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      肆 疫情受損股

      最后，疫情期間持續(xù)受到?jīng)_擊的行業(yè)，包括旅游、航空、餐飲等。這些企業(yè)因?yàn)槭艿揭咔闆_擊，估值一直處在歷史較低水平。隨著疫情緩解，這些股票也會(huì)有較好表現(xiàn)。總之，我們對(duì)A股和港股都保持相對(duì)樂(lè)觀的態(tài)度。盡管3、4季度經(jīng)濟(jì)可能會(huì)面臨一些壓力，但是堅(jiān)持投資理念一定會(huì)取得較好收益。

      伍 市場(chǎng)綜述

     周二A股和港股均上漲。港股科網(wǎng)股大幅上漲，因京東2季度業(yè)績(jī)超市場(chǎng)預(yù)期，同時(shí)騰訊展開(kāi)股票回購(gòu)。國(guó)際投資人也開(kāi)始緩解對(duì)投資中國(guó)市場(chǎng)的擔(dān)憂。美股連續(xù)第三天上漲，三大股指均創(chuàng)出或接近歷史新高。中國(guó)疫情已經(jīng)被良好地控制住，美國(guó)疫情也出現(xiàn)緩解跡象。市場(chǎng)對(duì)經(jīng)濟(jì)前景不再悲觀，轉(zhuǎn)而關(guān)注美聯(lián)儲(chǔ)將在杰克森年會(huì)上會(huì)釋放關(guān)于削減債券購(gòu)買的任何細(xì)節(jié)。值得注意的是，即使美聯(lián)儲(chǔ)縮減債券購(gòu)買，美國(guó)市場(chǎng)在未來(lái)一年仍有可能獲得1萬(wàn)億美金的超額流動(dòng)性。

I.Investment opportunities in A-share. 

Market worries about the slowdown of economy in 3Q and 4Q this year but is optimistic about the likely easing policy measures. It is hard to prove that economy would slow down dramatically and that easing policy would come any time soon. Hence, at this point it might be wise to pick stocks that with solid fundamentals and low valuation. In A-share we recommend three types of opportunities. 

II. Small- to mid-sized market cap stocks

The first is small-to mid-sized market cap stocks. Small and mid-sized companies usually perform worse than bigger ones when economy slows down. However, for those listed companies they are often market leaders in niche markets and can gain more market share when demands dwindles. Moreover, these companies would be encouraged by the recent policies of encouraging “Specialized,Fined, Peculiar and Innovative Little Giants. We believe that in STAR Board and Chinext Board there are companies that have good investment values. 

III. Deep value

The second is the deep value stocks including financials and property. Both banks and brokerage sector grew their earnings strongly. And banks and property sector offer attractive dividend yield, which is much higher than 5-year time deposit rate. Also their valuation is at years’ low levels. 

IV. Pandemic-affected sectors

The last group is those sectors that suffer from the pandemic including airlines, catering and travelling,whose valuation is at historical low levels. With Delta variant well-controlled,they are set to perform. In summary we are optimistic about the investment prospects in both A-share and HK market. The roads ahead are bumpy but they would lead you to good return.

V. A summary of global stock market

Global stocks continued rally. HK tech stocks rallied as JD 2Q2021 earnings came in better than expected. Also international investors understood that the recent measures brought up by Chinese government do not hurt listed tech giant as seriously as previously thought. Moreover, both China and the US are showing signs that Delta variant is well controlled, boosting optimism about global economy. The US stocks are at record levels after three-day rise in a row. Market is paying attention to any details of tapering from the Fed’s Jackson Hole annual meeting.

聲明：本市場(chǎng)點(diǎn)評(píng)由北京楓瑞資產(chǎn)管理有限公司（以下簡(jiǎn)稱“楓瑞資產(chǎn)”）“楓瑞視點(diǎn)”微信公眾號(hào)提供和擁有版權(quán)，授權(quán)上海海獅資產(chǎn)管理有限公司轉(zhuǎn)載。在任何情況下文中信息或所表述的意見(jiàn)不構(gòu)成對(duì)任何人的投資建議，楓瑞資產(chǎn)不對(duì)任何人因使用本文中的內(nèi)容所引發(fā)的損失負(fù)任何責(zé)任。未經(jīng)楓瑞資產(chǎn)書面授權(quán)，本文中的內(nèi)容均不得以任何侵犯楓瑞資產(chǎn)版權(quán)的方式使用和轉(zhuǎn)載。市場(chǎng)有風(fēng)險(xiǎn)，投資需謹(jǐn)慎。