情绪与估值6月第1期：小盘活跃度下降，成长估值上行

Group 1 - The A-share market experienced a slight decline in margin trading balance and a decrease in trading activity during the week of May 30 to June 5, with most major index PE valuation percentiles falling, while the ChiNext index rose [3][4][25] - The stock-bond yield spread indicates a relatively high investment cost-effectiveness in the current A-share market, with the CSI 300 dividend yield at 2.94% and the 10-year government bond yield at 2.28%, resulting in a stock-bond yield of -0.66%, which is above the annual average [3][19] - The trading activity overall decreased, with most major index turnover rates declining, particularly the CSI 1000, which saw the largest drop of 0.07 percentage points [14][21] Group 2 - The PE valuation percentiles for major indices mostly fell, with the Wind All A index leading the decline at 3.9 percentage points, and the CSI 1000 index also down by 3.3 percentage points [25][50] - The industry PE valuation percentiles showed a majority of declines, with the oil and petrochemical sector leading the drop, down by 6.6 percentage points [15][34][61] - The growth style saw an increase in PE valuation percentiles by 0.8 percentage points, while the cyclical style experienced a decline of 6.7 percentage points [28][58][61]