Market performance this week:
Global: Global Index: Russia RTS (+ 9.5%) performed best and last week (+ 4.1%); The worst performers were the NASDAQ (- 3.8%) and last week (- 2.8%). Hong Kong Stock Industry: the best performance is optional consumption (+ 5.9%), year to date performance (- 22.4%); The worst performers were daily consumption (+ 2.3%) and year to date performance (- 14.6%). US stock industry: energy (+ 1.1%) has the best performance and year to date performance (+ 46.4%); The worst performers were essential consumption (- 8.6%) and year to date performance (- 8.9%).
A-share: A-share index: Kechuang 50 (+ 3.4%) performed best and last week (+ 7.3%); The worst performers were the A-share index (+ 2.0%) and last week (+ 2.8%). A-share style: the best performance is growth (+ 4.1%) and last week (+ 5.3%); The worst performers were consumption (+ 0.4%) and last week (+ 2.1%). A-share industry: coal (+ 7.4%) had the best performance, and last week (- 0.4%); The worst performers were Pharmaceutical (- 1.9%) and last week (+ 4.4%).
Other assets: Global Treasury bonds: Germany (+ 16.0bp) rose the most, with last week’s performance (- 18.0bp); The largest decline was in the United States (- 15.0bp), which performed (- 19.0bp) last week. China bond index: the best performing is the China Securities convertible bond (+ 1.0%), which performed (+ 1.6%) last week; The worst performers were China bonds financial bonds (+ 0.1%) and last week (+ 0.1%). Commodities: LME aluminum (+ 6.5%) was the best performer, and last week’s performance (- 0.5%); The worst performers were DCE pigs (- 2.8%) and last week (+ 7.1%). Exchange rates of currencies against RMB: the Swiss Franc (+ 1.3%) performed best, and last week (- 0.1%); The worst performer was the US dollar (- 1.6%) and last week (+ 1.5%).
Current valuation location:
Global: Global Index: the highest historical quantile of PE is the Dow Jones industrial index (+ 68.3%), corresponding to the valuation (19.7 times); The lowest is the Taiwan Weighted Index (+ 0.2%), corresponding to the valuation (11.8x). Hong Kong Stock Industry: the highest historical quantile of PE is optional consumption (+ 93.0%), corresponding to the valuation (72.8 times); The lowest is finance (+ 0.2%), corresponding to the valuation (5.7x). US stock industry: the highest historical quantile of PE is public utilities (+ 88.9%), corresponding to the valuation (21.9 times); The lowest is the communication equipment (+ 1.9%), corresponding to the valuation (16.9 times).
A-share: A-share index: the highest historical quantile of PE is Shenzhen Composite Index (+ 56.4%), corresponding to the valuation (27.2 times); The lowest is CSI 500 (+ 5.7%), corresponding to the valuation (19.8x). A-share style: the highest historical quantile of PE is consumption (+ 58.6%), corresponding to valuation (37.0 times); The lowest is finance (+ 7.6%), corresponding to the valuation (7.0x). A-share industry: the highest historical quantile of PE is consumer services (+ 97.8%), corresponding to the valuation (283.8 times); The lowest is Petrochemicals (+ 2.9%), corresponding to the valuation (10.2x).
Risk tips:
The rise of risk-free interest rate, sharp macroeconomic fluctuations, industrial policy risks and market fluctuations exceeded expectations, the return of global capital to the United States exceeded expectations, the game between China and the United States exceeded expectations, and inflation exceeded expectations.
