The industries with the highest growth in the current period (March 28 – April 1) were real estate, building materials and banks, up 10.82%, 6.29% and 5.03% respectively compared with the previous period (March 25). The industries with a large decline were electronics, national defense and military industry and non-ferrous metals, down 3.10%, 2.28% and 1.97% respectively compared with the previous period. Since the beginning of the year, the industries with large increases are coal, real estate and banking, up 22.15%, 10.77% and 3.46% respectively. Electronics, defense and military industry and automobile were industries with a deeper decline, down 25.43%, 23.59% and 21.02% respectively.
Wind all a P / E ratio: as of April 1, wind all a PE (TTM) was 17.66 times, about 26.88% of the historical quantile since 2000. Wind’s total a (excluding finance, petroleum and petrochemical) pe (TTM) is 26.58 times, about 30.44% of the historical quantile since 2000. The risk premium ERP of important indexes in this period (March 28 – April 1) decreased compared with the previous period. The ERP of SSE 50, CSI 300, CSI 500 and all a were 6.915%, 5.246%, 2.704% and 2.888% respectively.
Industry PE: as of April 1, the industries with low historical quantile of PE valuation are transportation, electronics and environmental protection. The top three are beauty care, automobile, agriculture, forestry, animal husbandry and fishery. The industries with low historical quantile of Pb valuation are non bank finance, banking and petroleum and petrochemical. Only the historical percentile of Pb valuation of power equipment and food and beverage is more than 80%.
Ah share premium: as of April 1, the ah share premium index was 139.79, in the historical percentile of 83.92%.
Comparison of PE between China and the United States: as of April 1, 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
