科技主导反弹周：估值周观察（11月第5期）

Group 1 - The overseas markets experienced a rebound during the week of November 24-28, 2025, with major indices in the US rising over 3%, led by the Nasdaq 100 which increased by 4.93% [2][7] - In the Eurozone, Germany showed strong performance, while Asian markets also saw moderate gains, with the Hang Seng Tech and Nikkei 225 both rising over 3% [2][7] - The valuation expansion was noted across major US indices, with PE ratios increasing by more than 1x, and the Nasdaq, Nikkei 225, Korean Composite Index, and Hang Seng Tech seeing PE expansions exceeding 2x [2][7] Group 2 - A-shares saw a broad-based rebound during the same week, with the National Index 2000 rising by 4.50% and the CSI 1000 by 3.77%, indicating strong performance in smaller-cap stocks [2][27] - The overall valuation of A-shares experienced mild expansion, with only the large-cap value index showing a slight decline of 0.21% [2][27] - The PE ratio of the CSI 2000 significantly recovered, expanding by 7.27x, while small-cap growth stocks outperformed large-cap value stocks [2][27] Group 3 - The TMT (Technology, Media, and Telecommunications) sector showed significant rebounds, with electronics rising by 6.05% and communications by 8.7%, indicating strong investor interest [2][50] - The valuation of the TMT sector expanded notably, with electronics, communications, and computers showing PE expansions of 3.6x, 3.58x, and 2.56x respectively [2][50] - The downstream consumer sectors, particularly social services, beauty care, and food and beverage, exhibited favorable valuation metrics, with their valuation percentiles remaining below 53% [2][50] Group 4 - Emerging industries saw a comprehensive increase, with optical communication performing exceptionally well, and sectors like IDC, quantum communication, and 5G leading the gains [2][50] - The semiconductor industry also showed significant PE expansions, with IDC and integrated circuits leading the way [2][50] - Popular concepts in the market included optical modules, optical chips, and communication devices, reflecting strong growth potential in these areas [2][50]