估值周报：最新A股、港股、美股估值怎么看？-20260207

Group 1: A-share Market Valuation - The current PE (TTM) of the A-share market is 17.99, with a historical average of 27.52, indicating a significant undervaluation[7] - The Shanghai Composite Index has a current PE of 16.89, while the Shenzhen Component Index stands at 32.20, reflecting a divergence in valuation across indices[14] - The risk premium for the A-share market is currently at 2.96%, which is above the historical average, suggesting potential for future gains[16] Group 2: Hong Kong Market Valuation - The Hang Seng Index has a current PE of 12.11, with a historical maximum of 22.67, indicating a relatively low valuation compared to historical levels[58] - The Hang Seng Technology Index shows a current PE of 22.13, which is significantly lower than its historical maximum of 65.18, suggesting potential for recovery[60] - The median PE for key Hong Kong sectors, such as Financials and Consumer Staples, is 10.06 and 22.07 respectively, indicating sector-specific valuation opportunities[67] Group 3: U.S. Market Valuation - The S&P 500 Index has a current PE of 28.69, which is above its historical average, indicating a potentially overvalued market[81] - The NASDAQ Index shows a current PE of 40.55, significantly higher than its historical minimum of 16.46, suggesting high investor expectations[89] - The Dow Jones Industrial Average has a current PE of 28.81, reflecting a similar trend of elevated valuations compared to historical norms[94] Group 4: Sector-Specific Insights - Non-bank financials and food & beverage sectors in A-shares are currently at historically low PE levels, while technology sectors like computers and electronics are at high PE levels[24] - In Hong Kong, the healthcare sector has a median PE of 45.27, indicating strong growth expectations compared to other sectors[67] - Key U.S. bank stocks have a median PB of 1.34, which is lower than the historical average, suggesting potential value in the banking sector[102]