BOCIC(SH:601696) Bank of China Securities·2025-08-11 03:05Group 1: Stock Market Overview - The A-share market, Hong Kong stocks, and US stocks all experienced an increase this week, with the A-share index (CSI 300) rising by 1.2% over the past week, 2.2% over the past month, and 4.3% year-to-date [20][21][22] - The performance of various indices includes the CSI 500 rising by 1.8% weekly and the ChiNext index increasing by 0.5% [21][22] Group 2: A-share Style and Crowding Degree - Growth style continues to show low crowding and excess returns, with a weekly excess of -0.9% and a year-to-date excess of 3.0% [26][27] - Small-cap stocks outperformed large-cap stocks with a weekly excess of 0.7% and a year-to-date excess of 7.3% [26][27] - Micro-cap stocks showed a significant outperformance against fund-heavy stocks, with a year-to-date excess return of 46.1% [26][27] Group 3: A-share Valuation and Equity-Debt Ratio - The current PE_TTM of the A-share market is at a historically high percentile of 82%, indicating a marginal upward trend [64] - The CSI 300's valuation is at a high percentile of 69%, while the CSI 500 is at 62%, and the ChiNext is at a low percentile of 17% [64][71] - Sectors with extremely low valuations include consumption (10%) and real estate (11%), while sectors with extremely high valuations include pharmaceuticals (86%) and electronics (81%) [71]