估值与盈利周观察——6月第二期

Core Insights - The report indicates a divergence in market performance, with growth and the Sci-Tech 50 index outperforming other sectors, while dividend, consumption, and stability indices lagged behind [6][54]. - The overall valuation of the market has slightly increased, with significant differentiation across sectors, particularly favoring growth styles [50][72]. - The report highlights that the current valuation levels of various industries are generally low, with many sectors concentrated in the third and fourth quadrants of valuation metrics [41][59]. Market Performance - Last week, micro-cap stocks, growth, and the Sci-Tech 50 index showed the best performance, while dividend, consumption, and stability indices performed the weakest [6][54]. - The communication, electronics, and computer sectors recorded the highest gains, whereas food and beverage, agriculture, forestry, animal husbandry, and transportation sectors showed the weakest performance [14][50]. Valuation Analysis - The report notes that the overall industry valuation is differentiated, with financial real estate and raw materials exceeding the 50% historical percentile, while equipment manufacturing, industrial services, transportation, consumption, and technology sectors are below the 50% historical percentile [20][39]. - The current PE and PB metrics indicate that the most undervalued industries are concentrated in the third quadrant, while the most overvalued industries are in the first quadrant, with coal and electronics being the exceptions [41][59]. Sector Insights - The financial and real estate sectors, particularly non-bank financials, real estate, and building materials, are currently above the 50% historical percentile in terms of PB-ROE [39][40]. - The equipment manufacturing, consumption, and technology sectors are experiencing lower historical valuation levels, indicating potential investment opportunities [20][39]. Investment Strategy - The report suggests that from a PEG perspective, dividend and Sci-Tech 50 indices currently have the lowest values, indicating high allocation value [59]. - From a PB-ROE perspective, the growth style has the lowest values, suggesting that investors are paying the least premium for growth, which provides a higher margin of safety [59].