5月第4期：小微盘占优：估值与盈利周观察

Group 1 - The report indicates a market differentiation with micro-cap stocks outperforming, while the ChiNext index and cyclical stocks lag behind [3][10] - The valuation of broad market indices shows divergence, with micro-cap stocks, the CSI 2000, and stable stocks performing the best, while the ChiNext index, cyclical stocks, and the CSI 300 performed the weakest [3][10] - The report highlights that the industries with relatively cheap valuations include food and beverage, agriculture, forestry, animal husbandry, and public utilities [39][28] Group 2 - The report notes that the pharmaceutical, environmental protection, and national defense industries had the highest gains last week, while the automotive, electric equipment, and non-ferrous metals sectors performed the weakest [12][35] - Relative valuations show a decline in the ChiNext index compared to the CSI 300 in terms of PE and PB ratios [17][26] - The report states that the overall valuation of major indices is above the 50% historical percentile, with the ChiNext index at a low valuation compared to the past year [26][28] Group 3 - The report identifies that the current valuation of major industries is mixed, with non-bank financials, non-ferrous metals, telecommunications, electronics, agriculture, and home appliances at near one-year lows [35][39] - The report emphasizes that the current valuation levels of materials, equipment manufacturing, industrial services, transportation, consumption, and technology are all below the 50% historical percentile [28][39] - The report highlights that the current valuation of the environmental protection sector is at a high historical percentile, indicating strong performance expectations [39][50] Group 4 - The report mentions that the earnings expectations across various industries are nearly flat, with the largest upward adjustment in the environmental sector and the largest downward adjustment in electric equipment [50][50] - The report indicates that popular concepts such as cultivated diamonds, third-generation semiconductors, 6G, and robotics are at historically high valuation percentiles over the past three years [47][48]