周三A股下跌。因原油价格创出疫情以来的新高加剧市场对通胀的担忧，而人民币连续两日贬值，叠加部分抱团股创出历史新高资金有获利了解的需求。A股主要指数均下跌接近或超过一个百分点。申万28个行业中7个上涨，均是估值较低的行业，领涨的包括综合、农林牧渔和采掘。港股在A股带动下也下跌，恒生科技指数跌幅接近一个百分点，恒生指数和国企指数跌幅分别在0.58%和0.36%。恒生12个综合行业中4个上涨，1个持平，7个下跌，其中能源、综合和公用事业涨幅居前，而医疗保健、原材料和工业领跌。北上资金净流出20.1亿人民币，南下资金净流入6.8亿港币。

我国居民将会增加海外资产配置比例。周三收盘后，媒体报道国家外汇管理局近日向17家机构发放QDII额度合计103亿美金。截止2019年，中国居民总资产达到552万亿人民币。根据人民银行2019年的调查，中国城镇居民资产中近59%为住房，远高于美国的21%，日本24%和欧洲的35%；股票基金类资产在总资产中的占比不到2%，远低于发达国家的水平。2019年，中国人均GDP超过1万美元。按照购买力平价调整，相当于日本1970年代中期，即日本居民资产中不动产占比达到峰值的时期。未来随着居民收入水平的提升，不动产配置比例将会下降，而金融资产的配置比例将会提升。另一方面，我国居民配置海外资产的比例也相对较低。据估算，2020年中国个人境外资产配置比例为9.4%，而发达国家居民海外资产配置比例约为15%。发放QDII外汇额度，鼓励资金出海无疑会增加老百姓配置海外金融资产的渠道，同时也有利于减轻人民币升值压力，可谓一举多得。有投资人担心这对A股构成利空。我们认为聪明的资金总是寻找性价比高的资产。如A股中有性价比高的股票，资金也会配置，比如一些中小盘个股。港股中80%的上市公司为国内公司，对国内投资人而言更易于了解和接受，同时估值水平也比A股低，相比其他海外市场应该更受益于资金出海。

美股小幅上涨。 布伦特原油期货价格涨至2020年初以来新高。

Both A-share and HK stocks fell on Tuesday. RMB depreciated for two days in a row and north-bound capital saw net outflow of RMB 2 billion. Some group-holding stocks‘ prices have reached historical highs and investors took profit by selling them.

Chinese residents will increase their overseas equity investment. It was reported that State Administration of Foreign Exchange issued a total of US$10.6 billion to 17 Qualified Domestic Institutional Investors (QDII) both at home and aboard. By 2019 Chinese residents have accumulated assets at RMB 55.2 billion. According to the People’s Bank of China 59% of the assets was in property, much higher than the percentage in the US, Europe and Japan which was 21%,24% and 35% respectively. But assets in stocks and funds were less than 2%,much lower than that in the developed nations. Currently China’s per capita GDP is US$1 trillion, which is comparable to Japan in the 1970’s when the percentage of property held by Japanese residents in total assets reached the peak level. With the personal income increasing gradually going forward, Chinese residents wouldput more money into financial tools, particularly in equity. On the other hand,Chinese residents’ overseas investment was only 9.4% in 2020 compared with 15% of those in developed countries. Issuing foreign exchange quota to QDII would not only allow Chinese residents to put more money into overseas financial markets, hence increasing the percentage of stocks and funds in their total assets, but also mitigate the appreciation pressure of RMB. Some investors worry about the negative impact on A-share. But smart money would invest based on value for money. Some small- and medium-cap stocks have more upside potential in our view. HK stocks would benefit more from Chinese residents’ overseas investment as they have lower valuations than A-share and most of the companies listed are Chinese local companies.  

The US stocks rose slightly on Tuesday. Brent oil futures rose to the highest levels from Jan.2020. 

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