General situation
Macro Liquidity: 1 Last week, the net return of reverse repo was 165 billion, and the net return of MLF was 200 billion; 2. In terms of market interest rate, dr007 and R007 decreased slightly to 2.05% and 2.16% respectively; 3. The yield of 10-year Treasury bonds rose to 2.87%; 4. The US dollar fell slightly to 6.37 against RMB; 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 of A-Shares increased and the turnover rate remained unchanged; 2. The balance of the two financial institutions decreased slightly to 1.84 trillion; 3. The net inflow of funds from Beishang is 15.12 billion yuan; 4. Last week, the scale of small net reduction and repurchase of A-Shares increased, and the scale of sales restriction and lifting this week increased; 5. In terms of style, small cap stocks, low PE stocks, low-cost stocks and blue chip stocks performed best last week.
A shares and global Valuation: at present, industries with low P / E quantiles (ten years) include mining (2.5%), real estate (3.2%), transportation (9.6%), steel (12.1%), steel (12.1%), and industries with high P / E quantiles (ten years) include automobile (99%), electrical equipment (95.1%), food and beverage (89.5%), agriculture, forestry, animal husbandry and fishery (69.7%) and public utilities (68.3%).
