In 2008, the Shanghai Composite Index fell by more than 60%, the extractive industry by 63.99% and the social service industry by 63.27%. In all sectors, the financial and insurance industry ranked first in the decline with a decline of 64.8%.
Looking at the trend of the whole year, the agriculture, forestry, animal husbandry and fishery sector has the smallest decline, with the annual decline of only 37.47%. In addition, the information technology industry declined by only 5 1.67%, while the wholesale and retail trade sectors declined by only 50.95%, far below the market average. Interestingly, the P/E ratio of the agriculture, forestry, animal husbandry and fishery sector was the highest at the end of 2007, but the decline in 2008 was the smallest among all industries, which seems to mean that the position of main funds in this sector is relatively light, which is related to the small reduction of positions by institutions in 2008. The decline in the wholesale and retail trade sectors is relatively small and should be defensive.