Investment Summary - The report indicates that all five major benchmark indices tracked last week experienced an overall increase, showcasing a strong market characteristic [2][22]. - The PE percentile for the CSI 300 index since January 1, 2021, is approximately 54%, while the Shanghai Composite Index is around 94%. This suggests that the current PE for the Shanghai Composite is higher than 94.62% of the time since January 1, 2019, indicating it has surpassed the 70% high threshold [2][22][23]. Index Performance Overview - The specific performance of major indices last week includes: CSI 300 index up by 1.38%, Shanghai Composite Index up by 1.52%, Shenzhen Component Index up by 2.65%, ChiNext Index up by 2.10%, and CSI 500 up by 3.38% [8][13][14]. - Among the 31 primary industry indices tracked, 26 sectors saw an increase while 5 sectors declined. The top five performing sectors were electronics, real estate, agriculture, media, and non-ferrous metals, while the bottom five were comprehensive, banking, oil and petrochemicals, pharmaceuticals, and social services [8][14]. Market Trading Data - The total trading volume last week was 7,176 billion shares, with a trading value of 116,320.75 billion yuan. There were 3,464 stocks that rose and 1,894 that fell [16][17]. - As of the end of last week, 59 stocks reached historical highs, while 4 stocks hit historical lows. The number of stocks reaching new highs over the past 30, 60, and 120 days were 486, 423, and 380 respectively, while the new lows were 46, 30, and 16 respectively [16][18]. Margin Trading Data - Margin trading data indicates that the weekly financing balance increased by approximately 636.57 billion yuan, while the weekly margin balance rose by about 8.59 million yuan [16][19].

Investment Summary - The report indicates that all tracked indices experienced an increase last week, with the CSI 300 index rising by 4.18% and the Shanghai Composite Index by 3.49% [2][8][13][14]. Index Performance Overview - The performance of major indices last week was as follows: CSI 300 index increased by 4.18%, Shanghai Composite Index by 3.49%, Shenzhen Component Index by 4.57%, ChiNext Index by 5.85%, and CSI 500 by 3.87% [8][13][14]. Industry Sector Overview - All 31 primary industry sectors tracked by Shenwan experienced an increase last week. The top five performing sectors were Communication, Electronics, Comprehensive, Computer, and Beauty Care, while the bottom five were Real Estate, Coal, Pharmaceutical Biology, Banking, and Environmental Protection [8][14]. Market Trading Data - The total trading volume last week was 8,262.46 million shares, with a total trading value of 129,374.02 billion. There were 4,295 stocks that rose and 1,068 that fell [17][18]. Historical Highs and Lows - As of last weekend, 62 stocks reached historical highs, while 2 stocks hit historical lows. The number of stocks reaching new highs over the past 30, 60, and 120 days were 728, 613, and 518 respectively. Conversely, the number of stocks reaching new lows over the same periods were 49, 18, and 6 [18][19]. Margin Trading Data - Margin trading data indicated that the weekly financing balance increased by approximately 915.27 billion, while the weekly margin balance rose by about 8.98 million [19][20]. Valuation Metrics - The report highlights that the CSI 300 index's price-to-earnings (PE) percentile is approximately 51% since January 1, 2021, while the Shanghai Composite Index's PE percentile is around 91%. Since January 1, 2019, the Shanghai Composite Index's PE percentile is 91.74%, indicating it is above the 70% high threshold [2][24][25].

Group 1 - The report indicates that all tracked major indices experienced an increase last week, with the CSI 300 index rising by 2.37%, the Shanghai Composite Index by 1.70%, the Shenzhen Component Index by 4.55%, the ChiNext Index by 8.58%, and the CSI 500 by 3.88% [10][17][20]. - Among the 31 primary industry indices tracked, 22 saw an increase while 9 experienced a decline. The top five performing industries were communication, electronics, non-bank financials, electric equipment, and computers, while the bottom five were banking, steel, textiles and apparel, coal, and public utilities [18][19]. - The total trading volume reached 6,961.20 billion shares, with a trading value of 105,094.59 billion yuan. There were 2,968 stocks that rose and 2,370 that fell [19][22]. Group 2 - The report highlights that the price-to-earnings (PE) ratio percentiles for the CSI 300 and Shanghai Composite Index indicate that as of January 1, 2021, the CSI 300's PE percentile was approximately 44%, while the Shanghai Composite's was around 82%. By January 1, 2019, the Shanghai Composite's percentile was 82.95%, indicating it was higher than 70% of the time historically, while the CSI 300's percentile was 45.77%, suggesting it is in a relatively low range [6][26]. - The report provides data on historical highs and lows, noting that as of last week, 89 stocks reached historical highs while 6 reached historical lows. The number of stocks reaching new highs over 30, 60, and 120 days were 658, 557, and 498 respectively, while the new lows were 313, 108, and 35 [22][23]. Group 3 - Margin trading data shows that the weekly financing balance increased by approximately 53.24 billion yuan, while the margin short balance decreased by about 0.11 billion yuan [24].

Market Overview - A-shares closed lower on August 8, with the Shanghai Composite Index down 0.12% at 3635.13 points, the Shenzhen Component Index down 0.26% at 11128.67 points, and the ChiNext Index down 0.38% at 2333.96 points [1][2] Index Performance - The ChiNext Index has a relatively low price-to-earnings (P/E) percentile of 18.08%, while the Sci-Tech 50 Index has a high P/E percentile of 97.06% [1][2] - The software index shows a high P/E percentile of 99.42%, while the 800 Consumer Index has a low P/E percentile of 7.21% [4][5] Sector Analysis - The software index closed at 14757.33 with a P/E of 301.40 and a decline of 2.80% [5] - The banking sector, represented by the China Securities Banking Index, has a P/E of 7.42 and a high P/E percentile of 95.44% [5] - The semiconductor materials and equipment sector has a P/E of 65.42 with a P/E percentile of 49.10% [5] Style Strategy - The Guosen Value Index has a high P/E percentile of 98.76%, indicating a potential overvaluation [7][8] - The Large Cap Growth Index has a lower P/E percentile of 47.11%, suggesting a more moderate valuation [7][8]

Market Overview - The market experienced slight fluctuations with a minor decline, maintaining a rating of 4.9 stars [1] - Large-cap stocks like the CSI 300 saw minor declines, while small-cap stocks experienced slight gains [1] - The Hong Kong stock market opened lower but reduced its losses by the close, with the Hang Seng Tech index showing slight gains [1] Monthly Investment Strategy - The "Yuexinbao" investment product has risen for six consecutive trading days, reaching a historical high [2] - A rebalancing of the Yuexinbao portfolio was conducted, reducing the stock allocation from around 40% to below 40% and increasing bond holdings [2][3] - From February last year to June this year, Yuexinbao saw an approximate increase of 15%, with the stock portion rising over 30% during the same period [2] Rebalancing Strategy - The stock allocation in Yuexinbao exceeded 45% after the previous increase, prompting a rebalancing on July 7 to restore the stock ratio to around 40% and bonds to 60% [3] - This rebalancing strategy is automated, allowing for a "buy low, sell high" approach without manual intervention [3][4] Economic Indicators and Valuation Metrics - Current market conditions show high price-to-earnings (P/E) ratios and low price-to-book (P/B) ratios across various indices, indicating a potential misalignment in valuation metrics [9][10] - For instance, the CSI 300 value index has a P/E ratio at the 69th percentile and a P/B ratio at the 31st percentile over the past decade [14] - The economic cycle has influenced these valuation metrics, with recent years experiencing a downturn in earnings growth, particularly in small-cap stocks [18][19] Investment Insights - The article emphasizes the importance of understanding different valuation metrics during various economic cycles, suggesting that P/E ratios may not be reliable indicators in periods of earnings decline [27][28] - The article also highlights the potential for significant gains in sectors entering a recovery phase, as seen in the Hong Kong tech sector, which has recently experienced substantial earnings growth [25][26] Investment Products and Promotions - The company is offering a limited-time 50% discount on advisory fees for its investment products, aimed at reducing costs for investors [29][32] - The Yuexinbao investment product has adjusted its minimum investment threshold to 200 yuan, making it more accessible for investors [40] - A regular cash flow feature is available for the Yuexinbao product, catering to investors with ongoing cash flow needs [38][41]

不过，公司还在盈利，净资产没有减少。 此时市净率并不会被动提高，反而会因为 净资产增加,市净率降低,市净率的百分 位还是比较低。 市净率=股价/净资产。 大多数时候，指数的净资产还是稳定的。 所以，在盈利大幅波动的时候，我们一般 可以参考市净率指标，作为过渡。 经济周期底部，容易遇到市盈率比市净率 的位置言。 文 | 银行螺丝钉 （转载请注明出处） 市盈率分母盈利下降，会带动市盈率数值 提高，也会让市盈率所处的百分位提高。 换句话说，过去两年，有的股票股价下跌 了，但是公司的盈利下降更多，导致市盈 率反而被动提高，市盈率所处的位置也提 高了。 ▼点击阅读原 文，免费学习大额家庭资产配置课程 ...