Based on distribution channel, the high efficiency laundry liquid detergent market is fragmented into online sales channels, supermarket and hypermarket, departmental & convenience stores, and independent grocery stores. The online sales channels refers to sales through e-commerce platforms such as Amazon, Alibaba, eBay, and Groupon. Hypermarket and supermarket shops include Walmart, ASDA, Tesco, Big Bazar, and others. Independent grocery stores comprise small brick and mortar shops.

As many organizations continue to face challenges with legacy ERP solutions that have been in place for more than a decade, cloud offerings are gaining traction over existing on-premise systems, as they enable greater business agility and scalability. Several financial service organizations are migrating to cloud solutions to deliver innovation, customization, and security, with the sole purpose of gaining a competitive edge. According to Capgemini, cloud solutions are helping the banks to significantly cut expenses by slashing infrastructure costs by a quarter and potentially saving about USD 15 billion by 2019. Owing to this, many vendors are providing IaaS and PaaS applications to eliminate the need to manage hosting, maintaining, updating, and scaling service operations.

Digital Scent technology has witnessed exponential development from its initial deployment by the US Army in the Vietnam war to massive e-nose networks setup, around the world, presently. The digital scent technology has gained momentum recently with the development of emerging technologies like artificial intelligence and IoT. E-nose technology has seen widespread adoption in the waste management industry. Countries, such as the Netherland, UAE, Kuwait, and Italy have the most comprehensive e-nose networks. Countries like South Africa, Oman, and Estonia, have also invested in developing such e-nose networks. Odor pollution has become a sensitive issue in many parts of the world, with many severe instances reported by different countries in the world. The latest was from Malaysia in July 2019, when the authorities in Malaysia had to dispatch several teams to comb Batang Kali, which was considered to be the source of foul smell which spread through the region.

2019 年12 月回顾。长材供需偏弱、板材稳中向好，长材和板材价格、盈利分化。钢铁板块累计涨幅为4.95%，同期沪深300 累计涨幅为7.00%，钢铁板块PE 估值、PB 估值上升，2019 年12 月31 日钢铁行业PE_TTM 为9.76 倍，11 月底为9.3 倍；PB_LF 为0.93 倍，11 月底为0.88 倍，钢铁行业整体估值水平仍处于近7 年的估值低位，当前PE、PB 分别为2013 年至今的20.6%分位和25.8%分位。

未来去产能边际影响减弱，同时严禁新增置换产能：据“十三五”计划去产能1-1.5亿吨，2018-2019年已经完成计划上限。河北2018-2020年去产能工作方案指出，2020年压减退出2000万吨左右产能。

本篇报告回顾了全球各地区铁矿石供给需求变化情况，2019 年铁矿石由于淡水河谷溃坝影响，价格飙升。高利润刺激供给端加速释放，2020 年随着供给端释放，均价下降，维持行业的投资评级“推荐”。

2017年以来，防范化解系统性金融风险的核心目标就是消除金融系统存在的不合规的政策套利。监管套利是指“金融机构在不违背监管资本规定的前提下，通过金融交易，在不降低金融机构的业务规模和整体风险的同时，降低监管资本要求。”但由于国内市场资本市场规模巨大，参与主体众多，因此监管成本较高，确实存在不合规的监管套利行为，导致资金空转，脱实向虚。

我们复盘20 年券商行情，发现券商板块有五段时期向上脉冲明显，（1）2006.11-2007.11，（2）2008.12-2009.08，（3）2014 年底到2015 年中，（4）2015 年4 季度，（5）最近的2018 年底到2019 年3 月。其中（1）和（3）是大家都能理解的牛市中券商经纪业务大赚，ROE 提升，拉动估值带动股价上涨，而（2）、（4）、（5）则无一例外同中国经济发展遇到阻力引发刺激政策带来的流动性宽松有关。而“非标”作为信贷工具的补充，也较好体现了监管意志。当下时点，市场对短期券商行情分歧很大，本文尝试从非标的“主力”信托业相关数据探析接下来券商的行情演绎。

12 月25 日，银保监会公布2019 年11 月保险业经营统计数据。截至11 月底，保险业资产总额合计为20.12万亿元。1-11 月保费收入39620 亿元， 同比增长11.9%，其中保证保险业务表现突出。赔付支出累计11498 亿元，赔付率29%，环比增加1pct，净利润估算为23434 亿元，同比增长15.6%。

2019 年12 月28 日，第十三届全国人大常委会第十五次会议审议通过了修订后的《中华人民共和国证券法》，将于2020 年3 月1 日起施行，为证券市场全面深化改革落实落地，有效防控市场风险，提高上市公司质量，切实维护投资者合法权益，促进证券市场服务实体经济功能发挥，打造一个规范、透明、开放、有活力、有韧性的资本市场，提供了坚强的法治保障。