欧产日产国产精品乱噜噜_羞羞视频免费观看网站_伊人在线视频_一级电影免费_久久免费综合视频_99国产精品国产免费观看

中證500和創(chuàng)業(yè)板指均放量突破。周一中證500上漲1.47%，超越了2020年7月14日的前期高點。中證500指數(shù)中除了天賜材料市值接近800億人民幣（下同），酒鬼酒和科沃斯市值略超500億，其余497只權(quán)重股的市值均在400億以下，市值最低的重慶燃氣和中鋁國際市值僅有11-12億。中證500當前的靜態(tài)市盈率為22倍，處在2007年1月以來6.34%的分位點，即從2007年1月以來的14年多的時間里，僅有6.34%的時間中證500的估值是低于當前水平的。雖然指數(shù)的估值水平較低，但是內(nèi)部估值差異較大。年初以來漲幅較好的新能源、半導(dǎo)體和人工智能相關(guān)板塊的估值水平較高，均在100倍市盈率以上，比如天賜材料、特銳德、士蘭微、科沃斯等。科創(chuàng)板上市的股票估值也較高，比如微芯生物等。有32只股票仍然虧損，包括受疫情沖擊較大的酒店、航空和鐵路等企業(yè)。其余有盈利的股票中，361只的市盈率在0-50倍之間，其余109只股票市盈率在50倍以上。中證500中低估值股票占比較高。我們認為未來指數(shù)將會持續(xù)上行，一方面中小市值公司在經(jīng)濟下行的過程中受到的沖擊較大公司而言要小，另一方面，去年以來對大市值核心資產(chǎn)的炒作已經(jīng)達到一個極致狀態(tài)，抱團股的籌碼松散之后必然要尋找新的方向。在中證500指數(shù)中的百億市值公司中還是能找到一些短期業(yè)績確定增長的股票，這些也成為資金追捧的方向。周一創(chuàng)業(yè)板指也放量突破了2015年5月以來的高點，也是受到了新能源等熱門行業(yè)的帶動。創(chuàng)業(yè)板指靜態(tài)市盈率為63.6倍，處于2010年6月份指數(shù)成立以來80%的分位。其100個權(quán)重股中55只的靜態(tài)市盈率超過50倍。資金在追捧新能源等熱門股的熱情如達到極限，高估值的股票可能面臨較大壓力。相比而言，我們更看好中證500中的低估值個股。創(chuàng)業(yè)板指未來可能會面臨估值回調(diào)的壓力。

全面降準對A股和港股市場的帶動有限。上證指數(shù)和恒生指數(shù)上漲略超0.6%，市場仍擔(dān)憂經(jīng)濟下行。美股標普500和納斯達克再度創(chuàng)出新高。周二摩根大通、高盛和百事將會發(fā)布二季度業(yè)績。因去年疫情造成的低基數(shù)，二季度業(yè)績增速將創(chuàng)出歷史新高。

Both CSI 500 and Chinext Index rose to new high. CSI 500 small-cap index (CSI 500) rose 1.47% on Monday above the previous high set on July 14th 2020. Among the weighting stocks in this index 497 stocks have a market cap below RMB 40 billion. Guangzhou Tinci Material has a market cap which is close to RMB 80 billion, the largest market cap in CSI 500. Jiugui Liquor and Ecovacs Robotics have a market cap of a little more than RMB 50 billion. The trailing-twelve-month price-to-earnings ratio (TTW PE) of CSI 500 is 22.6x, which put it at 6.34% percentile since Jan.2007. The valuation gap is obvious within the index, though. Stocks in hot sectors including new energy, semi-conductor and artificial intelligence have TTW PE above 100x. 361 stocks’ TTW PE is between 0-50x. 109 stocks have a TTW PE above 50x. We believe that going forward the index will be driven by those low-valued stocks. The first is that as economy slows down small- to mid-sized companies will perform better than big ones. The second is that group-holding stocks have faced with challenges to attract new money. Money into the stock market would have to seek alternative investment opportunities. CSI 500 is a good place to be as there are many companies with market cap above RMB 5 billion that can deliver good earnings growth this year. Chinext Index also reached new high from June 2015. But different from CSI 500 Chinext Index is valued at TTW PE 63.6x, which put it at 80% percentile since June 2010 when the Index was set up. Among the 100 weighting stocks in the index, 55 have a TTW PE above 50x.This index might face some headwinds going forward given its high-valuation.

Both A-share and HK stocks rose. Shanghai Composite Index and Hang Seng Index rose a little above 0.6%. Market is still concerned about the likely slowdown of economy. The US stocks rose with SP 500 and Nasdaq reaching new high. JP Morgan and Goldman Sachs along with Pepsi will report 2Q2021 earnings on Tuesday. Market is focused on their outlook for the remaining of this year rather than the blockbuster 2Q earnings due to the low base in 2020. 

聲明：本市場點評由北京楓瑞資產(chǎn)管理有限公司（以下簡稱“楓瑞資產(chǎn)”）“楓瑞視點”微信公眾號提供和擁有版權(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不構(gòu)成對任何人的投資建議，楓瑞資產(chǎn)不對任何人因使用本文中的內(nèi)容所引發(fā)的損失負任何責(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。市場有風(fēng)險，投資需謹慎。