Valuation Summary - The overall PE of the A-share market is 19.4 times, positioned at the historical 77th percentile [2][5] - The PE of the Shanghai 50 Index is 11.3 times, at the historical 58th percentile [2][5] - The PE of the CSI 500 Index is 28.9 times, at the historical 48th percentile [2][5] - The PE of the ChiNext Index is 32.4 times, at the historical 14th percentile [2][5] - The PE of the CSI 1000 Index is 38.7 times, at the historical 50th percentile [2][5] - The PE of the National CSI 2000 Index is 50.9 times, at the historical 67th percentile [2][5] - The PE of the Sci-Tech 50 Index is 136.3 times, at the historical 97th percentile [2][5] - The PE of the North Exchange 50 Index is 67.2 times, at the historical 94th percentile [2][5] - The ChiNext Index's PE relative to the CSI 300 is 2.4 times, at the historical 6th percentile [2][5] Industry Valuation Comparison - Industries with PE valuations above the historical 85th percentile include Real Estate, Steel, Electric Equipment (Photovoltaic Equipment), National Defense and Military Industry, Aviation and Airports, Chemical Pharmaceuticals, and Computer (IT Services, Software Development) [2][6] - No industries have PB valuations above the historical 85th percentile [2][6] - Industries with both PE and PB 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, spot prices continue to decline while multi-crystalline silicon futures prices rise by 5.4% due to "anti-involution" policy expectations [2] - The price of silicon wafers decreased by 1.5%, while battery cell prices fell by 3.7% [2] - Lithium prices show mixed trends, with lithium carbonate rising by 2.2% and lithium hexafluorophosphate falling by 0.3% [2] Real Estate Chain - In the steel sector, rebar prices increased by 1.3%, and iron ore prices rose by 2.3% [3] - The cement price index decreased by 0.8% due to seasonal demand weakness [3] - Glass prices saw a short-term emotional rebound, with a 1.5% increase in spot prices [3] Consumption - The average price of live pigs increased by 4.3%, driven by reduced output plans from leading enterprises [3] - The wholesale price index for liquor saw a slight increase of 0.01% [3] - Corn prices rose by 0.6%, while soybean prices remained stable [3] Technology TMT - Domestic smartphone shipments saw a year-on-year decline of 2.8% from January to May 2025, with leading brands focusing on the high-end market [3] Cyclical Industries - The Brent crude oil futures price increased by 1.8%, closing at $68.51 per barrel [3] - The coal price at Qinhuangdao Port rose by 0.5% due to seasonal demand improvements [3] - The Baltic Dry Index (BDI) fell by 5.6%, indicating a decrease in shipping rates [3]
行业比较周跟踪:A股估值及行业中观景气跟踪周报-20250706
Shenwan Hongyuan Securities·2025-07-06 13:46