以下文章来源于申万宏源证券上海分公司 ，作者李金玲 申万宏源证券上海分公司 . 申万宏源证券上海分公司官微，能为您提供账户开立、软件下载、研究所及投顾资讯等综合服务，为您的财富保驾护航。 目前市场主要宽基指数PE估值（TTM）均高于20%。上证50、上证指数、北证50、中证A100和科创50的PE估值（TTM）分别处于上市 85.14%、86.99%、95.00%、98.35%和99.63%的分位水平，估值分位相对较高，应注意风险。 行业方面： 当前申万一级行业指数中食品饮料和农林牧渔的PE估值（TTM）低于近十年20%分位水平，PE（TTM）估值分别处于近十年6.98%和 8.81%的分位水平，可作为重点关注。 建筑材料、传媒、钢铁、电子、商贸零售、计算机和房地产的行业PE估值（TTM）分别处于近十年历史80.20%、80.20%、82.42%、 85.30%、85.38%、98.07%和99.96%分位水平，应注意投资风险。 数据速看： 1、巴菲特指标： 当前A股巴菲特指标为83.15%%，处于相对较高区间，略高于安全区间。 2、估值历史百分位水平： 宽基指数方面： ' MET 重点关注指数估值表现 1、 ...

Core Viewpoint - The article provides an analysis of the current valuation levels of the A-share market, indicating that while some indices are at relatively high valuation percentiles, certain sectors like food and beverage, and agriculture are at lower valuation levels, presenting potential investment opportunities [7][8][9]. Valuation Indicators - The current Buffett Indicator for the A-share market is at 79.80%, which is considered to be in a relatively safe zone [7][22]. - Major broad market indices have a TTM PE valuation above 20%, with specific indices like the Shanghai 50 and the ChiNext 50 at high percentiles of 81.06% and 99.26% respectively, indicating higher valuation risks [8][9]. Sector Analysis - The food and beverage and agriculture sectors have TTM PE, PB, and PS valuations below the 20th percentile of the past decade, with PE valuations at 5.60% and 6.94% percentiles, suggesting they are undervalued and warrant attention [9]. - Conversely, sectors such as steel, retail, computing, and real estate have TTM PE valuations at 82.30%, 84.03%, 97.04%, and 98.48% percentiles respectively, indicating higher investment risks [9]. Index Valuation Performance - The current PE valuation levels for key indices show significant variations, with the ChiNext 50 at 143.37 (up 2.59%) and the North Star 50 at 66.36 (down 1.33%) [13][27]. - The PB valuation levels for these indices also reflect similar trends, with the ChiNext 50 at 4.79 (up 2.92%) and the North Star 50 at 4.95 (down 1.15%) [15][29]. Overall Market Valuation - The total market capitalization for the Shanghai market is approximately 566,557.35 billion, with an average PE ratio of 14.54 [19][26]. - The Shenzhen market has a total market capitalization of about 535,098.03 billion, with an average PE ratio of 26.93 [19][26]. Industry Valuation Levels - The agriculture sector has a PE valuation of 14.95, while the steel sector is at a low of 5.69, indicating significant valuation disparities across industries [34]. - The food and beverage sector shows a PE valuation of 16.52, which is relatively moderate compared to other sectors [34]. Conclusion - The analysis indicates that while the overall market shows high valuations in certain indices, specific sectors like food and beverage and agriculture present potential investment opportunities due to their lower valuation levels [9][34].

Group 1 - The core viewpoint of the article highlights the significant rise of the innovative drug sector, with the Hang Seng Innovative Drug Index increasing by 55.61% year-to-date, outperforming the Hang Seng Index's 17.30% growth [1] - The innovative drug industry is transitioning from experience-based competition to technology-driven competition, positioning itself as a "tech-like" asset [1][2] - The trend of Chinese innovative drugs going global is irreversible and expected to strengthen, with a focus on whether Chinese companies can outperform their overseas counterparts in new target selection [2][6] Group 2 - The current price-to-sales (PS) valuation of innovative drugs is around 4 times, which is considered neutral in the context of asset scarcity, indicating potential for continued stock price increases as clinical data and business development improve [2][7] - The innovative drug market is characterized by high unmet medical needs, particularly in areas with few available treatment options, which presents opportunities for the development of blockbuster drugs [3][8] - The "double 10" rule in new drug development indicates an average development cycle of 10 years and costs exceeding $1 billion, highlighting the high-risk nature of the industry [4] Group 3 - China's innovative drug sector has made significant progress, with over 50% contribution to the top 20 global drug targets and surpassing Europe in original drug numbers as of 2021 [5][6] - The competition landscape is evolving into a scenario where both China and the U.S. are advancing in the innovative drug sector, with increased global competitiveness for Chinese companies [6] - The innovative drug sector is expected to continue its strong performance, driven by its alignment with current market trends and the recovery of valuations after years of pressure [7][8] Group 4 - Specific areas with strong potential for new drug development include antibody-drug conjugates (ADCs), GLP-1 metabolic disease drugs, and gene therapy for rare diseases [8] - For investors looking to enter the innovative drug market, a systematic investment approach through funds is recommended due to the high barriers and complexities involved in the sector [9]

Group 1 - The current Buffett indicator for A-shares is 73.71%, indicating it is in a relatively high range and currently within a safe zone [2] - Among major broad market indices, only the ChiNext Index has a TTM PE valuation below 20%, specifically at 14.70%. The TTM PE valuations for the CSI A100, STAR 50, and Northern Exchange 50 are at the 94.44%, 99.69%, and 100.00% historical percentile levels, respectively, suggesting relatively high valuations and potential risks [3] - In terms of industry analysis, only the agriculture, forestry, animal husbandry, and fishery sector has TTM PE, PB, and PS valuations below the 20th percentile of the past decade. The TTM PE valuation is at the 3.46th percentile, PB at the 3.27th percentile, and PS at the 11.40th percentile, indicating a relatively low level and warranting attention [4] Group 2 - The computer and real estate sectors have TTM PE valuations at the 91.23% and 98.35% historical percentile levels, respectively, indicating significant investment risks [4]

以下文章来源于申万宏源证券上海分公司 ，作者李金玲 申万宏源证券上海分公司 . 当前A股巴菲特指标为71.82%，处于相对较高区间，目前处于安全区间。 申万宏源证券上海分公司官微，能为您提供账户开立、软件下载、研究所及投顾资讯等综合服务，为您的财富保驾护航。 2、估值历史百分位水平： 数据速看： 1、巴菲特指标： 1、重点关注指数PE估值水平 重点关注指数PE估值水平 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 中证500 15.58 · - . 83.24 27.36 (↓3.97%) 科创50 29.71 · -A. 117.18 99.77 (↓0.12%) 18.94 .- 中证1000 - ● 144.82 36.37 (↓4.55%) 半导体 - ▲ . 219.12 33.21 · 112.9 (↓1.67%) 中证新能 11.21 · t . . 111.57 32.04 (↓9.86%) -- ▲. 69.26 15.36 · 北证50 63.82 (↑3.94%) 宽基指数方面： 目前市场主要宽基指数中创业板和中小100指数的PE估值（TTM）低 ...