A股总体估值收敛，医药估值逆势扩张

Valuation Overview - A-shares overall valuation has converged, with the pharmaceutical sector experiencing a counter-cyclical expansion in valuation[1] - The current dynamic PE of the pharmaceutical industry is at the historical 18th percentile, indicating significant room for improvement[1] - The dynamic PE of the chemical pharmaceutical sector has reached the historical 65th percentile, reflecting that current stock prices partially account for economic expectations[1] Market Segment Analysis - The TTM PE of the ChiNext board has contracted less than that of the main board and the Sci-Tech Innovation board[1] - The relative PE (TTM) of computing infrastructure, excluding operators/resource categories, decreased from 4.16x to 4.01x this week[2] - The absolute and relative valuations of major sectors show that consumer discretionary and consumer staples are above historical medians, while TMT and financial services are below[2] Investment Insights - The A-share non-financial ERP has decreased from 1.58% to 1.55%, indicating a decline in the relative attractiveness of equities compared to bonds[2] - The dynamic ERP of key non-financial A-share companies fell from 4.18% to 4.12% this week[2] - Industries such as communication, non-ferrous metals, and public utilities exhibit characteristics of low valuation and high profitability potential[2] Risk Considerations - The strategy views do not represent the entire industry, and valuation levels do not guarantee stock price movements[3] - Future earnings volatility may lead to discrepancies between current valuation levels and "acceptable" states[3]