行业比较研究系列之六：估值因素如何用于行业比较？

Core Insights - The report emphasizes that relying on a single factor for industry comparison is insufficient for long-term success, advocating for a multi-faceted approach to evaluation [1][13][14] Valuation Comparison - Direct use of valuation for industry comparison shows poor results, with historical data indicating that both PE and PB valuations have an unstable impact on stock prices [2][16] - Standardizing valuations improves outcomes but remains inconsistent, as industry characteristics and development stages affect comparability [2][25][27] Valuation and Market Sentiment - Combining valuation with market sentiment significantly enhances effectiveness, particularly highlighting PE valuation as the most noteworthy [3][5] - The report suggests that high or low valuation factors struggle to maintain performance, with stock price movements more closely tied to changes in fundamental expectations and market sentiment [3][36] - Market sentiment influences investor preferences, with a tendency to favor high valuations during positive sentiment and low valuations during negative sentiment [3][41] Performance Metrics - The best results in industry performance differentiation occur when using absolute PE valuation in conjunction with market sentiment, yielding annualized returns of 16.3%, 11.7%, 4.3%, 0.9%, and -4.7% across various groups from January 2013 to February 2025 [5][44][60] - The multi-strategy approach, which includes buying high PE valuation industries during positive sentiment and low PE during negative sentiment, shows a notable annualized Sharpe ratio of 1.08 [5][44]