浙商证券浙商早知道-20250808

Market Overview - The Shanghai Composite Index rose by 0.2% on Thursday, while the CSI 300 remained flat compared to Wednesday. The STAR Market 50 index fell by 0.2%, the CSI 1000 was unchanged, and the ChiNext index decreased by 0.7%. The Hang Seng Index increased by 0.7% [3][4] - The best-performing sectors on Thursday included non-ferrous metals (+1.2%), beauty and personal care (+1.0%), real estate (+0.8%), textiles and apparel (+0.8%), and transportation (+0.7%). The worst-performing sectors were pharmaceuticals and biology (-0.9%), electric power equipment (-0.7%), telecommunications (-0.5%), defense and military industry (-0.4%), and home appliances (-0.3%) [3][4] - The total trading volume in the Shanghai and Shenzhen markets was 18,255 billion, with a net inflow of 661 million Hong Kong dollars from southbound funds [3][4] Key Insights on White Goods Industry - The valuation of leading companies in the white goods sector is currently at a low level not seen since 2010. While the valuation of the CSI 300 has increased this year, the valuation of white goods has decreased [5] - Despite a marginal decline in short-term industry prosperity, the long-term growth potential remains intact. An increase in dividend rates and a potential decline in government bond yields may support a phase-wise recovery in white goods valuations [5] - Historical data shows that during the bull market from March 12, 2024, to June 12, 2015, the cumulative growth of the three leading white goods companies lagged behind the CSI 300 and the Shanghai Composite Index. However, during rapid index growth phases, these companies outperformed. The valuation rebound began in November 2014, driven by capital market factors rather than fundamental signals [5][6] - The current PE-TTM of Midea Group has started to fall below the valuation of the CSI 300, indicating a potential investment opportunity [5]