当前A股市场估值合理且上行的底层逻辑并未发生动摇

Group 1 - CICC reports that the A-share market has been on a steady upward trend for over a year, and the underlying logic for valuation remains intact despite market fluctuations [1] - CICC has developed a methodology for identifying market "tops" to complement its previous research on "bottoms," forming a framework for market stability monitoring [1] Group 2 - Guotai Junan Securities expresses optimism about the valuation recovery of the brokerage sector, noting that the current PB valuation is only 1.36 times [2] - The brokerage sector has underperformed the Shanghai Composite Index by 15 percentage points from the beginning of the year to December 5, indicating significant room for valuation improvement [2] Group 3 - CITIC Securities highlights a record high success rate of 88% in the recent national medical insurance negotiations, with 114 out of 127 products successfully included in the new drug list [3] - The new commercial health insurance innovative drug directory is expected to provide additional growth opportunities, with 19 drugs included in the first version [3] - The report emphasizes the increasing international competitiveness of China's innovative drug pipeline and the rapid development of the industry driven by new technologies [3]