估值与盈利周观察——3月第四期

Core Insights - The report indicates a general decline in market valuations, with a notable performance differentiation among growth stocks, particularly the micro-cap indices [1][3][4] - The overall market valuation has slightly adjusted, with major indices currently positioned below the 50th percentile historical valuation [1][4][29] - The report highlights that the agricultural, forestry, animal husbandry, and fishery sectors, along with media and comprehensive sectors, showed the highest growth, while construction materials, pharmaceutical biology, and non-ferrous metals lagged behind [1][12][44] Valuation and Performance Summary - The micro-cap index and the National Index 2000 have outperformed, while the ChiNext Index and the Sci-Tech 50 have underperformed [1][17][44] - The report notes that the overall valuation of broad indices has decreased, with the ChiNext Index relative PE and PB showing slight declines [1][49] - The report emphasizes that the current valuation levels across major industries are generally low, with financial real estate, equipment manufacturing, industrial services, transportation, consumption, and technology all below the 50th percentile of historical valuations [1][29][52] Industry Insights - The report identifies that the financial and growth styles have the lowest PEG values, indicating a higher allocation value, while the dividend index and financial style have the lowest PB-ROE values, suggesting a minimal growth premium paid by investors [1][52] - The report also mentions that the valuation of popular concepts such as advanced packaging, central state-owned enterprises, AIGC, and robotics is at a relatively high historical percentile, while other popular concepts are at lower historical valuation percentiles [1][38] - The earnings expectations for various sectors have been adjusted, with significant downward revisions in social services and comprehensive sectors, while the real estate sector has seen the largest upward adjustment [1][40]