沪深300分化严重。沪深300年初以来下跌2.4%。300只权重股中133只上涨，167只下跌。其中中远海控和华熙生物上涨超过100%，31只股票涨幅在30-70%之间，62只股票的跌幅在20-60%。下跌的股票中有很多是知名的赛道股，如三一重工和恒力液压，分别下跌23.7%和24%，长春高新和恒瑞医药分别下跌20.8%和32%，而海天味业下跌21%。对赛道股的狂热追捧今年体现在了医美板块，所以，整体医美的涨幅都较大。而创新药今年因为第五次国家药品集中采购，有些医药公司的品种未能进入集采，导致股价调整幅度较大。难道这些赛道变化了吗？其实并没有。只是去年市场计入了行业的所有利好，所以股价涨幅较大；而今年各种负面因素来袭，市场终于看到了行业的真正面目，股价开始反应负面因素。即使增速很高的行业也会面临增长的挑战，只不过市场有些时候完全看不到这些负面因素，有些时候又将负面因素计入股价中太多。记得A股市场一位知名分析师曾经说过：对市场无需悲观，也无需乐观，只需客观。悲观和乐观才是人之常情，这是符合人性的。而客观对人的要求是很高的，并不符合人性。另外，客观的看待股价，你用什么作为判断的准绳呢？很多人都无法给出答案。一些基金经理认为估值是动态的，现在估值贵了，企业业绩增速高，将来就便宜了。但将来企业业绩也有可能负增长。高估值的股票完全不考虑这种可能性，估值的基础因而是不牢固的。一旦有一点风吹草动，股价就大幅调整。

A股和美股上涨，港股下跌。因滴滴出行被调查，其股东腾讯和阿里的股价均受到影响。港股科技指数下跌2.28%，接近5月中旬的低点。截止7月5日，港股科技指数年初以来下跌8.47%，是A股和港股主要指数中表现最差的。美国独立投资人戴维·罗什认为现在投资中国科技股面临很大风险，除了中美贸易战，还有中国政府对互联网公司加强监管。对互联网企业的监管加强是全球趋势。互联网企业垄断之后对创新带来了负面效应，这不符合社会进步的原则。中美两国都在采取措施加强监管。

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. 

声明：本市场点评由北京枫瑞资产管理有限公司（以下简称“枫瑞资产”）“枫瑞视点”微信公众号提供和拥有版权，授权上海海狮资产管理有限公司转载。在任何情况下文中信息或所表述的意见不构成对任何人的投资建议，枫瑞资产不对任何人因使用本文中的内容所引发的损失负任何责任。未经枫瑞资产书面授权，本文中的内容均不得以任何侵犯枫瑞资产版权的方式使用和转载。市场有风险，投资需谨慎。