Market review: all major A-share indexes rose last week. The low P / E ratio (1.33) is lower than the high P / E ratio (3.13), and the small cap style (2.42) is basically the same as the large cap style (2.48). Among CITIC’s five styles, growth (4.06) is the best.
Valuation changes: in combination with Pb and expected roe, biological breeding, rare metals, phosphorus chemical industry and chicken industry are cost-effective; Combined with PEG and expected g, rare earths, gold jewelry and lithium batteries have a higher outlook in a reasonable valuation range; From the perspective of roe and PE: rare earth and rare metals have better profit expectations and valuation expectations.
Market liquidity: the balance of money market funds is loose.
Industry fundamentals: from the overall situation of industrial operation, a number of industrial operation data have shown signs of recovery since May. Although the coal consumption of power plants in the eight southern provinces is at a low level, the operating rate of Tangshan blast furnace, tire, Shandong local refinery and the load rate of PTA industrial chain are gradually restored to the normal level of last year. We believe that the recovery after the epidemic is continuing to appear.
Crude oil inventory fell month on month
Iron and steel: the inventory is stable and downward, and the price of imported iron ore tends to rise
Coal: price limit and supply guarantee are still the main tone, and the price is difficult to rise significantly
Nonferrous Metals: the demand is expected to improve, and the price rise is greater than the inventory decline
Power battery industry chain: the price is high, falling month on month
Traditional building materials: cement and concrete prices fell month on month
Real estate: Sales rebounded, inventories continued to accumulate, and prices were in the downward channel
Shenzhen Agricultural Products Group Co.Ltd(000061) : the de industrialization of pig production capacity accelerated, the price of pigs continued to rise, and Shenzhen Agricultural Products Group Co.Ltd(000061) price continued to rise
Semiconductor electronics: price stability
