估值周观察（12月第2期）：纳指估值创近三年新高

Global Market Trends - Major global indices show divergent valuation trends, with the Dow Jones Industrial Average experiencing the largest PE contraction of 0.44 to 34.7, while the Nasdaq index expanded by 0.33[4] - The valuation percentiles for France, India, Japan, and South Korea are relatively low compared to other major markets[4] A-Share Market Insights - A-shares saw a slight overall valuation expansion, with the CSI 2000 PE increasing by 2.98 to 82.12, indicating a strong performance in the mid-cap sector[4] - As of December 6, A-share indices are positioned within the 80-90% percentile range over the past year, with mid-cap growth and value slightly outperforming[4] Sector Performance - Retail, home appliances, and media sectors showed the highest PE expansion, while real estate, computing, and agriculture sectors experienced PE contraction[4] - Downstream consumer sectors are generally near the 20% percentile of their three-year valuation averages, with food and beverage averaging only 15.97%[4] Emerging Industries - The photovoltaic sector faced significant valuation contraction, with PE decreasing by 3.25 due to stock price declines exceeding 4%[4] - The popular concept index for bean bag themes is around a PE of 60, indicating high investor interest despite overall sector challenges[4] Risk Factors - Uncertainties in overseas monetary policy and the historical context of the indices listed should be considered as potential risks for investment decisions[4]