行业比较周跟踪：A股估值及行业中观景气跟踪周报-20250928

Valuation Summary - The overall valuation of A-shares as of September 26, 2025, shows the CSI All Share Index (excluding ST stocks) with a PE of 21.4x and a PB of 1.8x, positioned at the 80th and 40th historical percentiles respectively [1] - The Shanghai 50 Index has a PE of 11.7x and a PB of 1.3x, at the 62nd and 38th percentiles [1] - The ChiNext Index has a PE of 44.2x and a PB of 5.5x, at the 43rd and 63rd percentiles [1] - The STAR 50 Index shows a PE of 187.3x and a PB of 6.6x, at the 100th and 76th percentiles [1] Industry Valuation Comparison - Industries with PE valuations above the 85th percentile include Real Estate, Automation Equipment, Chemical Pharmaceuticals, Electronics (Semiconductors), and IT Services [1] - Industries with PB valuations above the 85th percentile include Electronics (Semiconductors) and Communications [1] - Insurance and White Goods industries have both PE and PB valuations below the 15th percentile [1] Industry Midstream Sentiment Tracking New Energy - In the photovoltaic sector, upstream polysilicon futures prices fell by 2.6%, while downstream battery and module prices increased by 2.8% and 0.4% respectively [2] - Cobalt prices rose by 12.5%, while nickel prices fell by 0.2%. The Democratic Republic of Congo announced the end of its cobalt export ban starting October 15, 2025 [2] - Wind and solar power installations from January to August 2025 increased by 72.1% and 64.7% year-on-year, although growth rates have slowed compared to previous months [2] Financial Sector - Insurance companies reported a cumulative premium income growth of 9.6% from January to August 2025, with a 2.8 percentage point increase from the previous seven months [2] Real Estate Chain - The price of rebar increased by 1.4% this week, while iron ore prices fell by 0.1% [2] - The national cement price index rose by 3.0%, supported by effective production scheduling and new growth plans [2] Consumer Sector - The average price of live pigs fell by 1.8%, while the wholesale price of pork decreased by 0.3% [2] - The wholesale price index for liquor fell by 0.14% in mid-September 2025 [2] Midstream Manufacturing - The value of overseas contracted engineering projects grew by 8.1% year-on-year from January to August 2025, driven by demand in transportation infrastructure and clean energy projects [2] Cyclical Sector - The price of Brent crude oil rose by 4.6% to $69.75 per barrel, influenced by geopolitical tensions affecting Russian refining capabilities [2] - The price of thermal coal fell by 0.4%, while coking coal prices increased by 3.9% [2]