The Alerian MLP ETF ( AMLP ) continues to yield strong income, and that is likely to remain. Where I am more interested, is how total returns are poised for long-term investments made today. The past year's total return performance does show some sluggishness inI am a stock analyst with over 20 years of experience in quantitative research, financial modeling, and risk management. My focus is on equity valuation, market trends, and portfolio optimization to uncover high-growth investment opportunities. As a ...

最近刷到条新闻，说美元今年跌了超9%，是八年以来最差的年度表现。好多人问我"会不会影响钱包？""要不要卖股票？"其实我想说——比美元 涨跌更该在意的，是你手里的股票有没有"真金白银"的大资金在积极参与。毕竟我见过太多人盯着估值买股，最后亏得稀里糊涂，问题就出在没看 懂大资金的态度。 我之前有个朋友，特别信"低估值=安全"。去年他买了只市盈率不到5倍的股票，拍着胸脯说"这股比银行理财还稳"，结果没俩月跌了20%，最后扛 不住割肉；还有个同事，买了只500多倍市盈率的股票，大家都说"贵得离谱"，结果这股反而涨了30%。你说这奇怪吗？其实一点不——因为估值 是"过去的利润"，而股票涨不涨，看的是"现在有没有大资金在积极交易"。 一、美元波动的核心，是"大资金在怎么想" 其实美元跌这么多，不是平白无故的——今年4月特朗普搞所谓"解放日"关税后，美元就开始下挫；后来他一直给美联储施压要降息，还说要换美 联储主席（现任鲍威尔任期明年5月结束），市场都在猜新主席会不会更"鸽"（就是更爱降息）。但你有没有想过：不管美元怎么变，落到你买的 股票上，关键从来不是"新闻说什么"，而是"大资金有没有真的在交易"？ 就像美元跌，本质是 ...

Core Insights - The article emphasizes the importance of quantitative research, financial modeling, and risk management in equity valuation and market trends to identify high-growth investment opportunities [1] Group 1: Company Expertise - The company has over 20 years of experience in quantitative research and financial modeling, focusing on equity valuation and market trends [1] - The company has developed expertise in both fundamental and technical analysis through leadership roles in model validation and stress testing [1] - The research approach combines rigorous risk management with a long-term perspective on value creation [1] Group 2: Research Focus - The company has a particular interest in macroeconomic trends, corporate earnings, and financial statement analysis [1] - The goal is to provide actionable ideas for investors seeking to outperform the market [1]

文 | 银行螺丝钉 （转载请注明出处） 买胶你个走不好的匹锌。 场估值低的时候，IPO或者再融资，都不 会太多。 以A股为例，2024年，A股最低到了5.9 星。在熊市底部，新股IPO融资只有673 亿，加上增发融资等，融资总额在2880 亿上下。 2024年A股的分红总额达到2.4万亿，所 以在2024年，A股是标准的分红市，分 红总规模，远超过融资总规模。 2024年5点几星的时候,是投资股票类 资产很好的阶段。 (2) 到了牛市的时候，市场估值会大幅 提升。 其实股票资产的投资价值,随着上涨是 在下降的,甚至出现高估的时候,要做 好止盈。 风险提示 本文仅为信息分享，不构成任何投资建议。市场有风险，投资需谨慎 。 基金投资组合策略过往业绩并不预示其未来表现 为其他客户创造的收益并不构成业绩表现的保证 ▼点击阅读原 文，免费学习大额家庭资产配置课程 ...

请仔细阅读在本报告尾部的重要法律声明 证券研究报告 最新A股、港股、美股估值怎么看？ ——估值周报（1229-1231） 李立峰 SAC NO:S1120520090003 冯逸华 SAC NO:S1120523070007 2026年1月3日 全球主要指数估值总览 资料来源： wind ，华西证券研究所 2 图表1：全球主要指数PE(TTM) 0 20 40 60 80 100 120 140 160 上证指数 创业板指 恒生指数 恒生科技 标普500 纳斯达克指数 道琼斯工业指数 日经225 德国DAX 中位数 最大值 最小值 现值 A股 港股 美股 日股 德股 注：自2010年1月起，截至2025年12月31日 目录 风险提示 3 一、A股市场估值水平 二、A股行业估值水平 三、机构重仓个股估值水平 四、港股市场估值水平 五、港股行业与个股估值水平 六、美股市场估值水平 七、中概股估值、中美银行股估值比较 1.1 A股绝对估值变化 4 4 图表2、3：A股整体PE(TTM)、A股剔除金融和石油石化PE(TTM，剔除负值) 资料来源： wind ，华西证券研究所 17.52 5 10 15 20 25 3 ...

Core Viewpoint - OGE Energy is currently viewed as a more attractive investment option compared to American Electric Power based on valuation metrics and earnings outlook [3][7]. Valuation Metrics - OGE Energy has a forward P/E ratio of 18.84, while American Electric Power has a forward P/E of 19.59 [5]. - OGE's PEG ratio is 2.70, compared to AEP's PEG ratio of 3.03, indicating OGE may offer better value relative to its expected earnings growth [5]. - OGE's P/B ratio stands at 1.8, whereas AEP's P/B ratio is 1.97, further supporting OGE's valuation advantage [6]. Earnings Outlook - OGE Energy has a Zacks Rank of 2 (Buy), indicating a positive earnings estimate revision trend, while American Electric Power holds a Zacks Rank of 3 (Hold) [3]. - The improving earnings outlook for OGE suggests stronger estimate revision activity compared to AEP [7]. Value Grades - OGE Energy has received a Value grade of B, while American Electric Power has a Value grade of C, reflecting OGE's more favorable valuation metrics [6].

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Nike, Midea Group, JD Group, Haier, Gree Electric, Anta Sports, and others, while Lulu Lemon is rated as "Neutral" [1]. Core Insights - The A/H snack and retail sectors have shown strong performance, while overseas Nike has negatively impacted sportswear performance [4][11]. - The report highlights a recovery in overseas consumer sectors and anticipates the implementation of supportive consumption policies in the A/H markets [3]. Performance Review by Sector - **Snacks**: The snack sector saw a weekly increase of 5.7%, with companies like Qiaqia Food and Three Squirrels rising by 6.0% and 7.5% respectively. The performance is attributed to seasonal sales and expectations for new products in Q1 2026 [5][13]. - **Retail**: The retail sector increased by 2.3%, driven by the rapid expansion of Wancheng Group's stores and positive same-store sales growth [6][14]. - **Overseas Cosmetics**: This sector rose by 2.4%, with notable increases from ELF Beauty and Estée Lauder [6][14]. - **Luxury Goods**: The luxury sector increased by 0.8%, with Samsonite benefiting from high-end consumer recovery [6][14]. - **Domestic Sportswear**: This sector experienced a decline of 0.3%, with Li Ning showing a 7.5% increase due to the opening of a flagship store [6][14]. - **Gold and Jewelry**: This sector fell by 1.9%, with Chow Tai Fook and other companies facing price increases and market volatility [6][14]. - **Overseas Sportswear**: This sector declined by 2.6%, primarily due to Nike's poor performance, which saw a 13.0% drop [6][14]. Valuation Analysis - The report indicates that most sectors are currently valued below their average over the past five years. For instance, the expected PE for the overseas sportswear sector is 31.2 times, which is 59% of its historical average [9][15]. - Other sectors such as domestic sportswear, gold and jewelry, and luxury goods also show lower expected PE ratios compared to their historical averages, indicating potential investment opportunities [9][15].

景顺长城基金管理有限公司 2025年12月27日 MACD金叉信号形成，这些股涨势不错！ 根据中国证券监督管理委员会《中国证监会关于证券投资基金估值业务的指导意见》(中国证券监督管 理委员会公告[2017]13号)等有关法律法规规定，景顺长城基金管理有限公司（以下简称"本基金管理 人"、"本公司"）与托管行协商一致，自2025年12月26日起对旗下证券投资基金（ETF除外）持有的"中 微公司"（股票代码：688012.SH）按照指数收益法进行估值；同时，对ETF联接基金持有的标的ETF， 在当日份额净值的基础上考虑上述股票的调整因素进行估值。 本公司将密切关注上述股票的后续经营情况及其他重大事项，进行合理评估。待上述股票复牌且其交易 体现活跃市场交易特征后，将恢复采用当日收盘价进行估值，ETF 联接基金持有的相关标的 ETF 将恢 复采用当日份额净值进行估值，届时不再另行公告，敬请投资者予以关注。 特此公告。 风险提示：基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈 利，也不保证最低收益。投资者投资于本基金管理人管理的基金时应认真阅读上述基金的基金合同、招 募说明书等文件。敬请 ...

Also of note is that in September, the S&P 500's forward P/E ratio hovered around 21, above the long-term average of 16. Thankfully, Powell wasn't predicting any kind of immediate market crash, but he was simply stating what the data was clearly showing: the "margin of safety" for investors felt dangerously thin. Historically, such elevated valuations had been a reliable predictor of flat or negative returns in the following decade.When Powell spoke in September 2025, his message was pretty straightforward ...

I am a stock analyst with over 20 years of experience in quantitative research, financial modeling, and risk management. My focus is on equity valuation, market trends, and portfolio optimization to uncover high-growth investment opportunities. As a former Vice President at Barclays, I led teams in model validation, stress testing, and regulatory finance, developing a deep expertise in both fundamental and technical analysis. Alongside my research partner (also my wife), I co-author investment research, com ...