情绪与估值9月第1期：成交额边际收敛，全行业估值分位回落较多

Group 1 - The report indicates that the A-share market experienced an increase in margin trading balance, while turnover rates showed a mixed trend with more declines than increases [1][15][18] - The overall PE valuation percentiles for major indices increased, with the ChiNext Index leading the gains [23][24] - The financial sector saw the largest decline in PE valuation percentiles, while the oil and petrochemical sector experienced the most significant increase [2][51] Group 2 - The report highlights that the stock-bond yield spread has risen, indicating a relatively high investment cost-effectiveness in the A-share market [12] - The average margin trading balance reached approximately 2.28 trillion yuan, reflecting a week-on-week increase of 4.17% [15][16] - The turnover rates for major indices mostly declined, with the CSI 1000 experiencing the largest drop in turnover amounting to a 3.55% decrease [18][19] Group 3 - The report notes that the PE valuation percentiles for various sectors showed mixed results, with the oil and petrochemical sector leading the gains and the non-bank financial sector facing the largest declines [51][52] - The financial sector's PE valuation percentile decreased by 3.31 percentage points, while the growth sector saw a significant increase in PB valuation percentiles [34][37] - The consumer sector's PE valuation percentile increased by 0.60 percentage points, indicating a slight improvement in valuation [46]