The industries with large growth in this period (February 21-february 25) were power equipment, national defense and military industry and electronics, up 4.25%, 3.05% and 2.45% respectively compared with the previous period (February 18). The industries with a large decline were architectural decoration, building materials and media, down 6.53%, 6.5% and 4.26% respectively compared with the previous period. Since the beginning of the year, the top three industries are coal, banking, petroleum and petrochemical, up 8.26%, 3.47% and 2.86% respectively. Media, defense industry and electronics were industries with a deeper decline, down 15.17%, 14.29% and 12.18% respectively.
Wind all a P / E ratio: as of February 25, wind all a PE (TTM) was 18.69 times, about 31.64% of the historical quantile since 2000. As of February 25, wind’s total a (excluding finance, petroleum and petrochemical) pe (TTM) was 28.58 times, about 36.41% of the historical quantile since 2000. The risk premium ERP of most important indexes in the current period (February 21-february 25) increased compared with the previous period. The ERP of SSE 50, CSI 300, CSI 500 and all a were 6.45%, 4.82%, 2.49% and 2.58% respectively.
Industry PE: the industries with low historical quantile of PE valuation are real estate, media and non bank finance. Higher in the top three power equipment, beauty care, cars. The industries with low historical quantile of Pb valuation are non bank finance, banking and real estate. The historical percentile of Pb valuation of power equipment, food and beverage and beauty care is more than 80%.
Ah share premium: as of February 25, the ah share premium index was 141.67, in the historical percentile of 86.37%.
Comparison of PE between China and the United States: as of February 25, the industries with A-Shares higher than that of the United States were materials, daily consumer goods, medical care, information technology and telecommunications. The consumption level of A-shares in the industries of energy and public utilities and PE is relatively low.
Risk tip: monetary policy exceeded expectations, epidemic spread exceeded expectations, and Sino US friction intensified
