Guosen Securities(SZ:002736) Guoxin Securities·2025-11-23 11:35Global Market Overview - The global market experienced a decline from November 17 to November 21, 2025, with overall valuation contraction. Only the Indian SENSEX30 saw an increase of 0.79%. Major Asian indices, particularly Hong Kong, fell over 5%, while the German market in the Eurozone saw the most significant drop. The Nasdaq 100 in the US had the largest correction at -3.07% [2][7] - Valuations generally contracted alongside stock prices, with the Nikkei 225 and the Korean Composite Index showing slight PE expansions of 1.58x and 1.80x, respectively, indicating downward revisions in earnings expectations [2][9] A-share Market Analysis - The A-share market saw a comprehensive decline in core broad-based indices, with the National Index 2000 leading the drop at -6.24% and the CSI 1000 at -5.80%. The Shanghai Stock Exchange 50 had the smallest decline at -2.72% [2][28] - All valuation metrics contracted with stock prices, particularly the CSI 2000, which saw a significant PE contraction of 10.75x. As of November 21, 2025, major A-share indices' PE, PB, and PS were positioned between the 74%-82% percentile range for the past year [2][29] Industry Valuation Trends - All primary industries experienced declines, with the power equipment sector leading the drop at -10.54%. The upstream resource sectors, including basic chemicals, steel, and non-ferrous metals, also saw significant corrections [2][53] - The valuation contraction was substantial, with power equipment and comprehensive PE shrinking by over 4x, while sectors like retail, electronics, and real estate saw PE reductions exceeding 3x [2][53] Consumer Sector Valuation - The downstream consumer sector exhibited superior valuation attractiveness. In the short-term view, only the oil and petrochemical sector had a valuation percentile above 90%, currently at 96.9%. In the medium to long-term perspective, sectors like electronics and communications maintained relatively high valuations, with 3-year and 5-year percentile averages above 90% [2][55]