中泰证券：【中泰研究丨晨会聚焦】策略徐驰：PB-ROE视角下三季报有何新趋势？-20241111

Group 1: Core Insights - The report highlights a divergence in A-share performance during Q3, with the financial sector contributing significantly to profits, and large-cap stocks outperforming smaller-cap stocks [2] - Overall ROE for A-shares improved by 0.12 percentage points compared to Q2, while excluding financial and oil sectors, it decreased by 0.13 percentage points, primarily due to a decline in total asset turnover [2] - Various sectors, including finance, consumption, and manufacturing, saw year-on-year revenue growth due to the gradual implementation of domestic fiscal and economic policies [2] Group 2: Industry Analysis - The report indicates that most industries had low PB values in Q2, but all sectors saw valuation improvements in Q3, although many remained at low levels relative to their earnings [2] - The relationship between PB and ROE varies across sectors: financial sectors show a strong positive correlation, while sectors like metals and energy exhibit less correlation [2] - The report notes that certain industries, such as real estate, have shown a clear decline in PB/ROE since 2020 due to tightening policies, while tech sectors have experienced fluctuations related to technological advancements [2] Group 3: Automotive Sector Insights - The automotive sector is experiencing upward trends, with Q3 wholesale sales of passenger vehicles reaching 6.7 million units, showing a year-on-year increase of 6.5% [3] - The penetration rate of new energy vehicles reached a record high of 48.4% in Q3, with significant growth in both hybrid and pure electric vehicle segments [3] - The report suggests that the automotive industry is entering a peak season, with recommendations for key players like BYD and Geely, and highlights the expected growth in commercial vehicle sales in Q4 [3]