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估值周报：地产股爆发，港股美股延续涨势
Southwest Securities·2024-05-23 13:32

Group 1 - The overall A-share market increased by 0.06% this week, with the PE(TTM) decreasing by 0.02 to 17.35, and the 1-year, 3-year, and 5-year percentiles changing to 52.7%, 37.7%, and 37.9% respectively [9][32] - The PB(LF) remained unchanged at 1.46, with the 1-year, 3-year, and 5-year percentiles changing to 29.4%, 9.7%, and 5.9% respectively [9][32] - The risk premium for the overall A-share market increased by 0.01 percentage points to 3.38%, which is above the historical average plus one standard deviation, placing it at the 92.6th percentile over the past five years [9][39] Group 2 - Among major indices, the Shanghai Composite Index rose by 0.62%, with a PE(TTM) increase of 0.05 to 10.61, and the 1-year, 3-year, and 5-year percentiles rising to 100%, 69.5%, and 64.8% respectively [9][22] - The Northbound 50 index experienced the largest decline of 1.89%, with a PE(TTM) decrease of 0.61 to 31.88, and the 1-year and 3-year percentiles rising to 94.1% and 97.1% respectively [9][34] - The Hang Seng Index increased by 3.11%, with a PE(TTM) rise of 0.32 to 10.04, and the 1-year, 3-year, and 5-year percentiles changing to 100%, 60.4%, and 52.7% respectively [9][22] Group 3 - The top five performing sectors this week were real estate (+12.65%), building materials (+5.03%), construction decoration (+3%), banking (+2.94%), and light industry manufacturing (+2.76%) [9][46] - The sectors with the largest declines included household appliances (-2.36%), pharmaceuticals (-2.12%), coal (-2.1%), automobiles (-1.76%), and electric equipment (-1.68%) [9][46] - In terms of PE(TTM) changes, real estate (+2.28), building materials (+0.97), and light industry manufacturing (+0.69) saw the largest weekly increases, while defense and military (-0.98) and pharmaceuticals (-0.7) experienced the largest declines [9][46] Group 4 - Among the 25 popular sectors, the top gainers were low-altitude economy (+1.26%), liquor (+0.8%), cloud computing (+0.68%), and metaverse (+0.68%), while the largest decliners were CRO (-4.06%), energy storage (-3.18%), innovative drugs (-2.76%), photovoltaics (-2.52%), and power batteries (-2.16%) [9][54] - The sectors with the highest PE(TTM) weekly increases included aerospace and military (+0.62), metaverse (+0.47), and cloud computing (+0.21), while ChatGPT (-13.5) and semiconductors (-1.76) saw the largest declines [9][54]