策略周观点2024年第29期：关注A股中报业绩表现

Group 1: Market Performance - Major A-share indices declined during the week of August 19 to August 23, with the ChiNext Index experiencing the largest drop of 2.8% [5][6] - The beauty and personal care sector saw the most significant decline among the Shenwan first-level industries, falling by 8.29% [5][6] - The average daily trading volume in the two markets increased by 2.45% week-on-week, reaching 542.41 billion yuan [8][11] Group 2: Sector Activity - The electronics sector was the most active, with a trading volume of 408.77 billion yuan, followed by the computer and pharmaceutical sectors at 207.82 billion yuan and 204.22 billion yuan, respectively [8][11] - The majority of industries remain undervalued compared to historical levels, with only the real estate sector exceeding the 50% historical percentile for price-to-earnings ratios [21][16] Group 3: Valuation Levels - As of August 23, the dynamic price-to-earnings ratio of the Shanghai Stock Exchange 50 Index is at the 61.07% historical percentile since 2010 [16][19] - Only the real estate sector has a price-to-earnings ratio above the 50% historical percentile, while several sectors, including social services and beauty care, are below the 10% historical percentile [19][21] Group 4: Investment Recommendations - The report suggests focusing on sectors with strong earnings growth expectations and improving industry conditions during the mid-year earnings disclosure period [21] - Growth sectors such as electronics, AI computing power, and low-altitude economy are highlighted as areas of interest for investment [21]