Macro Liquidity: 1 Last week, the net return of reverse repo was 180 billion, and MLF did not operate; 2. In terms of market interest rate, dr007 and R007 increased slightly to 2.14% and 2.28% respectively; 3. The yield of 10-year Treasury bonds decreased to 2.84%; 4. USD / RMB maintained at 6.37; 5. The expected rate of return of financial products (3 months) is maintained at 1.92%.
Capital and sentiment of A-share market: 1 Last week, the turnover and turnover of A-Shares increased; 2. The balance of the two financial institutions remained slightly at 1.84 trillion; 3. The net inflow of funds from northbound is 48.83 billion yuan; 4. Last week, the scale of A-share slight net reduction and repurchase decreased, and the scale of sales restriction and lifting this week decreased; 5. In terms of style, large cap stocks, medium PE stocks, high price stocks and low profit stocks performed best last week.
A shares and global Valuation: at present, the P / E ratios of Shanghai Stock Exchange 50, Shanghai and Shenzhen 300, China Stock Exchange 500, Shanghai Stock Exchange Index, Shenzhen Component Index, small and medium-sized board index and gem index are 11.3, 13.16, 20.82, 13.72, 28.65, 36.21 and 65.5 respectively. The quantiles in the past decade were 78.5%, 65.8%, 6.3%, 53.3%, 68.9%, 86.5% and 87.1% respectively.
