4月第2期：估值普跌

Group 1 - The market experienced a broad decline, with consumption and stability sectors performing relatively better [3][10] - The major indices showed a general decline in valuation, with the stable sector performing the best and the ChiNext index performing the weakest [3][10] - The agricultural, forestry, animal husbandry, and fishery, retail, and national defense industries had the highest gains, while power equipment, telecommunications, and machinery equipment performed the weakest [13][35] Group 2 - The overall valuation of the broad market indices has declined, with the current valuations of major indices at around the 50% historical percentile [26][27] - The valuation of various sectors is differentiated, with non-bank financials, coal, oil and petrochemicals, non-ferrous metals, public utilities, transportation, and agriculture at near one-year lows [35][38] - The consumer sector is noted to have relatively cheap valuations based on PE and PB deviation metrics [38][43] Group 3 - The earnings expectations across industries have been generally revised downwards, with the steel sector seeing the largest upward adjustment and the real estate sector experiencing the largest downward adjustment [49]