周一A股和港股均是“煤”飞“色”舞。茅指数缩量下跌0.09%，为连续第四个交易日下跌。申万28个行业中15个上涨，13个下跌。其中涨幅居前的是采掘、钢铁和有色，跌幅居前的是农林牧渔、食品饮料和房地产。港股恒生12个综合行业中8个上涨，4个下跌，其中原材料、能源和综合行业涨幅居前，而科技、必需和非必需消费以及电讯业跌幅居前。无论A股还是港股，均是防御性行业领跌，而周期性行业领涨。北上资金净流入45.3亿人民币，南下资金净流出64.7亿港币。其中美团净流出37.5亿港币，腾讯净流出17亿港币。美团被爆出外卖员工均为外包公司员工，引发投资人对资本没有底线的惊叹，进而甩卖公司股票。

为什么美股能够长牛？2000年互联网泡沫破灭后，美国非制造业采购经理人指数在2001年10月达到最低点40.5，2004年1月达到最高点67.9。标普500在2002年10月达到互联网泡沫破灭后的最低点756.2点，在2007年10月达到此轮反弹的最高点1576.7点。也即非制造业采购经理人指数的低点和高点分别领先股市的低点和高点1年和3年，跟美股的表现相关性不太强。但2008年金融危机之后，二者之间的相关性有了显著提高。非制造业采购经理人指数在2008年11月下跌到了最低点37.6，非制造业采购经理人指数从2008年11月低点反弹一路向上，在2009年10月升过50的荣枯线后就一直运行在荣枯线之上，直到2020年4月因为新冠疫情而再次下探到41.8的低点。与之相对应，标普500在2009年3月达到最低点666.79，之后开始十年长牛。十年期间，非制造业采购经理人指数仅在2014年2月和2016年8月产生过两个低点，分别是51.6和51.4。而标普500在这两年里都曾经短暂下跌。非制造业的持续繁荣支撑了美国股市的长牛。美国经济中服务业占GDP的比例在80%以上，而制造业占比仅为11%，后者受到经济周期的较大影响。而我国经济中服务业的占比为54%，制造业占比为39.9%。相比美国，我国的经济结构决定了股市会受到经济周期的较大影响。

美股下跌。科技股领跌，投资者担忧通胀上升压制科技股估值。

Cyclical stocks rallied in both A-share and HK on Monday.Kweichow Moutai Index fell 0.09% with contracted volume. 15 out of 28 sectors in A-share rose with mining,iron and steel and non-ferrous metal sector rising the most. 8 out of 12 Hang Seng composite sectors rose with raw material and energy sector rising the most. Defensive sectors fell the most in dual markets including consumption and telecom sectors. South-bound capital saw net outflow of HK$ 6.47 billion. Tencent and Meituan saw net outflow of HK$1.7 billion and HK$3.75 billion respectively. It was reported that Meituan did not pay its riders properly and its stock price crashed.

What’s behind the ten-year bull market in the US? In 2008 global financial crises Institute for Supply Management (ISM) non-manufacturing Purchasing Managers’ Index (PMI) in the US found its lowest point 37.6 in Nov. 2008 and then went up to above 50, the threshold for expansionand contraction in Oct. 2009. It remained above 50 until April 2020 when COVID-19 pushed it to 41.8, the lowest after 2008 global financial crises. Accordingly,SP 500 in March 2009 reached its lowest point and then began a 10-year bull market. ISM non-manufacturing PMI briefly dropped to 51.6 and 51.4 in Feb 2014 and August 2016. SP 500 also fell in 2014 and 2016. The reason behind the US 10-year bull market is its economic structure. In the US service sector contributes more than 80% of its GDP while manufacturing contributes only 11%. As service sector is less affected by economic cycle than manufacturing sector, the US stocks can maintain long-term bull market. In China service sector contributes 54% of GDP while manufacturing contributes 39.9% of GDP. China would rely more on manufacturing than the US. Hence, its economy is subject to economic cycle more than the US. So is the stock market.

The US stocks fell. Tech stocks tumbled as investors worries that high inflation would drag down tech stocks’ valuation. 

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。

上周五A股下跌，港股微跌。五一长假后两个交易日，A股的上证指数、创业板指和科创50分别下跌0.81%、5.85%和4.41%。申万28个行业中11个上涨，17个下跌。其中涨幅居前的是钢铁、采掘和有色金属行业，跌幅居前的是休闲服务、医药生物和电子。值得注意的是茅指数在4月份连续下跌2个月后反弹7.4%，而五月两个交易日就下跌了4.92%。很多“茅股”跌破技术均线，预示后期走势也不容乐观。港股上周五个交易日，恒生指数、国企指数和科技指数分别下跌0.4%、1.17%和4.31%，恒生12个综合行业中6个上涨，6个下跌，其中能源、原材料和公用事业非涨幅居前，而科技和医疗保健跌幅居前。辉瑞CEO周日发文明确表示反对美国政府放弃疫苗专利。

美联储削减购债规模对股市的影响有多大？A股市场投资人对美联储何时收回流动性普遍表示关注。最近一次美联储削减购债规模发生在2014年。美联储在2013年12月宣布，2014年1月开始实施。回顾2013年下半年和2014年，美股基本不受购债规模缩减的影响。而新兴市场股市在美联储开始缩减购债规模前后表现疲弱，主要受到风险偏好较低导致资金更青睐发达国家、美元指数上涨以及资源品价格下跌的影响。从估值角度看，标普500在2014年1月静态市盈率为18.3倍，而当前为33倍，对比2000年网络泡沫破灭之前的静态市盈率最高点为30倍。市场普遍认为美联储削减购债规模将会导致美股大幅调整，从而结束美股从疫情开始后持续一年多的牛市。事实是否如此有待验证。上一次削减购债规模之后美股走势未受到影响主要是因为美国经济基本面强劲。所以，这一次美联储回收流动性，如经济基本面能够保持强劲，则对股市有短期冲击，但不会造成重大影响。同时随着大宗商品价格持续上涨，以巴西、俄罗斯为代表的资源国的基本面不会差。而美国经济较强，对新兴市场中的出口国经济也提供支撑。经济强，则股市强，对美联储回收流动性也许并不需要谈虎色变。

美股上周五大涨。4月非农就业人数26.6万，预期为99.8万。失业率上升到6.1%，预期为5.8%。非农数据不及预期将延后美联储收缩流动性。

A-share tumbled while HK stocks fell slightly last Friday. Over the two trading days last week A-share fall sharply. The so-called Kweichow Moutai Index fell 4.92% after rising 7.4% in April. This index fell for two months in a row in Feb and March. The fall last week signals that its rebound in April came to the end. Its future is full of uncertainties as many stocks have fallen below 120-day moving average line. HK stocks traded for 5 days last week. Hang Seng Index, Enterprises Index and Tech Index fell 0.4%,1.71% and 4.31% respectively. 6 out of 12 Hang Seng Composite Index rose with raw material and energy sector rising the most.

How much impact would Fed’s tapering have on the stock market? Investors in A-share are concerned that Fed’s tapering might cause the global stock market to crash. The most recent tapering happened in 2014 and Fed announced the tapering in Dec. 2013. The US stock market was not affected that much while the emerging stock markets fell sharply in 2H2013 and 2014. There were three factors contributing to the poor  performance of the emerging markets. The first is that risk preference for emerging markets were lower than for developed markets as global economy was weak. The second is that US dollar appreciated in mid-2014 and this caused capital to fly back to the US stock markets. The last but not the least is that commodity prices declined and resource countries such as Brazil and Russia were faced with challenges to grow their economy. But this time things are different. The commodity prices are rising and hence resource countries would see robust economic growth. Moreover,strong economies of developed countries means that their consumption demand would drive the economic growth of export-oriented developing countries. Hence, this time might be different if Fed begins to taper.

The US stocks rallied. The lower-than-expected non-farm payroll might delay Fed’s action to take back liquidity.  

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。

周四A股下跌，港股上涨。申万28个行业中13个上涨，15个下跌。其中涨幅居前的是钢铁、采掘和有色金属行业，跌幅居前的是休闲服务、医药生物和食品饮料。抱团股大跌。港股恒生12个综合行业中9个上涨，3个下跌，能源、金融和非必需消费行业涨幅居前，而科技和医疗保健跌幅居前。因为美国支持医药企业放弃疫苗专利，A股和港股的疫苗企业受到影响，股价重挫。

抱团股大跌。周四抱团股因不同原因再次大跌。跌幅最大的休闲服务因五一假期过去，炒作资金撤离。医药生物的下跌除了上面提到的美国放弃疫苗专利之外，还有医美股的集体跳水，也应与炒作资金撤离有关。食品饮料下跌主要是白酒股和乳业股下跌，白酒股中的古井贡酒、泸州老窖和洋河股份分别下跌9.98%、6.14%和4.78%，乳业股中的光明乳业和伊利股份分别下跌4.91%和3.17%。白酒股的下跌应是因为古井贡酒2021年1季报不及预期，引发市场对整个板块的担忧。港股餐饮股下跌，海底捞重挫7.4%，股价较2月17日高点接近腰斩。所有下跌抱团股的一个共同特点是估值较高以及基本面2季度可能面临一定的挑战。与之相对应，有色钢铁等低估值股票涨势如虹。国际大宗商品价格频频上涨，为这些股票提供了基本面支撑。同时，对于通胀是否能够短暂上涨而后消逝，市场存在一定的分歧。包括高盛和美国银行在内的一些外资投行认为，铜价未来可能会持续上涨。而美联储则认为通胀将在4、5月份高基数和供应链紧张的作用下暂时上涨。这种分歧反而为大宗商品上涨提供了契机。我们判断股票投资环境已经发生了很大变化，未来全球经济有可能进入高利率、高增长和高通胀的环境。再用过去的投资框架进行投资有可能会错失市场中的机会，而拘泥不变很可能造成较大损失。“芳菲歇去何需恨，夏木阴阴正可人”。市场风格变换需及时把握。否则，当你感到“萧瑟秋风今又是”的时候，股票市场可能已经是“换了人间”。

美股大涨。上周首次申请失业救济人数不到50万人，为疫情以来的最低点，也好于市场预期。道指大涨300多点，接近前期高点。

A-share fell while HK stocks rose on Thursday. In A-share 12 out of 28 sectors rose with iron and steel, mining and non-ferrous metal rising the most.Leisure service, bio-medicine and food and beverage sector fell the most. In HK 9 out of 12 sectors rose with energy and financial sector rising the most. Tech and healthcare sector fell the most. Because the US might forgo patents on COVID-19 vaccines, vaccine producers’ stocks tumbled in both A-share and HK market.

Group-holding stocks fell sharply. Stocks in leisure service, food and beverage and bio-medicine sectors dived on Thursday. The reasons behind are high valuation and that earnings growth of these stocks might miss expectation. We believe that economic conditions are changing from low interest rate, low inflation and low growth to high interest rate, high inflation and high growth gradually. The new economic environment would be more friendly to low-valued stocks than to high-valued stocks.Those investors who cannot shift their investment frameworks quickly might miss good investment opportunities and incur big losses. Fed believes that inflation would be transient in April and May due to the low base in 2020 and supply chain interruption from the pandemic. But some investment banks including Goldman Sachs and Bank of America thought that copper prices would see an upward trend lasting for years due to supply shortage and high demand from new energy. Hence, inflation might persist. Moreover, for 2021 developed countries along with developing countries would see above trend GDP growth rate due to the low base in 2020.  For example, the US and UK would grow GDP at 7% and 7.25% respectively in 2021. China and India would see 9% and 11% GDP growth rate respectively. The global economy growth would see the fastest rate in 40 years. Ultimately group-holding stocks might no longer be the favorite ones in the market and their stock prices might suffer big retreat.

The US stocks rallied.  The initial jobless claim last week was better than 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。

五一假期外围股市涨跌互现。其中资源国国家指数涨幅居前，包括俄罗斯和澳大利亚，而科技市值占比较大的地区比如台湾和纳斯达克则跌幅较大。港股三个交易日恒生指数、国企指数和科技指数分别累计下跌1.1%、0.95%和2.47%。恒生12个综合行业中5个上涨、7个下跌，原材料和能源行业涨幅居前，而科技和医疗保健跌幅居前。五一期间，国内消费旺盛。但受疫情影响，据2019年的消费水平仍有一定差距。

5月到底穷不穷？进入5月，国内投资人最关心的是“五穷六绝七翻身”的炒股秘诀会否再次应验，国外也有“五月卖出，远离股市”的俗谚。统计数据显示，历史上5月美股的表现并不差。自1980年以来，5月标普500月度平均收益为0.9%，在12个月中的表现按照从弱到强排名第六。A股从2010年以来5月份的平均收益为-0.6%。具体到今年五月穷不穷关键还是看企业盈利和估值的情况。今年2季度对A股部分行业而言面临的是2020年相对高基数，尤其是受益于疫情的股票，包括部分医药企业、宅家消费以及出口行业。这些行业在今年2季度很可能不会看到如去年那么旺盛的需求，因此，业绩有可能面临增速下滑甚至同比负增长的状态。但是，受益经济复苏的行业有可能会在今年2季度盈利增速有较好表现，因为去年疫情将这些行业的经济活动抑制住了。宏观层面，影响市场最大的因素仍然是经济和货币和财政政策。美国财长耶伦周二指出经济过热需要加息，美股科技股大跌。这可以理解为测试市场对加息的承受能力。高估值个股显然承受能力较差，经济复苏股比如银行则受到加息消息的提振而上涨。我们认为美国加息仍然是相对较长一段时间才能发生的事情。近期需要密切关注的是美联储削减债券购买宣布和实施的时间点。上一次削减债券购买时，时任美联储主席伯南克2013年5月国会作证时表示会削减债券购买，2014年1月正式实施。

美股涨跌互现。通用汽车1季度业绩大超预期，股价上涨带动道指上涨。大宗商品股票包括石油、玉米和木材等继续上涨，科技股继续下跌。拜登政府支持放弃对新冠疫苗专利的所有权，疫苗类企业股价大跌。

Global stock markets mixed during the Labor Day holidays.Resource countries’ stocks performed better such as Russia and Australia. Tech lagged behind.Taiwan Weighted Index (TWI) fell 4.4%, the most among global major stock indexes. And Nasdaq fell 2.72%, only better than TWI. Heng Seng Index,China Enterprises Index and Tech Index fell 1.1%,0.95% and 2.47% respectively during Monday and Wednesday. 5 out of 12 Hang Seng composite sectors fell. Raw material and energy sector rose the most while tech and healthcare sector fell the most. Chinese consumption boomed during the holidays as tourists crowded in almost every scenery countrywide. But due to pandemic control measures consumption during the holidays was still below the levels in 2019.

Will May see stock market perform poorly? Sell in May and go away. Investors tend to think that stocks perform poorly in May. Yet from 1980 till 2020 SP 500 delivered 0.9% return in May, which put it at the seventh best-performing month among the 12 months. Shanghai Composite Index delivered an average of -0.6% return in May from 2010 to 2020. We believe that stock performance should be tied to companies’ earnings growth and valuation. For those stocks who benefit from the pandemic in 2Q2020 including healthcare stocks,in-house work and entertainment stocks, they might not see the same demand for their products this year. Hence, their earnings growth might slow down or even slide compared with last year. And for those benefiting from economic recovery, their earnings growth might be strong as pandemic held up these sectors’ activities last year.Whether the Fed will begin to taper bond purchase would have a big impact on the global stock market. In May 23rd, 2013, in testimony to the Congress Fed chairman Bernanke announced that Fed would taper. Then Fed announced its taper plan in Dec. 2013 and began to execute the plan in Jan. 2014.

The US stocks mixed on Wednesday. Commodity stocks rose while tech stocks continued to slide. 

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。

周四A股和港股连续第三天探底回升。A股申万28个行业中19个上涨，9个下跌,涨幅居前的为非银金融、银行和家用电器，跌幅居前的钢铁、综合和汽车。恒生12个综合行业中只有医疗保健行业在连续几天上涨后周四下跌，其余11个行业上涨，原材料、综合和公用事业涨幅居前。北上资金净流入50.9亿人民币。港股通周四暂停，5月6日恢复交易。

持股还是持币过节？五一假期在即，持股还是持币过节的问题又出现了。春节之后的股市暴跌还历历在目，投资人对过节期间存在的不确定性心有余悸。不过，这个问题其实并没有特别的意义。首先，投资是“风物长宜放眼量”。股神巴菲特的老师本杰明·格雷厄姆说过：股市短期是投票机，长期是称重机。研究发现，股价走势与盈利增速的相关度随着时间的拉长而提高。短期的股价变动可能就是一个小扰动，为了这种可能的扰动而卖出好股票不见得是明智的做法。其次，我们判断支撑股市的因素不会一夜之间发生重大变化，包括经济增速和财政货币政策等。最近对全球市场产生较大影响的是印度的新冠疫情。尽管印度新冠疫情严重，但是根据经济学家的预测，今年印度仍有10%以上的经济增速。最新消息是印度自己研制的疫苗正在进行临床三期实验，将有可能在五月中旬获得当局的紧急授权。这对印度控制疫情应该会有所帮助。国内的货币政策维持中性状态。虽然大宗商品价格持续上涨，但从上市公司的一季报来看，还没有对中下游企业的利润率产生比较明显的影响。因此，货币和财政政策也不存在急剧转向的可能性。最后，从一个股票上赚取较高收益一定要有较长时间的持股周期才可能做到。短期炒作赚不到大钱，而且很容易被市场情绪所左右。

美股大涨。上市公司1季度业绩持续超预期，分析师认为经济学家很可能低估了欧美经济复苏的强度。周五会公布个人消费支出指数，这是衡量通胀水平的关键指标。华尔街预期5月份通胀将会达到3%的水平，预期美联储在6、7月份讨论缩减债券购买，9、10月份宣布，明年1月份实施债券缩减计划。

Both A-share and HK market rose.  Thursday marks the third day in a row that markets bottomed up. North-bound capital saw net inflow of RMB5.09 billion. HK-connect was paused for the Labor holidays and will resume trading on May 6th,2021.  

To hold stocks or not during the Labor holidays? This question actually does not make much sense in that one should take a long-term view on investment. Big returns come from holding good stocks as long as you can. Benjamin Graham, the mentor of Warren Buffett, ever said that stock market is a voting machine in the short-term and a weighting machine in the long term. Research also found that the stock prices’ correlation with earnings increase with the duration of investment horizon. Currently the major risk to global stock markets is the worsening pandemic in India. But economists still expect India GDP to grow 10% or above in 2021. Moreover, it was reported that India was developing its own vaccine and possibly approves it for mass vaccination in May. While inflation pressure is rising with commodity prices, China has maintained a neutral monetary policy and an active fiscal policy. From 1stquarter earnings of listed companies in A-share the rising commodity prices have not caused margin contraction. Hence, there is no need to worry about the sharp U-turn of monetary and fiscal policy. 

The US stocks rallied. Company earnings in the first quarter of 2021 were above expectation. Some analysts believed that economists might underestimate the strong recovery of economy from COVID-19. On Friday personal consumption expenditure data in March will be released, which is a key measure of inflation and Fed observes closely. The Wall Street expects that consumer price index in May could reach as high as 3%.The consensus for tapering is that Fed will talk about tapering in June or July and announce its plan in Sept/Oct and execute it in Jan 2022.  

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股和港股再次探底回升。A股申万28个行业中23个上涨，5个下跌,涨幅居前的为电气设备、采掘和医药生物，跌幅居前的通信、计算机和轻工制造。恒生12个综合行业中仍是7个上涨，5个下跌，医疗保健、金融和地产领涨，而原材料、电讯和非必需消费业跌幅居前。北上和南下资金分别净流入20亿人民币和8.7亿港币。

拥挤的赛道。美银证券发表研究报告指过去一年汽车股表现亦稳健，由去年次季至今年首季销量亦见复苏，该行对行业及股价表现看法转向保守，认为下半年受基数影响月度销售同比增速可能会放缓，投入成本上升和芯片短缺等因素会为智能电动车成本及经营开支带来压力。该行相信2020-2025年内地整体电动车销量年复合增长将达26%，不过竞争将加剧。百度、小米及滴滴均宣布进军电动车市场，鸿海亦成立MIH联盟为初创如Fisker等提供生产服务。传统汽车生产商亦会积极生产销售电动车。领先的电动车企频频升级ADAS系统，以改善自动驾驶等用户体验,估计小鹏及理想今年研发开支将分别升73%及140%，以开发自动驾驶的运算及软件。更多传统汽车品牌将跟随电动车企业步伐，增加投资以维持市场份额及竞争力。除研发外，目标建立高端品牌的公司在销售及营销开支上亦会较高。总之，汽车整车特别是电动车赛道有点拥挤，估值面临下行压力。做电池及电动汽车零部件的所谓“卖水人”是否能受益呢？我们认为“卖水人”目前估值水平较高，整车企业估值下调对其估值也产生压力。

伯克希尔·哈撒韦的年会。周六备受瞩目的伯克希尔·哈撒韦年会将在洛杉矶通过网络直播进行。投资人关注在当前美股估值处在历史高位的时刻，股神巴菲特如何看待市场。从以往年会看，巴菲特和芒格的回答基本都是让投资人回归常识，进行长期投资。如果不能持有一只股票一辈子，就不要持有一天。大道至简，投资不是一时一日之功，而应该视作是一生一世的事业。试图一夜暴富，在股市里很难有好收益。

美股小跌。联储议息会议符合预期，波音1季度业绩低于预期。

Major indexes in both A-share and HK market rose slightly on Wednesday. 23 out of 28 sectors rose with electric equipment, mining and bio-medicine rising the most. Telecom,computer and light industry fell the most. In HK market 7 out of 12 sectors rose with healthcare, financials and discretionary consumption falling the most. North-bound and south-bound capital saw net inflow of RMB2 billion and HK$870 million respectively.

A crowded track. Bank of America (BOA) issued a report, in which it downgraded auto sector due to increased competition,rising costs and high base last year. Auto sector began to grow in positive territory from May 2020 till now. So from May 2021 auto sector would face a high base. BOA estimated that electric vehicle (EV) sales volume can grow at 26% per annum from 2020 to 2025 in China. But competition is increasing as Baidu, Xiaomi and Didi all enter this sector. Hon Hai formed an alliance called MIH to help produce Fisker EV. Traditional auto makers also hurry up producing EV. Moreover, EV players continuously upgrade their ADAS systems to improve users’ experience. Research and development costs for Xiao Peng and Li Auto will increase by 73% and 140% respectively this year. Both EV players will invest big in self-driving computing and software. This would make other auto players to follow suit. Shortage of chips adds additional pressure for EV.In summary EV track is becoming crowded. Will the battery and auto parts producers benefit from the increased competition? Their revenue and profit might benefit. But EV players valuation might be pressured with increased competition. So would the whole industrial chain.  

The US stocks fell slightly. Fed concluded its two-day meeting and reassured the market that it will be accommodative and would not talk about taper soon. Boeing posted another quarterly loss and dragged DOW index down.

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。