周三A股探底回升，成交量有所放大。申万28个行业中，17个行业上涨，11个行业下跌。其中钢铁、综合和交通运输行业涨幅领先，食品饮料、电气设备和汽车跌幅领先。抱团股上涨几天后又大幅杀跌，主要原因应是基金净值回升导致赎回压力增大。财政部再提稳妥推进房地产税。在政策作用下，未来卖房炒股可能会很常见。港股节后首个交易日，恒生综合行业指数中6个行业上涨，6个行业下跌。原材料、地产建筑和工业领涨，科技、必需消费和金融领跌。北上资金净流出28.2亿人民币，其中贵州茅台和潍柴动力分别净流出14和9亿人民币；而三一重工净流入6亿人民币。南下资金净流入8.5亿人民币，中芯国际和华宏半导体分别净流入7.8亿和6亿港币。

摩根大通CEO杰米·戴蒙年报中写给投资者的信。如果说巴菲特在伯克希尔·哈撒韦年报中写给投资者的信是所有投资者必读的，那么摩根大通CEO杰米·戴蒙写给投资者的信一定是排在必读榜第二位的。昨天公布的这封长达66页的信中，杰米·戴蒙谈到了美国经济前景、股票估值以及中美之间竞争力的对比。他认为美国经济在疫苗、财政作用的刺激下会保持良好势头直到2023年。股票估值是有点贵的，但是反应了长期的经济繁荣的前景。而债券的估值很低是不太合理的，这里面有两个因素在发挥作用:一个是供给过大，一个是通胀有可能不是转瞬即逝的，像美联储预期的那样。在谈到中美关系时，他说现在中国人认为美国在科技、基础设施和教育方面正在丧失竞争力，美国是一个被政治、种族问题和收入不平等撕裂和导致严重瘫痪的国家，一个无法协调财政、货币、产业和监管政策以取得全国目标的国家。美国历史上面临过很多次挑战，他说这次可能会有所不同，但相信这些问题都是可以得到解决的。

美联储会议纪要再次确认其宽松立场。美联储发布了3月份的议息会议纪要，美联储认为经济虽有很明显的改善，但距离通胀和失业率的政策目标仍有很长的路要走。上周五公布的非农就业数据中，3月份的失业率为6%。如考虑到就业参与率等因素，实际失业率可能高达9%。另外，去年4、5月份的低基数可能会使通胀率暂时超过2%，同时，下半年随着疫情得到有效控制，消费重启，供应链上的约束也会暂时推高通胀率。受美联储宽松立场的推动，美股上涨，标普再次创出新高。

A-share bottomed out and fell slightly on Tuesday. 17 out of 28 sectors rosein with iron and steel, conglomerate and transportation leading the market. Group-holding stocks fell sharply, which was likely due to the redemption of mutual funds that hold these stocks. In HK market 6 out of 12 Hang Seng sectors rose with raw material, property and industrial leading the market. North-bound capital saw net outflow of RMB 2.82 billion. Among it Kweichow Moutai and Weichai Power saw net outflow of RMB 1400 and 900 million respectively. Tuesday might be the day that Kweichow Moutai saw the biggest net outflow of north-bound capital in history. South-bound capital saw net inflow of HK$ 850 million.

What Jamie Dimon said in his annual letter to shareholders? Jamie Dimon, Chairman of JP Morgan said in his 66-page annual letter that he had little doubt that with excess savings, new stimulus savings, huge deficit spending, more QE, a new potential infrastructure bill, a successful vaccine and euphoria around the end of the pandemic, the U.S. economy will likely boom and this boom could easily run into 2023 because all the spending could extend well into 2023. While Dimon called stock market valuations “quite high,” he said a multiyear boom may justify current levels. Conversely, in this boom scenario it’s hard to justify the price of U.S. debt (most people consider the 10-year bond as the key reference point for U.S. debt),” “This is because of two factors: first, the huge supply of debt that needs to be absorbed; and second, the not-unreasonable possibility that an increase in inflation will not be just temporary.” Dimon also discussed that Chinese viewed the US to be on a decline with domestic politics, racial and income inequality. The US was ever faced with a lot of challenges. This time might be different. But he believed that the issues are fixable.

SP500 reached another record high. Fed released FOMC minutes, which showed Fed’s commitment to easing policy. 

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