行业比较周跟踪：A股估值及行业中观景气跟踪周报-20251228

Valuation Summary - The overall valuation of A-shares as of December 26, 2025, shows the CSI All Share (excluding ST) PE at 21.6x and PB at 1.8x, positioned at the historical 81st and 42nd percentiles respectively [2] - The Shanghai Stock Exchange 50 PE is at 11.8x and PB at 1.3x, at the historical 62nd and 42nd percentiles [2] - The CSI 300 PE is at 14.1x and PB at 1.5x, at the historical 65th and 38th percentiles [2] - The CSI 500 PE is at 33.8x and PB at 2.3x, at the historical 64th and 52nd percentiles [2] - The CSI 1000 PE is at 46.4x and PB at 2.5x, at the historical 66th and 46th percentiles [2] - The National Index 2000 PE is at 57.1x and PB at 2.7x, at the historical 73rd and 67th percentiles [2] - The ChiNext Index PE is at 41.3x and PB at 5.6x, at the historical 36th and 64th percentiles [2] - The Sci-Tech 50 PE is at 160.7x and PB at 6.1x, at the historical 97th and 66th percentiles [2] - The ChiNext Index/CSI 300 PE is at 2.9x and PB at 3.7x, at the historical 22nd and 61st percentiles [2] Industry Valuation Comparison - Industries with PE valuations above the historical 85th percentile include Real Estate, Retail Trade, and IT Services [2] - Industries with PB valuations above the historical 85th percentile include Electronics (Semiconductors) and Telecommunications [2] - The Healthcare Services industry has both PE and PB valuations below the historical 15th percentile [2] Industry Sentiment Tracking New Energy - In the photovoltaic sector, the upstream multi-crystalline silicon futures price fell by 1.9%, while the average price of silicon wafers increased by 3.0% [2] - Battery materials saw cobalt prices rise by 4.3% and nickel prices by 8.4%, while lithium prices fluctuated with hexafluorophosphate lithium down by 1.8% and carbonate lithium up by 14.8% [2] - Wind power installations from January to November 2025 saw a year-on-year increase of 59.4%, while photovoltaic installations increased by 33.3% [2] Technology TMT - The Philadelphia Semiconductor Index rose by 2.0%, and the Taiwan Semiconductor Industry Index increased by 5.0% [3] - The DXI Index (DRAM output value) increased by 8.4%, with NAND Flash prices rising by 0.4% [3] - Domestic smartphone shipments from January to November 2025 saw a year-on-year growth of 0.9% [3] Financial Sector - Insurance companies reported a cumulative year-on-year growth of 7.6% in premium income from January to November 2025 [3] Real Estate Chain - The price of rebar fell by 0.5%, while the price of cement decreased by 0.2% [3] - Domestic sales of air conditioners and refrigerators saw significant declines, with year-on-year drops of 39.8% and 15.6% respectively [3] Consumer Sector - The average price of live pigs increased by 0.4%, while wholesale pork prices decreased by 0.6% [3] - The wholesale price index for liquor remained stable, with a slight increase in the price of Feitian Moutai [3] Midstream Manufacturing - The value of overseas contracted engineering projects increased by 9.3% year-on-year from January to November 2025 [3] Cyclical Industries - The price of Brent crude oil rose by 1.7% to $60.73 per barrel, while coal prices fell by 4.4% [3] - The Baltic Dry Index (BDI) fell by 11.5% due to reduced demand for bulk commodities [3]