情绪与估值12月第4期：成交活跃度下降，沪深300估值领涨

Core Insights - The report indicates a decline in trading activity during the week of December 15-19, 2025, with the CSI 300 index leading the gains among broad indices [1] - Valuations showed mixed results, with the CSI 300 index leading in both PE and PB metrics [1] - The report highlights that the agricultural sector led in PE valuation, while the transportation sector led in PB valuation [1] Valuation Summary - Broad indices experienced mixed valuation changes, with the CSI 300 index increasing by 0.6% in PE-TTM historical percentile and 4.1% in PB-LF historical percentile [4] - Among style indices, financial style led with a 2.9% increase in PE-TTM historical percentile [4] - The agricultural sector saw a 1.2% increase in PE-TTM historical percentile, while the transportation sector led with a 5.4% increase in PB-LF historical percentile [4][5] Sentiment Analysis - Trading activity decreased, with turnover rates and transaction volumes declining across all indices [4] - The turnover rate for the Wind All A index fell by 6.0%, while the transaction volume decreased by 9.9% [4][29] - As of December 18, 2025, the margin trading balance was 2.50 trillion, reflecting a slight decrease of 0.08% compared to the previous week [4][31] ERP Analysis - The report notes that the risk premium (ERP) for the Wind All A index remained stable at 4.26% as of December 19, 2025 [4][7]