估值与盈利周观察——6月第一期

Group 1 - The report indicates a general market decline, with stable and dividend indices performing better than others [7][33]. - The overall valuation has slightly decreased, with a broad-based industry decline, while stable styles have shown superior performance [12][55]. - The report highlights that the current market ERP has slightly increased but remains above one standard deviation, indicating a high probability of A-share allocation [12][38]. Group 2 - The utilities, transportation, and coal sectors showed the highest gains last week, while social services, comprehensive, and light manufacturing sectors performed the weakest [21][47]. - The report notes that the relative PE of the ChiNext Index to the CSI 300 has slightly decreased, indicating a shift in valuation dynamics [27][49]. - The overall industry valuation is showing negative deviation, with most industries concentrated in the third and fourth quadrants, suggesting that valuations are generally cheap [56][64]. Group 3 - The report provides insights into the valuation of major indices, indicating that the dividend index, cyclical, financial, and CSI 300 indices are at relatively high positions compared to the past year [55][56]. - The report emphasizes that the historical valuations of equipment manufacturing, industrial services, transportation, consumption, and technology are all below the 50% historical percentile [56][63]. - The report identifies that the current PEG and PB-ROE values for dividend and Sci-Tech 50 indices are the lowest, suggesting high allocation value [41][41].