“申”挖数据 | 估值水温表

Core Viewpoint - The article highlights the current valuation levels of the A-share market, indicating that the market is in a relatively high valuation zone, with specific attention to the Buffett Indicator and various PE and PB ratios across different indices and sectors [6][24]. Valuation Indicators - The current Buffett Indicator for the A-share market is 87.95%, which is above the safe zone, indicating a relatively high market valuation [6][25]. - Major broad market indices have PE ratios (TTM) exceeding 20%, with specific indices like the Shenzhen Component Index at 15.89, Shanghai Composite Index at 17.09, and ChiNext Index at 22.88, all reflecting high valuation percentiles [7][28]. - The PE valuation percentiles for various indices are notably high, with the ChiNext Index at 95.77% and the Shanghai Composite Index at 91.36%, suggesting caution in investment decisions [7][12]. Sector Valuation Levels - Non-bank financials and food & beverage sectors have PE valuations below the 20% percentile of the past decade, indicating potential investment opportunities [7]. - Sectors such as coal, telecommunications, electronics, and real estate show high PE valuation percentiles, ranging from 81.49% to 98.48%, which may pose investment risks [7][34]. Market Overview - The total market capitalization of listed companies in Shanghai is approximately 422.1 billion yuan, with an average PE ratio of 15.97 [20][21]. - The total market capitalization in Shenzhen is around 633.2 billion yuan, with a PE ratio of 15.89, indicating a similar valuation trend [21][23]. Industry-Specific Valuations - The PE valuation levels for various industries show significant variation, with agriculture at 14.95, basic chemicals at 12.52, and steel at 5.69, indicating differing investment attractiveness across sectors [34]. - The banking sector has a low PE of 4.31, while the non-bank financial sector is at 12.87, suggesting a potential divergence in performance and valuation within the financial industry [34][37]. Conclusion - The article emphasizes the need for careful evaluation of investment opportunities in the current high valuation environment, particularly focusing on sectors with lower PE ratios as potential areas for investment [7][34].