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.

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