行业比较数据跟踪：北上资金结束连续四周净流出，上周流入金融板块较多

北上资金结束连续四周净流出，上周流入金融板块较多——行业比较数据跟踪20200816请仔细阅读在本报告尾部的重要法律声明仅供机构投资者使用证券研究报告|金融工程报告曹春晓SAC NO：S1120520070003杨国平SAC NO：S11205200700022020年8月16日【温馨提示】请勿将华西证券研究报告转发给他人 p1【温馨提示】请勿将华西证券研究报告转发给他人 p1 2（一）行业基本面与估值（二）行业资金流动（三）行业综合打分风险提示目录【温馨提示】请勿将华西证券研究报告转发给他人 p2【温馨提示】请勿将华西证券研究报告转发给他人 p228051798/47054/20200816 22:29 截至2020年8月14日，全部A股PE（TTM）为22.18倍，位于2009年以来84.05%分位数；PB_LF 1.89倍，位于2009年以来43.67%分位数。截至2020年8月14日，主板/创业板/科创板PE（TTM）分别为16.44倍、150.10倍、155.48倍，位于2009年以来60.87%、97.80%、95.79%分位数；PB_LF分别为1.48倍、5.66倍、10.08倍，位于2009年以来28.17%、75.40%、78.17%分位数。3创业板、科创板绝对估值处于历史相对较高水平1.1 主板估值分位数较低，创业板/科创板估值处于历史较高水平资料来源：Wind，华西证券研究所全部A股22.1838.2511.5117.9184.05%全部A股(非金融石油石化)40.2776.9916.8028.5478.70%主板16.4437.709.7515.1560.87%中小企业板59.6496.7521.9141.7694.06%创业板150.10204.6628.1061.6297.80%创业板(剔除温氏股份)176.85218.1128.1063.2398.02%科创板155.48172.0748.1974.5295.79%全部A股1.893.861.341.9643.67%全部A股(非金融石油石化)2.875.561.752.7260.37%主板1.483.811.191.6828.17%中小企业板3.508.122.093.6146.68%创业板5.6613.952.204.3875.40%创业板(剔除温氏股份)5.7113.952.204.3976.05%科创板10.0812.944.976.9478.17%绝对估值PE(TTM)绝对估值PB_LF主要板块对比2020/8/14最大值最小值中位数当前估值所处历史的百分位PE_TTM估值箱型图22.18 40.27 16.44 59.64 150.10 176.85 155.48 0.0050.00100.00150.00200.00250.00最新值最大值最小值中位数【温馨提示】请勿将华西证券研究报告转发给他人 p3【温馨提示】请勿将华西证券研究报告转发给他人 p328051798/47054/20200816 22:29 截至2020年8月14日，主要指数中，上证50、沪深300、深证100、创业板指PE（TTM）分别为11.14倍、14.15倍、30.39倍和72.63倍，分别位于历史68.19%、72.58%、89.39%和91.79%分位数。41.2 上证50、沪深300等指数PB位于历史中位数附近上证50、沪深300等指数PB_LF处于历史相对较低水平资料来源：Wind，华西证券研究所上证综指14.8734.508.9014.0258.99%上证5011.1427.596.9410.1268.19%上证18011.9230.037.1210.9764.41%沪深30014.1531.918.0112.4472.58%中证50031.7892.7516.0031.8949.69%中证100055.25144.8218.9448.8253.62%深证10030.3964.5712.8821.4389.39%深证成指33.2763.4712.1722.6484.15%中小板指38.1564.6118.5330.9587.90%创业板指72.63137.8627.0450.9591.79%创业板5095.98141.8427.2652.9995.42%万得全A22.1238.2411.5117.9083.59%上证综指1.533.851.211.6336.88%上证501.293.731.021.3545.62%上证1801.353.821.091.4340.70%沪深3001.633.901.171.5853.33%中证5002.225.891.512.6126.19%中证10002.938.141.713.1445.05%深证1004.104.651.812.8395.65%深证成指3.455.751.702.8782.03%中小板指4.567.692.543.9970.95%创业板指7.9615.012.514.7692.11%创业板509.0116.233.245.7388.57%万得全A2.013.961.402.0149.93%主要指数对比2020/8/14最大值最小值中位数当前估值所处历史的百分位估值箱型图绝对估值PE(TTM)绝对估值PB_LF【温馨提示】请勿将华西证券研究报告转发给他人 p4【温馨提示】请勿将华西证券研究报告转发给他人 p428051798/47054/20200816 22:29 资料来源：Wind，华西证券研究所创业板指/沪深300相对PE位于历史75%分位数截至2020年8月14日，创业板指相对于沪深300指数相对PE（TTM）5.13倍，位于历史74.78%分位数，相对PB_LF为4.90倍，位于历史92.63%分位数。资料来源：Wind，华西证券研究所创业板指/沪深300相对PB位于历史93%分位数1.3 创业板指/沪深300相对估值有所下降，但仍处于历史高位5【温馨提示】请勿将华西证券研究报告转发给他人 p5【温馨提示】请勿将华西证券研究报告转发给他人 p528051798/47054/20200816 22:29 6资料来源：Wind，华西证券研究所申万一级行业估值与历史分位数1.4 食品饮料、医药生物、休闲服务估值水平处于相对高位2020/8/14最大值最小值中位数当前估值所处历史的百分位2020/8/14最大值最小值中位数农林牧渔23.92119.6418.1644.052.73%4.557.372.333.68采掘14.2188.0110.3918.3516.44%1.065.840.901.74化工29.7976.5513.0127.1760.91%2.365.301.532.54钢铁12.95153.735.3424.1323.09%0.912.790.721.33有色金属44.78140.3112.9945.6148.73%2.507.181.693.18电子60.38118.1022.7449.9266.26%4.626.941.653.50家用电器22.3232.3110.5516.7085.63%3.524.851.773.06食品饮料46.6151.9816.5530.1898.66%8.929.273.005.26纺织服装32.6263.1415.4127.8063.85%1.856.231.502.47轻工制造28.33113.2914.2336.5327.27%2.126.391.452.44医药生物58.0374.3723.4938.3398.27%5.088.352.564.26公用事业22.7374.3813.7823.6142.78%1.474.541.262.15交通运输23.2543.299.9518.7472.88%1.493.971.091.80房地产10.0450.878.0116.1312.75%1.344.701.122.01商业贸易27.5371.3813.1228.0149.16%1.825.511.272.45休闲服务108.07119.7324.9245.3699.54%6.388.202.073.79综合49.46120.5520.7146.8656.73%2.427.751.123.06建筑材料17.4650.699.9824.8031.13%2.514.391.502.26建筑装饰10.9850.118.3815.6822.49%1.003.930.871.74电气设备43.3399.9920.3239.6767.25%3.317.421.463.01国防军工80.74245.8224.1361.3570.79%3.768.381.853.22计算机81.41159.7029.4851.4292.53%5.0215.762.364.24传媒51.21141.8419.4947.6657.51%2.9511.481.703.92通信46.7695.069.2341.0968.49%3.036.601.322.69银行6.3019.264.506.8126.70%0.713.480.641.04非银金融19.7166.4910.8018.4260.73%2.025.491.432.00汽车30.3450.289.8017.9590.51%1.874.451.352.32机械设备32.97136.0712.8130.3158.93%2.506.211.602.7643.99%72.12%21.59%69.04%3.26%51.95%25.98%80.58%4.46%38.89%19.36%25.52%65.93%35.39%79.02%9.35%35.53%10.59%19.11%98.55%25.73%62.39%6.34%56.06%18.90%申万一级行业对比PE（TTM）PB_LF当前估值所处历史的百分位90.80%80.15%99.62%【温馨提示】请勿将华西证券研究报告转发给他人 p6【温馨提示】请勿将华西证券研究报告转发给他人 p628051798/47054/20200816 22:29 7申万一级行业盈利增速与ROE水平资料来源：Wind，华西证券研究所2020/3/31最大值最小值中位数当前利润增速所处历史的百分位2020/3/31最大值最小值中位数农林牧渔498.3%498.3%-56.4%17.4%100.00%17.40%17.40%3.07%6.70%采掘-20.5%20523.6%-101.1%3.1%4.35%5.12%15.83%-0.05%10.20%化工-58.8%192.3%-60.8%10.2%4.35%3.51%13.98%3.51%8.56%钢铁-42.1%1308.8%-3139.1%-17.9%43.48%7.24%16.86%-12.61%2.80%有色金属-52.5%1866.6%-124.6%10.7%30.44%1.33%12.15%-3.40%4.02%电子30.4%779.8%-305.9%34.5%43.48%7.35%10.48%-7.31%6.26%家用电器-1.1%158.9%-19.2%26.0%17.40%13.78%19.41%7.71%15.75%食品饮料6.7%116.3%-12.7%23.9%26.09%18.13%24.25%10.98%18.07%纺织服装-59.4%126.7%-59.4%0.1%2.18%2.41%13.30%2.41%8.56%轻工制造46.1%293.3%-70.4%28.0%63.05%6.01%10.67%2.70%6.01%医药生物-10.8%88.0%-10.8%22.1%2.18%7.02%14.37%7.02%11.27%公用事业3.9%7228.3%-104.6%15.0%34.79%5.81%13.44%-0.53%8.15%交通运输-31.3%1415.3%-117.5%7.1%19.57%4.66%14