1、Industry Multiples of ChinaNovember 2022Contents3-7 Foreword Industry Multiples 8-9Energy10-11Materials12-13Industrials14-15Consumer Discretionary16-17Consumer Staples18-19Health Care20-21Financials22-23Information Technology24-25Communication Services26-27Utilities28-29Real Estate30-34Industry Defi

2、nitions and Methodology2ForewordDear Readers,This report provides trading multiples for key industrial sectors in China as of September 30,2022.In the first nine months of the year,Chinas GDP rose by 3%year on year.The Asian Development Bank projects growth of 3.3%for the full year,which places Chin

3、a aboveother major economic areasforecasted increases are 2.7%for the European Union,1.92%for Japan and 1.6%for the United States.The moderation of Chinas growth can be attributed to a mix of global and domestic factors.Economies are facing stiff headwinds due togeopolitical tensions,higher prices f

4、or commodities and the lingering impact of the COVID-19 pandemic.Additionally,soaring inflation,increasing interest rates and rising energy costs have weakened consumer demand in many developed markets.As China is the worldsbiggest exporter of goods,these pressures feed through to the bottom line of

5、 Chinese companies.In the domestic market,aggregate revenue has increased in all industries,and yet,most sectors suffered a drop in aggregate net profit,withthe exception of energy,materials and financials.This suggests that businesses are sacrificing profitability in order to maintain activity leve

6、ls.Chinas zero-COVID policy has,at times,inhibited growth.As of September 30,2022,the China Shanghai Composite Stock Market Index had increased 17%so far this year,to 3,024.In the sameperiod,Hong Kongs benchmark Hang Seng Index fell 26%to 17,223 while the MSCI China Index plummeted 32%to 56.4.In rea