The industries with the highest growth in the current period (March 14-march 18) were real estate, non bank finance and pharmaceutical biology, up 1.98%, 1.68% and 1.08% respectively compared with the previous period (March 11). The industries with a large decline were steel, public utilities and environmental protection, down 4.62%, 4.14% and 3.95% respectively compared with the previous period. Since the beginning of the year, except that the coal sector rose by 11.36%, other indexes have declined in varying degrees. The industries with smaller declines are banking, architectural decoration and real estate, down 1.51%, 2.32% and 3.75% respectively. Defense and military industry, electronics and household appliances were industries with a deeper decline, down 21.96%, 20.58% and 19.54% respectively.
Wind all a P / E ratio: as of March 18, wind all ape (TTM) was 17.46 times, about 25.78% of the historical quantile since 2000. Wind’s total a (excluding finance, petroleum and petrochemical) pe (TTM) is 26.29 times, about 29.31% of the historical quantile since 2000. The risk premium ERP of important indexes in this period (March 14-march 18) increased compared with the previous period. Shanghai Stock Exchange 50, CSI 300, CSI 500 and full AERP were 6.95%, 5.33%, 2.94% and 2.94% respectively.
Industry PE: the industries with low historical quantile of PE valuation are real estate, textile and clothing and media. The top three are power equipment, automobile and beauty care. The industries with low historical quantile of Pb valuation are banking, non bank finance and real estate. The historical percentile of Pb valuation of beauty care, food and beverage and power equipment is more than 80%.
Ah share premium: as of March 18, the ah share premium index was 138.95, in the historical percentile of 82.18%.
Comparison of PE between China and the United States: as of March 18, 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
