行业比较周跟踪（20251122-20251128）：A股估值及行业中观景气跟踪周报-20251130
Shenwan Hongyuan Securities·2025-11-30 09:08

Valuation Summary - The overall valuation of the A-share market shows that the CSI All Share Index (excluding ST stocks) has a PE of 21.0x and a PB of 1.8x, positioned at the 77th and 38th historical percentiles respectively [2] - The Shanghai 50 Index has a PE of 11.8x and a PB of 1.3x, at the 63rd and 42nd percentiles [2] - The ChiNext Index has a PE of 39.2x and a PB of 5.1x, at the 30th and 56th percentiles [2] - The STAR 50 Index has a PE of 149.7x and a PB of 5.9x, at the 95th and 62nd percentiles [2] Industry Valuation Comparison - Industries with PE valuations above the 85th percentile include Real Estate, Retail, Chemical Pharmaceuticals, and IT Services [2] - Industries with PB valuations above the 85th percentile include Electronics (Semiconductors) and Communications [2] - The Medical Services industry has both PE and PB valuations below the 15th percentile [2] Industry Midstream Sentiment Tracking New Energy - In the photovoltaic sector, upstream polysilicon futures prices increased by 7.0%, while the average price of silicon wafers fell by 3.1% [2] - Battery materials saw cobalt prices rise by 1.1% and nickel by 2.4%, with lithium hexafluorophosphate prices increasing by 6.7% [2] - Wind and solar power installations from January to October 2025 increased by 52.9% and 39.5% year-on-year, respectively [2] Financial Sector - Insurance premiums from January to October 2025 grew by 8.0% year-on-year, with a slight deceleration compared to the previous nine months [2] Real Estate Chain - The price of rebar increased by 0.9%, while the price index for cement fell by 0.7% [2] - Glass prices rose by 1.5% for spot prices and 5.7% for futures [2] Consumer Sector - The average price of live pigs decreased by 3.9%, while the wholesale price of pork fell by 0.4% [2] - The price index for liquor saw a slight increase of 0.04% [2] Midstream Manufacturing - The value of overseas contracted engineering projects increased by 7.9% year-on-year from January to October 2025 [2] Cyclical Industries - The price of Brent crude oil futures rose by 1.1% to $63.19 per barrel [2] - The Baltic Dry Index (BDI) increased by 12.5% [2]