A股估值及行业中观景气跟踪周报：行业比较周跟踪（20250920-20250926）-20250928

Valuation Summary - The current valuation of the A-share market shows that the CSI All Share Index (excluding ST stocks) has a PE of 21.4 times and a PB of 1.8 times, positioned at the historical 80th and 40th percentiles respectively [3][6] - The Shanghai 50 Index has a PE of 11.7 times and a PB of 1.3 times, at the historical 62nd and 38th percentiles [3][6] - The ChiNext Index has a PE of 44.2 times and a PB of 5.5 times, at the historical 43rd and 63rd percentiles [3][6] - The STAR 50 Index has a PE of 187.3 times and a PB of 6.6 times, at the historical 100th and 76th percentiles [3][6] Industry Valuation Comparison - Industries with PE valuations above the historical 85th percentile include Real Estate, Automation Equipment, Chemical Pharmaceuticals, Electronics (Semiconductors), and IT Services [3][4] - Industries with PB valuations above the historical 85th percentile include Electronics (Semiconductors) and Communications [3][4] - Industries with both PE and PB valuations below the historical 15th percentile include Insurance and White Goods [3][4] Industry Midstream Prosperity Tracking New Energy - In the photovoltaic sector, the upstream polysilicon futures price decreased by 2.6%, while the downstream battery and photovoltaic module prices increased by 2.8% and 0.4% respectively [3][4] - For battery materials, cobalt prices rose by 12.5%, while nickel prices fell by 0.2% [3][4] - The cumulative new installations of wind and photovoltaic power from January to August 2025 increased by 72.1% and 64.7% year-on-year, showing a slowdown compared to previous months [3][4] Financial Sector - Insurance companies reported a cumulative premium income growth of 9.6% from January to August 2025, with an increase in growth rate compared to the previous months [3][4] Real Estate Chain - The price index for cement increased by 3.0%, supported by effective production scheduling and new growth plans [3][4] - The price of glass rose by 8.1%, indicating a recovery in market sentiment [3][4] Consumer Sector - The average price of live pigs decreased by 1.8%, while the wholesale price of pork fell by 0.3% [3][4] - The wholesale price index for liquor showed a slight decrease of 0.14% [3][4] Midstream Manufacturing - The value of overseas contracted engineering projects increased by 8.1% year-on-year from January to August 2025, driven by demand in transportation infrastructure and clean energy projects [3][4] Cyclical Industries - The price of Brent crude oil futures rose by 4.6% to $69.75 per barrel, influenced by geopolitical tensions affecting supply [3][4] - The price of thermal coal decreased by 0.4%, while coking coal prices increased by 3.9% [3][4]