策略周报：成交活跃度上升，万得全A估值领涨-20250728

Core Insights - The report indicates a significant increase in trading activity, with the valuation of the Wind All A index leading the rise [1][5] - Overall index valuations have increased, with the Wind All A index showing a rise of 3.4 percentage points in PE-TTM historical percentiles and 4.3 percentage points in PB-LF historical percentiles [5][6] - The report highlights that small-cap stocks have outperformed in terms of valuation increases, with a rise of 4.2 percentage points in both PE-TTM and PB-LF historical percentiles [5][6] Index Valuation - The report notes that all indices have experienced a comprehensive increase in valuations, with the Wind All A index leading the way [5] - The PE-TTM historical percentile for the Wind All A index is at 81.6, reflecting a 3.4 percentage point increase [6] - The PB-LF historical percentile for the Wind All A index is at 39.5, showing a 4.3 percentage point increase [6] Industry Valuation - In terms of industry valuations, the electronics sector leads in PE valuation increases, while the steel sector leads in PB valuation increases [5] - The electronics industry has seen a PE-TTM increase of 3.5 percentage points, while the steel industry has experienced a PB-LF increase of 9.9 percentage points [5][6] Market Sentiment - The report indicates a rise in trading activity, with turnover rates and transaction volumes increasing across all indices [5] - The turnover rate for the CSI 300 index has surged by 53.2%, while the transaction volume for the Shanghai Composite Index has increased by 45.5% [5][6] - The margin trading balance has reached 1.94 trillion yuan, reflecting a week-on-week increase of 2.08% [5][6] Risk Premium - The report notes a decrease in the equity risk premium (ERP), with the Wind All A risk premium at 4.59%, down by 0.14 percentage points from the previous week [5][6]