Core view
Due to the gradual digestion of the emotional impact of Omicron covid-19 variant virus on the A-share stock market and the recovery of market sentiment, on December 9, the onshore and offshore RMB exchange rate against the US dollar rose above the 6.35 mark, with a significant inflow of funds to the north. In the A-share index last week, the blue chip valuation returned, the performance of SSE 50 was relatively good: 4.10%, and the comprehensive performance of gem was relatively poor: – 0.34%.
In terms of style index performance last week, the market index performed relatively well: 4.34%, and the small index performed relatively poorly: 0.49%. The central economic conference will be held in 2021. The conference attaches great importance to the downward pressure on the economy. It is expected that the future policy will be a combination of fiscal + monetary easing.
As of December 10, the PE (TTM) of Shanghai composite index was 13.98 times, that of Shenzhen composite index was 38.46 times and that of gem was 65.38 times.
From the perspective of PE, in shenwanyi industry, the valuations of food and beverage, electrical equipment and automobile are significantly higher than the historical average, and the industry valuation quantiles are 93%, 95% and 99% respectively; The valuation of mining, real estate, steel and other industries is significantly lower than the historical average, and the industry valuation quantiles are 2%, 4% and 12% respectively.
As of December 10, the P / E ratio of S & P 500 was 26.19 times, up 4.01% from the previous week, and the P / E ratio of Dow Jones Industrial was 26.35 times, up 5.75% from the previous week; The price earnings ratio of the NASDAQ index was 38.67 times, up 3.26% from the previous week.
As of December 10, the P / E ratio of Hang Seng in Hong Kong was 10.99 times, an increase of 5.40% over the previous week, and the P / E ratio of Hang Seng China enterprise index was 9.98 times, an increase of 2.03% over the previous week; Hang Seng Hong Kong’s 35 P / E ratio was 20.62 times, up 0.94% from the previous week.
Risk tip: the epidemic situation is repeated, the liquidity is lower than expected, and the market fluctuates sharply
