情绪与估值11月第4期：成交活跃度上升，上证50跌幅最小

Group 1 - The report indicates that trading activity has increased, with the Shanghai Composite Index showing the smallest decline in valuation among major indices [1][4] - Overall valuation has decreased across indices, with the Shanghai 50 experiencing a decline of 1.8 percentage points in PE-TTM historical percentile and 2.6 percentage points in PB-LF historical percentile [4][5] - In terms of industry valuation, the communication sector leads in PE valuation, while the oil and petrochemical sector leads in PB valuation, with the latter increasing by 0.3 percentage points [4][5] Group 2 - The report highlights a rise in trading sentiment, with turnover rates increasing across all indices, particularly the Shanghai 50, which saw a significant rise of 27.2% [4][24] - However, the total transaction amount has decreased across all indices, with the Shanghai Composite Index declining by 11.9% [4][29] - The margin trading balance as of November 20, 2025, was 2.50 trillion, showing a slight decrease of 0.04% compared to the previous week [4][30] Group 3 - The report notes a slight increase in the equity risk premium (ERP), which rose to 4.26%, an increase of 0.07 percentage points from the previous week [4][26] - The report emphasizes that the overall market sentiment is mixed, with increased trading activity but declining transaction volumes [4][29]