估值周报：最新A股、港股、美股估值怎么看？-20250628

Group 1: A-share Market Valuation - The current PE (TTM) of the A-share market is 15.56, with a historical average of 22.09, indicating a significant undervaluation compared to historical levels[8] - The Shanghai Composite Index has a PE (TTM) of 12.95, while the CSI 300 Index stands at 12.35, both below their historical averages[11] - The growth of the A-share market is primarily driven by earnings changes, with the current year-to-date performance of the Shanghai Composite Index at 14.93%[15] Group 2: Hong Kong Market Valuation - The Hang Seng Index currently has a PE (TTM) of 10.78, with a historical maximum of 22.67, suggesting it is undervalued relative to its historical peak[61] - The Hang Seng Technology Index shows a current PE of 20.32, indicating a higher valuation compared to the broader market[61] - The Hang Seng Index's current valuation is significantly lower than its historical average, reflecting market concerns[63] Group 3: U.S. Market Valuation - The S&P 500 Index has a current PE (TTM) of 27.64, with a historical maximum of 41.99, indicating a relatively high valuation compared to historical standards[81] - The NASDAQ Index shows a PE (TTM) of 41.84, which is at the higher end of its historical range, suggesting potential overvaluation[89] - The Dow Jones Industrial Average has a current PE of 30.60, reflecting a strong market performance but also a higher valuation risk[94] Group 4: Sector Valuation Insights - In the A-share market, sectors like non-ferrous metals and food & beverage are currently at historically low PE levels, while sectors like computers and steel are at historically high PE levels[25] - The banking sector in A-shares has a PB (LF) of 0.62, indicating a low valuation compared to historical averages[28] - The consumer sector, particularly liquor and pharmaceuticals, shows a PE (TTM) of 17.71 and 33.90 respectively, reflecting strong market interest[34]