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中国银河证券:A股估值仍处于合理区间,部分行业估值偏高
Xin Lang Cai Jing·2025-09-02 00:04

Group 1 - The overall valuation level of A-shares is reasonable, with significant differences across industries [1] - A-share companies' overall net profit attributable to shareholders increased by 2.45% year-on-year in the 2025 mid-year report, indicating stable corporate profitability [1] - The net profit growth rate since 2025 has been relatively steady, and the current price-to-book ratio is within a reasonable range, showing good alignment between valuation and performance [1] Group 2 - A-shares have a lower absolute valuation compared to U.S. stocks, indicating substantial room for improvement [1] - The technology sector in the U.S. is at historical high valuations, with price-to-book ratios generally exceeding 90%, suggesting that valuation expansion may be nearing its end [1] - Certain sectors in A-shares, such as finance and transportation infrastructure, still possess valuation advantages and present structural opportunities [1] Group 3 - There is an expectation for performance improvement, characterized by a trend of "anti-involution" [1]