指数估值日期：2025-11-24 中证全指 市盈率19.91市盈率百分位86.73%市净率1.56市净率百分位41.66% 无风险利率 中国10年国债收益率=1.82% 美国10年国债收益率=4.05% A股主要宽基指数估值表 指数名称市盈率（PE）市净率（PB）市盈率百分位市净率百分位股息率ROE科创 50146.055.7980.292.110.463.35中证A50015.591.4779.5179.512.328.59中证100044.912.363.9241.331.25.1上 证5011.171.1357.7831.562.949.01沪深30013.11.2657.1821.492.588.55中证50031.072.0556.9839.751.466.57 创业板指37.854.8623.4855.961.011.18 A股主要行业指数估值表 指数名称市盈率（PE）市净率（PB）市盈率百分位市净率百分位股息率ROE综合 711.012.2896.4827.581.02.31计算机201.454.3793.2463.460.742.34商贸零售106.581.9392.7729.011.353 ...

本文来自彭博终端，终端用户可运行NSN T5HDBCGPL3WN 阅读原文。非终端用户可点击文末 "阅读原文" 预约演示。 伴随行业飞速发展、地缘政治博弈、供需天平摇摆…全球能源市场时刻处于动荡之中。彭博行 业研究（Bloomberg Intelligence）为您及时传递行业动态，并基于高质量数据、模型与分析 助您解读市场变化，看见全局、看向前景。 扫描二维码 立即订阅 彭博能源行业研究双周报 2026年展望：亚太地区油气生产商 （彭博行业研究）——2 0 2 6年亚洲油气生产商将面临油价波动的挑战，主要受供需因素影 响。OPEC+逐步解除减产将推高供应，美国页岩油产量和出口增长也将带来更多供应。需求 端则面对来自中国输美商品关税上调的挑战，这可能会减缓工业活动、削弱出口并拖累石油 消费量。这些因素相互作用或导致WTI原油价格在2 0 2 6年大部分时间低于每桶6 0美元。截至 1 0月3 1日，MSCI AC亚太能源指数的市净率为1 . 2倍，高于其1 0年平均水平1 . 1倍，表明投 资者尚未充分考虑油价下行风险。 亚洲油气板块面临OPEC+和俄罗斯带来的波动加剧风险 1月1日至1 0月3 1日，亚洲油 ...

人民财讯11月17日电，5连板安泰集团（600408）11月17日披露股票交易严重异常波动暨风险提示公告 称，公司股票交易自9月29日至今涨幅达213.18%，公司股价短期内上涨幅度较大，高于同期上证指数 涨幅，且偏离公司基本面。公司目前的市净率为5.11，焦炭加工板块的市净率为1.57，钢铁板块的市净 率为1.18，公司目前的市净率高于所属行业板块的市净率，存在市场情绪过热、非理性炒作风险，未来 可能存在股价快速下跌的风险。公司目前生产经营正常，外部经营环境也未发生重大变化，公司不存在 应披露而未披露的重大信息。 ...

Core Insights - GE Aerospace reported strong third-quarter earnings, with adjusted earnings rising 44% year-over-year and adjusted revenue increasing by 26% [3] - The company has raised its 2025 earnings guidance from $5.60 to a range of $6.00 to $6.20 per share, indicating a positive outlook for future growth [6] Business Overview - GE Aerospace operates two main businesses: jet engine manufacturing and parts/services maintenance for airlines [3] - The commercial division is larger, with commercial services revenues advancing 28%, internal shop visit revenue increasing by 33%, and parts revenue rising approximately 25% [4] Market Dynamics - Air travel is expected to grow at a rate of 3% to 4% annually under normal conditions, which is crucial for GE Aerospace's revenue [5] - The number of engines requiring maintenance is projected to increase significantly in 2026, based on flight cycles already completed [6] Stock Performance - GE Aerospace's stock has increased by 68% over the past 12 months, outperforming the S&P 500 index's 14% gain [8] - The current price-to-earnings (P/E) ratio is 41.5x, compared to 29x for the S&P 500, and the price-to-book (P/B) ratio is 17.4x versus 5.2x for the S&P 500, indicating high valuation levels [10] Future Outlook - The company is executing well and has a promising future, but high valuations suggest limited room for error [11] - Investors should be cautious as the stock may experience volatility despite the positive long-term outlook for air travel [12]

公司目前生产经营正常，外部经营环境也未发生重大变化，公司不存在应披露而未披露的重大信息。 格隆汇11月14日丨安泰集团(600408.SH)公布，公司股票交易自2025年10月9日至今涨幅达176.99%，公 司股价短期内上涨幅度较大，高于同期上证指数涨幅，且偏离公司基本面。公司目前的市净率为4.64， 焦炭加工板块的市净率为1.48，钢铁板块的市净率为1.17，公司目前的市净率高于所属行业板块的市净 率，存在市场情绪过热、非理性炒作风险，未来可能存在股价快速下跌的风险，敬请广大投资者注意二 级市场交易风险，理性投资。 ...

Core Viewpoint - The article discusses the importance of historical data in understanding market cycles and the impact of index rule changes on valuation metrics. Group 1: Historical Data Reference - Historical market cycles typically last 7-10 years, and analyzing only 2-3 years of data can lead to incomplete insights [2] - It is recommended to find similar style indices with longer historical data for reference, as they tend to exhibit similar performance trends [3] Group 2: Index Rule Changes - Changes in index rules can significantly alter valuation metrics, making historical valuations less relevant [5] - For example, the change of the CSI 100 index name to CSI A100 shifted its selection criteria from market capitalization to a leading stock strategy, affecting its valuation [5] - The H-share index also underwent changes, increasing from 40 to 50 stocks, which included more internet companies, thus altering its historical valuation reference [6] Group 3: Valuation Calculation Methods - Different weighting algorithms in index valuation can lead to changes in percentile rankings [6] - The CSI Dividend Index transitioned from a market-cap weighted approach to a dividend yield weighted approach, which significantly changed the representation of bank stocks within the index [8][9] - The actual P/E ratio of the CSI Dividend Index is around 9-10 times, contrasting with the lower P/E ratio calculated using the previous market-cap weighting method [9] Group 4: Economic Downturns - During economic downturns, declining profits can lead to an increase in P/E ratios, which may not reflect actual stock price increases [11][13] - Indices like CSI 1000 and CSI 2000 have experienced profit declines over the past two years, necessitating the use of stable financial metrics for valuation [14] - In cases of unstable or declining profits, the price-to-book ratio may serve as a more reliable valuation metric [15]

Core Viewpoint - The company, Guosheng Technology, has experienced unusual stock trading fluctuations, with a cumulative increase of over 20% during three consecutive trading days from November 10 to 12, 2025, despite facing significant operational challenges in its financial performance [1] Financial Performance - For the first three quarters of 2025, the company's net profit attributable to shareholders was -151.05 million yuan, and the net profit after deducting non-recurring gains and losses was -151.71 million yuan [1] - The company's current price-to-book ratio stands at 5.77, which is significantly higher than the industry average of 3.35 for the electrical machinery and equipment manufacturing sector [1] Market Behavior - The stock price has been closing at the daily limit up price during the specified trading days, indicating strong market interest despite the underlying financial difficulties [1] - The company has issued a reminder to investors to be cautious regarding performance risks and to make prudent investment decisions [1]

Core Viewpoint - Agricultural Bank of China reported a year-on-year revenue growth of 2% and a net profit growth of 3.3% for the first three quarters of this year, aligning with the bank's expectations [1] Summary by Category Financial Performance - Revenue increased by 2% year-on-year for the first three quarters [1] - Net profit grew by 3.3% year-on-year, meeting the bank's expectations [1] Analyst Ratings and Price Targets - CICC maintains a "outperform" rating for Agricultural Bank of China [1] - A-share target price raised by 14.9% to 8.87 yuan, equivalent to 1.1 times the expected price-to-book ratio for 2025 and 1 time for 2026, providing a 10% upside potential [1] - H-share target price increased by 14.7% to 6.62 HKD, equivalent to 0.8 times the expected price-to-book ratio for 2025 and 0.7 times for 2026, also offering a 10% upside potential [1]

Core Viewpoint - The stock price of the company has experienced significant increases, raising concerns about potential market overreaction and irrational speculation [1] Group 1: Stock Performance - The company's stock price rose by 33.10% from October 23 to October 27, 2025, and has increased by 103.54% since September 2025 [1] - The current price-to-book ratio of the company is 3.72, which is notably higher than the industry average of 2.3 [1] Group 2: Financial Performance - The company has reported continuous losses from 2022 to the first half of 2025 [1] - Investors are advised to be cautious regarding the operational performance risks associated with the company [1]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the third quarter of 2025, indicating financial challenges and a need for strategic adjustments [2][21]. Financial Performance - Total revenue for the first three quarters of 2025 was 2.256 billion yuan, a decrease of 23.40% year-on-year [2]. - The net profit attributable to shareholders was a loss of 38.468 million yuan, compared to a profit of 56.716 million yuan in the same period last year [2]. - The net profit after deducting non-recurring items was a loss of 33.421 million yuan, down from a profit of 47.780 million yuan year-on-year [2]. - Basic earnings per share were -0.0114 yuan, with a weighted average return on net assets of -1.95% [2][21]. Cash Flow and Capital Structure - The net cash flow from operating activities was 1.509 billion yuan, a decline of 31.88% compared to the previous year [24]. - The company experienced a significant decrease in cash and cash equivalents, down 34.72% from the end of the previous year [26]. - The current ratio was 0.56, and the quick ratio was 0.5, indicating potential liquidity issues [32]. Asset and Liability Changes - As of the end of the third quarter of 2025, the company's total assets were approximately 6.553 billion yuan, with a notable increase in construction in progress by 11.54% [26]. - Other receivables increased by 60.45%, while fixed assets decreased by 3.37% [26]. - Short-term borrowings increased by 23.29%, while long-term borrowings decreased by 15.67% [29]. Valuation Metrics - As of October 24, the company's price-to-earnings (P/E) ratio was approximately 403.08, and the price-to-book (P/B) ratio was about 4.01 [1].