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外資怎么看中國最近的政策舉措。我們總結(jié)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(zhì)量，不論是對教配行業(yè)還是對互聯(lián)網(wǎng)平臺的打擊；一派認為中國的政策會擴散到其他行業(yè)，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(guī)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(tài)度的外資認為中國政府非常清楚私營企業(yè)在中國經(jīng)濟中的作用。私營企業(yè)提供了80%的就業(yè)崗位，貢獻了80%的科技和創(chuàng)新。因此，中國政府會積極促進私營經(jīng)濟的發(fā)展。對教培和互聯(lián)網(wǎng)平臺的打擊，是為了幫助孩子減輕學(xué)業(yè)負擔(dān)，促進公平公正。對一些互聯(lián)網(wǎng)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(yè)領(lǐng)導(dǎo)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(lián)網(wǎng)公司的市盈率是全球同業(yè)70%，市值是1/10到1/3，意味著估值中隱含的風(fēng)險溢價非常高。由于政府對數(shù)據(jù)的管控，這些互聯(lián)網(wǎng)公司可能無法使數(shù)據(jù)轉(zhuǎn)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(lián)網(wǎng)公司最大的風(fēng)險是監(jiān)管還沒有發(fā)生，而中國互聯(lián)網(wǎng)公司監(jiān)管已經(jīng)發(fā)生了，意味著風(fēng)險已經(jīng)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(wǎng)絡(luò)游戲的抨擊，A股和港股的網(wǎng)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(yī)藥行業(yè)領(lǐng)漲兩市。美股大漲，10年期國債收益率探底回升，銀行和工業(yè)板塊領(lǐng)漲。雖然美國疫情新增病例已經(jīng)超過今年4月份的水平，但投資人對此似乎并不擔(dān)心。因疫苗發(fā)生作用，此次住院人數(shù)并未隨新增病例數(shù)增加而增加。投資人預(yù)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.

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。