Group 1 - The core viewpoint indicates that during the week of December 12-18, the A-share market saw a slight increase in margin trading balance, while trading activity decreased. Major indices experienced a decline in PE valuation percentiles, with the CSI 1000 leading the decline [5][21][23] - The sentiment analysis shows that the stock-bond yield spread decreased, indicating a relatively high investment cost-effectiveness in the current A-share market. As of December 18, 2024, the dividend yield of the CSI 300 was 2.96%, while the 10-year government bond yield was 1.78%, resulting in a stock-bond yield of -1.18%, which is below the average since 2012 [5][40][41] Group 2 - The valuation analysis reveals that the PE valuation percentiles for major indices mostly declined, with the CSI 1000 experiencing the largest drop of 16.1 percentage points. The Shenzhen Component Index followed with a decrease of 6.3 percentage points [6][23][47] - In terms of industry performance, the banking sector led the gains with a 4.4 percentage point increase in PE valuation percentiles, while the machinery sector saw a significant decline of 8.9 percentage points. Other sectors such as construction and pharmaceuticals also faced notable declines [7][56][57]
情绪与估值12月第3期：股债收益比持续上行，高股息估值分位上升
Yong Xing Zheng Quan·2024-12-29 07:26