估值周观察（12月第3期）：大模型持续催化，芯片快速拔估值

Global Valuation Tracking Comparison - The global market indices mostly declined in the week of December 16-20, 2024, with significant valuation contractions observed in major national indices such as the NASDAQ and SENSEX30, which saw PE reductions of 1.21 and 1.18 times respectively [4][12]. - The valuation percentiles for South Korea, India, and Japan are notably low, with South Korea's valuation metrics falling below the 10th percentile over the past year and three years [12]. A-share Broad-based Valuation Tracking - The overall valuation of A-share core broad indices slightly decreased, with the CSI 2000 PE (TTM) expanding by 6.27 times to 90.02 times, while the mid-cap growth PE (TTM) expanded by 5.71 times to 22.5 times [2][28]. - As of December 20, 2024, the major A-share broad indices' PE levels are positioned within the 80-90% percentile range over the past year, with mid-cap value indices showing a dominant percentile ranking of 10% [17][28]. - The overall valuation levels of A-shares are mostly below the 50% mark when viewed from a five-year percentile perspective [17]. A-share Valuation Cost-effectiveness - The long-term valuation perspective indicates that the major broad indices' PB levels are close to the 25th percentile since 2010, suggesting that A-shares still possess a certain degree of valuation cost-effectiveness [22][35]. - In the consumer sector, the average three-year percentile for food and beverage is only 12.76%, while the five-year average is 7.67%, indicating a relatively low valuation compared to other sectors [43]. - The TMT-related industries exhibit higher PE percentiles, with some concepts rapidly increasing in value, recovering to near their one-year peaks [43].