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外資怎么看中國最近的政策舉措。我們總結下來，老外看中國政策分為兩派：一派是認為中國政府出臺的政策舉措是幫助中國老百姓改善生活質量，不論是對教配行業還是對互聯網平臺的打擊；一派認為中國的政策會擴散到其他行業，在中國市場投資的不確定性大幅提高。截止上周，香港市場并沒有大規模資金外流的跡象。但是，對一些長期投資的共同基金，他們的決策過程會相對較長，需要幾周的時間，最終也許會有撤出的。對中國政策持正面態度的外資認為中國政府非常清楚私營企業在中國經濟中的作用。私營企業提供了80%的就業崗位，貢獻了80%的科技和創新。因此，中國政府會積極促進私營經濟的發展。對教培和互聯網平臺的打擊，是為了幫助孩子減輕學業負擔，促進公平公正。對一些互聯網大公司的打壓并不是打擊這些公司本身，而是對那些試圖在政治上施加影響力的商業領導者。這種情況在歐美是很普遍的，但是中國不希望跟隨歐美的老路。對于美國限制對中國上市公司的投資，該投資人認為美國投資人占中國A股和香港市場總市值的比例不到3%。中國的資本市場沒有美國投資人也沒有大不了的。對于有些人批評中國政府對采取的政策舉措不透明，投資人認為中國政府說到做到，并且非常具體和公開。當前，中國互聯網公司的市盈率是全球同業70%，市值是1/10到1/3，意味著估值中隱含的風險溢價非常高。由于政府對數據的管控，這些互聯網公司可能無法使數據轉化為利潤，所以壟斷地位不能幫他們帶來壟斷利潤。其實對互聯網公司最大的風險是監管還沒有發生，而中國互聯網公司監管已經發生了，意味著風險已經釋放了。

A股縮量下跌，港股放量下跌。A股和港股早盤大幅下跌，隨后探底回升。因官媒對網絡游戲的抨擊，A股和港股的網游股大跌。前期熱門股包括芯片、新能源等板塊大幅下挫。因疫情擴散，醫藥行業領漲兩市。美股大漲，10年期國債收益率探底回升，銀行和工業板塊領漲。雖然美國疫情新增病例已經超過今年4月份的水平，但投資人對此似乎并不擔心。因疫苗發生作用，此次住院人數并未隨新增病例數增加而增加。投資人預期2、3周之后美國新增病例將會趨緩。

How international investors view China capital market? They fall into two types. One type is still optimistic about China’s stock market and believes that the policies that targeted after-school tutoring sector and internet giants are to help relieve kids’ burden and promote fairness and justice. The other type thinks that these policies aroused uncertainties and doubt that other sectors would be targeted by policy. By the end of last week there was no sign that capital exited HK stock market. Yet mutual funds might take weeks to make decisions. Some of them might exit HK market at last. But this should not be a worry. A long-term Asia investor who fell into the first type thought that China knows well that private businesses contribute 80% of the employment and the same amount of new technology and innovation. So the policies are definitely not to target these private enterprises but those industrialists and business leaders who tried to parlay commercial success into political influence. As to the US might restrict investing in China companies, the investor said that US investors account for less than 3% of China and HK market cap combined. China’s markets can survive without the US. Currently the big internet giants in China are valued at 30% discount to their global peers in terms of price-to-earnings ratio and one third or one tenth of their global peers in terms of market cap. This implies that risk premium is pretty high. And for internet companies the biggest risk is actually that supervision risk is looming. But for Chinese internet companies the risk has turned into reality. Hence, it might be time to think about buying into these stocks.

A-share fell with contracted volume and HK stocks fell with big trading volume. The criticize from official media to the gaming companies caused gaming stocks to fall sharply in both A-share and HK market. The US stocks rallied as 10-year treasury yield bottomed up. Bank and industrial sector led the rally. Investors seem not to be concerned about the surge of new cases as hospitalization rates remained low.

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