中国2季度经济增速环比上行。中国2季度GDP同比增速为7.9%，略低于市场预期。环比增速为1.3%，高于1季度的0.6%，但慢于去年4季度的2.6%。工业增加值同比增速为8.3%，预期为7.8%；社会消费品零售总额同比增速为12.1%，高于预期的11%。2季度来看，无论工业、消费还是出口都超出市场预期，显示经济仍处在复苏的态势中。值得注意的是，2季度中国仍有疫情发生，但消费已经有明显改善，一方面显示我国应对疫情的能力，另一方面则是疫情如控制得好，其对经济的负面影响可控。

疫情下的经济复苏。疫情下世界经济复苏呈现两级分化。西方发达国家经济复苏进程超预期，因为疫苗接种率较高；而大多数发展中国家都因为没有或缺少疫苗，经济复苏一波三折。近期受到Delta变异毒株的影响，多国新冠疫情蔓延态势加速。世界银行北京时间周四表示，东亚和太平洋地区(除中国)今年GDP增速可能会低于此前预期，因该地区的许多国家面临疫情再次大爆发和疫苗接种率不足的问题。世界银行行长马尔帕斯(David Malpass)周四称，东亚和太平洋地区(除中国)今年预计将增长4%，低于3月份预测的4.4%，其中缅甸等饱受疫情冲击的国家经济下滑幅度将超过预期。不过，马尔帕斯表示，如果将中国涵盖在内，预计该地区今年经济增速将达到7.7%，高于3月7.4%的预测值。世卫组织日前也指出受Delta变异病毒影响，全球正处在第三波疫情大爆发前夕。我们认为美国等发达国家所受影响将会较小。当前，美国餐饮和出行需求已经恢复到疫情前的水平，经济复苏稳步进行中。

A股和港股上涨，美股涨跌不一。受到隔夜美联储鸽派立场的提振，A股和港股上涨。美股涨跌不一，其中纳指和标普下跌，而道指上涨。美国发布二季度业绩的公司基本均超预期，但股价涨幅有限，显示利好已经在股价中。随着美国经济复苏进一步推进，美国10年期国债收益率有可能从低位向上，对以科技股为主的纳斯达克指数将会有一定的冲击，对A股的成长股也会有冲击。

2^ndquarter GDP grew quarter-on-quarter. China’s 2nd quarter GDP grew 7.9% year-on-year(yoy), slightly lower than expectation. It rose 1.3% quarter-on-quarter, which is faster than 0.6% in 1st quarter but slower than the 4th quarter 2020. The industrial value-added grew 8.3% yoy and retail sales grew 12.1%. Both were higher than expected. In the 2nd quarter industrial value-added, retail sales and import-export came in higher than market expectation. It is also noticeable that consumption recovered strongly despite that there were pandemic cases surging in several cities in China. This reflects that China has got to know how to deal with the pandemic without affecting economy too much.

Global economic recovery in pandemic is uneven.This is because vaccines are still in shortage. For those western countries that have purchased more than enough vaccines their economic recovery has been smoothly. For example, the US dining-out and airline traffic have come back to pre-pandemic levels. Yet in East Asia and Pacific region (excluding China) due to the Delta variant the economic growth would slow down significantly. The World Bank downgraded this region’s economic growth in 2021 from 4.4% to 4%.But if China is included the region’s growth rate would be raised from 7.3% to 7.7%. WHO also warned that due to the Delta variant the world would experience the third wave of COVID-19 pandemic. Yet the developed countries would suffer less than developing countries given that their vaccination rate is pretty high. 

Both A-share and HK stocks rose due to the dovish Fed. The US market was mixed with DOW rising and SP 500 and Nasdaq falling. With strong economic recovery the US treasury yield could go up from current low levels. This would cause correction of the mega-tech stocks in the US as well as growth stocks inA-share and HK market. 

声明：本市场点评由北京枫瑞资产管理有限公司（以下简称“枫瑞资产”）“枫瑞视点”微信公众号提供和拥有版权，授权上海海狮资产管理有限公司转载。在任何情况下文中信息或所表述的意见不构成对任何人的投资建议，枫瑞资产不对任何人因使用本文中的内容所引发的损失负任何责任。未经枫瑞资产书面授权，本文中的内容均不得以任何侵犯枫瑞资产版权的方式使用和转载。市场有风险，投资需谨慎。

白马股不香了吗？上证50指数中的50只权重股都是所谓白马股。近期，这些白马股迭创新低引发市场的关注。在这50个权重股中，权重最大的是贵州茅台，占比15.8%，前10大权重股合计权重占指数的57%。今年以来前10大权重股表现较好的仅有隆基股份和药明康德，年初以来分别上涨33%和44%。而其他八只股票要么下跌要么持平。其中跌幅较大的有恒瑞医药、中国平安、中信证券和万科企业，年初以来分别下跌35%、32%、20%和19%。贵州茅台年初至今股价是持平的。无论中国平安还是万科企业，其估值都处在历史较低或者最低的水平。为什么这些公司的股价表现如此疲弱呢？主要原因是基本面存在较大风险。但是基本面的弱势其实已经反应到股价里了。如果未来基本面有好转，股价将会有较好表现。当然，上证50的内部分化其实是今年A股市场分化的一个体现。今年以来涨幅最高的行业是化工，上涨28.8%；而跌幅最大的行业是非银金融，下跌19.8%。化工股的上涨主要是新能源汽车相关个股推动的，而非银金融中无论保险还是券商今年的表现都不佳。保险板块因为保费增速不及预期，行业处在低迷期。但券商板块业绩增速其实并不差，但一直被市场所抛弃。如何看待这种现象呢？这与投资者结构有很大关系。A股市场中的个人投资者众多，同时基民也很多。无论个人投资者还是基民都是趋势投资者。市场上涨或者基金净值上涨才会入市。因此，上涨的板块似乎永远有上涨的动力；而下跌的板块永远有杀跌的动力。但是，只要是趋势就会有逆转的那一天。一旦趋势逆转，无论上涨还是下跌也都会非常剧烈。所以，做好心理准备，市场有可能会发生巨震。

美联储将会维持当前货币政策。美联储主席鲍威尔认为当前通胀还是短暂的，未来将会趋于平稳。但如果通胀高于预期，美联储将会调整货币政策。就业达到目标仍然需要比较长的时间，因此削减债券购买可能也要等一段时间。鉴于美联储的鸽派立场，道指和标普500上涨，而纳指下跌，10年期国债收益率下降。A股和港股因美国6月通胀超预期担忧美联储收紧流动性而下跌，新能源相关板块跌幅居前。

Blue chips did not perform. SSE 50 Index fell to new lows year-to-date (the same below). This index is composed of 50 blue-chip stocks. Kweichow Moutai has the largest weighting at 15.8%. The top-ten stocks contribute 57% of  the index weighting. Among the top-ten stocks only 2 stocks, i.e., Longi Green Energy Technology and Wuxi Apptec performed well. Wuxi Apptec rose 44% and Longi Green Energy rose 33%. The remaining 8 either fell sharply or was flat. Jiangsu Hengrui Pharmaceutical, China Ping’an, CITIC Securities and Vanke Property fell the most at 35%, 32%, 20% and 19% respectively. Some of these stocks are faced with challenges to grow their earnings such as insurance stocks. Others are faced with valuation contraction despite good earnings growth such as brokerages. While the divergence in SSE 50 Index is obvious, it actually reflects the broad market. In A-share the best-performing sector rose 28.8% while the worst-performing sector fell 19.6%.The reasons behind is that most of the individual investors and those buy mutual funds are trend-followers. They will chase those stocks and funds that perform well. This has caused the phenomenon that the better performance of the funds or stocks the more money come in and the worse performance the more money come out. Yet with the valuation of those stocks that performs well reaching the peak levels and that of those stocks that perform poorly reaching the historical low levels the divergence would narrow. Once this happens the rise or fall of stocks would be very sharp. Better be prepared for this.  

The Federal Reserve remained dovish. Fed chairman Powell said that the inflation would moderate after being at high levels for some time and the Fed would not taper until employment made progress. DOW and SP 500 rose while Nasdaq fell slightly. The 10-year treasury yield fell at the Fed’s dovish tone.Both A-share and HK stocks fell as June inflation in the US was higher than expected and market concerned that the Fed would take back liquidity earlier than expected.  New energy sector fell the most. 

声明：本市场点评由北京枫瑞资产管理有限公司（以下简称“枫瑞资产”）“枫瑞视点”微信公众号提供和拥有版权，授权上海海狮资产管理有限公司转载。在任何情况下文中信息或所表述的意见不构成对任何人的投资建议，枫瑞资产不对任何人因使用本文中的内容所引发的损失负任何责任。未经枫瑞资产书面授权，本文中的内容均不得以任何侵犯枫瑞资产版权的方式使用和转载。市场有风险，投资需谨慎。

下半年经济增速要看政策的力度。下半年美联储能不能回收流动性在很大程度上左右全球资产动向。届时，如果中国经济增速下行，我们认为中国的货币和财政政策将会发挥更大的支持作用。2020年新冠疫情发生以来，中国经济增速领先全球，但我们的货币和财政政策都没有像西方发达国家那样用尽全力。2020年欧美国家财政赤字都达到了双位数，而中国的广义财政赤字率只有8.2%。今年以来，货币和财政政策持续收紧。货币政策上，社融增量同比增速持续走低；财政政策上，专项债发行也不及预期。但未来随着经济下行压力加大以及美联储收回流动性，市场认为专项债的发行将会提速。而货币政策方面，广义货币M2的同比增速已经触底回升，我们认为3、4季度将会保持稳健增长的水平，同时不排除如经济超预期下行和美联储超预期回收流动性的前提下，货币和财政政策超预期发力。我国6月进出口数据再超预期，反应国外的经济增长仍然强劲；进口增速环比下行主要是去年的基数抬升造成的。

美国6月份消费者价格指数上涨再超预期。美国6月份消费者价格指数同比上涨5.3%，超出市场预期的4.9%，创下2008年8月份以来的最快涨幅。因去年6月份的消费者价格指数已经不是一个低基数，因此，当前价格的上涨说明通胀处在较高水平。环比数据可以不受去年低基数的影响。除去食品和能源的核心消费者价格指数4-6月份平均每月上涨0.8%，意味着年化10.1%的增速，这无论如何都是一个很高的数据。通胀是暂时的还是持久的仍是当下争论的焦点。对于那些认为通胀是暂时的，6月份的数据也提供充分的例证。占消费者价格指数1/3的二手汽车和卡车的价格6月份环比5月份上涨了10.5%，而这主要是由于疫情打断供应链导致芯片等生产汽车的关键零部件短缺所造成。如果剔除掉二手车的价格上涨，则6月份的消费者价格指数环比5月份上涨0.5%，而核心消费者价格指数将会上涨0.4%。美联储主席鲍威尔将于周三和周四在国会作证，市场预计他仍会坚持通胀是暂时的说法，至于暂时会持续多久仍不可知。因美国6月通胀数据超预期，美股市场从高位回落。

China’s economic growth in 2H2021 would largely depend on fiscal and monetary policy. When and how the Federal Reserve takes back liquidity wouldaffect global financial assets. China’s fiscal and monetary policy would becomemore proactive if China’s economy slows down more than expected and the Fed takes back liquidity earlier than expected. In 2020 China’s broad fiscal ratio of deficit was 8.2% compared with double-digit of ratio of deficit in the western developed nations. The People’s bank of China (PBOC) began to take back liquidity in 2H2020. Since the beginning of 2021 fiscal policy has been tight. The issuance of special bond has lagged behind schedule. In 2H2021 the issuance of special bond will hurry up to prevent the economy from sliding too fast. Moreover, money supply will grow steadily in 2H2021, as mentioned by the PBOC  recently. Hence, it is no need to worry too much about the Fed’s tapering in2H2021. The June export and import data in China was above expectation.

June CPI grew higher than expected in the US. Total CPI rose 5.4%in June after rising 5% in May, which was the fastest increase from August 2008. It is noticeable because June 2020 was not a low base as May 2020. Month-on-month comparison is a better reading as it excludes base effect. From April to June CPI increased at an average 0.8% per month, which translates into 10.1% annually. Hence,whether inflation is transitory or persisting is still a focus in the market. Forthose arguing that inflation is transitory the used car and truck prices provides support. In June the used car and truck prices increased 10.5% from May mainly due to the supply chain disruption. The used car and truck prices  ccount for one third of CPI. Excluding used vehicle prices, CPI would haverisen 0.5% and 0.4% in June from May. The Fed chairman Powell will testify before the congress on Wednesday and Thursday. Market expects that he maintains that inflation is transitory. Though it is unknown how long transitory inflation would last.  The US stocks retreated from record high. The 10-year treasury yield went up. 

声明：本市场点评由北京枫瑞资产管理有限公司（以下简称“枫瑞资产”）“枫瑞视点”微信公众号提供和拥有版权，授权上海海狮资产管理有限公司转载。在任何情况下文中信息或所表述的意见不构成对任何人的投资建议，枫瑞资产不对任何人因使用本文中的内容所引发的损失负任何责任。未经枫瑞资产书面授权，本文中的内容均不得以任何侵犯枫瑞资产版权的方式使用和转载。市场有风险，投资需谨慎。

中证500和创业板指均放量突破。周一中证500上涨1.47%，超越了2020年7月14日的前期高点。中证500指数中除了天赐材料市值接近800亿人民币（下同），酒鬼酒和科沃斯市值略超500亿，其余497只权重股的市值均在400亿以下，市值最低的重庆燃气和中铝国际市值仅有11-12亿。中证500当前的静态市盈率为22倍，处在2007年1月以来6.34%的分位点，即从2007年1月以来的14年多的时间里，仅有6.34%的时间中证500的估值是低于当前水平的。虽然指数的估值水平较低，但是内部估值差异较大。年初以来涨幅较好的新能源、半导体和人工智能相关板块的估值水平较高，均在100倍市盈率以上，比如天赐材料、特锐德、士兰微、科沃斯等。科创板上市的股票估值也较高，比如微芯生物等。有32只股票仍然亏损，包括受疫情冲击较大的酒店、航空和铁路等企业。其余有盈利的股票中，361只的市盈率在0-50倍之间，其余109只股票市盈率在50倍以上。中证500中低估值股票占比较高。我们认为未来指数将会持续上行，一方面中小市值公司在经济下行的过程中受到的冲击较大公司而言要小，另一方面，去年以来对大市值核心资产的炒作已经达到一个极致状态，抱团股的筹码松散之后必然要寻找新的方向。在中证500指数中的百亿市值公司中还是能找到一些短期业绩确定增长的股票，这些也成为资金追捧的方向。周一创业板指也放量突破了2015年5月以来的高点，也是受到了新能源等热门行业的带动。创业板指静态市盈率为63.6倍，处于2010年6月份指数成立以来80%的分位。其100个权重股中55只的静态市盈率超过50倍。资金在追捧新能源等热门股的热情如达到极限，高估值的股票可能面临较大压力。相比而言，我们更看好中证500中的低估值个股。创业板指未来可能会面临估值回调的压力。

全面降准对A股和港股市场的带动有限。上证指数和恒生指数上涨略超0.6%，市场仍担忧经济下行。美股标普500和纳斯达克再度创出新高。周二摩根大通、高盛和百事将会发布二季度业绩。因去年疫情造成的低基数，二季度业绩增速将创出历史新高。

Both CSI 500 and Chinext Index rose to new high. CSI 500 small-cap index (CSI 500) rose 1.47% on Monday above the previous high set on July 14th 2020. Among the weighting stocks in this index 497 stocks have a market cap below RMB 40 billion. Guangzhou Tinci Material has a market cap which is close to RMB 80 billion, the largest market cap in CSI 500. Jiugui Liquor and Ecovacs Robotics have a market cap of a little more than RMB 50 billion. The trailing-twelve-month price-to-earnings ratio (TTW PE) of CSI 500 is 22.6x, which put it at 6.34% percentile since Jan.2007. The valuation gap is obvious within the index, though. Stocks in hot sectors including new energy, semi-conductor and artificial intelligence have TTW PE above 100x. 361 stocks’ TTW PE is between 0-50x. 109 stocks have a TTW PE above 50x. We believe that going forward the index will be driven by those low-valued stocks. The first is that as economy slows down small- to mid-sized companies will perform better than big ones. The second is that group-holding stocks have faced with challenges to attract new money. Money into the stock market would have to seek alternative investment opportunities. CSI 500 is a good place to be as there are many companies with market cap above RMB 5 billion that can deliver good earnings growth this year. Chinext Index also reached new high from June 2015. But different from CSI 500 Chinext Index is valued at TTW PE 63.6x, which put it at 80% percentile since June 2010 when the Index was set up. Among the 100 weighting stocks in the index, 55 have a TTW PE above 50x.This index might face some headwinds going forward given its high-valuation.

Both A-share and HK stocks rose. Shanghai Composite Index and Hang Seng Index rose a little above 0.6%. Market is still concerned about the likely slowdown of economy. The US stocks rose with SP 500 and Nasdaq reaching new high. JP Morgan and Goldman Sachs along with Pepsi will report 2Q2021 earnings on Tuesday. Market is focused on their outlook for the remaining of this year rather than the blockbuster 2Q earnings due to the low base in 2020. 

声明：本市场点评由北京枫瑞资产管理有限公司（以下简称“枫瑞资产”）“枫瑞视点”微信公众号提供和拥有版权，授权上海海狮资产管理有限公司转载。在任何情况下文中信息或所表述的意见不构成对任何人的投资建议，枫瑞资产不对任何人因使用本文中的内容所引发的损失负任何责任。未经枫瑞资产书面授权，本文中的内容均不得以任何侵犯枫瑞资产版权的方式使用和转载。市场有风险，投资需谨慎。

不宜悲观。在6月份社融数据超预期以及下半年大宗商品价格可能见顶回落的情况下全面降准让市场猜测经济比预期的差。本周四将公布6月份和2季度的经济数据，届时将会对市场的预期做出回应。我们的判断是经济确实进入了下行期，但是下行的幅度比较缓慢，不应过度悲观。从景气指标官方制造业采购经理人指数看，我们可以看到小企业该指数几乎从2012年以来就基本处在收缩的状态，处在扩张区间的时间较少。而6月份的小企业官方制造业采购经理人指数还有所改善，从5月份的48.8%上行到49.1%。但是上半年大宗商品价格的上涨确实对中小企业而言压力巨大，另外疫情也影响了很多从事餐饮服务的中小企业。从经济周期看，库存周期下行期一般对应着降准降息。可以说这次为应对经济潜在下行，政府确实是做到了未雨绸缪。那当前估值割裂的市场接下来会如何演绎呢？我们认为成长和价值股均有机会，但是估值低的弹性会更大。并且如果指数能上行甚至突破前期高点，一定是低估值价值股带领的，而不是高估值的成长股。我们仍看好周期股、低估价值股。经济复苏股当前预期过低，个别板块接近2020年3月的低点，有一点催化剂板块就会有较好的涨幅。

中美金融周期短暂趋同。美国目前仍处在大放水时期，而中国的货币政策也开始趋向宽松。中美金融周期暂时趋同，对人民币的升值压力减轻。上周五收盘后我国央行宣布全面降低存款准备金0.5个百分点，人民币汇率应声走软。从5月底央行开始出手抑制人民币升值以来，人民币贬值幅度达到1.86%。但美国有可能在今年下半年开始收缩流动性，而中国则因为经济下行货币政策不太可能过紧，中美两国的金融周期将会再度背离。受到中美金融周期背离的影响，人民币也许将会在下半年见到更大幅度的贬值，但是幅度应有限。人民币过度贬值将会导致外资持续流出，对我国股市和债市都不利。我们之前提到过今年不是2018年，主要原因是中国的经济形势本身强于2018年，另外货币和财政政策也较2018年更加友好。这意味着中国经济整体承受冲击的能力强于2018年，大可不必担忧股灾再度发生。

No need to be pessimistic. As June aggregate social financing came in above expectation and that commodity prices are expected to peak out in 2H2021, the news that People’s Bank of China (PBOC) cut the reserve ratio for all banks was out of expectation. Market then became concerned that economy might be worse than expected. The June and 2nd quarter economic data will be released on Thursday. We do not expect too much downside risk. Although China’s economy has been on a downward trend it would go down gradually rather than sliding. To cut reserve ratio is actually to help the small- to mid-sized enterprises (SMEs). The official manufacturing Purchasing Manager’s Index for small businesses in June showed that SMEs were on the contraction area. This might be due to the pandemic, which made SMEs in catering sector faced with difficulties to find customers. Moreover, high-flying commodities prices also made them difficult to maintain a profit. Banks can lower the interest cost of SMEs after reserve ratio becomes lower. For stock market both value stocks and growth stocks would perform in an easing monetary environment. Yet if the stock market can go higher, the value stocks would perform better than growth stocks as the latter’s valuation is already over-stretched.

The convergence of monetary policy of China and the US. That PBOC has lowered reserve ratio for all banks means that China’s easing monetary policy. This is in line with the US, which is still in easing monetary policy. RMB has depreciated 1.86% against the US dollar since the end of May. Market expects the Federal Reserve to take back liquidity in 2H2021. This would cause the divergence of monetary policy of China and the US again. As such RMB might depreciate further in 2H2021 but we deem that it would not depreciate too much as what happened in 2018. On the one hand the financial deleveraging has made big progress; on the other hand China’s economy in 2H2021 would be better than in 2018. So again this year would not be a repeat of 2018.

声明：本市场点评由北京枫瑞资产管理有限公司（以下简称“枫瑞资产”）“枫瑞视点”微信公众号提供和拥有版权，授权上海海狮资产管理有限公司转载。在任何情况下文中信息或所表述的意见不构成对任何人的投资建议，枫瑞资产不对任何人因使用本文中的内容所引发的损失负任何责任。未经枫瑞资产书面授权，本文中的内容均不得以任何侵犯枫瑞资产版权的方式使用和转载。市场有风险，投资需谨慎。

通缩了吗？A股和港股周四大跌，市场对经济复苏有很大的疑虑。政府提出适时降准可能表明经济增速不及预期。而市场担心银行将会再次向实体经济让利，银行股大跌。近期中美两国的国债收益率均下行，美国10年期国债收益率周四早盘跌破1.25%，一些股票基金经理可能会认为经济有重大利空，相应地要减持股票配置。而中国10年期国债收益率也在周四跌破了3%达到2.9975%，这是2020年8月24日以来10年期国债收益率首次跌破3%的水平。国债收益率下行，通常反应市场的避险情绪，侧面反应经济走弱。A股市场从上周开始调整，港股市场过去8个交易日中6个下跌。资金撤离A股和港股市场是因为美元指数上行，导致资金逃离新兴市场。对港股而言，年初的上涨主要是由经济复苏预期推动的。经济复苏股3月份之后在港股表现不及预期，4月份是因为受到疫情的冲击，但5月份以来应该是受到经济下行的担忧。而A股只有个别板块包括新能源和半导体表现，大部分板块都处在下跌的走势中。因此，无论A股还是港股其实都在反应经济下行。我们之前判断从官方制造业采购经理人指数看，该数据在3月份达到高点之后回落显示中国经济触顶之后进入了库存周期下行期。中国经济距离衰退应还有距离。因此，当前仍应该配置股票。而美国经济仍处在库存周期冲顶的阶段，在美联储即将开启缩减购买计划的时机，美国国债收益率出人意料的下行猜测更多是技术层面而非基本面因素造成的。因此，通胀仍是当前的主要问题而不是通缩。也许四季度我们讨论通缩会比较合适。

Is deflation coming? The tumble of both A-share and HK stocks reflects that investors are concerned that China’s economy might be on the downward trend. This seems to be verified by the news that government would lower reserve ratio for banks.Bank stocks dropped sharply as market worried that banks were asked to give out some profit to industries if economy goes down. Recently both China and the US treasury yield fell. In China 10-year treasury yield fell below 3% to 2.9975% on Thursday, the first time since August 24th 2020. The decrease of treasury yield usually means that market is risk-averse and treasury is taken as safe heaven.  The US 10-year treasury yield fell below 1.25% in the early trading hours on Thursday. Portfolio managers would take this as a signal that economy would come down sharply and cut off equity allocation. A-share began to correct last week while HK stocks fell for six sessions over the last 8 trading days. In A-share only a couple of sectors rose including new energy and semi-conductor. Other sectors fell sharply. In HK market sectors associated with economy recovery fell from mid-March due to the resurging pandemic. Yet from May they continued to fall due to the concern that economy might be weakening. Our judgment is that China’s economy has peaked out in March as shown by the official manufacturing Purchasing Manager’s Index. Yet it is still far from recession.Hence equity should still be the top-pick in asset allocation. Inflation is still dominant at this moment. We might need to consider deflation in the 4thquarter this year when economy comes down further.

Global stocks fell with VIX index rising. The initial jobless claim last week in the US was worse than expected. This along with June ISM PurchasingManger’s Index showed that the US economy might be slowing down. Also as Japan Olympics would not allow spectators to witness the matches investors worry that the pandemic might come back again. Financials and industrial stocks in the US fell the most. VIX index rose above 20. 

声明：本市场点评由北京枫瑞资产管理有限公司（以下简称“枫瑞资产”）“枫瑞视点”微信公众号提供和拥有版权，授权上海海狮资产管理有限公司转载。在任何情况下文中信息或所表述的意见不构成对任何人的投资建议，枫瑞资产不对任何人因使用本文中的内容所引发的损失负任何责任。未经枫瑞资产书面授权，本文中的内容均不得以任何侵犯枫瑞资产版权的方式使用和转载。市场有风险，投资需谨慎。