The industries with the highest growth in this period (March 21-march 25) were coal, agriculture, forestry, animal husbandry and fishery and real estate, up 5.84%, 3.93% and 3.84% respectively compared with the previous period (March 18). The industries with a large decline were computers, power equipment and building materials, down 4.10%, 4.05% and 3.72% respectively compared with the previous period. Since the beginning of the year, except that the coal sector rose 17.86%, other indexes have declined in varying degrees. The industries with smaller declines are real estate, banking, agriculture, forestry, animal husbandry and fishery, down 0.05%, 1.63% and 2.78% respectively. Electronics, defense industry and household appliances were industries with a deeper decline, down 23.04%, 21.80% and 21.55% respectively.
Wind all a P / E ratio: as of March 25, wind all ape (TTM) was 17.30 times, about 24.97% of the historical quantile since 2000. Wind’s total a (excluding finance, petroleum and petrochemical) pe (TTM) is 25.92 times, which is about 28.02% of the historical quantile since 2000. The risk premium ERP of important indexes in this period (March 21-march 25) increased compared with the previous period. SSE 50, CSI 300, CSI 500 and AERP were 7.048%, 5.434%, 2.985% and 2.984% respectively.
Industry PE: as of March 25, the industries with low historical quantile of PE valuation are transportation, media and environmental protection. The top three are beauty care, cars and power equipment. The industries with low historical quantile of Pb valuation are non bank finance, banking and real estate. Only the historical percentile of Pb valuation of power equipment is more than 80%.
Ah share premium: as of March 25, the ah share premium index was 139.85, in the historical percentile of 84.09%.
Comparison of PE between China and the United States: as of March 25, the industries with A-Shares higher than that of the United States were daily consumer goods, medical care, information technology and telecommunications. The industries with low PE level of A-Shares compared with US stocks are energy, materials, industry, optional consumption, finance, public utilities and real estate.
Risk tip: monetary policy exceeded expectations, epidemic spread exceeded expectations, and Sino US friction intensified
