估值与盈利周观察——5月第1期：市场普涨，军工、通信领涨

Group 1 - The market experienced a broad rally, with the defense and military, as well as communication sectors leading the gains [4][10][26] - The performance of the ChiNext Index and financial sector was notably strong, while the Sci-Tech 50, dividend, and consumer sectors lagged behind [21][26] - The relative PE and PB of the ChiNext Index compared to the CSI 300 increased, indicating a shift in valuation dynamics [32][46] Group 2 - The overall valuation of the market increased, with the ChiNext Index currently at a low valuation compared to its historical levels [46][61] - The defense and military, electric equipment, and communication sectors showed the highest gains, while real estate, electronics, and retail sectors performed the weakest [26][61] - Valuations in the materials, equipment manufacturing, industrial services, transportation, consumption, and technology sectors are below 50% of their historical averages, indicating potential undervaluation [46][61] Group 3 - The report highlights that the current PEG values for dividend and financial sectors are the lowest, suggesting high allocation value [41] - The PB-ROE perspective indicates that non-bank financials, public utilities, agriculture, food and beverage, and social services have lower PB-ROE ratios, indicating potential investment opportunities [72] - Popular concepts such as Huawei Harmony, robotics, and state-owned enterprises are currently at high valuation levels compared to their three-year historical averages [77]