In the current period (March 7-march 11), the whole industry sector showed a decline in varying degrees. The industries with smaller declines were power equipment, food and beverage, medicine and biology, which fell by 0.56%, 2.06% and 2.07% respectively compared with the previous period (March 4). The industries with a large decline were social services, household appliances and non-ferrous metals, down 7.91%, 7.54% and 7.03% respectively compared with the previous period. Since the beginning of the year, except that the coal sector has risen by 15.65%, other indexes have declined in varying degrees. The industries with smaller declines are architectural decoration, banking and transportation, down 1.06%, 1.29% and 2.68% respectively. Defense and military industry, electronics and media were industries with a deeper decline, down 20.67%, 19.51% and 19.00% respectively.
Wind all a P / E ratio: as of March 11, wind all ape (TTM) was 17.68 times, about 26.80% of the historical quantile since 2000. As of March 11, wind’s total a (excluding finance, petroleum and petrochemical) pe (TTM) was 26.85 times, about 31.36% of the historical quantile since 2000. The risk premium ERP of important indexes in this period (February 7 – March 11) increased compared with the previous period. SSE 50, CSI 300, CSI 500 and AERP were 6.94%, 5.25%, 2.79% and 2.87% respectively.
Industry PE: the industries with low historical quantile of PE valuation are non bank finance, real estate and media. Higher in the top three power equipment, beauty care, cars. Industry Pb: 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 March 11, the ah share premium index was 143.78, in the historical percentile of 89.08%.
Comparison of PE between China and the United States: as of March 11, the industries with A-Shares higher than that of the United States were materials, daily consumer goods, medical care, information technology and telecommunications. The industries with low PE level of A-Shares compared with US stocks are energy, industry, optional consumption, finance, public utilities and real estate.
Risk tip: monetary policy exceeded expectations, epidemic spread exceeded expectations, and Sino US friction intensified
