Valuation Summary - The overall PE of the CSI A-shares is 18.7 times, positioned at the historical 70th percentile [3][6] - The PE of the Shanghai 50 Index is 11.1 times, at the historical 56th percentile [3][6] - The PE of the CSI 500 Index is 27.7 times, at the historical 40th percentile [3][6] - The PE of the ChiNext Index is 30.4 times, at the historical 10th percentile [3][6] - The PE of the CSI 1000 Index is 36.9 times, at the historical 40th percentile [3][6] - The PE of the National 2000 Index is 48.3 times, at the historical 65th percentile [3][6] - The PE of the Sci-Tech 50 Index is 131.8 times, at the historical 97th percentile [3][6] - The PE of the North Exchange 50 Index is 63.9 times, at the historical 92nd percentile [3][6] - The ChiNext Index's PE relative to the CSI 300 is 2.4 times, at the historical 4th percentile [3][6] Industry Valuation Comparison - Industries with PE valuations above the historical 85th percentile include Real Estate, Steel, Electric Equipment (Photovoltaic Equipment), National Defense, Aviation, Chemical Pharmaceuticals, and IT Services [3][4] - No industries have PB valuations above the historical 85th percentile [3][4] - Industries with both PE and PB below the historical 15th percentile include Agriculture, Forestry, Animal Husbandry, and Medical Services [3][4] Industry Midstream Prosperity Tracking New Energy - In the photovoltaic sector, upstream polysilicon futures prices fell by 12.2%, and spot prices decreased by 0.7% [3][4] - The price of silicon wafers dropped by 2.8%, while battery prices fell by 6.9% [3][4] - Lithium prices for lithium hexafluorophosphate and lithium carbonate decreased by 1.0% and 1.1%, respectively [3][4] Real Estate Chain - The price of rebar increased by 0.6%, while iron ore prices fell by 1.7% [3][4] - National commercial housing sales area decreased by 2.9% year-on-year from January to May 2025 [3][4] - Real estate development investment completed from January to May 2025 fell by 10.7% year-on-year [3][4] Consumption - The average price of live pigs increased by 1.4%, while pork wholesale prices rose by 0.3% [3][4] - The retail sales growth rate from January to May 2025 was 5.0%, with a significant rebound in May [3][4] Midstream Manufacturing - Manufacturing investment and narrow infrastructure investment grew by 8.5% and 5.6% year-on-year, respectively [3][4] - The output of industrial robots increased by 32.0% year-on-year from January to May 2025 [3][4] Technology TMT - The output of integrated circuits grew by 6.8% year-on-year from January to May 2025 [3][4] - The export value of optical communication modules decreased by 6.9% year-on-year [3][4] Cyclicals - Brent crude oil futures prices rose by 2.9% to $77.32 per barrel [3][4] - The Baltic Dry Index fell by 14.2% [3][4]

黑色建材日报 | 2025-06-13 铁水小幅下滑，铁矿震荡偏弱 钢材：市场预期较弱，钢价震荡运行 市场分析 昨日螺纹钢期货合约收于2968元/吨，热卷主力合约收于3080元/吨，期货交投氛围较淡，现货市场成交情况一般偏 弱，昨日全国建材成交8.9万吨。 期现：无 期权：无 风险 供需与逻辑：综合来看，钢材整体持续去库，当前部分原材料价格偏低，钢厂利润尚可。淡季临近，建材产量和 表需逐步回落，现货市场成交较差，但库存持续小幅去库，对价格形成一定支撑。板材得益于国内制造业发展相 对乐观，需求较稳支撑着板材价格。国内低价优势下，出口钢材韧性较强。后续关产量变化和成材消费情况。 策略 单边：无 跨期：无 跨品种：无 宏观政策、关税政策、成材需求情况、钢材出口、钢厂利润、成本支撑等。 铁矿：铁水小幅下滑，铁矿震荡偏弱 市场分析 期现货方面：截至昨日收盘，铁矿石主力2509合约收于704元/吨，跌幅0.21%。现货方面，唐山港口进口铁矿主流 品种价格小幅波动，贸易商报价积极性一般，市场交投情绪一般，钢厂采购多以按需补库为主。本期日均铁水产 量241.61万吨，环比减少0.19万吨。昨日全国主港铁矿累计成交85.4万吨 ...