上周五A股和港股均大漲，量能有所提升。上周（下同）上證指數(shù)、創(chuàng)業(yè)板指和科創(chuàng)板指分別上漲0.4%、2.77%和2.06%，成交量與前一周持平。連跌五周后，A股市場終于迎來上漲。A股申萬28個行業(yè)中17個上漲，漲幅居前的是計(jì)算機(jī)、醫(yī)藥生物和紡織服裝，跌幅居前的是順周期板塊，包括鋼鐵、有色金屬和化工。港股恒生指數(shù)、國企指數(shù)和科技指數(shù)分別下跌2.26%、2.82%和4.93%，12個行業(yè)中只有綜合行業(yè)上漲，跌幅居前的是原材料、科技和可選消費(fèi)。北上資金凈流入141.6億人民幣，較前一周提升63%。南下資金從前一周凈流入轉(zhuǎn)為凈流出63.3億港幣。
1-2月工業(yè)增速強(qiáng)勁。國家統(tǒng)計(jì)局公布，1-2月全國規(guī)模以上工業(yè)企業(yè)實(shí)現(xiàn)利潤總額11,140.1億元，同比（下同）增長1.79倍，比2019年首兩個月增長72.1%，兩年平均增長31.2%。規(guī)模以上工業(yè)企業(yè)中，國有控股企業(yè)實(shí)現(xiàn)利潤總額3752.2億元，增長1.82倍；股份制企業(yè)實(shí)現(xiàn)利潤總額7762.5億元，增長1.69倍；外商及港澳臺商投資企業(yè)實(shí)現(xiàn)利潤總額3,145.2億元，增長2.19倍；私營企業(yè)實(shí)現(xiàn)利潤總額3,316.9億元，增長1.37倍。規(guī)模以上工業(yè)企業(yè)實(shí)現(xiàn)營業(yè)收入16.87萬億元，增長45.5%；營業(yè)成本13.99萬億元，增長43.5% ；營業(yè)收入利潤率為6.60%，提高3.15個百分點(diǎn)。前兩個月數(shù)據(jù)因2020年低基數(shù)，增速較高。但剝離低基數(shù)，總體增速仍非常強(qiáng)勁。
沒有免費(fèi)的午餐。周末傳出一家對沖基金因杠桿爆倉被強(qiáng)制平倉導(dǎo)致中概股大幅下跌的消息。投資是在承擔(dān)一定風(fēng)險下獲取收益的過程。承擔(dān)的風(fēng)險低，收益也低；承擔(dān)的風(fēng)險高，收益也高。賺快錢也意味著要承擔(dān)快速虧錢的風(fēng)險，天下沒有免費(fèi)的午餐。堅(jiān)持價值投資的好處是能夠保住本金，保持參與市場機(jī)會的可能。當(dāng)然，價值投資一般都很難賺到快錢，其真正的魔力是復(fù)利，即投資人獲取企業(yè)年復(fù)一年創(chuàng)造的價值的一部分。價值投資最重要的是甄別出好股票并且長期持有，巴菲特的說法是永遠(yuǎn)不賣。不過，如果股票估值過高，巴菲特也是賣的。
美股上周五大漲。科技、醫(yī)藥和金融股帶領(lǐng)股市上漲。拜登總統(tǒng)本周三或周四將會披露總額3-4萬億美金、持續(xù)多年的基建計(jì)劃。
A-share and HK stocks rallied last Friday. Last week A-share finally rose after falling for 5 weeks in a row. Shanghai Composite Index, Chinext Index and STAR 50 rose 0.4%, 2.77% and 2.06% respectively with trading volume in line with the previous week. 16 sectors out of 28 rose with computer, healthcare and textile and clothes leading the market. HK stocks fell with Hang Seng Index, China Enterprises Index and Tech Index falling 2.26%, 2.82% and 4.93% respectively. North-bound capital saw net inflow of RMB 14.2 billion, up 63% over the previous week. South-bound capital saw net outflow of HK$6.33 billion.
In the first two months industrial sector grew strongly. According to National Statistic Bureau, industrial enterprises above scale made net profit of RMB 1.1 trillion, up 179% year-on-year (yoy, the same below) and 72% higher than the same period in 2019. State-controlled enterprises made net profit of RMB 375.2bn, up 182%. As industrial activities were stalled during Jan and Feb. in 2020 due to pandemic, industrial sector grew on a low base this year. However, even if excluding the low-base effect, the industrial enterprises still delivered strong sales and profit growth.
There is no free lunch in stock market. According to media, because a hedge fund could not cover margin call investment banks dumped a big amount of China-concept stocks last week and caused these stocks’ prices to be halved. Investment is a process to get return based on risk. The higher the risk is, the higher the return could be. The faster the money is earned the higher the risk one needs to take. If one wants to make money fast, he or she must realize that money can be lost very fast too. There is no free lunch in the stock market. The best way to invest is to stick to value investment principles and enjoy compound return, the eighth magic in the world.
The US stocks rallied last Friday. Tech, cyclicals and banks led the market. Biden will reveal US$3-4 trillion infrastructure plan on the coming Wednesday or Thursday.
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