10月第4期：分化

Group 1 - The market shows differentiation, with cyclical and national indices performing the best, while the Sci-Tech 50, financials, and dividend indices lag behind [12][15] - The overall market valuation has increased, with the market ERP rising and remaining near the negative one standard deviation level since 2021 [4][20] - The performance of various sectors is mixed, with power equipment, non-ferrous metals, and steel leading in gains, while communication, beauty care, and banking sectors underperform [15][38] Group 2 - The relative PE of the ChiNext Index to the CSI 300 has decreased, while the relative PB has increased, indicating a shift in valuation dynamics [19] - The valuation of major indices is at high historical percentiles, with the financial and real estate sectors showing valuations above the 50% historical percentile [28][30] - The valuation of industries is polarized, with food and beverage, agriculture, forestry, animal husbandry, and beauty care sectors being relatively cheap [41][42] Group 3 - The earnings expectations across industries have seen slight changes, with the steel sector experiencing the largest upward adjustment and the social services sector facing the most significant downward revision [53]