2019 年北上资金持股集中度下降，持股行业结构扩散与多元化。从持股比例分布看，大市值、低波动、合理的盈利与估值匹配以及盈利成长性是北上资金持股的重要特征。

2019年上半年，我国人均可支配收入超过15000元人民币，近四年的复合增长率达到6.5%，而我国居民的人均消费支出在2019年上半年也已经突破10000元人民币；另一方面，我国的国民储蓄率也由2008年的51.8%下降到了2018年的45.4%。逐渐增加的居民人均可支配收入&人均消费支出以及稳定下降的国民储蓄率为我国消费金融行业的发展打下了坚实的经济基础。

信息技术推动了银行业与科技深度融合，驱动银行业向科技驱动发展。数据显示，中国银行业IT投资规模已破千亿元，预计到2022年，中国银行业整体IT市场将超1500亿元，2018到2022年年均复合增长率将达8%。

三角形支撑框架目的是助力于经济稳定增长：2018年10月，国务院金融稳定发展委员会首次提出三角形支撑框架，2018年11月央行发布的三季度货币政策执行报告中又一次提及三角形支撑框架，三角形支撑框架分别从市场的宏观、中观、微观三个层面对确保经济稳定增长提出了相应的金融监管要求。

12 月违约虽少，但量级较大。12 月新增违约主体数量环比同比均下降，但新增违约中包含著名“校企”北大方正和首例城投债违约主体呼和经开，因此12 月债券违约对市场的影响仍然较大。隐性债务处置政策有喜有忧，未来不排除出现新的风险点。

随着信用债违约的常态化，债券违约的后续求偿也成为了投资者乃至监管机构的关注焦点。国内债券违约后的求偿并没有统一的处理模式或流程，大致可以根据债务人债权人是否协商一致分为自主协商和司法程序两类，而破产重整则是进入司法程序后常见的一种求偿方式。本文聚焦破产重整，重点关注债券发行人破产重整的情况。

专项债券余额与预算安排均越来越接近一般债安排，预计后续发行额度将与一般债拉开差距。专项债发行利率2019 年下降明显，发行期限明显拉长。

总览：债券总托管量环比增长。12 月中债登、上清所债券托管量合计87.33 万亿，环增1.1 万亿。中债登债券托管量为64.98 万亿，环增7756.29 亿，增量主要来自国债及政金债；上清所债券托管量为22.35万亿，环3224.24 亿，增量主要来自同业存单。

The South Africa fast food market is analyzed based on its prospect and future growth rate. The report highlights numerous factors that influence the growth of the South Africa fast food market. These include market forecast, drivers, restraints, opportunities, and role of different key players operating in the market. The report is analyzed by South Africa fast food market, which include the segments such as product type, age group, and distribution channel.

The Market for customs brokerage in United States has been growing steadily and the growth is expected to continue through the forecast period. The number of entries processed by US CBP has increased steadily over the years. In 2018, the volume of entries has increased by around 6% due to surge in imports. However, there is a decline in 2016 due to a decrease in imports.  In 2018, USD 2.65 trillion of imports were processed, equating to 35.1 million entries and more than 29.7 million imported cargo containers at the US ports of entry. The imported cargo containers increased approximately 4.2% when compared to 2017, continuing nearly a decade of steady year-on-year growth supported by economic growth. The continuously changing trade environment and increasing complexity of compliance are driving the demand for customs brokerage services. Also, the growth in imports driven by free trade agreements and trade facilitation are also contributing to the growth of the market.