策略周观点2024年第36期：交投热度有所回升

Group 1: Market Indicators - The major A-share indices rose during the week of December 2 to December 6, with the Shanghai Composite Index showing the largest increase of 2.33% [10][12] - The average daily trading volume in the two markets increased by 13.16% compared to the previous week, reaching 17,235.23 billion yuan, with the electronics sector being the most active [12][13] - Among the Shenwan first-level industries, the comprehensive, machinery equipment, and coal sectors had the highest gains, with increases of 4.66%, 4.62%, and 4.15% respectively [10][12] Group 2: Valuation Levels - As of December 6, the dynamic price-to-earnings (PE) ratio of the Sci-Tech Innovation 50 index is at a historical percentile of approximately 90.77%, the highest among major A-share indices since 2010 [28][30] - Twelve industries, including comprehensive, computer, coal, electronics, and defense military, are above the historical 50th percentile based on their current dynamic PE ratios [30][31] - The current price-to-book (PB) ratios for the computer, coal, electronics, and defense military sectors are also above the historical 50th percentile, indicating relatively high valuations compared to historical averages [30][31] Group 3: Investment Recommendations - The report suggests focusing on passive investment strategies, as index components are expected to benefit continuously [38][39] - It highlights growth sectors related to new productivity, particularly in electronics, AI computing power, and low-altitude economy [38][39]