market, which include market forecast, drivers, restraints, opportunities, and role of different key players operating in the market. Furthermore, the global yacht charter market is segmented on the basis of size, type, application, ad region. Based on size, the yacht charter market is segmented into large (over 50 m), medium (30m to 50 m) and small (up to 30m). Based on type, the market is divided into sailing luxury yacht, motorized luxury yacht, and others (inflatable boat, Catamaran, gullet). On the basis of application, the market is further divided into vacation, sailing, and others. Based on region, the market is studied across North Americas, Europe, Asia-Pacific, and LAMEA.

通过复盘2015 年1-7 月上市券商累计月度净利润情况，我们发现今年头部及精品券商1-7 月度累计净利润表现与2015 年同期相差较小，在下半年市场交投活跃度持续及股权融资提速的假设下，头部券商及精品券商全年业绩或有望超越2015 年。若资本市场深改持续，证券行业基础经营要素或将得到全面优化，业务效率的提高将有望推动财富管理、投行、资管等轻资本业务的收入稳步上涨，而融资渠道的拓宽、资本实力的增加、创新业务的逐步落地都将有可能促进资本中介、投资交易等重资本业务的营收规模提高。

资管新规重塑行业格局，理财子公司应运而生。理财子公司是监管鼓励的转型方向。目前有21 家银行获批筹建理财子公司，其中14 家开业运营。2020 年以来，随着已有理财子公司运行更为成熟、新设理财子公司相继发行产品、产品平移工作的持续推进，理财子公司产品的整体规模或增至2-3 万亿元。

7 月份，供给面受水涝灾情等扰动，工业生产持平于前值，经济修复斜率有所放缓。需求面，外需改善带来出口较强表现，基建投资在特别国债支持下小幅反弹，房地产加速开工推动投资继续上移，而宏观环境不确定性较强的环境下，整体制造业投资仍较低迷、居民消费反弹较显乏力。随着极端天气扰动逐渐消除，“双循环”的战略发展方向进一步明确，我们预计经济增速仍继续保有上行弹性，三季度GDP 增速有望较二季度继续上行。

市场行情回顾：本周（2020.8.17-2020.8.21），恒生指数周内下跌0.27%，其中，恒生中国企业指数周内下跌0.53%，恒生小型股指数周内上涨0.68%，恒生大型股周内上涨1.19%。

7 月超储率可能已经降至1.1%的低水平。如果与3 月相比较，超储率已经下滑了1%。而去年同期超储率可能增加0.1%。我们通过五因素模型比较了今年3-7 月与19 年同期资金面变化的差异，发现造成超储率下滑的主要原因仍是央行持续回笼流动性。超储率与资金利率的关系并非线性。若市场流动性水平维持高位，准备金需求曲线就会到达平坦区间，此时央行对于利率的调控力度就会下降，资金利率逐步向利率走廊下限逼近。但在央行持续收缩流动性的背景下，超储率维持在较低水平，商业银行的准备金需求得不到满足，这就可能迫使其改变资产负债的规模和结构来调整其准备金需求，准备金需求曲线进入陡峭的区间。因此，超储率偏低的主要后果一是央行对资金利率的控制力度提升，第二会加大资金面的波动率。

寿险行业（人身）目前有两大高速成长赛道： 赛道一： 拥有“线上流量优势”的大型互联网保险平台（蚂蚁、微等）。赛道二：拥有“线下专业化代理人优势”的主要服务高净值群保险公司、保险经代公司。

Remittance is referred as sending of money by foreign migrant cross border to another person via electronic payments, drafts, and check. In addition, majority of remittance services providers are focusing on digital remittance to enhance their business and provide customer with easier and quicker transferring services. Numerous benefits of using digital channels such as high speed, availability of digital channels 24 hours a day, transparency, ease of use, high security, and others, for sending money create numerous opportunities for the market. Increase in cross-border transactions and mobile-based payment channels and reduced remittance cost & transfer time drives the growth of the market. In addition, increase in adoption of banking & financial sectors across the globe fuels the growth of the market. However, lack of awareness and slowdown of the remittance industry is expected to impede the market growth. Furthermore, continuous technological innovations in digital remittance industry as well as rise in internet and mobile penetration in this region are expected to provide lucrative opportunities for the market growth.

根据 2020 年赤字数据测算，结合特别 国债等因素，2020 年利率债净供给将达到 10.6 万亿元。按照 我们上述预测的发行规模数据折算，年内仍有 3.1 万亿未发 行额度。我们对上述剩余发行额度的发行节奏做个预期。我们 认为 9 月份利率债净供给可能会超过 9000 亿。这将对市场形 成较大的冲击。