估值周观察（12月第2期）：日韩新领涨，成长重回升势

Global Market Overview - The overseas markets showed mixed performance from December 8 to December 12, 2025, with Japan and South Korea leading gains, as the Korean Composite Index and the Tokyo Stock Exchange Index both rose over 1.5% [2][7] - The US stock market saw declines across all indices except for the Dow Jones Industrial Average, with the Nasdaq 100 leading the drop at -1.93% [2][7] - Overall valuation changes were moderate, with significant PE expansion observed only in the Nikkei 225 (+1.65x) and the Korean Composite Index (+3.83x), while other indices saw changes not exceeding 1x [2][7] A-share Market Analysis - A-shares exhibited mixed performance with slight valuation contraction from December 8 to December 12, 2025. The CSI 500 index was the only one to exceed a 1% increase at +1.01%, while the SSE 50 and CSI 100 saw minor declines of -0.25% and -0.13% respectively [2][30] - Growth stocks outperformed value stocks, with mid-cap growth leading at +1.46% and mid-cap value lagging at -1.94% [2][30] - As of December 12, 2025, major A-share indices' PE, PB, and PS ratios were positioned within the 72%-86% percentile range for the past year, indicating a favorable valuation for large-cap value stocks [2][31] Industry Performance - The week saw more declines than gains across primary industries, with upstream resources experiencing significant pullbacks and downstream consumption sectors declining across the board [2][52] - The TMT sector showed relative resilience, particularly in electronics (+2.63%) and telecommunications (+6.27%), while the materials and manufacturing sectors displayed notable internal divergence [2][52] - Valuations generally contracted alongside stock prices, with the computer and real estate sectors experiencing PE contractions exceeding 1x, while defense and military (+2.29x), electronics (+1.88x), and telecommunications (+2.88x) saw significant PE expansions [2][52] Valuation Comparisons - The telecommunications sector exhibited the highest valuation attractiveness, with rolling 1-year, 3-year, and 5-year valuation percentiles averaging 98.35%, 99.45%, and 99.67% respectively [2][31] - The consumer sectors, including social services, beauty care, food and beverage, and agriculture, displayed relatively high valuation attractiveness, with average valuation percentiles of 49.21%, 18.22%, 23.75%, and 49.28% respectively [2][52] Emerging Industries - Most emerging industries saw gains, with nuclear power leading at +4.44%. The digital economy sectors, particularly 5G (+4.19%) and IDC (+3.09%), also showed significant increases [2][52] - Valuations in these sectors generally expanded, with IDC and integrated circuits experiencing PE expansions exceeding 2x, while cloud computing and biotechnology sectors saw PE contractions over 1x [2][52]