情绪与估值5月第1期：交易活跃度下降，估值分位数回落

Group 1: Market Sentiment - Margin financing balance increased slightly, while trading activity decreased [7][23] - Stock-bond yield spread declined, indicating relatively high investment value in A-shares [11] - Significant drop in trading volume, with Wind Double Innovation experiencing the largest decline of 18.3% [26] Group 2: Valuation Trends - Major indices experienced a general decline in PE valuation percentiles, with Wind Double Innovation leading the drop at 7.4 percentage points [2][30] - Growth style led the decline in valuation percentiles, decreasing by 1.7 percentage points, while stable style saw an increase of 1.2 percentage points [33][44] - Industry valuations mostly declined, with construction, oil and petrochemicals, and banking sectors leading the drop [48][60] Group 3: Industry Performance - Construction and oil and petrochemical sectors saw significant declines in PE valuation percentiles, down 11.9 and 8.3 percentage points respectively [60] - The automotive sector experienced a slight increase in valuation, while the food and beverage sector saw a decline of 2.8 percentage points [60] - The banking sector also faced a notable drop of 6.1 percentage points in valuation [60]