General situation
Macro Liquidity: 1 Last week, the net investment of reverse repo was 50 billion, offset by the investment and withdrawal of MLF; 2. In terms of market interest rate, dr007 and R007 decreased slightly to 1.9% and 2.07%; 3. The yield of 10-year Treasury bonds decreased slightly to 2.82%; 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 of A-Shares increased and the turnover rate decreased; 2. The balance of the two financial institutions decreased slightly to 1.83 trillion; 3. A small net outflow of funds from Beishang was 1.22 billion yuan; 4. Last week, the scale of A-share net reduction and repurchase increased slightly, and the scale of sales restriction and lifting this week decreased; 5. In terms of style, large cap stocks, medium PE stocks, low-cost stocks and low profit stocks performed best last week.
A-share and global Valuation: from the perspective of pb-roe, the industries whose valuation level is far lower than the profitability are banking, steel, building decoration, mining, non bank finance, building materials, transportation, real estate, household appliances and light industry manufacturing.
