估值周报：最新A股、港股、美股估值怎么看？-20251122

A-share Market Valuation - The current PE (TTM) for the A-share market is 16.10, with a median of 13.51 and a maximum of 30.60[12] - The PE (TTM) for the Shanghai Composite Index is 13.95, while the CSI 300 is at 13.11[9] - The PE (TTM) for the ChiNext Index is significantly higher at 48.76, indicating a growth-oriented market segment[12] Hong Kong Market Valuation - The Hang Seng Index has a current PE (TTM) of 11.48, with a median of 10.29 and a maximum of 22.67[60] - The Hang Seng Technology Index shows a higher PE (TTM) of 20.97, reflecting the tech sector's growth potential[60] US Market Valuation - The S&P 500 has a current PE (TTM) of 28.09, with a median of 21.13 and a maximum of 41.99[84] - The NASDAQ Index is at 39.93, indicating a strong valuation in the tech-heavy index[92] Sector Valuation Insights - Non-bank financials, food and beverage, and non-ferrous metals sectors in A-shares are currently at historically low PE levels[22] - The technology sector, including computing and electronics, is at historically high PE levels, suggesting potential overvaluation[22] Risk Premium Analysis - The equity risk premium (ERP) for the A-share market has fluctuated, with a current value indicating a risk-averse market environment[16]