In this period (from April 17 to April 22), except that the textile and garment sector rose by 4.09%, the indexes of the whole industry fell in varying degrees. The industries with smaller declines were public utilities, beauty care and food and beverage, which fell by 0.48%, 0.87% and 1.80% respectively compared with the previous period (April 15). Real estate, steel and non-ferrous metals fell by 9.20%, 9.05% and 8.08% respectively compared with the previous period. Since the beginning of the year, the industries with large increases are coal and banking, up 20.16% and 1.27% respectively. Electronics, defense industry and power equipment were industries with a deeper decline, down 34.81%, 32.89% and 32.16% respectively.
Wind all a P / E ratio: as of April 22, wind all ape (TTM) was 16.33 times, about 20.08% of the historical quantile since 2000. Wind’s total a (excluding finance, petroleum and petrochemical) pe (TTM) is 23.86 times, about 19.86% of the historical quantile since 2000. The risk premium ERP of important indexes in this period (April 17-april 22) increased compared with the previous period. SSE 50, CSI 300, CSI 500 and AERP were 6.967%, 5.378%, 2.976% and 3.108% respectively.
Industry PE: the industries with low historical quantile of PE valuation are electronics, petroleum and petrochemical 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, environmental protection and banking. Only the historical percentile of Pb valuation of beauty care and food and beverage is more than 80%.
Ah share premium: as of April 22, the ah share premium index was 139.69, in the historical percentile of 83.63%.
Comparison of PE between China and the United States: as of April 22, 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
