情绪与估值12月第5期：高股息板块估值分位上行

Group 1 - The core viewpoint indicates that during the week of December 26 to December 31, the A-share market saw a slight decrease in margin trading balance, with overall trading activity declining. Major indices experienced a general decline in PE valuation percentiles, with the CSI 1000 leading the drop [1][3] - The sentiment analysis shows a slight decrease in margin trading balance, with the proportion of financing purchases increasing slightly. The average margin trading balance was approximately 1.88 trillion yuan, down 0.30% from the previous week [2][10] - The overall trading activity in the market decreased, with the Shenzhen Component Index experiencing the largest decline in trading volume, down 9.54% compared to the previous week [12][15] Group 2 - The valuation analysis reveals that the PE valuation percentiles for major indices generally declined, with the CSI 1000 leading the drop by 4.4 percentage points. The Wind ChiNext Index also saw a decline of 4.1 percentage points [17][18] - The style analysis indicates that the PE valuation percentiles for various styles generally fell, with the growth style experiencing the largest decline of 3.6 percentage points. The PB valuation percentiles also saw a general decline, with the growth style down 5.1 percentage points [31][32] - The industry analysis shows that most industry PE valuation percentiles declined, with the coal industry leading the gains, increasing by 2.3 percentage points, while the pharmaceutical industry saw the largest decline of 8.7 percentage points [45][46]