沪指十年再破4000点，大数据揭秘A股到底贵不贵

Core Viewpoint - The A-share market has reached a significant milestone, with the Shanghai Composite Index surpassing the 4000-point mark for the first time since August 2015, indicating a potential bullish trend in the market [1]. Market Performance - As of October 28, the Shanghai Composite Index has recorded a year-to-date increase of 18.99%, while the Shenzhen Component Index has risen by 28.95%. The Sci-Tech 50 and ChiNext indices have seen even higher gains of 48.82% and 50.8%, respectively [1]. - The total trading volume in the A-share market reached 2.16 trillion yuan, marking the 127th consecutive trading day with a turnover exceeding 1 trillion yuan, reflecting active market participation [6]. Valuation Potential - The current price-to-earnings (P/E) ratio for the Shanghai Composite Index stands at 17 times, which is at the 99.96 percentile of the past decade, indicating a relatively low valuation compared to historical levels [3]. - The Shenzhen Component Index has a P/E ratio of 30.96 times, positioned at the 83rd percentile over the last ten years, while its price-to-book (P/B) ratio is at 49.88 percentile, suggesting limited valuation pressure [3][4]. - The CSI 300 Index, representing large-cap blue-chip stocks, has a P/E ratio of 14.62 times, significantly below historical peaks, indicating a stable valuation environment [3]. Market Activity and Leverage - The average daily trading volume has exceeded 1.6 trillion yuan this year, a record high, with several instances of daily trading volumes surpassing 3 trillion yuan [6][7]. - The proportion of margin financing to the market capitalization is at 2.51%, well below the historical peak of 4.72% in July 2015, indicating that leverage is under control [7]. Sector Performance - The current market rally is characterized by a strong emphasis on technology sectors, with the electronics and communications industries showing significant gains of 191.89% and 124.61%, respectively, since the index began its ascent from 3000 points [9]. - The P/E ratio for the electronics sector is currently at 66.88 times, while the computer sector stands at 56.62 times, reflecting high investor interest in technology stocks [9][10]. Future Outlook - The chief economist at Qianhai Kaiyuan Fund suggests that the current market conditions indicate the potential for continued upward movement, with the 4000-point level possibly serving as a new starting point for the next market phase [12].