Macro Liquidity: 1 Last week, the net investment of reverse repo was 600 billion, and MLF did not operate; 2. In terms of market interest rate, dr007 and R007 increased slightly to 2.29% and 2.55%; 3. The yield of 10-year Treasury bonds decreased slightly to 2.77%; 4. USD / RMB maintained at 6.38; 5. The expected rate of return of financial products (3 months) rose to 2.81%.
Capital and sentiment of A-share market: 1 Last week, the turnover and turnover of A-Shares decreased; 2. The balance of the two financial institutions rose slightly to 1.84 trillion; 3. A substantial net inflow of funds to the north of RMB 14.67 billion; 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, small cap stocks, high PE stocks, low-cost stocks and loss making stocks performed best last week.
A shares and global Valuation: at present, industries with low P / E quantiles (ten years) include mining (3.2%), textile and garment (6.3%), real estate (7.8%), non-ferrous metals (11.8%), chemical industry (15.7%), and industries with high P / E quantiles (ten years) include automobile (95.1%), electrical equipment (95.1%), electrical equipment (93%), leisure services (90.3%) and food and beverage (89%).
