周三A股探底回升，成交量有所放大。申萬28個行業中，17個行業上漲，11個行業下跌。其中鋼鐵、綜合和交通運輸行業漲幅領先，食品飲料、電氣設備和汽車跌幅領先。抱團股上漲幾天后又大幅殺跌，主要原因應是基金凈值回升導致贖回壓力增大。財政部再提穩妥推進房地產稅。在政策作用下，未來賣房炒股可能會很常見。港股節后首個交易日，恒生綜合行業指數中6個行業上漲，6個行業下跌。原材料、地產建筑和工業領漲，科技、必需消費和金融領跌。北上資金凈流出28.2億人民幣，其中貴州茅臺和濰柴動力分別凈流出14和9億人民幣；而三一重工凈流入6億人民幣。南下資金凈流入8.5億人民幣，中芯國際和華宏半導體分別凈流入7.8億和6億港幣。
摩根大通CEO杰米·戴蒙年報中寫給投資者的信。如果說巴菲特在伯克希爾·哈撒韋年報中寫給投資者的信是所有投資者必讀的，那么摩根大通CEO杰米·戴蒙寫給投資者的信一定是排在必讀榜第二位的。昨天公布的這封長達66頁的信中，杰米·戴蒙談到了美國經濟前景、股票估值以及中美之間競爭力的對比。他認為美國經濟在疫苗、財政作用的刺激下會保持良好勢頭直到2023年。股票估值是有點貴的，但是反應了長期的經濟繁榮的前景。而債券的估值很低是不太合理的，這里面有兩個因素在發揮作用:一個是供給過大，一個是通脹有可能不是轉瞬即逝的，像美聯儲預期的那樣。在談到中美關系時，他說現在中國人認為美國在科技、基礎設施和教育方面正在喪失競爭力，美國是一個被政治、種族問題和收入不平等撕裂和導致嚴重癱瘓的國家，一個無法協調財政、貨幣、產業和監管政策以取得全國目標的國家。美國歷史上面臨過很多次挑戰，他說這次可能會有所不同，但相信這些問題都是可以得到解決的。
美聯儲會議紀要再次確認其寬松立場。美聯儲發布了3月份的議息會議紀要，美聯儲認為經濟雖有很明顯的改善，但距離通脹和失業率的政策目標仍有很長的路要走。上周五公布的非農就業數據中，3月份的失業率為6%。如考慮到就業參與率等因素，實際失業率可能高達9%。另外，去年4、5月份的低基數可能會使通脹率暫時超過2%，同時，下半年隨著疫情得到有效控制，消費重啟，供應鏈上的約束也會暫時推高通脹率。受美聯儲寬松立場的推動，美股上漲，標普再次創出新高。
A-share bottomed out and fell slightly on Tuesday. 17 out of 28 sectors rosein with iron and steel, conglomerate and transportation leading the market. Group-holding stocks fell sharply, which was likely due to the redemption of mutual funds that hold these stocks. In HK market 6 out of 12 Hang Seng sectors rose with raw material, property and industrial leading the market. North-bound capital saw net outflow of RMB 2.82 billion. Among it Kweichow Moutai and Weichai Power saw net outflow of RMB 1400 and 900 million respectively. Tuesday might be the day that Kweichow Moutai saw the biggest net outflow of north-bound capital in history. South-bound capital saw net inflow of HK$ 850 million.
What Jamie Dimon said in his annual letter to shareholders? Jamie Dimon, Chairman of JP Morgan said in his 66-page annual letter that he had little doubt that with excess savings, new stimulus savings, huge deficit spending, more QE, a new potential infrastructure bill, a successful vaccine and euphoria around the end of the pandemic, the U.S. economy will likely boom and this boom could easily run into 2023 because all the spending could extend well into 2023. While Dimon called stock market valuations “quite high,” he said a multiyear boom may justify current levels. Conversely, in this boom scenario it’s hard to justify the price of U.S. debt (most people consider the 10-year bond as the key reference point for U.S. debt),” “This is because of two factors: first, the huge supply of debt that needs to be absorbed; and second, the not-unreasonable possibility that an increase in inflation will not be just temporary.” Dimon also discussed that Chinese viewed the US to be on a decline with domestic politics, racial and income inequality. The US was ever faced with a lot of challenges. This time might be different. But he believed that the issues are fixable.
SP500 reached another record high. Fed released FOMC minutes, which showed Fed’s commitment to easing policy.
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