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.

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