策略周观点2024年第18期：A股小幅上涨，关注业绩改善、景气度回升板块

Market Indicators - During the week of May 6 to May 10, major A-share indices generally rose, with the CSI 300 showing the largest increase of 1.72%, followed by the Shanghai Composite Index at 1.60% and the Shenzhen Component Index at 1.50%. The STAR Market Index experienced a slight decline of 0.04% [49][50]. - The average daily trading volume for the two markets during this week was 9,540.61 billion yuan, a decrease of 15.27% compared to the previous week [54]. Liquidity Indicators - As of May 10, the A-share market saw a capital inflow of 12,115.26 billion yuan, with a net outflow of large orders (BBD) amounting to -573.37 billion yuan [8]. - From May 6 to May 10, the northbound capital had a total buy transaction amount of 356.84 billion yuan and a sell transaction amount of 352.00 billion yuan, resulting in a net inflow of 48.42 billion yuan, which is an increase of 112.76% week-on-week [24]. Valuation Levels - As of May 10, the dynamic price-to-earnings (PE) ratio of the CSI 50 index is at the 65.13% historical percentile since 2010, indicating a relatively high valuation level [26]. - By industry, as of May 10, the current dynamic PE ratios for non-bank financials (63.11%), coal (57.56%), basic chemicals (74.14%), building materials (66.42%), automobiles (57.30%), real estate (66.79%), and steel (53.82%) are above the historical 50% percentile [27][30]. Investment Recommendations - The report suggests focusing on sectors benefiting from equipment upgrades and consumer goods replacement, particularly in areas with significant replacement demand [12]. - It also recommends paying attention to consumer sectors and TMT (Technology, Media, and Telecommunications) industries, especially electronics and communications, where performance improvements are notable in annual and quarterly reports [15].