The industries with the highest growth in this period (April 6-april 8) were architectural decoration, steel and building materials, up 6.06%, 3.97% and 3.93% respectively compared with the previous period (April 1). The industries with a large decline were agriculture, forestry, animal husbandry and fishery, power equipment and electronics, down 4.72%, 4.68% and 4.67% respectively compared with the previous period. Since the beginning of the year, the industries with large increases are coal, real estate and banking, up 23.29%, 12.58% and 4.72% respectively. Electronics, defense and military industry and automobile were industries with a deeper decline, down 28.91%, 26.31% and 23.09% respectively.
Wind all a P / E ratio: as of April 8, wind all ape (TTM) was 17.45 times, about 25.77% of the historical quantile since 2000. Wind’s total a (excluding finance, petroleum and petrochemical) pe (TTM) is 26.13 times, about 28.79% of the historical quantile since 2000. The risk premium ERP of important indexes in this period (April 6-april 8) increased compared with the previous period. SSE 50, CSI 300, CSI 500 and AERP were 6.959%, 5.318%, 2.826% and 2.978% respectively.
Industry PE: the industries with low historical quantile of PE valuation are electronics, transportation and media. The top three are automobile, beauty care, agriculture, forestry, animal husbandry and fishery. The industries with low historical quantile of Pb valuation are non bank finance, banking and media. Only the historical percentile of beauty care Pb valuation is more than 80%.
Ah share premium: as of April 8, the ah share premium index was 139.36, in the historical percentile of 83.31%.
Comparison of PE between China and the United States: as of April 8, 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
