估值周观察（11月第4期）：国证2000估值水位快速抬升

Global Market Overview - Global major broad indices experienced slight valuation expansion, with the MSCI ACWI index expanding by 0.002 times from November 25 to November 29, 2024[4] - The French CAC40 index saw the largest contraction, with a current PE of 13.83, down by 1.56 times since November 25, while the NASDAQ index's PE expanded by 0.7 times[4][7] A-Share Market Insights - A-share major broad indices showed slight valuation expansion, with the CSI 2000 PE expanding by 3.28 times, reaching a current value of 79.14 times[4][25] - As of November 29, 2024, A-share broad indices' overall valuation levels were in the 80-90% percentile range over the past year, with mid-cap growth and value slightly outperforming[4][28] Sector Performance - The steel, retail, and computer sectors experienced significant PE expansion, while gold, coal, and utilities sectors saw declines[4] - Downstream consumer sectors mostly hovered around the 20% percentile of valuation levels over the past three years, with food and beverage averaging only 12.35%[4] Emerging Industries - Emerging industries, particularly semiconductors and integrated circuits, showed notable valuation expansion driven by stock price increases[4] Risk Factors - Key risks include uncertainties in overseas monetary policy and the historical performance of listed indices and stocks, which do not constitute investment recommendations[4]