山证策略·A股行业比较周报：周期强于复苏，科创成交继续上行

山证策略·A股行业比较周报周期强于复苏，科创成交继续上行2022年6月6日-6月12日山西证券策略团队成员： 张治 CFA执业登记编码：S0760522030002邮箱：zhangzhi@sxzq.com王锐邮箱：wangrui1@sxzq.com证券研究报告 市场概要2市场回顾：上周A股主要宽基指数普涨，中小100、创业板更强。大盘风格（3.84）强于小盘风格（2.50）。中信五类风格中，金融（3.38）、周期（3.81）表现较优。上周两市日均成交额达9928.69亿元，环比提升19%；各版块环比提升均超15%，其中科创板日均成交额达656.42亿元，环比 提升36.93%。市场主线：各行业整体超额收益回落，周期强于复苏。煤炭、有色、石化等周期板块超额收益回升，美容护理、交运、社服等板块边际下降。估值变化：结合PB与预期ROE来看，鸡产业、磷化工、化学纤维、化学等具备性价比；结合PEG与预期G来看，预制菜、智慧医疗、抗原检测等具 备更高景气度；分析师预期变动幅度较小，新能源、油气开采、汽车整车等板块预期ROE有所提升。市场流动性：货币市场资金面均衡偏松。工业运行情况：6月工业运行企稳。截止6月10日，唐山钢厂高炉开工率为60.32%，环比提升0.80%；汽车轮胎全钢胎开工率为53.03%，环比下降3.06%；山东地炼厂开工率为64.62%，环比提升1.36%；江浙织机PTA产业链负荷率59.03%，维持不变。行业基本面表现：石油石化：库存总量上升，原油价格上升钢铁：库存边际回升，铁矿石价格震荡煤炭：限价保供仍为主基调，价格难大幅上行有色金属：疫情扰动趋缓，库存环比下降动力电池产业链：价格居高，环比回落传统建材：水泥、混凝土价格环比回落新房：销售提升，成交面积环比增约40%二手房及土地成交：二手房量价齐跌，土地成交清淡农产品：价格变动较小半导体电子：指数下跌，闪存高位，内存下降 指数表现：A股主要宽基指数均上涨，周期股表现较优3数据来源：WIND，山西证券研究所上周A股主要宽基指数普涨，中小100、创业板强于沪深300。大盘风格（3.84）强于小盘风格（2.50）。中 信五类风格中，金融（3.38）、周期（3.81）表现较优。本周涨跌幅本月涨跌幅年初至今涨跌幅大盘指数3.843.82-13.93中盘指数3.754.55-15.83小盘指数2.503.58-17.06高市盈率指数3.774.91-19.55中市盈率指数1.932.38-20.37低市盈率指数2.611.94-3.09高价股指数5.185.90-17.18中价股指数2.563.46-11.28低价股指数1.571.72-6.72新股指数1.041.46-21.62本周涨跌幅本月涨跌幅年初至今涨跌幅金融3.382.77-9.49周期3.815.09-6.86消费2.981.72-16.33成长2.685.06-22.34稳定1.460.72-0.814.674.003.923.652.902.872.802.662.13012345中小100 创业板指 上证50沪深300 深证综指中证1000 上证指数 中证500科创50A股主要宽基指数涨跌幅 市场主线：超额收益回落，周期强于复苏4申万一级行业PEG、PETTM分位数及近20周相对万得全A的超额收益数据来源：WIND，山西证券研究所行业2022PEGPETTM分位数01/2101/2801/2802/1102/1802/2503/0403/1103/1803/2504/0104/0804/1504/2204/2905/0605/1305/2005/2706/0206/10煤炭39.60%25.94%0.00%-3.49%-3.49%8.02%8.35%6.05%17.88%18.15%15.26%22.75%25.72%28.39%36.51%31.75%30.87%29.47%26.08%31.99%41.12%34.35%44.31%石油石化54.07%11.70%0.00%1.93%1.93%8.49%6.56%7.40%6.58%3.21%2.19%3.20%2.54%5.86%6.32%6.50%6.91%9.27%6.13%7.48%13.26%9.83%14.84%有色金属36.24%1.09%0.00%0.48%0.48%5.83%9.61%12.33%12.51%8.68%6.96%10.45%7.36%7.91%7.24%3.77%4.65%2.87%3.06%6.85%7.44%6.57%11.37%基础化工60.14%4.04%0.00%1.74%1.74%4.38%5.92%7.88%7.21%6.58%4.99%6.78%6.12%8.67%6.70%5.05%3.03%5.09%4.93%6.51%7.56%6.63%9.66%美容护理82.42%57.41%0.00%-0.52%-0.52%-3.09%-0.67%0.82%1.20%1.09%-0.43%2.28%4.35%2.58%6.22%9.56%10.91%8.12%6.21%7.01%7.15%9.61%8.09%交通运输43.26%3.35%0.00%2.40%2.40%6.52%3.80%1.98%6.84%4.84%3.55%2.05%5.28%5.50%8.90%10.55%9.56%9.04%8.76%8.25%11.64%9.98%7.49%汽车100.77%96.62%0.00%-1.05%-1.05%-3.26%-2.92%-2.71%-5.70%-6.19%-5.54%-5.42%-7.01%-7.63%-7.66%-5.79%-5.81%-4.11%-0.51%0.97%3.28%7.06%7.44%公用事业23.77%83.80%0.00%-0.29%-0.29%4.17%1.32%3.70%6.80%6.52%3.63%2.00%1.72%2.86%2.46%6.18%5.29%5.93%7.24%6.47%8.06%7.22%7.10%建筑装饰47.86%34.31%0.00%0.80%0.80%7.15%9.14%2.60%4.01%5.27%5.24%5.59%6.04%13.51%10.06%8.03%13.05%12.03%13.83%12.60%13.03%8.86%7.07%综合#N/A24.77%0.00%-0.78%-0.78%1.66%2.50%3.44%7.21%10.93%9.83%14.27%14.32%13.67%12.02%12.53%9.43%10.44%10.18%11.91%9.47%7.94%6.90%电力设备57.66%45.87%0.00%3.09%3.09%-6.11%-2.76%1.72%-0.55%2.72%3.78%1.22%-0.20%-2.86%-7.04%-8.41%-5.35%-6.04%-3.01%0.64%-1.76%1.91%3.69%农林牧渔#N/A99.87%0.00%2.89%2.89%6.87%4.18%1.28%5.96%5.74%4.87%9.92%10.86%7.64%10.95%12.30%6.85%7.92%4.98%4.25%6.06%4.73%3.08%商贸零售#N/A60.75%0.00%2.75%2.75%6.69%4.58%1.99%1.63%0.67%-1.08%-1.21%1.14%0.42%5.42%6.51%6.44%4.94%5.37%4.42%3.08%3.04%2.82%钢铁77.95%20.92%0.00%0.47%0.47%5.93%6.94%5.43%6.38%3.91%0.67%1.38%2.52%7.82%9.15%4.59%3.33%1.95%0.75%1.16%2.86%2.54%2.10%食品饮料150.06%68.77%0.00%-1.36%-1.36%-2.25%-1.09%-4.42%-5.01%-3.08%-5.11%-6.82%-5.54%-5.12%0.78%3.36%5.25%4.09%2.14%1.07%-0.10%0.09%1.44%银行50.91%14.71%0.00%1.39%1.39%6.19%3.43%0.09%1.35%0.65%1.66%2.82%6.49%9.26%11.24%12.36%10.54%9.27%5.86%4.43%4.61%1.07%1.06%国防军工116.99%27.20%0.00%1.95%1.95%0.18%0.43%3.87%2.73%1.37%1.06%2.52%-0.71%-2.33%-4.38%-3.76%-3.31%-0.31%-0.48%-0.95%1.07%2.38%0.31%房地产213.94%36.96%0.00%0.81%0.81%3.47%1.11%-1.64%0.78%-0.72%2.31%7.18%16.55%19.90%18.92%13.31%13.68%9.59%10.28%8.63%6.47%1.70%-0.77%纺织服饰112.11%5.05%0.00%0.55%0.55%1.93%1.89%1.91%3.53%2.36%0.62%2.85%1.42%1.98%1.01%8.76%0.97%3.92%3.61%3.93%3.69%1.87%-0.89%环保80.25%7.21%0.00%1.08%1.08%5.27%6.41%5.04%6.51%5.90%3.22%3.04%2.53%2.68%0.09%0.08%-2.41%-1.89%-0.10%-0.33%0.87%0.55%-2.43%社会服务#N/A88.80%0.00%0.72%0.72%4.22%2.25%-0.45%3.01%-1.02%0.96%-0.16%1.37%1.59%3.23%3.30%2.55%0.27%-0.25%-1.40%0.81%-1.08%-2.46%建筑材料78.92%13.19%0.00%-0.48%-0.48%4.98%3.14%-2.98%-3.40%-3.59%-2.53%-4.54%-0.30%4.85%2.23%0.28%2.47%3.22%2.17%2.36%1.38%0.45%-2.51%医药生物103.42%0.73%0.00%-1.83%-1.83%-5.55%-2.79%-0.73%0.67%2.48%4.70%6.50%5.23%3.61%4.53%1.95%2.33%3.57%4.20%0.24%-1.31%-3.72%-2.91%通信114.58%1.03%0.00%-0.27%-0.27%0.95%1.40%2.64%2.38%2.64%2.55%2.45%0.44%-1.04%-3.86%-1.60%-1.20%-1.05%-1.61%-1.76%-1.00%-0.23%-3.20%机械设备94.61%31.13%0.00%-1.00%-1.00%-1.66%-1.04%-0.25%-1.13%-2.02%-3.07%-3.04%-5.05%-4.35%-6.27%-6.78%-7.65%-6.24%-5.93%-5.66%-4.45%-3.49%-5.59%非银金融102.80%14.15%0.00%-0.26%-0.26%3.88%-1.69%-5.12%-5.22%-6.48%-3.83%-5.13%-3.24%-1.87%-0.31%-0.22%-2.18%-3.61%-4.74%-5.97%-5.72%-7.43%-5.85%轻工制造62.42%25.66%0.00%-0.70%-0.70%-0.83%-1.88%-2.05%-0.72%-1.28%-2.15%-2.22%-3.05%-2.66%-2.74%-2.29%-5.61%-4.11%-3.52%-3.86%-4.72%-5.13%-8.58%传媒8