［6月10日］指数估值数据(螺丝钉定投实盘第368期发车；个人养老金定投实盘第18期；养老指数估值表更新）

Core Viewpoint - The article discusses the current market trends, highlighting the performance of various sectors, particularly technology, pharmaceuticals, and consumer goods, while emphasizing the importance of valuation and earnings growth in determining market indices [4][5][6][9]. Market Performance - The major indices, including the Shanghai and Shenzhen 300, experienced slight declines, with small-cap stocks declining more significantly [2]. - Value styles showed slight increases, particularly in banking and value indices, while growth styles faced declines [3]. Sector Analysis - Technology and pharmaceuticals have been performing strongly, whereas consumer sectors are currently underperforming [4]. - The article notes that the pharmaceutical index has returned to normal valuation levels, while the A-share pharmaceutical sector remains undervalued [7][8]. Earnings and Valuation Dynamics - The relationship between index points, valuation, and earnings is emphasized, indicating that a slowdown in earnings growth can lead to declining valuations and bear markets, while a recovery in earnings growth can boost valuations and indices [5]. - Historical examples are provided, such as the Hong Kong technology sector experiencing a 60% drop from 2021 to 2022 due to slowing earnings growth, followed by a recovery in 2024 and 2025 [6]. Consumer Sector Outlook - The consumer sector is noted to be entering a phase of undervaluation, similar to the pharmaceutical sector two years prior, with ongoing earnings growth slowdown leading to declining valuations [9].