Core view
Risk tip: the epidemic situation is repeated, the liquidity is lower than expected, and the market fluctuates sharply
Last week, the A-share market continued to fluctuate and adjust, and the Shanghai stock index achieved four consecutive positives, with a cumulative increase of 0.8%; The Shenzhen Composite Index rose 1.78%, ending five consecutive negative days on the weekly line; The gem index rose 2.93%, ending three consecutive negative weeks. The tension between Russia and Ukraine made the market risk aversion rise rapidly, the stock markets of major economies in the world fell one after another, and the three major stock indexes of the United States closed down for the second week in a row.
In the A-share index last week, the comprehensive performance of gem was relatively good: 2.93%, and the performance of SSE 50 was relatively poor: 0.63%.
Last Tuesday, the small cap index performed relatively well: 1.73%, and the large cap index performed relatively poorly: 0.37%.
In terms of market style last week, the growth performance was relatively good: 2.69%, and the financial performance was relatively poor: - 1.62%.
As of February 18, the PE (TTM) of Shanghai composite index was 13.42 times, that of Shenzhen composite index was 34.93 times and that of gem was 53.35 times.
From the perspective of PE, in shenwanyi industry, leisure services are significantly higher than the historical average, and the industry valuation quantile is 89.7%; The valuation of food and beverage, automobile, agriculture, forestry, animal husbandry and fishery industries is slightly higher than the historical average, and the industry valuation quantiles are 85%, 86.5% and 71.6% respectively. The valuations of electronics, non-ferrous metals and steel industries were significantly lower than the historical average, and the industry valuation quantiles were 7.2%, 12.8% and 17.8% respectively.
As of February 18, the price earnings ratio of S & P 500 was 21.85 times, down 2.75% from the previous week, and the price earnings ratio of Dow Jones Industrial was 22.38 times, down 2.40% from the previous week; The price earnings ratio of the NASDAQ index was 32.00 times, down 3.17% from the previous week.
As of February 18, the price to book ratio of Hang Seng in Hong Kong was 1.15 times, down 2.15% from the previous week, and the price to book ratio of Hang Seng China enterprise index was 1.11 times, down 2.53% from the previous week; Hang Seng Hong Kong's 35 price to book ratio was 1.15 times, up 0.02% from the previous week.
