估值周报（1110-1114）：最新A股、港股、美股估值怎么看？-20251115

A-share Market Valuation - The current PE (TTM) for the A-share market is 17.45, with a historical average of 26.03, indicating a significant undervaluation[7] - The PE (TTM) for the Shanghai Composite Index is 14.37, while the CSI 300 is at 13.45, both below historical averages[9] - The contribution of earnings and valuation changes to index performance shows that the Shanghai Composite Index has a current value change rate of 16.64%[13] Hong Kong Market Valuation - The Hang Seng Index has a current PE (TTM) of 12.05, with a historical maximum of 22.67 and a minimum of 7.36[64] - The Hang Seng Technology Index shows a current PE of 22.47, indicating a relatively high valuation compared to other sectors[64] US Market Valuation - The S&P 500 has a current PE (TTM) of 28.67, with a historical maximum of 41.99 and a minimum of 11.21, suggesting a premium valuation[86] - The NASDAQ Index currently stands at a PE of 41.09, reflecting a high growth expectation in the tech sector[86] Sector-Specific Insights - Non-bank financials, food and beverage, and non-ferrous metals sectors in A-shares are currently at historically low PE levels, while sectors like computing and automotive are at high PE levels[24] - In the Hong Kong market, the healthcare sector has a median PE of 52.91, indicating strong growth expectations[75] Risk Factors - Potential risks include policy effectiveness falling short of expectations, corporate earnings not meeting forecasts, and significant market volatility[107]