企业盈利的增长来自哪里？企业盈利的增长来源于两个方面：收入增长和利润率提升。收入增长来自于产品价格提升和销量增加。去年以来，周期性行业的股价上涨就是由产品价格上涨推动的。而销量通常是行业增长加上企业扩大市场份额的结果。利润率提升来源于毛利率提升和费用率下降。而毛利率提升又来源于产品价格上涨和成本下降；而费用率下降则主要是由于企业经营管理改善造成的。行业竞争到最后就是看谁成本低，成本低的活下来，成本高的被淘汰出局。每个行业都有周期，从萌芽期到成长期、成熟期，最后到达衰退期。所有的夕阳行业都曾经成长过，所有的朝阳行业未来都会走向衰退。20年前，百货行业是高增长行业，百盛百货享有50-60倍的市盈率，投资人对它的未来发展前景保持很高的信心。如今，百货公司估值在几倍的市盈率。百货行业在过去10年遭遇到电商的重大冲击。同样受到冲击的还有电器零售行业，曾经火爆一时的国美和苏宁也在电商的冲击下节节败退。苏宁近期也因为管理不善导致大股东出局。如何在股票市场抓住处于盈利增速最快时期的股票？对于成长股，从行业角度找到增速较快的行业。当前，中国很多行业都进入了成熟或者衰退期，只有为数不多的细分行业还处在成长阶段，比如医药研发外包制造行业，就是CRO和CDMO行业。新能源汽车行业也处在增速较高的阶段。这些行业的股票估值也都很高，市场给予他们的估值就是市场景气阶段的估值。当然，景气过后，估值也一定会回落的，而回落的幅度也取决于他们的盈利增速下降的程度。股票市场也有很多细分行业昙花一现，高增长一两年之后行业天花板就达到了。这些行业很难产生市值很大的公司，在这些行业也只能赚一时的钱。赚很多钱的行业通常都是在食品饮料和医药等行业，但这些行业估值也都处在较高水平，未来可能需要很长时间消化估值。

A股和美股上涨，港股下跌。美10年期国债收益率下降到1.296%，美国大型科技股上涨，能源和银行股下跌。A股周三反弹，CXO板块缩量上涨。港股科技股调整，滴滴出行对科技板块的负面影响仍存。国务院提出为支持经济发展将结构性降准。

Where does earnings growth come from? A company grows its earnings from both top-line and bottom-line.Top-line growth comes from product price increase, sales volume expansion and gross margin improvement. For example: the upstream sectors grew their earnings fast in 1H2021 due to product prices increase. Sales volume expansion is usually boostedby sector growth and market share increase. Gross margin improvement is usually associated with technology improvement or cost efficiency. Bottom-line growth is driven by top-line growth and margin improvement. Apart from gross margin improvement, a company can cut off its sales expense, R&D and general administration cost to improve margin, that is to improve its management to a higher standard. Every sector has initial stage, growth stage, develop stage and decline stage. In 2005-06 when department store sector was in growth stage the listed companies such as Parkson Retail Group enjoyed price-to-earnings ratio as high as 50-60x. Now it’s valued at price-to-book ratio of 0.16x and has been losing money for years. With China’s economy slowing down most of the sectors have come into decline stage. Some small sectors could grow fast in a short period of time and soon find the growth ceiling. In these sectors it is hard to grow a big market-cap company. Market is now very optimistic about new energy sector, contract research organization (CRO） and contract developmentand manufacturing organization（CDMO）. Companies in these sectors are valued at high levels. Yet these sectors have ups and downs as well. When the sector growth comes down the listed companies valuation would come down as well.

A-share and the US stocks rose while HK stocks fell. The US 10-year treasury yield fell to 1.296% and mega-tech companies rose. CXO sector in both A-share and HK market rebounded with contracted volume. In HK market tech sector was still under pressure with Didi affair. The State Council said that to support economy it would cut down reserve ratio, which is positive for stock 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。

价值股将再度崛起。周二最坚硬的抱团板块CXO大跌。国家药监局药审中心日前发布《以临床价值为导向的抗肿瘤药物临床研发指导原则》征求意见稿，市场认为该指导原则将会打击医药研发中的伪创新，增加创新药上市的难度，间接利空为创新药做研发和临床试验的CXO板块。但不可否认的是CXO板块经过持续两年多的上涨，很多公司都涨了10倍以上，当前板块估值处在极高的水平。因此，基本面的一点利空就对股价构成重大利空。抱团股中的新能源汽车和半导体行业仍旧如火如荼，而白酒和医药板块则接连遭遇重挫。我们认为抱团股很可能要就此低迷一段时间：一方面，如果美国收紧流动性，高估值板块将会面临较大压力；另一方面，抱团股二季度业绩有待验证，如果业绩不及预期，则股价将会进一步调整。而与之相对应的是，年初以来，价值股只是在3月份之前有所表现，之后再度低迷。但随着二季度业绩来临，我们认为价值股将会有较好表现。很多价值股在2020年遭遇疫情冲击，业绩不及预期。今年尽管疫情仍时有发生，但是，总体上要好过2020年同期水平。因此价值股的业绩有很大概率超预期，同时价值股的估值仍处在历史最低水平。因此，一旦业绩超预期，股价就将会有较好表现。投资人对成长股耳熟能详，而对价值股却有些陌生。其实，大金融、地产、上游周期等板块都是价值股的典型代表。这些板块中的大部分从新冠危机以来鲜有表现，个别板块近期屡创新低，显示市场对他们的预期极度悲观。但未来认为随着业绩提升，这些板块的估值也将会有提升，价值股终将会有较好表现。

A股和港股均探底回升，美股涨跌不一。美股能源和银行股下跌，而科技股上涨。10年期国债收益率下跌至1.36%，为2021年2月以来的最低点。美国6月供应管理协会制造业采购经理人指数低于预期，市场认为美国经济可能正在接近峰值。A股和港股尾盘在金融股的推动下回升。中办国办印发《关于依法从严打击证券违法活动的意见》，打击违法犯罪活动，严格执行强制退市制度对股市是重大利好，将会有助于价值股的崛起。

The come back of value stocks is on the way. CXO sector fell sharply on Tuesday as Centre for Drug Evaluation of National Medical Products Administration issued a draft for comments of “Guideline Principles of Clinical Research and Development of Anti-oncology Medicines”.This draft could hit fake innovation in medicine R&D and make it hard for innovation drugs to be brought up to the market. Both are negative for CXO sectors. Yet in CXO sectors many stocks are ten baggers and their valuation is at an extreme level. Hence, a piece of negative news hit the sector hard. In group-holding stocks new energy and semi-conductor stocks are still rising well while spirits and medicine stocks have suffered big retreat recently. In the near future these group-holding stocks might perform poorly as the Federal Reserve could take back liquidity soon. Also with the second quarter earnings to be released some of those group-holding stocks’ earnings might disappoint the market. On the contrary, value stocks could come back again. On the one hand they have not performed well since March and valuation is still very low;on the other hand, their earnings in the 2nd quarter could surprise the market to the upside. Value stocks include those in financial, property and upstream cyclical sectors. Some stocks in these sectors have seen their prices fall to the lowest levels in years. Investors are pessimistic about their prospects. Yet this would be the best time to invest in these stocks.

A-share and HK stocks bottomed up while the US stocks were mixed on Tuesday. The June ISM Purchasing Manager’s Index in the US came in lower than expected. Market is concerned that the US economy might be peaking out. Energy and bank stocks fell while tech stocks rose in the US. The General Office of the Central Government Council and the State Council issued “The opinion about cracking down the illegal activities in capital market” on Tuesday. Delisting rules would be executed strictly. This is a big positive for A-share and would help value stocks to come back. 

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。

沪深300分化严重。沪深300年初以来下跌2.4%。300只权重股中133只上涨，167只下跌。其中中远海控和华熙生物上涨超过100%，31只股票涨幅在30-70%之间，62只股票的跌幅在20-60%。下跌的股票中有很多是知名的赛道股，如三一重工和恒力液压，分别下跌23.7%和24%，长春高新和恒瑞医药分别下跌20.8%和32%，而海天味业下跌21%。对赛道股的狂热追捧今年体现在了医美板块，所以，整体医美的涨幅都较大。而创新药今年因为第五次国家药品集中采购，有些医药公司的品种未能进入集采，导致股价调整幅度较大。难道这些赛道变化了吗？其实并没有。只是去年市场计入了行业的所有利好，所以股价涨幅较大；而今年各种负面因素来袭，市场终于看到了行业的真正面目，股价开始反应负面因素。即使增速很高的行业也会面临增长的挑战，只不过市场有些时候完全看不到这些负面因素，有些时候又将负面因素计入股价中太多。记得A股市场一位知名分析师曾经说过：对市场无需悲观，也无需乐观，只需客观。悲观和乐观才是人之常情，这是符合人性的。而客观对人的要求是很高的，并不符合人性。另外，客观的看待股价，你用什么作为判断的准绳呢？很多人都无法给出答案。一些基金经理认为估值是动态的，现在估值贵了，企业业绩增速高，将来就便宜了。但将来企业业绩也有可能负增长。高估值的股票完全不考虑这种可能性，估值的基础因而是不牢固的。一旦有一点风吹草动，股价就大幅调整。

A股和美股上涨，港股下跌。因滴滴出行被调查，其股东腾讯和阿里的股价均受到影响。港股科技指数下跌2.28%，接近5月中旬的低点。截止7月5日，港股科技指数年初以来下跌8.47%，是A股和港股主要指数中表现最差的。美国独立投资人戴维·罗什认为现在投资中国科技股面临很大风险，除了中美贸易战，还有中国政府对互联网公司加强监管。对互联网企业的监管加强是全球趋势。互联网企业垄断之后对创新带来了负面效应，这不符合社会进步的原则。中美两国都在采取措施加强监管。

Divergence in CS300 Index. Year-to-date (the same below) CS300 Index fell 2.4%. Among the 300 weighting stocks, 133 stocks rose while the remaining 167 stocks fell. COSCO Shipping Holding and Bloomage Biotechnology are the only two stocks that rose above 100%. 31 stocks rose between 30-60% while 62 stocks fell between 20-60%. Many of so-called “good track” stocks fell. For example, Sany Heavy Industry and Jiangsu Hengli Hydraulic fell 23.7% and 24% respectively. Changchun Hi-tech Industry and Hengrui Pharmaceuticals fell 23% and 32%. Haitian Flavoring and Food fell 21%. The good tracks stocks were chased in mania in 2020 as investors took these stocks as those that can be held for ever. However, it turns out that even those fast-growing sectors might be faced with challenges to grow further. Some medicine companies failed to win the bid in the Fifth National Centralizing Drugs Purchase. Good tracks are still there. But that does not mean these good tracks would go smoothly. When investors like these stocks, they do not see the issues in these good tracks. And when they dislike these stocks, they do not see the merits in these good tracks. One famous analyst in A-share ever said that one needs to be objective in the stock market rather than be pessimistic or optimistic. Yet, it is very hard to be objective. On the one hand to be objective one should know how to value a company. Some investors thought that the stocks are expensive now. But with their earnings growth their valuation would become reasonable in the future.Yet, these companies’ earnings can decline. Without considering all aspects of the fundamentals, the high valuation of these good tracks’ stocks are not solid enough to defend any negatives. It is no strange that they fell so much this year. 

A-share and the US stocks rose while HK stocks fell.  Due to that Didi was censored by Chinese government tech stocks in HK market fell sharply. Both China and the US are strengthening their supervision regarding tech companies,which have hampered innovation after they become monopolistic. 

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。

对大跌的反思。上周五A股放量大跌，与央行回收流动性有一定关系。A股申万28个行业中只有两个行业上涨，分别是有色金属和商业贸易，其余26个行业下跌。其中跌幅居前的是休闲服务、医药生物和食品饮料，也即抱团股集中的行业。一方面，这些股票从3月份以来反弹的幅度较高，其中部分个股涨幅翻倍；另一方面，这些抱团股的估值也重新回到了历史最高水平。对于炒股票而言，只要公司不断出利好，股价就可以上涨，无需看估值。但是，如果基本面变差了，这些股票的风险也很大。特别是一些赛道股，如果赛道的逻辑发生变化，对股价而言就是慢慢熊途。所以，估值的重要性就是它提供了安全边际。而买入有安全边际的股票是保护本金安全的一个重要方面。A股市场因为个人投资者占比较高，市场趋势交易者众多，博弈色彩浓重，先跑路就是赚到的意识是市场很多交易者的心理写照。一旦群体情绪叠加负面因素，市场随即发生大跌。所以，A股市场如能保持长期投资的理念，还是可以赚到钱的。因为，市场总会出现个股低估的机会。总之，投资就要做正确的事情。很多人不清楚投资中什么是正确的事情。投资中第一正确的事情是不要追逐泡沫。如何判断泡沫？问问周围的人都拿了什么股票。如果都拿着同样的股票，说明这只或者这类股票已经有泡沫了。人多的地方通常就是风险大的地方。

如何看待美国6月非农就业数据超预期？6月非农就业数据看起来很完美。新增就业85万人，超市场预期。但是私营部门就业仍低于预期，同时劳动参与率也与5月持平。尽管现在有20多个州已经或将要终止州政府300美金的失业补贴，但70%的劳动力不会受到这个因素的影响。由于劳动力供应不足，时薪工资已经较一年前上涨了4.5%。市场预计美联储在8月份的杰克逊年会上宣布缩减债券购买计划，但是制约劳动力短缺的因素短时间并不会消失。有分析师认为可能需要等到11月份才有可能见到劳动力市场的真实情况。不过美联储真的能等那么久吗？

Reflection on A-share tumble last Friday. One reason possible is that the People’s Bank of China withdrew liquidity. Only 2 out of 28 sectors in A-share rose, which were non-ferrous metal and textile sector. Leisure service, bio-medicine and food and beverage fell the most. These sectors are full of group-holding stocks. Some stock prices in these sectors doubled over the last two months and valuation was over-stretched.For those investors who chase stocks they only care whether companies can grow their earnings at a fast rate and do not care about their valuation. This is especially true in A-share as many investors are trend-followers. The risk is that if trends are going down, then stock prices can fall sharply. So buying stocks with safety margin is very important in investment. By doing so one can protect his or her principle. In investment the most important thing is to do right things and the foremost right thing is not to chase bubbles.

How to look at the non-farm payroll data in June? The US non-farm payroll in June was 850,000, higher than expected. However, private payroll numbers were 662,000, lower than 1 million expected. Moreover, the labor-force participation rate was flat in June despite better hiring than in May. There are 20+ states that are cutting or going to cut the extra US$300 a week in unemployment insurance ahead of the federal program’s Sept. 6 expiration. But 70% of the working population would not be affected by this.  As such, wage inflation has become very severe.In June average hourly earnings went up by 4.5% from a year ago. Over the past three months, overall wages are up an annualized 6% due to labor shortage. The situation of supply constraints in labor market would continue for some time as unemployment benefits, child-care and pandemic, which are factors that prevent people from seeking jobs, would continue into September. Some analysts expect the Federal Reserve to take actions to cut off bond purchasing in Jackson Hole annual meeting.  But others expect the Fed to take actions only when labor market becomes more clear. The earliest that Fed would take any actions would be in November.

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。

投资的信仰。时逢中国共产党成立百年，百年风华，成就伟业。光辉的事业需要坚定的信仰，才能不忘初心，放得始终。做好投资也需要信仰。市场波动随时都有可能发生，如何应对？首先，要树立正确的信仰。中国共产党成立之时，中国有很多党派，都致力于救中国。但最后只有中国共产党从只有20几人发展到现在的9500万人，因为中国共产党信奉的“马克思主义行”。投资也要树立正确的信仰。投资中正确的信仰就是要坚持价值投资理念，坚持公司的股价是由盈利驱动的，而不是估值驱动的。其次，要坚守信仰。中国共产党历经艰难险阻，创造出人类文明史上的瞩目成就，就是坚守马克思主义信念，坚持为人民服务的精神。坚守信仰十分不易，要历经残酷的考验。共产党员为坚守信仰，抛头颅，洒热血。投资坚守信仰也十分不易，在市场波动中投资信仰会时时面临考验。2020年春节后新冠疫情导致的A股大跌，我们于2020年2月10日在官方微信公众号枫瑞视点上发表了价值投资是抵御市场波动的利器，对此进行了分析。如“一根阳线改变情绪，两根阳线改变观点，三根阳线改变信仰”，投资就陷入追涨杀跌的怪圈中，想赚钱也不太可能。要坚持正确的投资理念并坚守，才能在市场波动中获得较好的回报。

 动量交易无处不在。A股的创成长指数上半年涨幅居于全球之首，该指数是动量交易指数。其前十大市值成分股静态市盈率均在80倍以上，包括宁德时代、爱尔眼科、亿纬锂能、卓胜微等。Meme 股票是新冠危机之后发明出来的一个新词语，特指被散户在网络媒体疯狂评论的美国股票。Meme股票包括游戏驿站、AMC、黑莓以及BBBY等基本面较差但股价却很高的股票。游戏驿站今年2月份曾经暴涨暴跌，并引发美国证监会对交易平台和交易保证金的调查。但该股票近期又大幅上涨。美林证券分析师发现游戏驿站股票的上涨与社交平台中的谈论次数紧密相关。电影《大空头》的原型迈克·巴里认为Meme股票与2000年的互联网股票、2008年次贷危机前的加杠杆购房都是一样的行为。泡沫终将破灭，动量交易从来都不会持久。

What do you believe in in investment? China Communist Party celebrated its 100th birthday. Over the last 100 years it created a great cause, that is, to lead China to become a prosperous country from a poor and weak one. The main reason is that it has insisted on the right belief, which is Marxism. In investment the first thing is to find the right belief, which in our view is value investment. In value investment stock prices are driven by earnings growth rather than valuation improvement. Second, it is to insist on the right belief. China Communist Party experienced numerous setbacks and it is only because that it has been insisted on Marxism that it can accomplish great achievements. It goes the same in investment.Market can rise or fall unexpectedly. With value investment one can deal with these ups and downs in a right way. We published “Value investment is the strong weapon to deal with market ups and downs” in our official wechat “Maple Insights” on Feb. 10th, 2020. All in all, the right investment belief can help investor to earn good return, which is to stick to value investment rather than to speculate.

Momentum trading is all over the place. Chinext Momentum GrowthIndex achieved the best return worldwide in 1H2021. The top ten weighting stocks in this index are valued at trailing-twelve-months price-to-earnings ratio of 80x or above. Meme stocks, which refer to those stocks that individual investors talk about frequently in social platform, rose skyrocket high as well in 1H2021. Analysts from Merrill Lynch found that these meme stocks performed in line with how frequently they were talked about in the social platform. Michael Burry, whose experience can be found in Big Short, said that Meme stocks were the same as internet companies in internet bubbles and leveraged house-buyers in 2008 global financial crises. It would go bust for sure but when that can happen is uncertain. A-share fell while HK stock market closed for Handover Day on July 1st.The US stocks rose on the first trading day of 2H2021.

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。

上半年A股和港股表现落后。2021年上半年，在全球16个主要国家和地区的股票市场中，A股的上证指数和深成指涨幅分别排在倒数第一和第二名，恒生指数排名倒数第四。我们认为这主要是因为我国去年10月份流动性现拐点，导致A股估值无法提升。而港股表现落后主要是因为疫情对经济复苏股的业绩构成压力。但无论A股还是港股都不乏结构性行情，A股创业板中的创成长指数涨幅为27%，稳居全球之首。在A股28个行业中，19个上涨，9个下跌。涨幅超过10%的行业有7个，分别是电气设备、钢铁、化工、采掘、综合、有色金属和电子，他们的上涨幅度在11.8-23.8%之间。这7个行业大部分为周期性行业。下跌超过10%的行业有三个，分别为家用电器、非银金融和国防军工。A股4373只股票中，2007只股票上半年取得正收益，占比46%，其中119只股票收益超过100%。这119只股票中除周期股外，大部分估值都非常高，属流动性推动的上涨。港股恒生12个综合行业中，除科技和必需消费下跌外，其余10个上涨，其中能源和医疗保健行业涨幅超过20%，综合、工业、原材料和非必需消费行业涨幅在10.8-16.7%,而公用事业、地产建筑、电讯和金融行业涨幅在2.2-8.6%。无论上证指数还是恒生指数，从估值来看都处在全球较低水平。如遭遇全球股市调整，A股和港股无疑也会跌幅相对较小。而且从历史来看，二者估值也都处在较低水平。即使下半年我国经济和企业盈利下行，股市相对调整幅度应该不会特别大。

周二A股上涨，港股下跌，美股涨跌互现。6月份官方制造业采购经理人指数确认经济在缓慢下行。内需走弱，而外需能否持续弥补内需下行的压力是未来需要关注的。港股博彩股上涨。据媒体报道，港澳有意在7月中旬恢复有限度通关，来回两地无须检疫。报道还指，香港方面希望与澳门通关后，与内地商讨通关工作可以更有利，有望三地通关。查理·芒格在接受CNBC采访时称赞中国在应对新冠疫情上采取的严格隔离措施以及对蚂蚁金服IPO叫停的举措。美股涨跌不一，市场关注周五发布的非农就业数据。如超预期，则有可能促使美联储加快收紧货币政策的步伐。美元指数上涨到92.35，触及一个月以来的高点。美联储收紧流动性会否造成2013年对新兴市场的重大冲击，我们之前在这次也许不一样中对此做过分析。

Both A-share and HK stocks rose less than most of the major indexes worldwide in 1H2021. Shanghai Composite Index, Shenzhen Composite Index and Hang Seng Index rose 3.4%, 4.8% and 5.9% respectively in 1H2021, ranked as the 16th,15th and 13th among 16 major indexes globally in terms of rise range. The reason behind is that for A-share China took back liquidity from October 2020. While for HK stocks the reason is due to the re-surging of COVID-19,which caused recovery stocks to fall. Yet there were a lot of opportunities in 1H2021. For example, Chinext Momentum Growth Index rose 27% and was the best-performing index globally. In A-share 19 out of 28 sectors rose with cyclical sectors rising the most. And in HK market 10 out of 12 sectors rose with energy and medicine sector rising the most. Shanghai Composite Index and Hang Seng Index are valued at the low levels globally. Hence, even if global stock markets might correct in 2H2021 A-share and HK stocks would not fall too much broadly speaking. Both is also valued low in history, implying that they might have partly priced in economic and earnings slowdown in 2H2021.

A-share rose and HK stocks fell while the US stocks were mixed on Wednesday. China official Purchasing Manager’s Index in June showed that economy is slowing down gradually. Going forward it is worth observing whether the export demand can make up the domestic demand slowdown. HK gaming stocks rallied due to the news that Macau and HK will reopen to each other. Charlie Munger thought of highly what China did in dealing with COVID-19 and the decision to call off Ant Group IPO when he and Warren Buffett were interviewed by CNBC. The US dollar Index rose to one-month high. Market is watching the non-farm payroll in June. If this data is higher than expected, the Federal Reserve might hasten its steps to exit the QE policy. We have analyzed whether this time Fed’s tapering would cause market panic in“This time might be different” published in our official wechat “Maple Insight”on May 16th 2021.

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。