文档介绍：Page 2

内容目录

2021 年经济预期小幅上调 ........................................................................................... 4
尽管疫情还在印度等国肆虐，但这并未影响对经济恢复的预期 ............................ 4
大宗商品还在保持强势上涨 ................................................................................. 4
PPI 将会在 4-5 月大幅上行 .................................................................................. 5
拜登政府加税的影响 ............................................................................................ 7
耶伦评价加息的影响 ............................................................................................ 8
A 股：盈利显著改善，ROE 继续上行 .......................................................................... 9
一季度净利润增速大幅提升 ................................................................................. 9
资产周转率大幅提升，ROE 持续改善 ............................................................... 10
顺周期行业盈利增速大幅回升 .............................................................................11
PPI 的预期不断被上调，市场或有短线调整 ....................................................... 12
MLF 何时上调？ ................................................................................................ 14
港股：Sell in May？ .................................................................................................. 15