Investment Rating - The report does not explicitly provide an investment rating for the industry [1]. Core Insights - The stock market continues to show a strong style switch, with large-cap stocks outperforming small-cap stocks. The CSI 2000 index rose by 1.3%, the CSI 1000 by 1.0%, and the CSI 300 by 1.6% during the week [1]. - The beauty care, food and beverage, and coal industries led the gains this week, while the machinery and computer sectors, which had previously performed well, saw declines [1]. - The average daily trading volume decreased slightly to 1.66 trillion yuan, down 3% from the previous week [1]. - The valuation metrics indicate that the CSI 300's price-to-earnings ratio stands at 12.8, while the CSI 1000's is at 39.7, reflecting a Z-score of -0.3 [1]. Summary by Sections Stock Market Performance - The stock market experienced a strong performance with only three out of thirty-one sectors declining. The beauty care sector saw significant gains, with Kweichow Moutai rising by 5.9%, marking its largest single-day increase since October 2024 [1]. - The Hang Seng Index fell by 1.1% and the Hang Seng Technology Index dropped by 2.6% after a previous week of substantial gains [1]. Trading Volume and Turnover - The average daily trading volume for the week was 1.66 trillion yuan, a slight decrease from the previous week's 1.70 trillion yuan. The turnover rate for the entire A-share market was at a Z-score of 1.1, indicating above-average trading activity [1]. Valuation Metrics - As of the end of the week, the CSI 300's price-to-earnings ratio was 12.8, with a Z-score of 0, while the CSI 1000's ratio was 39.7 with a Z-score of -0.3. The computer sector was the only one with a Z-score above 1, at 1.2 [1].
周度金融市场跟踪：股票市场风格切换继续走强，债券市场继续向下调整-2025-03-17
Bank of China Securities·2025-03-17 03:08