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行业比较周跟踪：A股估值及行业中观景气跟踪周报-20251012
Shenwan Hongyuan Securities·2025-10-12 14:02

Group 1: A-Share Valuation Overview - The current PE for the CSI All Share Index (excluding ST stocks) is 21.8 times, and the PB is 1.8 times, positioned at the historical 81% and 42% percentiles respectively [1][4] - The PE for the Shanghai 50 Index is 11.8 times, and the PB is 1.3 times, at the historical 63% and 40% percentiles [1][4] - The PE for the ChiNext Index is 43.8 times, and the PB is 5.5 times, at the historical 43% and 62% percentiles [1][4] Group 2: Industry Valuation Comparison - Industries with PE valuations above the historical 85th percentile include Real Estate, Steel, Automation Equipment, Chemical Pharmaceuticals, Electronics (Semiconductors), and IT Services [1][7] - Industries with PB valuations above the historical 85th percentile include Electronics (Semiconductors) and Communications [1][7] - The White Goods industry has both PE and PB valuations below the historical 15th percentile [1][7] Group 3: Industry Midstream Prosperity Tracking - In the New Energy sector, the price of polysilicon futures decreased by 3.8% as of October 10, while the average price of battery cells and photovoltaic modules increased by 2.8% and 0.4% respectively [1][2] - In the Real Estate chain, the price of rebar increased by 0.4%, while cement prices fell by 0.5% due to high inventory levels [2] - In the Consumer sector, the average price of live pigs dropped by 10.9%, indicating increased supply pressure [2] Group 4: Technology and TMT Sector Insights - The semiconductor sales in China grew by 12.4% year-on-year in August 2025, with global semiconductor sales increasing by 21.7% [2] - The semiconductor market in the Asia-Pacific region (excluding China and Japan) saw a growth of 43.1% [2] Group 5: Commodity and Energy Sector Analysis - Brent crude oil futures closed at $62.09 per barrel, down 3.5% [2] - The price of thermal coal increased by 1.1% to 709 RMB per ton, supported by maintenance activities affecting supply [2] - The price of copper decreased by 3.0%, while aluminum increased by 1.6% [2]