情绪与估值10月第3期：市场成交额整体上升，成长风格估值分位领涨

Group 1: Market Sentiment - The stock-bond yield spread has increased, indicating a higher investment value in equities. As of October 23, 2024, the dividend yield of the CSI 300 is 2.90%, while the 10-year government bond yield is 2.12%, resulting in a stock-bond yield of -0.78%, which is up by 0.02 percentage points week-on-week [11][12][13]. - The margin trading balance has increased, with an average of approximately 1.63 trillion yuan for the week of October 17-23, 2024, reflecting a 2.51% increase compared to the previous week. The proportion of financing purchases in total A-share trading volume has also risen to an average of 11.28%, up by 0.93 percentage points [13][14][15]. Group 2: Valuation Trends - The PE valuation percentiles for major indices have mostly risen, with the CSI 1000 leading with an increase of 12.8 percentage points. The Wind All A index has increased by 6.3 percentage points, while the Shanghai Composite Index has decreased by 1.0 percentage points [18][19]. - Among different styles, the growth style has led the increase in PE valuation percentiles, rising by 5.8 percentage points, while the cyclical style has increased by 5.6 percentage points. In terms of PB valuation percentiles, the growth style also led with an increase of 8.4 percentage points [23][24]. - Industry-wise, the PE valuation percentiles have mostly increased, with the defense and military industry leading with a rise of 15.3 percentage points, while the agriculture, forestry, animal husbandry, and fishery sector saw the largest decline of 20.1 percentage points [6][27].