估值与盈利周观察9月第3期：分化

Group 1 - The market shows valuation divergence, with the ChiNext Index and STAR 50 performing the best, while financial indices lag behind [3][11] - The overall market ERP has increased, approaching the negative one standard deviation level since 2021 [4][20] - The performance of various sectors indicates that coal, electric equipment, and electronics have the highest gains, while banks, non-bank financials, and non-ferrous metals are the weakest [14][35] Group 2 - The relative PE and PB of the ChiNext Index to the CSI 300 have increased, indicating a shift in valuation dynamics [19][18] - The overall valuation of major indices is at a near one-year high, with the ChiNext Index showing a PE of 43.4, which is at the 99.2 percentile of its historical range [26][25] - The financial and real estate sectors are currently above the 50% historical percentile, while materials, equipment manufacturing, and industrial services are below [27][36] Group 3 - The cheapest valuations are found in the food and beverage, agriculture, forestry, animal husbandry, and social services sectors, which are in the third quadrant of valuation metrics [39][38] - The current PB-ROE values for non-bank financials, agriculture, food and beverage, and social services are relatively low, indicating potential investment opportunities [42][41] - Popular concepts such as semiconductors and technology sectors are at historically high valuation percentiles [45][44] Group 4 - Overall profit expectations across sectors have seen slight adjustments, with media expectations being raised the most and beauty care expectations lowered the most [48]