证券研究报告 | 策略点评 2025 年 08 月 04 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20250804 今日关注 指数涨跌情况：今日 A 股主要宽基指数全数上涨。截止收盘，沪指涨 0.66%， 收报 3583.31 点；深证成指涨 0.46%，收报 11041.56 点；创业板指涨 0.50%， 收报 2334.32 点；科创 50 涨 1.22%，收报 1049.41 点。总体上全天个股涨多 跌少，Wind 数据显示，全市场 3875 只个股上涨，1310 只个股下跌，230 只个 股收平。沪深两市今日成交额合计 14986 亿元，较上个交易日缩量 998 亿元。 行业涨跌情况：今日申万一级行业涨多跌少，国防军工、机械设备、有色金 属、纺织服饰和传媒行业领涨，涨幅分别为 3.06%、1.93%、1.87%、1.37%和 1.28%，仅商贸零售、石油石化、社会服务、综合和建筑材料行业下跌，跌幅 分别为 0.46%、0.36%、0.21%、0.13%和 0.06%。 板块涨跌情况：今日涨幅居 ...

Group 1 - The market experienced a general decline, with financial and cyclical sectors performing the best, while the STAR 50, consumer, and CSI 2000 indices lagged behind [3][9] - Among industries, non-ferrous metals, petroleum and petrochemicals, and agriculture, forestry, animal husbandry, and fishery showed the highest gains, while household appliances, food and beverage, and building materials performed the weakest [11][12] - The relative PE of the ChiNext index to the CSI 300 decreased, and the relative PB also declined [16] Group 2 - The overall valuation of broad market indices fell, with the current valuations of major indices above the 50% historical percentile level, while the ChiNext index is at a low valuation compared to the past year [24] - Valuation differentiation is evident across industries, with financial real estate valuations above the 50% historical percentile, while materials, equipment manufacturing, industrial services, transportation, consumption, and technology are at or below the 50% level [26] Group 3 - The current valuation of the food and beverage, agriculture, forestry, animal husbandry, and public utilities sectors is relatively cheap, indicating potential investment opportunities [37] - The PB-ROE perspective shows that non-bank financials, public utilities, agriculture, food and beverage, and social services have lower PB-ROE ratios, suggesting they may be undervalued [40] Group 4 - Current popular concepts such as autonomous driving, cultivated diamonds, third-generation semiconductors, digital currency, 6G, robotics, central state-owned enterprises, and large aircraft are at historically high valuation percentiles over the past three years [43]