情绪与估值6月第2期：沪深300放量下行带动整体估值分位回落

Group 1 - The core viewpoint indicates that during the week of June 6-12, the A-share market experienced a decline in margin financing balance and a slight decrease in trading activity. Major indices saw a general drop in PE valuation percentiles, with the CSI 300 and SSE 50 leading the decline [16][28][57] - The sentiment analysis shows that the stock-bond yield spread has decreased, suggesting a relatively high investment cost-effectiveness in the A-share market. As of June 12, 2024, the dividend yield of the CSI 300 was 3.14%, while the 10-year government bond yield was 2.28%, resulting in a stock-bond yield of -0.87%, which is below the average for the year [8][22][57] - The trading activity saw a mixed performance, with the CSI 300 experiencing the largest increase in trading volume at 10.23%, while the ChiNext index saw the largest decline at 5.16% [31][30] Group 2 - The report highlights that the PE valuation percentiles for major indices generally fell, with the CSI 300 experiencing the largest drop of 3.0 percentage points, followed by the SSE 50 with a decline of 2.9 percentage points [28][36] - In terms of industry performance, the oil and petrochemical sector led the gains, while the non-bank financial sector saw the largest decline, with a drop of 4.4 percentage points [48][3] - The report also notes that within the cyclical sector, the oil and petrochemical industry increased by 4.0 percentage points, while the construction materials sector fell by 2.3 percentage points [48][3]