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投資的信仰。時逢中國共產黨成立百年，百年風華，成就偉業。光輝的事業需要堅定的信仰，才能不忘初心，放得始終。做好投資也需要信仰。市場波動隨時都有可能發生，如何應對？首先，要樹立正確的信仰。中國共產黨成立之時，中國有很多黨派，都致力于救中國。但最后只有中國共產黨從只有20幾人發展到現在的9500萬人，因為中國共產黨信奉的“馬克思主義行”。投資也要樹立正確的信仰。投資中正確的信仰就是要堅持價值投資理念，堅持公司的股價是由盈利驅動的，而不是估值驅動的。其次，要堅守信仰。中國共產黨歷經艱難險阻，創造出人類文明史上的矚目成就，就是堅守馬克思主義信念，堅持為人民服務的精神。堅守信仰十分不易，要歷經殘酷的考驗。共產黨員為堅守信仰，拋頭顱，灑熱血。投資堅守信仰也十分不易，在市場波動中投資信仰會時時面臨考驗。2020年春節后新冠疫情導致的A股大跌，我們于2020年2月10日在官方微信公眾號楓瑞視點上發表了價值投資是抵御市場波動的利器，對此進行了分析。如“一根陽線改變情緒，兩根陽線改變觀點，三根陽線改變信仰”，投資就陷入追漲殺跌的怪圈中，想賺錢也不太可能。要堅持正確的投資理念并堅守，才能在市場波動中獲得較好的回報。

 動量交易無處不在。A股的創成長指數上半年漲幅居于全球之首，該指數是動量交易指數。其前十大市值成分股靜態市盈率均在80倍以上，包括寧德時代、愛爾眼科、億緯鋰能、卓勝微等。Meme 股票是新冠危機之后發明出來的一個新詞語，特指被散戶在網絡媒體瘋狂評論的美國股票。Meme股票包括游戲驛站、AMC、黑莓以及BBBY等基本面較差但股價卻很高的股票。游戲驛站今年2月份曾經暴漲暴跌，并引發美國證監會對交易平臺和交易保證金的調查。但該股票近期又大幅上漲。美林證券分析師發現游戲驛站股票的上漲與社交平臺中的談論次數緊密相關。電影《大空頭》的原型邁克·巴里認為Meme股票與2000年的互聯網股票、2008年次貸危機前的加杠桿購房都是一樣的行為。泡沫終將破滅，動量交易從來都不會持久。

What do you believe in in investment? China Communist Party celebrated its 100th birthday. Over the last 100 years it created a great cause, that is, to lead China to become a prosperous country from a poor and weak one. The main reason is that it has insisted on the right belief, which is Marxism. In investment the first thing is to find the right belief, which in our view is value investment. In value investment stock prices are driven by earnings growth rather than valuation improvement. Second, it is to insist on the right belief. China Communist Party experienced numerous setbacks and it is only because that it has been insisted on Marxism that it can accomplish great achievements. It goes the same in investment.Market can rise or fall unexpectedly. With value investment one can deal with these ups and downs in a right way. We published “Value investment is the strong weapon to deal with market ups and downs” in our official wechat “Maple Insights” on Feb. 10th, 2020. All in all, the right investment belief can help investor to earn good return, which is to stick to value investment rather than to speculate.

Momentum trading is all over the place. Chinext Momentum GrowthIndex achieved the best return worldwide in 1H2021. The top ten weighting stocks in this index are valued at trailing-twelve-months price-to-earnings ratio of 80x or above. Meme stocks, which refer to those stocks that individual investors talk about frequently in social platform, rose skyrocket high as well in 1H2021. Analysts from Merrill Lynch found that these meme stocks performed in line with how frequently they were talked about in the social platform. Michael Burry, whose experience can be found in Big Short, said that Meme stocks were the same as internet companies in internet bubbles and leveraged house-buyers in 2008 global financial crises. It would go bust for sure but when that can happen is uncertain. A-share fell while HK stock market closed for Handover Day on July 1st.The US stocks rose on the first trading day of 2H2021.

聲明：本市場點評由北京楓瑞資產管理有限公司（以下簡稱“楓瑞資產”）“楓瑞視點”微信公眾號提供和擁有版權，授權上海海獅資產管理有限公司轉載。在任何情況下文中信息或所表述的意見不構成對任何人的投資建議，楓瑞資產不對任何人因使用本文中的內容所引發的損失負任何責任。未經楓瑞資產書面授權，本文中的內容均不得以任何侵犯楓瑞資產版權的方式使用和轉載。市場有風險，投資需謹慎。