周三A股和港股均下跌。A股申万28个行业中11个上涨，比周二减少六个，其中建筑装饰、公用事业和家用电器涨幅领先，国防军工、休闲服务和有色金属跌幅居前。贵州茅台、三一重工和万科A等公司因为发布的2020年业绩某些方面不及预期，股价调整。港股12个行业中只有科技行业上涨，原材料和必需消费跌幅领先。万洲国际业绩不及预期，股价大幅调整。市场对公司业绩要求高，显示风险偏好较低。黄金价格从去年8月高点至今下跌18%。受此影响，紫金矿业A股和港股从2月高点分别下跌36%和41%。北上资金净流出79亿人民币，南下资金连续第四天净流入，金额为13亿港币。

经济强而股市弱是因为什么？3月份官方制造业采购经理人指数（PMI）为51.9%，非制造业PMI为56.3%，分别较前值上涨1.3和4.9个百分点。3月PMI超预期上涨一方面反应经济强劲复苏，内外需皆强；另一方面反应2月经济受疫情影响。PMI是环比数据，因此2月对非制造业而言疫情是一个低基数。但是，无论A股还是港股均走弱。背后的原因包括对经济复苏的信仰不足、3月信贷数据将显示流动性会收紧以及个别股票的高估值。我们认为2021年是全球复苏的一年，多个国家的经济增速将会超出预期，甚至可能达到过热的状态。因此，经济增长不是一个问题，可能增长过快会是个问题。再次，关于流动性的收紧，我们认为是一个缓慢的过程，不会对股市产生太大的冲击。最后，高估值股票下跌对低估值股票的走势影响不大。试想估值不到0.5倍市净率的股票会受到100倍市盈率的股票估值调整到30倍的影响吗？挖掘低估值价值股是应对今年股市波动的一个不错策略。

拜登如期宣布基建计划。该计划为期8年，规模2.3万亿美金，包括6210亿的交通基础设施投资、4000亿对老人和残疾人的照顾支出、3000亿对饮用水、宽带和电网的投资等。拜登计划将公司所得税从21%提升到28%以及其他加税措施来为该计划融资。分析人士认为加征公司税等举措10年的时间才可能获得1万亿美金的财政收入。所以，还得靠美联储印钱来融资，而这将会对美债收益率造成进一步的上涨压力。拜登宣布该计划后，周期、能源等股票下跌，科技股上涨。标普500创下历史新高。小非农就业数据显示2月私营部门就业创下去年9月以来的最大增幅。

Both A-share and HK stocks fell on Wednesday. 11 out of 28 sectors rose in A-share with construction, utilities and home appliance leading the market. Defense,leisure service and non-ferrous metal fell the most. Some companies including Kweichow Moutai’s 2020 earnings came in below expectation. Their stock prices corrected, reflecting market’s low risk preference. Only tech out of 12 sectors in HK market rose. Raw material and consumer stables fell the most. North-bound capital saw net outflow of RMB 7.9 billion. South-bound capital saw net inflow of HK$ 1.3 billion, which is the fourth day net inflow in a row.   

Why the economy is strong but stock market is weak? Official manufacturing Purchasing Manager Index (PMI) in March came in above expectation at 51.9%. Non-manufacturing PMI in March was 56.3%, higher than expected due to February low-base due to pandemic. But stock market did not react positively to the data. Market doubted the sustainability of economic recovery. We believe that global economy would recover strongly with the pandemic under control.  But there would be some periods when the pandemic resurges, the economy would be affected briefly. Liquidity would be taken back gradually as the central bank would not want to cause crash in stock market. The last but not the least it is true that group-holding stocks would continue to see valuation contraction. Some would see their price-to-earnings ratio from 100x down to 30x. But this would not affect those stocks whose price-to-earnings ratio might be below 5x and price-to-book ratio might only be 0.3x. 

Biden unveiled infrastructure plan. The plan will span over 8 years with a total spending up to US$2.3 trillion. Stocks sold on news. Cyclicals fell and tech rallied.ADP data showed that private sector employment in February saw the greatest increases since last September.

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股和港股均上涨，A股量能继续提升，港股量能略有下降。A股申万28个行业中17个上涨，比周一增加两个行业，其中电气设备、国防军工和医药生物涨幅领先，商业贸易、纺织服装和通信跌幅居前。抱团股全面上涨。港股周二是期指结算日，12个行业中10个上涨，仅能源和金融行业下跌，涨幅居前的是医疗保健、工业和综合业。北上资金净流入38亿人民币，南下资金净流入32.6亿港币。贵州茅台2020年收入和净利润分别增长11%和13%，每股派发股利19.293元，50%的股息支付率，但只有0.9%的股息率。股息率较低因为估值较高。

对市场不悲观。A股经过连续五周下跌后，上周有所反弹。本周开始的两个交易日股市继续上涨，但成交量一直处在较低水平。1季度是全年GDP同比增速的高点，但是不同企业的业绩走势不会完全跟GDP增速一致。去年全年受疫情影响的行业今年业绩会走出逐季提高的趋势。部分抱团股的估值仍处在历史较高水平，我们认为仍有下调的空间。由于去年是结构性行情，抱团股上涨，而大多数股票股价没有表现。所以，今年抱团股估值下调也不会对其他股票产生较大影响。我国经济向好，好企业会层出不穷，部分抱团股的走势不代表整体市场走势。

通胀是转瞬即逝的吗？市场对通胀是否能够如美联储主席鲍威尔和财长耶伦所预计的那样短暂升高表示怀疑。上周五公布的美国2月核心个人支出平减指数同比上涨1.4%，低于市场预期的1.5%。该数据暂时缓解了市场对通胀的担忧。10年期国债收益率也随之下降到1.67%。一直看涨股市的资深策略分析师亚蒂尼认为，3、4、5月份通胀由于基数的原因会走高，可能达到2.5-2.8%的水平，但这只是反应基数效应。如果到了3季度，通胀仍然保持这样的高位，那就是一个真正的问题。虽然通胀是一个风险，但他认为美国经济将会强劲增长，带动企业盈利增速超预期。他预测标普500年底目标价为4300，对照周二收盘价有8%的上涨空间；2022年底目标价为4800。

美股微跌。十年期国债收益率上升压制科技股。美国年初以来IPO达到100多起，融资额创出历史新高，对美股的走势形成压制。

Both A-share and HK stocks continued rally on Tuesday. 17 out of 28 sectors rose in A-share with electric equipment, military defense and healthcare leading the market. Most of the group-holding stocks rallied. Only 2 out of 12 sectors in HK market fell, which were energy and financials. Healthcare, industrial and conglomerate sector rose the most. North-bound and south-bound capital saw net inflow of RMB 3.8 billion and HK$3.26 billion respectively. Kweichow Moutai released 2020 earnings results with revenue and net profit up 11% and 13% respectively. It announced dividend of RMB 19.29 per share, which is 52% dividend payout ratio and 0.9% dividend yield. The dividend yield is not high due to the stock’s high valuation.  

It’s no need to be pessimistic about the stock market. The first two trading days saw timid trading volume in A-share despite that the market rose. While some group-holding stocks still enjoy hefty valuation, they would not affect other stocks with solid fundamentals and low valuation. It is worth reminding that in 2020 only group-holding stocks rose while other stocks’ prices remained timid. Some companies were affected by the pandemic throughout 2020. In 2021they would see both earnings and valuation improvement. Their stock prices would not be affected by the continuous correction of some group-holding stocks. 

Would inflation be transient? Market doubts that inflation would be transient as expected by Fed Chairman Powell and the Minister of Treasury Yellen. According to long-time bull Ed Yardeni inflation might touch 2.5-2.8% over March and May simply because of the low base in 2020. He remained bullish on stocks and set his year-end target for SP 500 at 4400, which is about 8% up potential from Tuesday close and 2022 price target at 4800.

The US stocks fell slightly.  10-year treasury yield touched 14-month high and Tech stocks were pressured. 

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股和港股均上涨，量能较上周五有所提升。A股申万28个行业中15个上涨，采掘、国防军工和食品饮料涨幅领先，传媒、综合和纺织服装跌幅居前。采掘板块涨幅领先因为上市公司派发高股息。中国神华2020年每股收益人民币（下同）1.97，派发红利每股1.81，92%的股息分配率，A股和港股股息率分别为10%和15%。兖州煤业除常规股息外还发放特别股息，A股和港股股息率分别为7.6%和14%。港股12个行业中8个上涨，跌幅居前的是科技、医疗保健和消费。因比尔黄的对冲基金爆仓，港股科技股也受到牵连，百度下跌近5%。北上资金净流出58.4亿人民币，结束了连续三个交易日的净流入。南下资金净流入9.4亿港币，连续第二个交易日净流入。

20倍还是40倍？对于抱团股的估值，到底多少是合适的？我们认为股票估值是动态的，不是静止不动的。一方面股票估值与企业盈利增速有很大关系。如果公司未来两三年业绩年复合增速达到100%，给100倍市盈率是合适的。但是，如果业绩增速从100%降到30%，那市盈率也会从100倍降到30倍。重要的是不要买在股价是100倍市盈率，然后等着估值降到30倍。高估值股票最大的风险就是戴维斯双杀，即估值和盈利的双降。另一方面，从大类资产配置的角度看，股票和债券的估值是紧密相联的。当债券的利息率高于股票的股息率时，债券更有吸引力；反之，则股票有吸引力。对于成长股而言，因为估值模型中的无风险贴现率随着债券利息率的上升而上升，因此，债券利息率上升会引发成长股的估值下降。这是春节后市场调整的一部分原因。所以，对于估值应该是20倍还是40倍市盈率要分情况回答。如果未来年盈利增速能保持在40%，40倍是合理的。如果未来年均业绩增速仅有10%,20倍恐怕都有点高。

美股道指创出新高。因比尔黄对冲基金杠杆爆仓被强制平仓，部分国际大行股价遭受重大打击。有投资人担心这会发展成2008年金融危机。但家族办公室爆仓并不是没有发生过。此次爆仓损失的金额还很小，不会造成对手风险，而且美国和其他发达国家对经济注入的巨额流动性，也意味着这些小损失不会造成系统性风险。但受影响的投资银行可能会有一两个季度的亏损。本周五美国将因受难节休市，但3月的非农就业数据仍将如期发布，值得关注。

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股和港股均大涨，量能有所提升。上周（下同）上证指数、创业板指和科创板指分别上涨0.4%、2.77%和2.06%，成交量与前一周持平。连跌五周后，A股市场终于迎来上涨。A股申万28个行业中17个上涨，涨幅居前的是计算机、医药生物和纺织服装，跌幅居前的是顺周期板块，包括钢铁、有色金属和化工。港股恒生指数、国企指数和科技指数分别下跌2.26%、2.82%和4.93%，12个行业中只有综合行业上涨，跌幅居前的是原材料、科技和可选消费。北上资金净流入141.6亿人民币，较前一周提升63%。南下资金从前一周净流入转为净流出63.3亿港币。

1-2月工业增速强劲。国家统计局公布，1-2月全国规模以上工业企业实现利润总额11,140.1亿元，同比（下同）增长1.79倍，比2019年首两个月增长72.1%，两年平均增长31.2%。规模以上工业企业中，国有控股企业实现利润总额3752.2亿元，增长1.82倍；股份制企业实现利润总额7762.5亿元，增长1.69倍；外商及港澳台商投资企业实现利润总额3,145.2亿元，增长2.19倍；私营企业实现利润总额3,316.9亿元，增长1.37倍。规模以上工业企业实现营业收入16.87万亿元，增长45.5%；营业成本13.99万亿元，增长43.5% ；营业收入利润率为6.60%，提高3.15个百分点。前两个月数据因2020年低基数，增速较高。但剥离低基数，总体增速仍非常强劲。

没有免费的午餐。周末传出一家对冲基金因杠杆爆仓被强制平仓导致中概股大幅下跌的消息。投资是在承担一定风险下获取收益的过程。承担的风险低，收益也低；承担的风险高，收益也高。赚快钱也意味着要承担快速亏钱的风险，天下没有免费的午餐。坚持价值投资的好处是能够保住本金，保持参与市场机会的可能。当然，价值投资一般都很难赚到快钱，其真正的魔力是复利，即投资人获取企业年复一年创造的价值的一部分。价值投资最重要的是甄别出好股票并且长期持有，巴菲特的说法是永远不卖。不过，如果股票估值过高，巴菲特也是卖的。

美股上周五大涨。科技、医药和金融股带领股市上涨。拜登总统本周三或周四将会披露总额3-4万亿美金、持续多年的基建计划。

A-share and HK stocks rallied last Friday. Last week A-share finally rose after falling for 5 weeks in a row. Shanghai Composite Index, Chinext Index and STAR 50 rose 0.4%, 2.77% and 2.06% respectively with trading volume in line with the previous week. 16 sectors out of 28 rose with computer, healthcare and textile and clothes leading the market. HK stocks fell with Hang Seng Index, China Enterprises Index and Tech Index falling 2.26%, 2.82% and 4.93% respectively. North-bound capital saw net inflow of RMB 14.2 billion, up 63% over the previous week. South-bound capital saw net outflow of HK$6.33 billion.

In the first two months industrial sector grew strongly. According to National Statistic Bureau, industrial enterprises above scale made net profit of RMB 1.1 trillion, up 179% year-on-year (yoy, the same below) and 72% higher than the same period in 2019. State-controlled enterprises made net profit of RMB 375.2bn, up 182%. As industrial activities were stalled during Jan and Feb. in 2020 due to pandemic, industrial sector grew on a low base this year. However, even if excluding the low-base effect, the industrial enterprises still delivered strong sales and profit growth.

There is no free lunch in stock market. According to media, because a hedge fund could not cover margin call investment banks dumped a big amount of China-concept stocks last week and caused these stocks’ prices to be halved. Investment is a process to get return based on risk. The higher the risk is, the higher the return could be. The faster the money is earned the higher the risk one needs to take. If one wants to make money fast, he or she must realize that money can be lost very fast too. There is no free lunch in the stock market. The best way to invest is to stick to value investment principles and enjoy compound return, the eighth magic in the world.

The US stocks rallied last Friday. Tech, cyclicals and banks led the market. Biden will reveal US$3-4 trillion infrastructure plan on the coming Wednesday or Thursday.  

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股主要指数涨跌不一。上证指数微跌，创业板指上涨0.81%。申万28个行业中11个行业上涨，涨幅居前的分别是计算机、纺织服装和休闲服务，跌幅居前的行业是公用事业、建筑装饰和银行。A股两市成交量创下去年10月份以来新低。港股恒生指数微跌，国企指数跌幅约1个百分点。港股12个综合行业中5个下跌，其中跌幅居前的分别是科技、电讯和地产建筑。北上资金连续第二天净流入，金额为29.5亿人民币。南下资金净流出15.7亿人民币，连续第三天净流出。

国产品牌崛起正当时。根据发达国家经验，当一国GDP增速放缓，出口不振时，就是国产品牌崛起的时机。背后的原因是GDP高速增长的时候，经济是粗放式发展，企业无需考虑产品品质就能取得很高的收益。而GDP增速放缓一般都是工业化后期，此时人均GDP有很大提升，消费者在有钱之后开始对品质的追求。2020年我国人均GDP超过1万美金，中国超越美国成为世界上最大的单一市场。而国产品牌也成为消费者的首选。根据阿里研究院的统计，2019年线上中国品牌市场占有率达到72%。创新是驱动国产品牌增长的主要动力，2019年品类创新对市场规模扩大的贡献度比2018年提升了15.2个百分点达到44.8%。从新品销售额占比和新品增长贡献度看，手机、服装、家具、箱包配饰、运动户外等是新品驱动的重点行业。新疆棉事件无疑加快了国产品牌在服装鞋帽等领域替代国外品牌的过程。2007年，本人曾带着国内某知名体育品牌在香港机构投资者中路演，印象最深的就是他们抱怨某一线城市的消费者对国外品牌的崇拜使他们很难渗透到这个市场。但随着该品牌近几年在纽约时代广场不断发布新品，品牌形象已足以比拟知名国际品牌，收入增长也开始领先国际品牌。历史大势，浩浩汤汤，顺之者昌，逆之者亡。认不清形势的外资品牌注定被历史抛弃。当历史车轮碾过的瞬间，你可能连他们的一声叹息都听不到。

美股探底回升。周期股带领股市上涨，道指涨幅领先，纳指微涨。上周初次申请失业救济人数为684,000，好于市场预期。这是2020年3月中旬以来该数据首次低于70万人。美联储主席鲍威尔谈到在经济好转之后逐渐退出宽松措施。

Major indexes in A-share mixed on Thursday. Shanghai Composite Index fell slightly while Chinext Index rose 0.81%. 11 sectors out of 28 rose, which were computer, textile and clothes and leisure service. Trading volume reached the lowest level since Oct. 2020. Hang Seng Index fell slightly while China Enterprises Index fell close to 1%. 5 out of 12 sectors in HK market fell with tech, telecom and property sector falling the most. North-bound capital saw the second-day net inflow of RMB 2.95 billion. South-bound capital saw the third-day net outflow of HK$1.57 billion.

It is time for national brands to emerge. According to what happened in developed markets, a country’s economy would slow down with export demand dwindles at post-industrialization stage. At this time residents usually enjoy much higher income levels and would require higher quality of life. In 2020 per capita GDP in China reached above US$10,000 and China has become the largest single consumption market. National brands have become the top choices of consumers. According to Ali Research Bureau national brands took 72% market share in online trading. Innovation is the main driver for the surge of national brands. Category innovation contributed 44.8% to national brands’ market share increase in 2019 versus 29.6% in 2018. Sales growth of mobile phone, clothes, furniture, and outdoors equipment are mainly driven by new products. What happened around Xinjiang cotton recently would undoubtedly promote the progress of national brands taking place of international brands. A domestic sports brand used to face challenges in a top-tier city due to consumers’ favoring international brands. However, it has improved brand image dramatically recently after releasing new products with innovation and fashion in New York Times Square. And its sales growth caught up with international brands very quickly.

The US stocks bottomed and rose. Cyclical stocks rose the most. Powell talked about exiting from quantitative easing when the economy recovers 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。

周三A股继续下跌。A股主要指数均下跌超过1个百分点。申万28个行业跟前一交易日一样只有三个行业上涨，分别是综合、公用事业和传媒，跌幅居前的行业仍然是有色金属、钢铁和化工。国储局抛售电解铝储备传闻仍然发酵。港股跌幅超过A股，主要指数均下跌2个百分点以上，12个综合行业全部下跌，其中跌幅居前的是原材料、工业和可选必需。北上资金净流入50亿人民币，南下资金净流出69.4亿人民币。

A股港股连续大跌。本周A股和港股大跌是对全球经济乐观预期的修复，欧洲疫情再起，部分新兴市场国家加息，美国虽疫苗接种超预期，但疫情仍有再次蔓延的风险。我们认为全球经济复苏是渐进曲折的，但总体复苏方向是确定的。A股和港股从春节后至今已调整了一个半月，抱团股虽跌幅较大，但估值仍处在高位，需观察未来盈利增长情况。不过很多其他板块和个股的估值都处在很有吸引力的区间，不易对市场过度悲观。从2020年业绩情况看，很多企业业绩高速增长，并且2021年前景展望很有吸引力。有投资人担忧当前国际政治形势。最新消息是美国国务卿布林肯号召北约联合对抗中国在科技方面的崛起。中美会谈后，国际形势最新进展预示新冷战格局似乎在形成。对我国而言，经历了2018年的中美贸易战，国内很多企业已经具备承受打击的能力，而且双循环的一个目的就是要构筑国内大市场，降低对外需的依赖程度。此辛丑不是彼辛丑。现在我们不仅有欣赏“清风拂山岗，明月照大江”的实力，也有“他自狠来他自恶，我自一口真气足”的自信。

欧洲3月份经济领先指标超预期。IHS Markit数据显示，欧元区今年3月制造业采购经理人指数（PMI）初值意外由前值57.9升至62.4，为1997年6月以来最高值，市场预期回落至57.6。制造业产出由前值57.6升至63，创有数据以来新高，因全球需求继续由疫情大流行中恢复。新订单增速加快，欧元区制造商创造就业机会为2018年8月以来最高，主要受惠法国及德国推动。欧元区3月服务业PMI初值由前值45.7升至48.8，创七个月新高，市场预期46。其中服务商投入成本增速为去年2月以来最高。欧元区3月综合产出指数初值意外半年来首呈扩张，由前值48.8升至52.5，创八个月高，市场原预期升至49.1，主要受惠制造业产出增速加快推动。商品和服务平均价格上涨至2019年1月以来最高水平，商品价格创近十年最大涨幅。

美股下跌。科技股大跌，纳指下跌2个百分点，道指微跌。

A-share fell for the second day on slightly increased volume. Only 3 sectors out of the 28 rose, which were conglomerate, utilities and media. All of the 12 sectors in HK market fell with raw material, industrial and discretionary consumption falling the most. The market rumor that State Supplies Bureau was to release 50-ton electrolytic aluminum still pressured upstream stocks. North-bound capital saw net inflow of RMB 5 billion. And south-bound capital saw net outflow of HK$6.94 billion.

Why A-share and HK stocks continued falling? The market corrected its previous optimistic outlook of the world economy as the pandemic surged in Europe, several emerging markets raised interest rate and the US pandemic seemed to spread again despite faster vaccination rollout. While most of the group-holding stocks’ valuation is still at hefty levels and need robust earnings growth to support the high valuation, many other sectors and stocks have strong earnings growth with reasonable valuation. Many companies who released strong 2020 earnings also provided promising growth prospect in 2021. Hence, it is unnecessary to keep pessimistic about the stock market overall. Some investors worry about geopolitics. We believe that China’s economy has decreased its reliance on export to a great extent. Moreover, dual-circulation aims to develop domestic market to deal with threats from the outside. China is no longer that nation 120 years ago. We have come a long way to stand up and to benefit from our own strength and confidence.  

The European leading indicator was better than expectation. European manufacturing Purchase Manager Index (PMI)in March 2009 rose from 57.9 in Feb. to 62.4, the highest reading since June 1997 as global economy emerged from the pandemic. Service PMI rose from 45.7 in Feb.to 48.8 in March, the highest reading in 7 months. The European stocks rose while the US stocks fell as tech stocks tumbled. 

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。