Market Overview
Market review: the main indexes of A-Shares closed down last week. Low P / E ratio (- 4.08) is better than high P / E ratio (- 6.29), and small cap style (- 5.77) is weaker than large cap style (- 4.23). Among CITIC's five styles, stable (- 2.52) is the best. All sectors of shenwanyi industry fell in the past five days, while textile and garment, banking and household appliances fell relatively little.
Valuation changes: in terms of index, CSI 300, SSE and CSI 1000 are at medium and low levels in history. In terms of sectors, real estate, building materials and media are at historic lows. Combined with Pb and expected roe, soda ash, chemical fiber, phosphorus chemical industry and covid-19 detection are cost-effective; Combined with PEG and expected g, rare earth, industrial metals and coal have a higher prospect in a reasonable valuation range.
Market liquidity: the balance of money market funds is loose.
Industry fundamentals:
Petrochemicals: inventories decreased slightly and crude oil fell month on month
Iron and steel: inventories fell steadily and prices fell slightly
Coal: the efforts to ensure supply have achieved remarkable results, and the price shows a volatile trend in the short term
Non ferrous metals: the price fluctuates at a high level, and the inventory is still tight
Power battery industry chain: the price is high, falling month on month
PV: the price of PV modules has little change month on month, and is in an upward trend in the medium term
Traditional building materials: Cement Concrete fell month on month
Real estate: both sales and inventory are light, and the price is in the downward channel
Shenzhen Agricultural Products Group Co.Ltd(000061) : pig production capacity is accelerated and feed prices are at a high level
Semiconductor electronics: under high scenery, the flash memory is high and the memory decreases
Transportation and epidemic situation: the margin of new cases has dropped, and the logistics efficiency has been improved
