Main A-share indexes: all a / SSE 50 are near the 3-year 65% quantile of P / E ratio; Shanghai Stock Index / CSI 300 is near the 3-year 60% quantile of P / E ratio; CSI 500 is at the 3-year 11% quantile of P / E ratio, and CSI 1000 is near 40% of the 3-year quantile of P / E ratio. The P / E ratio / P / B ratio of Kechuang 50 is at the low quantile value of 10.0% / 8.0% since its establishment. This week’s value style outperformed the growth of overvalued value, which may be related to the increase of profit expectation of some value sectors next year and the inflow style of northward funds this week (food and beverage, finance and household appliances).
Main indexes of overseas market: some preliminary studies show that the symptoms caused by Omicron variant virus are milder than expected, and the epidemic situation is expected to be better than that in delta virus period. Boosted by this, all overseas markets ushered in a repair rebound this week.
Shenwan industry: compared with last week, the percentage of one-year PE in building materials / household appliances / media increased by 19.2% / 19.2% / 15.4% respectively, while that in automobile / electrical equipment / national defense industry decreased by 1.9% / 5.8% / 11.5%. In terms of absolute value of PE, leisure services / food and beverage / media improved a lot, while defense and military industry / electrical equipment / automobile decreased a lot. This week, the undervalued quantile sector outperformed significantly, and the consumption / real estate chain performed well. In the real estate chain, real estate / household appliances / building materials / banks were at the level of 44% / 33% / 50% / 12% of the 1-year quantile of valuation respectively, while food, beverage / medicine were 44% / 27% respectively. At present, the sectors in which PE has been in the high score for one year mainly include communication (early catalysis: meta universe, cable business transformation), public utilities (early catalysis: the growth cycle of new energy operators is opened), agriculture, forestry, animal husbandry and fishery (early catalysis: the rebound of pig price), architectural decoration (early catalysis: the marginal relaxation of infrastructure real estate, BIPV) and automobile (early stage catalysis: core shortage alleviated and volume increase expected). The early hot sectors with PE in the low quantile of 1 year include medicine and Biology (27%), electronics (25%), cycle (6% – 10%) Leisure services (10%) The high-end Baijiu plate is rising in volume and price.
Hot track: the valuation of power battery has been at the low quantile level of 24.5% over a one-year period. This week, the price earnings ratio of medical beauty, Baijiu and medical services increased by a high margin. The P / E ratio of power battery, energy storage and new energy vehicles decreased. At present, the sectors with high P / E ratio in one year mainly include wind power (early catalysis: cost reduction exceeds expectations and installed capacity is expected to increase), military industry (early catalysis: performance certainty increases expectations), energy storage (early catalysis: policy promotion, high prosperity of new energy), photovoltaic (early catalysis: silicon price falls, and the volume and price of midstream and downstream rise expectations), and new energy vehicles (prophase catalysis: sales continue to exceed expectations, and Q4 battery has the expectation of price increase). The popular sectors in the prophase with a P / E ratio of one-year low include semiconductors, new materials, CXO, medical services and innovative drugs. There is no significant reduction in the performance expectation of popular tracks in the near future.
Risk tip: there is error in data statistics
