Guosen Securities(SZ:002736) Guoxin Securities·2025-06-29 05:35Group 1 - The overseas markets collectively rose in the past week (June 23-27, 2025), with major indices increasing by over 2.5%, particularly the Nikkei 225, which rose by 4.55% [2][8] - Valuation expansion was observed across most indices, with the exception of a slight contraction in the PE of the French CAC40. The PE of US indices expanded by 1-2 times, while the German DAX saw the most significant expansion of +2.28x [2][8] - A-share core broad indices rebounded collectively, with notable increases in the National Index 2000 (+4.94%), the CSI 1000 (+4.62%), and the CSI 500 (+3.98%), with respective PE expansions of 2.29x, 1.60x, and 0.99x [2][21] Group 2 - The TMT sector led the rebound among primary industries, with significant gains in computer (+7.70%), defense and military (+6.90%), and non-bank financials (+6.66%). In contrast, the oil and petrochemical sector experienced a decline of -2.07% [43] - The overall valuation expanded in line with market trends, with the defense and military and computer sectors experiencing the largest PE expansions of 5.29x and 6.01x, respectively [43] - The essential consumer sector showed superior valuation attractiveness, particularly in food and beverage and agriculture, with 3-year/5-year average valuation percentiles of only 7.30% / 4.38% and 17.75% / 12.74%, indicating significant room for valuation recovery [2][43]