上周跟踪的基准指数全面上涨 申港证券策略周报 投资摘要: 2025年08月20日 徐广福 分析师 SAC 执业证书编号:S1660524030001 大盘表现走势图 40% 30% 20% 10% 2025-08 2024-08 略研究周 投资策略: 上周我们跟踪的五大指数全面上涨。我们选取了沪深 300 和上证指数市盈率 百分位的两个截面图发现:若自 2021年1月1日起,沪深 300 指数市盈率百 分位约在 44%,上证指数的约在 82%:但如果自 2019年 1月 1日起,上证 指数的百分位是 82.95%,说明此时的 PE 比过去 82.95%的时间高,已超过了 70%的高位阈值:沪深 300 的百分位是 45.77%,处在相对较低的区间位置。 风险提示:市场波动风险、政策风险。 资料来源:wind,申港证券研究所 相关报告 1、《申港证券策略周报:上周跟踪的基准 指数全面下跌》2025-08-06 研究报告 敬请参阅最后一页免责声明 证券研究报告 ◆ 上周各主要指数具体表现分别为:沪深 300 指数涨跌幅为 2.37%,上证指 数涨跌幅 1.70%,深证成指涨跌踏为 4.55%,创业板涨跌幅为 8. ...

证券之星消息，8月8日A股收盘，上证综指指跌0.12%，报收3635.13点；深圳成指跌0.26%，报收 11128.67点；创业板指跌0.38%，报收2333.96点。 风格策略指数方面，国信价值的市盈率百分位较高，为98.76%。而大盘成长的市盈率百分位较低，为 47.11%。 | 指数名称 | 收盘价 | 涨跌幅 | 市盈率 | 市盈率 | 南澳巡 | 市净率 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 自分位 | | 自分位 | | 国信价值 | 3119.39 | 0.32% | 9.68 | 98.76% | 1.26 | 95.86% | | 港股通高股息港元 | 5082.09 | -0.03% | 7.19 | 77.48% | 0.73 | 67.66% | | 红利低波 | 11675.80 | 0.17% | 8.40 | 77.18% | 0.87 | 47.09% | | 价值100 | 4167.13 | 0.32% | 8.50 | 71.05% | 0.90 | 52.11% | | 科技龙头 | 3938. ...

Market Overview - The market experienced slight fluctuations with a minor decline, maintaining a rating of 4.9 stars [1] - Large-cap stocks like the CSI 300 saw minor declines, while small-cap stocks experienced slight gains [1] - The Hong Kong stock market opened lower but reduced its losses by the close, with the Hang Seng Tech index showing slight gains [1] Monthly Investment Strategy - The "Yuexinbao" investment product has risen for six consecutive trading days, reaching a historical high [2] - A rebalancing of the Yuexinbao portfolio was conducted, reducing the stock allocation from around 40% to below 40% and increasing bond holdings [2][3] - From February last year to June this year, Yuexinbao saw an approximate increase of 15%, with the stock portion rising over 30% during the same period [2] Rebalancing Strategy - The stock allocation in Yuexinbao exceeded 45% after the previous increase, prompting a rebalancing on July 7 to restore the stock ratio to around 40% and bonds to 60% [3] - This rebalancing strategy is automated, allowing for a "buy low, sell high" approach without manual intervention [3][4] Economic Indicators and Valuation Metrics - Current market conditions show high price-to-earnings (P/E) ratios and low price-to-book (P/B) ratios across various indices, indicating a potential misalignment in valuation metrics [9][10] - For instance, the CSI 300 value index has a P/E ratio at the 69th percentile and a P/B ratio at the 31st percentile over the past decade [14] - The economic cycle has influenced these valuation metrics, with recent years experiencing a downturn in earnings growth, particularly in small-cap stocks [18][19] Investment Insights - The article emphasizes the importance of understanding different valuation metrics during various economic cycles, suggesting that P/E ratios may not be reliable indicators in periods of earnings decline [27][28] - The article also highlights the potential for significant gains in sectors entering a recovery phase, as seen in the Hong Kong tech sector, which has recently experienced substantial earnings growth [25][26] Investment Products and Promotions - The company is offering a limited-time 50% discount on advisory fees for its investment products, aimed at reducing costs for investors [29][32] - The Yuexinbao investment product has adjusted its minimum investment threshold to 200 yuan, making it more accessible for investors [40] - A regular cash flow feature is available for the Yuexinbao product, catering to investors with ongoing cash flow needs [38][41]

不过，公司还在盈利，净资产没有减少。 此时市净率并不会被动提高，反而会因为 净资产增加,市净率降低,市净率的百分 位还是比较低。 市净率=股价/净资产。 大多数时候，指数的净资产还是稳定的。 所以，在盈利大幅波动的时候，我们一般 可以参考市净率指标，作为过渡。 经济周期底部，容易遇到市盈率比市净率 的位置言。 文 | 银行螺丝钉 （转载请注明出处） 市盈率分母盈利下降，会带动市盈率数值 提高，也会让市盈率所处的百分位提高。 换句话说，过去两年，有的股票股价下跌 了，但是公司的盈利下降更多，导致市盈 率反而被动提高，市盈率所处的位置也提 高了。 ▼点击阅读原 文，免费学习大额家庭资产配置课程 ...