In response to the requirements of multiple customers' backends, this time, the valuation of the Science and Technology Innovation Board , innovative drugs and carbon neutrality index was added. However, the valuation time of Wind provides the index valuation of the 50 Science and Technology Innovation Board (December 31, 2019), innovative drugs (starting April 22, 2019) and carbon neutrality (October 21, 2021) is relatively short, so the reference to the valuation quantile is not too large.
Many investors want to understand the changes in the daily index valuation, but they have no calculation tools and professional information databases. In the past, some databases had only 3 years shorter and only 5 years long. In order to let everyone better understand the changes in the corresponding index over a longer cycle, we chose , Shanghai Stock Exchange 50, Shanghai Shenzhen 300, , CSI 500, CSI 100, CSI dividend and other indexes to calculate the valuation quantile. The valuation time of other indexes is selected as the earliest valuation data in the WIND database to start calculating. In this way, compared with the previous valuation quantile, the data span increases, and it can better judge the level of the index's historical valuation quantile.
December 8, 2022 A shares main index valuation table
Note: The data comes from Wind information, and the quantiles are placed in the current latest PE in ascending order in the statistical range. Quantile = current valuation ranking/total historical valuation. The smaller the value, the lower the valuation level, the lower the valuation level during this period;
December 8, 2022 A shares increase situation
Data table How to view it? A brief summary of how to have several methods:
1, momentum strategy.
combined with today's increase, weekly increase, and recent month's rise. Which index has a larger increase, indicates that it is a hot topic in the recent past. If you want to chase hot topics, follow the index with a relatively large increase recently.
2, inverts strategies. Combining the rise and fall in the past quarter and year, which index has a larger decline means it is not a hot spot in the recent market. If you want to chase the hot spots and have the possibility of industry rotation, you can ambush those indexes with smaller or larger declines in recent years. These industries have been hit before and abandoned all the declines. If the market hot spots rotate, there may be a renewed investment opportunity.
3. Valuation strategy. If the market is pursuing value stocks, you can choose a low PE index.
4, PE quantile. You can choose indexes with lower PE scores for fixed investment or medium- and long-term investment. However, if the time span of some indexes is not long enough, the PE quantiles of some indexes may not have a great reference value, and all references should be combined with other indicators.
5. You need to observe the current market environment. (1) Those with strong market environment will always be strong. You can use the momentum effect to find industries or indexes that have good recent increases from the valuation table to chase strong industry indexes. (2) There are many opportunities for market sector rotation. You can find that there are more declines in the previous period through the valuation table, and the rotation capital may rotate to this sector. (3) If the market style likes stocks with low valuation or high dividend , you can use the valuation table to find index funds with a higher dividend yield to invest. (4) If the market likes growth indexes, you can invest in indexes with a higher valuation and stocks and with a smaller average market value.
6. In short, indicators are not omnipotent, they just help you as investment reference. The most important thing is your understanding of the market and your judgment of the market. Of course, if it is an industry index, the industry's performance fundamental is more critical.
Source: Net Value Valuation Report
