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滬深300分化嚴(yán)重。滬深300年初以來下跌2.4%。300只權(quán)重股中133只上漲，167只下跌。其中中遠(yuǎn)?？睾腿A熙生物上漲超過100%，31只股票漲幅在30-70%之間，62只股票的跌幅在20-60%。下跌的股票中有很多是知名的賽道股，如三一重工和恒力液壓，分別下跌23.7%和24%，長春高新和恒瑞醫(yī)藥分別下跌20.8%和32%，而海天味業(yè)下跌21%。對賽道股的狂熱追捧今年體現(xiàn)在了醫(yī)美板塊，所以，整體醫(yī)美的漲幅都較大。而創(chuàng)新藥今年因?yàn)榈谖宕螄宜幤芳胁少?，有些醫(yī)藥公司的品種未能進(jìn)入集采，導(dǎo)致股價(jià)調(diào)整幅度較大。難道這些賽道變化了嗎？其實(shí)并沒有。只是去年市場計(jì)入了行業(yè)的所有利好，所以股價(jià)漲幅較大；而今年各種負(fù)面因素來襲，市場終于看到了行業(yè)的真正面目，股價(jià)開始反應(yīng)負(fù)面因素。即使增速很高的行業(yè)也會(huì)面臨增長的挑戰(zhàn)，只不過市場有些時(shí)候完全看不到這些負(fù)面因素，有些時(shí)候又將負(fù)面因素計(jì)入股價(jià)中太多。記得A股市場一位知名分析師曾經(jīng)說過：對市場無需悲觀，也無需樂觀，只需客觀。悲觀和樂觀才是人之常情，這是符合人性的。而客觀對人的要求是很高的，并不符合人性。另外，客觀的看待股價(jià)，你用什么作為判斷的準(zhǔn)繩呢？很多人都無法給出答案。一些基金經(jīng)理認(rèn)為估值是動(dòng)態(tài)的，現(xiàn)在估值貴了，企業(yè)業(yè)績增速高，將來就便宜了。但將來企業(yè)業(yè)績也有可能負(fù)增長。高估值的股票完全不考慮這種可能性，估值的基礎(chǔ)因而是不牢固的。一旦有一點(diǎn)風(fēng)吹草動(dòng)，股價(jià)就大幅調(diào)整。

A股和美股上漲，港股下跌。因滴滴出行被調(diào)查，其股東騰訊和阿里的股價(jià)均受到影響。港股科技指數(shù)下跌2.28%，接近5月中旬的低點(diǎn)。截止7月5日，港股科技指數(shù)年初以來下跌8.47%，是A股和港股主要指數(shù)中表現(xiàn)最差的。美國獨(dú)立投資人戴維·羅什認(rèn)為現(xiàn)在投資中國科技股面臨很大風(fēng)險(xiǎn)，除了中美貿(mào)易戰(zhàn)，還有中國政府對互聯(lián)網(wǎng)公司加強(qiáng)監(jiān)管。對互聯(lián)網(wǎng)企業(yè)的監(jiān)管加強(qiáng)是全球趨勢?；ヂ?lián)網(wǎng)企業(yè)壟斷之后對創(chuàng)新帶來了負(fù)面效應(yīng)，這不符合社會(huì)進(jìn)步的原則。中美兩國都在采取措施加強(qiáng)監(jiān)管。

Divergence in CS300 Index. Year-to-date (the same below) CS300 Index fell 2.4%. Among the 300 weighting stocks, 133 stocks rose while the remaining 167 stocks fell. COSCO Shipping Holding and Bloomage Biotechnology are the only two stocks that rose above 100%. 31 stocks rose between 30-60% while 62 stocks fell between 20-60%. Many of so-called “good track” stocks fell. For example, Sany Heavy Industry and Jiangsu Hengli Hydraulic fell 23.7% and 24% respectively. Changchun Hi-tech Industry and Hengrui Pharmaceuticals fell 23% and 32%. Haitian Flavoring and Food fell 21%. The good tracks stocks were chased in mania in 2020 as investors took these stocks as those that can be held for ever. However, it turns out that even those fast-growing sectors might be faced with challenges to grow further. Some medicine companies failed to win the bid in the Fifth National Centralizing Drugs Purchase. Good tracks are still there. But that does not mean these good tracks would go smoothly. When investors like these stocks, they do not see the issues in these good tracks. And when they dislike these stocks, they do not see the merits in these good tracks. One famous analyst in A-share ever said that one needs to be objective in the stock market rather than be pessimistic or optimistic. Yet, it is very hard to be objective. On the one hand to be objective one should know how to value a company. Some investors thought that the stocks are expensive now. But with their earnings growth their valuation would become reasonable in the future.Yet, these companies’ earnings can decline. Without considering all aspects of the fundamentals, the high valuation of these good tracks’ stocks are not solid enough to defend any negatives. It is no strange that they fell so much this year. 

A-share and the US stocks rose while HK stocks fell.  Due to that Didi was censored by Chinese government tech stocks in HK market fell sharply. Both China and the US are strengthening their supervision regarding tech companies,which have hampered innovation after they become monopolistic. 

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