近一年A股市场走强科技股引领估值提升

Core Viewpoint - The A-share market has shown significant upward momentum over the past year, with major indices experiencing substantial gains, although recent fluctuations indicate a short-term adjustment phase [1][5]. Market Performance - As of September 23, 2024, major A-share indices have recorded impressive annual increases: Shanghai Composite Index up 39.03%, Shenzhen Component Index up 62.31%, and ChiNext Index up 103.50% [3]. - The total market capitalization of A-shares rose from 74.71 trillion yuan to 113.71 trillion yuan, an increase of 39 trillion yuan, representing a growth of 52.20% [3]. - Over 1,400 stocks have seen gains exceeding 100%, with notable performers like Aowei New Materials rising over 1700% [1][4]. Sector Performance - The technology sector has been particularly strong, with communication, electronics, and comprehensive industries leading the gains, all exceeding 100% [3]. - Within the last year, all 31 sectors tracked by Shenwan have shown positive performance, with communication and electronics sectors seeing increases of 124.09% and 121.05%, respectively [3]. Valuation Metrics - The rolling P/E ratio for the Shanghai Composite Index increased from 12.24 to 16.38, while the Shenzhen Component Index rose from 19.59 to 30.85 [3]. - The rolling P/E ratio for the ChiNext Index surged from 23.53 to 43.62, indicating a significant valuation uplift across major indices [3]. Individual Stock Highlights - A total of 5,167 A-share stocks have positive returns, with 1,435 stocks gaining over 100% and 420 stocks over 200% [4]. - Aowei New Materials, *ST Yushun, and Shenghong Technology are among the top gainers, with increases of 1720.50%, 1133.01%, and 1061.66%, respectively [4]. Market Outlook - Analysts suggest that the current market adjustment does not alter the medium-term upward trend, with expectations for continued growth driven by fundamental support [5][6]. - The market is anticipated to experience further rotation of hot sectors, with a focus on growth styles and sectors benefiting from policy support in new productive forces and green development [6].