Macro Liquidity: 1 Last week, the net investment of reverse repo was 20 billion, offset by the investment and withdrawal of MLF; 2. in terms of market interest rate, dr007 dropped slightly to 1.73% and R007 to 1.87%; 3. The yield of 10-year Treasury bonds rose to 2.76%; 4. USD / RMB rose to 6.39; 5. The expected rate of return of financial products (three months) is maintained at 1.92%.
Capital and sentiment of A-share market: 1 Last week, the turnover of A-Shares decreased and the turnover rate remained unchanged; 2. The balance of the two financial institutions decreased slightly to 1.63 trillion yuan; 3. A small net inflow of funds from Beishang was 2.88 billion yuan; 4. Last week, the scale of A-share net reduction and repurchase decreased slightly, and the scale of sales restriction and lifting this week decreased; 5. In terms of style, large cap stocks, medium PE stocks, high price stocks and blue chip stocks performed best last week.
A-share and global Valuation: from the perspective of pb-roe, the industries whose valuation level is far lower than the profitability are banking, steel, building decoration, coal, non bank finance, building materials, petroleum and petrochemical, transportation, household appliances and light industry manufacturing.
Since last year, the Hong Kong stock market has been deeply adjusted under the influence of many factors. In the face of frequently falling share prices, some listed companies began to buy back sharply last year.
Taking the year as the dimension, the scale of Hong Kong stock repurchase reached a record high in 2021. In 2021, the total scale of Hong Kong stock repurchase reached HK $38.25 billion, far exceeding that in 2020 (HK $16.15 billion), with a year-on-year growth rate of 137%.
Since this year (to April 18), the scale of Hong Kong stock repurchase has shown explosive growth again. Since 2022 (April 18), the repurchase amount of Hong Kong shares has reached HK $16.5 billion, far exceeding the level of the same period in previous years, with a year-on-year growth rate of 132.9%.
