This report continues to compare the valuation levels of overseas leaders and A-share leaders from the perspective of style and industry, including 20 GICs sub industries under the two styles of upstream resources and midstream manufacturing. Considering that the net profit of some industries fluctuates greatly under the influence of commodity cycle and epidemic situation, which may lead to the decline of pe-g reference value, pb-roe has more reference significance at this time.
I. upstream resources
1. The upstream manufacturing leader of A-Shares has been at a premium for a long time, and the current valuation premium is slightly higher than the historical median.
2. From the perspective of pe-g, the valuation and profit characteristics of different segments of A-share upstream resources are relatively differentiated. Reasonable valuation: diversified metals and mining, aluminum and coal; More advantages: gold, chemicals, comprehensive oil and gas;
High valuation: steel, copper, energy equipment and services, oil and gas refining and marketing, oil and gas storage and transportation, oil and gas exploration and production.
3. From the perspective of pb-roe, the valuation of A-share upstream resource industry is mostly in a reasonable or expensive range.
Reasonable valuation: copper, chemicals, energy equipment and services, oil and gas storage and transportation, oil and gas exploration and production;
More advantages: coal, comprehensive oil and gas;
High valuation: steel, diversified metals and mining, gold, aluminum, oil and gas refining and marketing.
II. Midstream manufacturing
1. The midstream manufacturing leader of A-Shares has been in a premium state for a long time, and the current valuation premium is significantly lower than the historical median.
From the perspective of comparative valuation of domestic and foreign leaders, the configuration value of A-share midstream manufacturing leaders is prominent.
2. From the perspective of pe-g, the valuation and profit characteristics of different segments of A-share midstream manufacturing industry are relatively differentiated.
Reasonable valuation: professional services, construction machinery and heavy trucks;
More advantages: building materials, construction products, construction and engineering;
High valuation: electrical equipment, industrial machinery, aerospace and national defense.
3. From the perspective of pb-roe, the valuation and profit characteristics of different subdivided industries are also differentiated.
Reasonable valuation: professional services, electrical equipment, industrial machinery, construction machinery and heavy trucks;
More advantages: building materials, construction products, construction and engineering;
High valuation: electrical equipment, aerospace and national defense.
Risk tips: 1. Different development stages of some global industries lead to incomparable valuations; 2. The impact of the epidemic has led to sharp fluctuations in the performance of some stocks; 3. Regulatory policy disturbance
