估值周观察（12月第1期）：大小盘估值分化加剧

Global Market Overview - Major global indices experienced slight valuation expansion, with most indices rising in the week of December 2-6, 2024. The KOSPI index in South Korea saw the largest contraction, with a current PE of 13.87, down by 0.16 from November 29. In contrast, the NASDAQ index expanded by 1.44 [4][7]. - The overall valuation level of A-shares slightly expanded, with the CSI 2000 PE increasing by 2.98 to over 80x, currently at 82.12 [4][30]. A-share Valuation Insights - A-share core indices showed a slight expansion in valuation, with the CSI 2000 PE reaching 82.12, indicating a significant increase in valuation metrics [30][33]. - The growth sector's overall PB is above 2, reflecting a robust valuation environment for growth stocks [30]. Industry-Specific Valuation Trends - The computer, media, and comprehensive sectors experienced significant PE expansion, driven by stock price increases in the past week [4]. - Downstream consumer sectors generally have valuation levels near the 20% percentile over the past three years, indicating potential undervaluation in sectors like food and beverage [4]. Emerging Industries - In emerging industries, the photovoltaic sector saw a notable contraction in valuation, while sectors like industrial machinery and gene testing experienced significant valuation expansion [4].