行业比较周跟踪：A股估值及行业中观景气跟踪周报-20250629

Valuation Summary - The overall PE of the A-share market is 19.2 times, positioned at the historical 74th percentile [2][5] - The PE of the Shanghai 50 Index is 11.2 times, at the historical 57th percentile [2][5] - The PE of the ChiNext Index is 31.9 times, at the historical 13th percentile, indicating a relatively low valuation compared to historical levels [2][5] - The PE of the Science and Technology Innovation 50 Index is 136.8 times, at the historical 98th percentile, suggesting a high valuation [2][5] Industry Valuation Comparison - Industries with PE valuations above the historical 85th percentile include Real Estate, Steel, Electric Equipment (Photovoltaic Equipment), National Defense, Aviation, Chemical Pharmaceuticals, and IT Services [2][6] - No industries have PB valuations above the historical 85th percentile [2][6] - Industries with both PE and PB valuations below the historical 15th percentile include Agriculture, Forestry, Animal Husbandry, Fishery, and Medical Services [2][6] Industry Midstream Prosperity Tracking New Energy - In the photovoltaic sector, the spot price of the photovoltaic industry chain continues to decline, while the futures price of polysilicon has increased by 5.8% [2] - The price of silicon wafers has decreased by 1.4%, and the price of battery cells has remained stable [2] - The cumulative year-on-year growth rate of newly installed wind power from January to May 2025 has increased by 134.2% [2] Financial Sector - Insurance companies' premium income from January to May 2025 has increased by 3.8% year-on-year, with a growth rate improvement of 1.5 percentage points compared to the first three months [3] Real Estate Chain - The price of rebar has remained stable, while the price of cement has decreased by 1.6% due to weak demand from real estate and traditional infrastructure projects [3] Consumer Sector - The average price of live pigs has increased by 3.5%, while the wholesale price of pork has decreased by 0.5% [3] - The wholesale price index of liquor has decreased by 0.11% [3] Midstream Manufacturing - The cumulative year-on-year growth rate of foreign contracted engineering business from January to May 2025 has increased by 5.4% [3] Cyclical Industries - The price of Brent crude oil has decreased by 12.9%, closing at $67.31 per barrel [3] - The price of thermal coal has increased by 1.8%, closing at 620 yuan per ton [3]