估值周报（0519-0523）：最新A股、港股、美股估值怎么看？-20250524

A-share Market Valuation - The current PE (TTM) for the A-share market is 14.48, with a median of 13.37 and a maximum of 30.60[12] - The PE (TTM) for the Shanghai Composite Index is 12.56, while the CSI 300 is at 11.87[8] - The PE (TTM) for the ChiNext Index is significantly higher at 49.41, with a maximum of 137.86[12] Industry Valuation Levels - Non-bank, non-oil sectors show lower PE ratios, indicating potential undervaluation, while sectors like computing and steel have higher PE ratios, suggesting overvaluation[21] - The banking sector's PB (LF) is at 0.56, while brokerage firms are at 1.24, indicating a relatively low valuation for banks[24] Hong Kong Market Valuation - The Hang Seng Index has a current PE (TTM) of 10.51, with a median of 10.23 and a maximum of 22.67[56] - The Hang Seng Technology Index shows a higher PE of 21.15, indicating a premium valuation compared to the broader market[62] U.S. Market Valuation - The S&P 500 has a current PE (TTM) of 26.06, with a maximum of 41.99, indicating a relatively high valuation compared to historical averages[78] - The NASDAQ Index shows an even higher PE of 39.31, reflecting strong growth expectations[86] Comparative Valuation - Key Chinese concept stocks have a median PS of 7.50, with Alibaba at 2.08, indicating a significant disparity in valuations among major players[95] - Chinese banks have a median PB of 0.92, compared to U.S. banks like JPMorgan at 1.32, suggesting a valuation gap between the two markets[97]