估值周报（0603-0606）：最新A股、港股、美股估值怎么看？-20250607

A-share Market Valuation - The current PE (TTM) for the A-share market is 14.64, with a median of 13.38 and a maximum of 30.60[13]. - The PE (TTM) for the Shanghai Composite Index is 12.68, while the CSI 300 is at 27.88, indicating a significant valuation disparity[9]. - Excluding financial and oil sectors, the A-share PE (TTM) is 21.74, showing a higher valuation compared to the overall market[6]. Hong Kong Market Valuation - The Hang Seng Index has a current PE (TTM) of 10.64, with a median of 10.24 and a maximum of 22.67[61]. - The Hang Seng Technology Index shows a current PE (TTM) of 20.87, indicating a higher valuation compared to the overall Hang Seng Index[66]. U.S. Market Valuation - The S&P 500 has a current PE (TTM) of 26.87, with a median of 20.86 and a maximum of 41.99[84]. - The NASDAQ Index shows a current PE (TTM) of 40.41, reflecting a high growth expectation in technology stocks[92]. Sector Valuation Insights - In the A-share market, sectors like non-ferrous metals and food & beverage are at historically low PE levels, while sectors like computers and steel are at historically high PE levels[19]. - The banking sector's PB (LF) is at 0.57, indicating a low valuation compared to historical averages[26]. Risk Factors - Potential risks include policy effectiveness falling short of expectations and unexpected corporate earnings results[105].