周二A股和港股均放量大涨。这标志着A股和港股为期三个多月的调整大概率结束，市场对未来不确定因素的预期已较充分，无论上证指数还是恒生指数估值都处在全球较低水平。A股涨幅居前的行业是休闲服务、食品饮料和非银金融，港股涨幅领先的是非必需消费、科技和金融行业。北上资金净流入217亿人民币，为沪深股通开通以来净流入最高的一天。南下资金净流入78.6亿港币，连续第十个交易日保持净流入。

什么推动美元贬值？与A股大涨相对应的是美元指数再次创下1月以来的新低。美元指数自5月18日跌破90大关后（我们对此的分析请见美元指数跌破90意味着什么？），周二终于跌破5月18日的低点达到89.6957，离1月的低点89.4167仅一步之遥。如果跌破1月低点，则前低是2018年2月的低点88.5685。这个低点如果再跌破，下一个低点是2014年5月的79.0691。美元指数能否一再下挫不仅与欧元、日元以及英镑的走势有关，而且与美元储备货币地位和作为世界贸易主要交易结算工具的使用有关。截至2020年底，在世界整体外汇储备中，以美元计价的资产占比已降至59%，连续第5年下降，创25年以来最低水平。美元计价资产占比最高时为2001年，曾超过70%，但自此以后下降。按照国际货币基金组织（IMF）的分析，美元计价资产的份额创纪录新低，短期来看，是由于美元贬值导致——截至2020年12月7日，美元指数较年内高点下跌了11.5%，较年初下跌了5.8%；从长期看，这体现了各国央行正在将外汇储备逐步从美元转向其他资产。人民币截止2020年底占全球储备货币比例为2.25%。过去十年，欧元在国际贸易结算中地位逐步提升，导致美元结算比例从本世纪初的70%下跌到38.43%，欧元占比为37.13%。而人民币占全球贸易结算的比例不到2%。人民币年初以来对美元升值2%。美元贬值和人民币升值利好人民币资产。

美股微跌。美联储内部对何时缩减债券购买规模有分歧，有的认为经济仍处在疫情状态下，不应考虑该议题，而有的提出下个月就应讨论该议题。

On Tuesday both A-share and HK market rallied on heavy volume. This signals that the 3-month correction for A-share and HK market might conclude.  The valuation of both A-share and HK market is at the lowest levels around the globe. In A-share leisure service, food and beverage and non-bank financials rose the most while in HK market discretionary consumption, tech and financials rose the most. North-bound capital saw net inflow of RMB 21.7 billion, which is the highest daily net inflow since Shanghai- and Shenzhen-connect started trading.South-bound capital saw net inflow of HK$7.86 billion, which was the tenth day net inflow in a row.

What factors prompt the US dollar depreciation? The relative strength of US dollar to the currencies of other major developed countries determines the US dollar trend. But the long-term determining factors for US dollar should be its reserve currency position and how much it is used in global trade. At the end of 2020 the assets valued in US dollar comprised 59%of the total foreign reserve assets globally. This percentage had fallen for five years in a row and was the lowest level in 25 years. International Monetary Fund pointed out that this falling percentage was due to the depreciation of the US dollar in the short term and the efforts of central banks in the world to diversify reserve currencies in the long term. As a contrast, RMB was 2.25% of the reserve currencies in the world. Over the last 10 years, Euro rose fast as a trading settlement currency and now takes 37.13% of global trade. The percentage of global trade settled by US dollar has decreased from 70% at the beginning of this century to 34% lately. As a contrast global trade settled by RMB was only 2% of total.  

The US stocks fell slightly.There is some disagreement among the Fed. Some thought that as the US was still in pandemic the Fed should only talk about tapering in months ahead. While others thought that it would appropriate to talk about tapering in June as economy recovery went well.

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。

周一A股小幅上涨，港股小幅下跌。受国家调控大宗商品价格影响，有色、钢铁和煤炭行业的公司股价都有一定幅度的调整。市场对大宗商品价格和相关股票的未来走势存在较大分歧。历史上看，大宗商品价格和相关股价的涨跌幅基本一致。而本轮大宗商品的股价已经创下了2008年以来的新高，但股价与2008年相比有很大差距。一方面市场对大宗商品持续上涨存在较大疑虑；另一方面，新投资人在从业生涯中只经历了大宗商品价格的持续下降，没看到过持续上涨，因此对大宗商品的股票没有兴趣。但未来投资环境可能会发生变化，近几年发展起来的投资逻辑可能不适用于未来。

投资环境发生变化的一个例子。1958年夏天，历史上第一次，长期政府债券的收益率明显超过了普通股的股息收益率。1958年之前，股息收益率超过债券收益率被投资者视为天经地义的事情，因为投资股票的风险更大。按照这个标准，每当股息收益率低于债券收益率时，就是股票价格过高因此需要抛售股票的时候了。历史上1891年、1907年和1929年，都发生了股息收益率低于债券收益率的情况，当年都发生了股市的大崩盘。但二战后，各国纷纷转向纸币本位制，由此导致的慢性通货膨胀改变了投资者判断股票与债券的投资价值标准。股票代表着对真实资产的所有权，其价格随着通货膨胀而上涨。当通货膨胀不可避免时，股票是对冲通胀的唯一方式。这个例子说明只有在基本的经济与金融环境保持不变时，价值评估标准才会有效。但是，经济和金融环境如果发生变化，则估值标准也将发生重大变化。2009年金融危机以来，世界经济增速都保持在较低水平，利率和通胀也保持在低位。但我们认为今年的经济和金融环境将发生变化。首先经济增速将会高于以往；其次债券的收益率有可能持续上升；最后，通胀可能不再是遥不可及的。这些变化也将对投资产生重大影响。股票仍是较好的投资选择，但成长股和价值股表现可能会不同于以往。

美股大涨。新冠新增病例降到去年6月以来的低点。FAANG股票和复苏股涨幅领先。因大宗商品价格下跌，市场对通胀担忧缓解，债券收益率回落。

On Monday A-share rose while HK stocks fell slightly. Dueto that the government took measures to control the commodity prices, the relevant stocks tumbled in both A-share and HK market. It is worth noting that commodity prices have reached or rose above the high in 2008 but the related stock prices lagged far behind. On the one hand market doubts that the commodity prices can rise for a relatively longer time; on the other hand newcomers in the stock market only witness the continuous fall of commodity prices and have never invested in commodity stocks ever.  But investment backdrop can change dramatically and investors should prepare themselves for that to come sooner or later.   

A case in point of the investment backdrop change. In the summer of 1958 dividend yield of stocks fell below bond yield, which caused alot of panic in the stock market. Prior to 1958 dividend yield of stocks washigher than bond as investors considered stocks riskier than bonds. Every timestock dividend yields were lower than bond yields stock market crashed as what happenedin 1891, 1907 and 1929. After the World War II major nations gave up gold standard and resorted to paper currency standard, the long-term inflation prospects promoted investors to buy stocks as stocks, which represents the partial ownership of a company, can defend the long-term inflation. This case illustrates that valuation matrix works well only when economic and financial conditions remain the same.Once economic and financial conditions change dramatically the previous valuation matrix will not work well. We judge that in 2021 investment backdrop will make some shift. The inflation might come back as well as the higherinterest rate. Remain alert to the signals of changes.

The US stocks rallied. The COVID-19 new cases have fallen to the lowest levels since June 2020. Also with commodity prices falling market was relieved with the inflation pressure. Bond yield fell as well.FAANG stocks and reopening stocks rose 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。

上周（下同）全球主要指数多数上涨。在我们跟踪的全球16个主要国家和地区的指数中，只有4个下跌，分别是道琼斯、标普500、富时100和上证指数，涨幅居前的是印度、台湾和恒生指数。印度和台湾因疫情有所缓解，股市大涨。恒生指数上涨部分因南下资金净流入增加。A股创业板指和科创50分别上涨2.62%和1.31%，而恒生国企指数和科技指数分别上涨2.86%和6.08%。北上资金净流入4.8亿人民币，为连续第六周净流入；南下资金净流入202.6亿港币，为4月23日以来最大周度净流入。

A股市场估值差异巨大。静态市盈率估值最低的是银行、建筑装饰、房地产和钢铁，静态市盈率分别为7.5、8.2、8.2和12.3倍；估值最高的是休闲服务、国防军工、计算机和食品饮料，静态市盈率分别为83.2、57.3、50.5和48倍。以静态市净率衡量，估值最高的是食品饮料、休闲服务、医药生物和电子，分别为9.7、8.3、5.1和4.1倍；估值最低的是银行、建筑装饰、房地产和钢铁，静态市净率分别为0.7、0.8、1和1.2倍。我们比较了一只知名食品饮料股与一只建筑装饰板块股票。从2000年到2020年，该食品饮料股的净利润和经营性净现金流的年复合增速分别为28.6%和25.4%；而该建筑类公司的净利润和经营性净现金流从2003 到2020年的年复合增速分别为22.7%和17%，增速比该食品饮料公司低5.9和8.4个百分点。从ROE来看，该食品饮料公司ROE高达31%，而该建筑类公司ROE为12%，差异达到20个百分点，主要因为食品饮料公司的毛利率和净利润都远高于该建筑类公司。从估值来看，该食品饮料公司的静态市盈率为54倍，而该建筑类公司的静态市盈率仅为4.3倍，其在A股和港股两地上市，港股的静态市盈率仅为2.3倍。二者的静态市净率分别为14.6和0.6倍，股息率分别为1%和5%。食品饮料公司估值高因为市场计入了远期成长的空间（具体请参见股票的定价不能建立在遥远的未来），建筑估值低因市场对远期前景给予低估值。但过去接近20年的业绩复合增速看相差并不太大，这种估值差异是否合理？

美股涨跌不一。四月二手房销售环比下降2.7%，因供应不足。

Last week (the same below) the majority of global major indexes rose.Among the 16 major indexes worldwide only 4 indexes fell, which were Dow Jones, SP500, FTSE 100 and Shanghai Composite Index. Taiwan Weighted Index, India Sensex Index and Hang Seng Index rose the most as the pandemic in India and Taiwan lessened to some extent. North-bound capital saw six-week net inflow in a row and last week the net inflow was RMB 480 million. South-bound capital saw net inflow of HK$ 20.26 billion, which was the largest weekly net inflow since April 23rd.

The divergence in A-share. Banks, construction and decoration, property and steel are at the lowest valuation while leisure service,food and beverage, bio-medicine and electronic enjoy the highest valuation. We compared a famous liquor company with a construction company listed in A-share.The liquor company delivered compound annual growth rate (CAGR) of 28.6% and 25.4% in revenue and net profit respectively from 20000 to 2020. The construction company delivered CAGR of 22.7% and 17% respectively in revenue and net profit respectively from 2003 to 2020. While the construction company’s revenue and net profit CAGR was only 5.9 and 8.4 percentage point lower than that of the liquor company, its valuation is much lower than the liquor company.The liquor company’s trailing-twelve-month price-to-earnings (TTW PE) is 54x while TTW PE of the construction company is only 4.3x. The construction company is also listed in HK market and is valued at 2.3x TTW PE. The ROE of the liquor company is 31% while that of the construction company is 12% as the liquor company enjoys much higher profit margin than the construction company. The liquor company has priced in the long-term growth potential while the construction company has not. Given that their earnings growth over the last 20+ years does not diverge that much, the valuation divergence seems unjustified.

The US stocks mixed. While Dow Jones andSP 500 fell Nasdaq rose. The existing home sales fell 2.7% in April from Marchas supply was down 20% in April. The housing markets were hot.

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。

A股和港股均出人意料的强势。虽然隔夜海外市场大跌，但上证指数仅下跌0.11%，创业板指上涨接近1个百分点。港股虽盘中跌超过一个百分点，但收盘恒生指数仅下跌0.5%，而国企指数下跌0.11%。A股申万28个行业中11个上涨，17个下跌,其中家用电器、食品饮料和非银金融涨幅领先。受国常会讨论大宗商品价格上涨问题消息影响，A股和港股的周期股领跌两市。

为什么如此强势？上证指数从2月18日下跌，到3月8日下跌幅度达到10.8%，之后一直横盘整理。同期申万28个行业中9个行业上涨，19个行业下跌。抱团股所处的行业下跌幅度居前。港股恒生指数从2月18日高点到5月13日的低点也下跌了10.8%，之后小幅反弹。恒生12个综合行业中只有综合、公用事业和地产建筑上涨，其余9个行业下跌。其中高估值的科技板块下跌30%。从2月18日到5月15日，发达国家股指节节攀升。在全球16个主要国家和地区的指数中，深成指、恒生指数和上证指数分别位居涨幅榜从高到低的第16、15和12位，意味着A股和港股熊冠全球。而从估值的角度看，以静态市净率看，上证指数和恒生指数分别为1.5倍和1.3倍，位居全球16个主要国家和地区估值从低到高第三和第四位。以静态市盈率看，上证指数和恒生指数的静态市盈率分别为14.8和14.3倍,位列全球16个主要国家和地区从低到高的第三和第二名。因此，无论上证指数还是恒生指数都是全球的估值洼地。另一方面，美元指数从1月到3月底走强之后下跌，在5月19日跌破90之后，20日再次跌破90并创出年初以来的新低。美元走软也意味着资金将会流入新兴市场，具体分析请见5月18日发表在枫瑞视点微信公众号上的美元指数跌破90意味着什么？。我们也认为港股将会在接下来的反弹中跑赢A股，具体分析请参见港股明年大概率跑赢A股。

美股上涨。上周首次申请失业救济人数为442000人，好于预期，并创出新冠疫情以来的新低。受超预期经济数据刺激，美股结束三天下跌，科技股大涨。美财政部要求通过比特币转账超过1万美金需要向国内税务署报告。比特币反弹幅度缩减，但仍回到了40000美金的水平。

Both A-share and HK market were unexpectedly resilient.Despite the turbulence in overseas markets overnight Shanghai Composite Index only fell0.11% while Chinext Index rose close to 1%. 11 out of 28 sectors in A-share rose with home appliance, food and beverage and non-bank financials rising the most. Hang Seng Index closed down 0.5% while it was down more than 1% during the trading hours.  China Enterprises Index fell only 0.11%. Cyclical sectors fell the most in both A-share and HK market at the news that the state council standing committee brought up with measures to deal with the rising commodity prices.  

Why were both A-share and HK market so resilient? Shanghai Composite Index fell 10.8% from Feb. 18th to March 8thand bounced up and down since then.  During the same period 9 out of 28 sectors rose in A-share. The high-valued group-holding stocks fell the most. Hang Seng Index fell 10.8% from Feb. 18thto May 13th. 3 out of 12 sectors in HK rose, which were conglomerates,utilities and property and construction sector. The high-valued tech sector fell 30% during the same period. From Feb. 18th to May 15th Shenzhen Component Index, Shanghai Composite Index and Hang Seng Index was ranked at 16th, 15thand 12th among the 16 global major stock indexes based on increase. In another word both A-share and HK markets lagged far behind other major indexes. Yet both Shanghai Composite Index and Hang Seng Index were valued at the lowest levels among the globe. Moreover, with the US dollar index going down more capital would flow into these two markets.

The US stocks concluded three-day losing streak and rallied.The initial jobless claim last week was 442,000, better than expected and was the lowest since March20th 2020. Tech stocks bounced back strongly. The Treasury Department required those who transfer money above US$10,000 to report to Internal Revenue  Service. Bitcoin bounced back to US$ 40,000. 

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。

周三A股涨跌不一。上证指数下跌0.51%，创业板指上涨0.9%。申万28个行业中9个上涨，19个下跌。其中汽车、休闲服务和电气设备领涨，而钢铁、银行和采掘领跌。周三香港市场因佛诞日休市，沪深股通和港股通均暂停交易。国常会时隔一周后再次讨论大宗商品价格上涨问题，提高钢铁出口关税以及降低进口成本，同时排查异常交易和恶意炒作行为。受此消息影响，国内大宗商品价格全线走低。

英国超预期的通胀引发欧洲股市大跌。英国4月消费者价格指数同比上涨1.5%，较3月份的同比增速0.7%增长一倍。去除能源以及其他价格波动较大的项目，核心消费者价格指数上涨1.3%。英国银行，即英国的中央银行认为通胀在向2%的政策目标推进，并有望在2021年底超过2.5%，但2022年通胀将会再次回到2%的水平。美国银行分析师认为能源价格将会推动英国的通胀水平在11月份达到2.7%，之后回落到2%一下。生产者价格指数4月份同比上涨3.9%，主要是供应链被疫情破坏所导致的。4月原材料价格同比上涨9.9%，是2017年2月以来的最大涨幅。英国银行表示还没有看到生产领域的通胀向生活领域传导的迹象。市场预计英国银行会继续保持宽松的货币政策直到2024年。受到英国通胀超预期影响，欧洲股市全线下跌。欧洲斯托克50指数下跌1.71%，英法德国家的股指均下跌超过1个百分点。

比特币大跌。比特币从4月高点下跌50%。根据摩根大通，机构投资者在4月底之前停止了持续两个季度买入比特币的行为。机构投资者买入比特币主要是因为比特币的数量被设定在2100万枚，因而具有抵御通胀的能力。但随着通胀来临，他们又回到了黄金这一传统对冲通胀品种。中国政府打压虚拟货币加剧了零售投资人抛售比特币。

美股探底回升。美联储会议纪要提到必要时要考虑缩减债券购买。但目前美联储似乎还没有充分的理由。美元指数再度走强，站上90大关。在超预期的通胀与正在复苏的经济之间，投资者无所适从，似乎找不到方向。

A-share mixed on contracted volume. Shanghai Composite Index fell while Chinext Index rose. 9 out of 28 sectors in A-share rose with auto, leisure service and electric equipment rising the most.Cyclical sectors fell the most. State council standing committee convened to discuss how to deal with the rising commodity prices. This is the second time for such a meeting in one week. The measures included decreasing the export duty and cutting back the import costs of iron and steel. It was also proposed to blow heavily on speculation in commodity future markets. Commodity prices fell sharply overnight. HK market closed for Buddha’s Birthday.

European stock market crashed on higher-than-expected inflation in the UK. The UK April Consumer Price Index (CPI) rose 1.5% year-on-year (yoy) compared with 0.7% in March. Core CPI, which excludes energy and other volatile items, rose 1.3% yoy. Bank of England (BOE) believed that inflation will edge up above 2% and reach 2.5% by the end of 2021. But it will fall below 2% in 2022. Bank of America held the same view. They expected inflation to reach 2.7% in November due to the rising energy prices. But it will fall below 2% in 2022. Producer’s Price Index rose 3.9% yoy and input costs rose 9% yoy in April. BOE said they did not see the evidence that the input costs were feeding through to consumer.Market is still expecting BOE to remain easing monetary policy until 2024.

Bitcoin tumbled.  It fell 50% from its high in April. JP Morgan observed that institutional investors stopped buying bitcoin, which already continued for two quarters in a row, at the end of April. With the inflation coming they shifted back to gold, the traditional tool for hedging against inflation.

The US stocks recovered big losses and closed down slightly.Fed’s minutes in April showed that Fed would begin to consider tapering once economy grows strongly. Market stopped panic at this news.

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。

周二A股缩量。上证指数上涨0.38%，而创业板指下跌0.73%。申万28个行业中19个上涨，9个下跌。其中国防军工、采掘和钢铁行业领涨，医药生物、建筑材料和电气设备领跌。港股恒指、国企指数和科技指数分别上涨1.42%、1.43%和1.53%。恒生12个综合行业全部上涨，其中能源和地产建筑领涨。首批9只基础设施公募REITS上市的消息刺激港股上市的物业管理股票大涨。周三香港佛诞日沪深港通暂停交易，南下资金净流入43.8亿港币。李宁和美团分别净流入10.6亿和8.9亿港币。

美元指数跌破90意味着什么？周二美元指数跌破90关口，创下两个月以来的新低。非美货币包括欧元、英镑和日元都直线上涨。随着英国和欧元区疫苗接种速度提升，市场预期他们的经济增速将会明显改善。同时，美联储保持鸽派立场也意味着短期内加息的概率很小。这些因素推动美元走贬。美元贬值意味着新兴市场货币升值，对于以出口为导向的许多新兴市场国家，这将推动他们的出口增速抬升。同时，美元贬值也会推动资金流入新兴市场的股票和债券。我们在2020年12月《港股明年大概率跑赢A股》中分析了美元指数走势对港股相对A股超额收益的影响。一般情况下，美元贬值，即美元指数走低，港股的国企指数相对A股的上证指数有正的超额收益，即港股跑赢A股；而美元升值，港股的国企指数相对A股的上证指数有负的超额收益，即港股跑输A股。我们去年12月判断今年美元指数将会继续贬值趋势，因此，港股将会跑赢A股。今年1月到3月底，美元指数因受到美国疫苗接种进展超预期以及经济复苏强劲的影响从89.4167的低位上涨到最高点93.286。与之相对应，上证指数年初至今上涨1.61%，而国企指数下跌0.78%。周二美元指数下跌到89.7878，据1月的低点一步之遥。我们判断未来美元指数大概率突破前期低点继续下行，港股将会跑赢A股。

美股尾盘跳水。大型科技股下跌，大空头做空特斯拉拖累市场。4月新建住宅开工数下降9.5%，折年率157万套，预期170万套，因原材料供应不足。

A-share mixed on contracted volume. Shanghai Composite Index rose while Chinext Index fell. 19 out of 28 sectors in A-share rose with militaryand defense, mining and non-ferrous metal rising the most. HK stocks rallied with all of the 12 sectors rising. The news that the first 9 mutual REITS fund got approval for issuance sent the stock prices of property management companies listed in HK up. The south-bound capital saw net inflow of HK$ 4.38 billion. Lining and Meituan saw net inflow of HK 1.06 billion and 890 million respectively.

What does that the US dollar index fall below 90 mean? On Tuesday the US dollar index fell below 90 for the first time in two months. The increased vaccination rollout in the Europe and the UK means that their economic growth prospects would improve. This pushed Euro and pound higher. And a dovish Fed means that interest rate increase would not come soon. Both factors pushed the US dollar lower. A depreciating US dollar is beneficial to the emerging markets. Firstly the emerging markets’ currency would appreciate and capital would flow into their stock and bond market. Secondly, export would increase in emerging markets as depreciating currency improves their competitive advantage. We found that if the US dollar depreciates Hang Seng China Enterprises Index would outperform Shanghai Composite Index and vice versa. From Jan. to March the US dollar index appreciated from 89 to 93 due to that the vaccination rollout was above expectation and economic recovery went on smoothly in the US. Yea-todate Shanghai Composite Index went up by 1.61% while China Enterprises Index fell by 0.78%. Going forward our best guess is that the US dollar will continue to depreciate and HK stock market would outperform A-share.

The US stocks dived at closing hours. Mega-tech stocks continued to fall at the news that a big short was shorting Tesla. The U.S. home construction in April dropped 9.5% month-on-month to a seasonally adjusted annual rate of 1.57 million units versus 1.76 million units expected. 

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。