估值周报：最新A股、港股、美股估值怎么看？-20251206

Group 1: A-Share Market Valuation - The current PE (TTM) of the A-share market is 16.33, with a median value of 13.52 and a maximum of 30.60[9] - The PE (TTM) excluding financial and oil sectors is 25.66, indicating a higher valuation compared to the overall market[6] - The risk premium for the A-share market has fluctuated, with a current ERP (万得全A) of approximately 1.5%[16] Group 2: Hong Kong Market Valuation - The Hang Seng Index has a current PE (TTM) of 12.02, with a median of 10.29 and a maximum of 22.67[56] - The Hang Seng Technology Index shows a current PE of 23.65, reflecting a significant valuation compared to other sectors[61] - The median PE for the Hong Kong financial sector is 7.45, indicating a relatively low valuation compared to historical averages[66] Group 3: U.S. Market Valuation - The S&P 500 index has a current PE (TTM) of 29.38, with a median of 21.14 and a maximum of 41.99[80] - The NASDAQ index shows a current PE of 42.14, indicating a high valuation compared to historical data[88] - The Dow Jones Industrial Average has a current PE of 30.58, with a median of 18.64[92] Group 4: Sector-Specific Valuation Insights - Non-bank financials, food and beverage, and non-ferrous metals sectors have low PE ratios, indicating potential undervaluation[23] - The technology sector, particularly computing and electronics, shows high PE ratios, suggesting overvaluation risks[37] - The consumer sector, including liquor and pharmaceuticals, has a median PE of 19.25 and 37.48 respectively, indicating strong market interest[30]