证券研究报告 最新A股、港股、美股估值怎么看？ ——估值周报（0603-0606） 李立峰 SAC NO:S1120520090003 冯逸华 SAC NO:S1120523070007 2025年6月7日 请仔细阅读在本报告尾部的重要法律声明 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6月6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、部分机构集中持有个股估值水平 四、港股市场估值水平 五、港股行业估值水平 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 图表4、5：上证指数、沪深300、创业板指等指数PE(TTM，剔除负值) 12.68 11.88 5 10 15 20 25 2010-01 2012-01 2014-01 2 ...

Market Overview - The A-share market experienced fluctuations on June 6, with the Shanghai Composite Index continuing to rise, led by sectors such as non-ferrous metals, communications, and oil and petrochemicals [1][2] - The total trading volume in the A-share market was 1.18 trillion yuan, with over 2,600 stocks rising and more than 60 stocks hitting the daily limit [1][2] Sector Performance - Non-ferrous metals, communications, and oil and petrochemicals sectors showed strong performance, with respective increases of 1.16%, 1.00%, and 0.88% [2][3] - The computing, Hainan Free Trade Port, and memory sectors were also active, while sectors like beauty care, textiles, and food and beverage saw declines [2][3] Fund Flow and Financing - On June 6, the net outflow of main funds in the Shanghai and Shenzhen markets was 194.41 billion yuan, with 2,121 stocks experiencing net inflows and 3,005 stocks facing outflows [4] - The financing balance of A-shares reached 1.7995 trillion yuan, with a total increase of 102.89 billion yuan from June 3 to June 5 [4] Investment Opportunities - Analysts suggest that there are upward opportunities in the market due to expectations of export recovery and subsequent policy support, although sustained upward movement requires significant policy measures or clear improvements in fundamentals [6] - Recommended sectors for investment include traditional capacity elimination, new consumption growth, and industries with high prosperity, such as automobiles, non-ferrous metals, national defense, retail, and pharmaceuticals [6]

Core Viewpoint - The Hong Kong stock market has shown strong performance in 2023, with significant growth in various sectors, particularly in new consumption, innovative pharmaceuticals, and new energy vehicles, leading to a positive outlook for investment opportunities [1][4]. Group 1: Market Performance - As of June 6, 2023, among 544 Hong Kong stock funds, the highest net asset value growth rate exceeded 85%, with over 90% of these funds showing positive growth [1][2]. - In 36 thematic categories, 33 industry indices have risen, with durable consumer goods, consumer services, and pharmaceutical biotechnology indices each increasing by over 40% [2]. - The total scale of Hong Kong stock funds has increased from approximately 330 billion to 340 billion yuan this year [2]. Group 2: Sector Analysis - The new consumption sector is recovering rapidly, with companies showing strong performance, supported by both short-term policy catalysts and long-term growth logic [3]. - The innovative pharmaceutical sector is expected to continue its upward trend, with significant growth potential in the "outbound" market for innovative drugs [4][5]. - High-dividend assets are seen as attractive, with stable cash flow and strong fundamentals expected to perform well in the current market environment [5]. Group 3: Investment Opportunities - Fund managers highlight the potential in AI applications and smart driving as key investment opportunities within the new economy sectors [1][4]. - The "technology + consumption" growth stocks are favored by both domestic and foreign investors, with significant interest in new consumption areas such as trendy beverages and innovative products [4]. - The pharmaceutical sector, particularly in niches like electrophysiology and endoscopy, is identified as having substantial growth potential due to low penetration rates and opportunities for domestic companies to expand internationally [5].

（原标题：主力资金丨尾盘，主力资金出逃这些股！） （原标题：主力资金丨尾盘，主力资金出逃这些股） 5个行业主力资金净流入。 据证券时报·数据宝统计，今日（6月6日）沪深两市主力资金净流出194.41亿元，其中创业板净流出85.39亿元，沪深300成份股净流出42.14亿元。 行业板块方面，申万一级行业共13个行业上涨，有色金属、通信行业涨幅均在1%及以上，石油石化、建筑装饰、基础化工、建筑材料行业涨幅均 超0.5%。18个下跌行业中，美容护理、纺织服饰行业跌幅居前，均超1.1%；食品饮料、传媒、非银金融和社会服务等行业均跌超0.6%。 算力概念股二六三主力资金净流入金额居首，达5.05亿元。盘后该股的龙虎榜数据显示，上榜营业部席位全天成交3.08亿元，占当日总成交金额比 例为19.52%，合计净买入1.46亿元。 盘面上，算力板块异动，中电鑫龙收获3连板，南凌科技、二六三、宁波建工、美利云纷纷涨停；其中，美利云主力资金净流入2.56亿元。 从资金流向来看，申万一级行业中，5个行业获主力资金净流入。建筑装饰、煤炭行业主力资金净流入居前，均超1.6亿元；房地产、银行、建筑 材料行业净流入金额分别为8184.61万 ...

主力资金净流出的行业有24个，计算机行业主力资金净流出规模居首，全天净流出资金33.56亿元，其 次是机械设备行业，净流出资金为31.09亿元，净流出资金较多的还有汽车、电子、医药生物等行业。 美容护理行业今日下跌1.70%，全天主力资金净流出1.35亿元，该行业所属的个股共31只，今日上涨的 有7只；下跌的有24只。以资金流向数据进行统计，该行业资金净流入的个股有6只，净流入资金居首的 是珀莱雅，今日净流入资金3971.12万元，紧随其后的是水羊股份、两面针，净流入资金分别为1833.96 万元、1635.86万元。美容护理行业资金净流出个股中，资金净流出超千万元的有7只，净流出资金居前 的有爱美客、贝泰妮、青松股份，净流出资金分别为3011.31万元、2875.18万元、1992.07万元。（数据 宝） 美容护理行业资金流向排名 沪指6月6日上涨0.04%，申万所属行业中，今日上涨的有13个，涨幅居前的行业为有色金属、通信，涨 幅分别为1.16%、1.00%。跌幅居前的行业为美容护理、纺织服饰，跌幅分别为1.70%、1.18%。美容护 理行业位居今日跌幅榜首位。 资金面上看，两市主力资金全天净流出212. ...

沪指本周上涨1.13%，深成指上涨1.42%，创业板指上涨2.32%，沪深300指数上涨0.88%。可交易A股 中，上涨的有4066只，占比75.37%，下跌的1252只。 | 行业 | 日涨跌幅（%） | 资金流向（亿元） | 行业 | 日涨跌幅（%） | 资金流向（亿元） | | --- | --- | --- | --- | --- | --- | | 电子 | 3.60 | 47.26 | 纺织服饰 | 1.89 | -6.22 | | 通信 | 5.27 | 38.86 | 公用事业 | -0.13 | -6.56 | | 有色金属 | 3.74 | 18.73 | 银行 | 1.56 | -7.21 | | 非银金融 | 2.00 | 12.07 | 基础化工 | 2.61 | -10.16 | | 电力设备 | 1.38 | 6.71 | 商贸零售 | 1.29 | -12.81 | | 社会服务 | 2.09 | 3.86 | 环保 | 0.46 | -13.80 | | 钢铁 | -0.23 | 1.89 | 轻工制造 | 2.18 | -14.58 | | 家用电器 | -1.79 | 0 ...

Market Overview - The Sci-Tech Innovation Board (STAR Market) index decreased by 0.48%, closing at 991.64 points, with a total trading volume of 2.486 billion shares and a turnover of 83.57 billion yuan, resulting in a weighted average turnover rate of 1.45% [1] - Among the tradable stocks on the STAR Market, 274 stocks closed higher, with 5 stocks rising over 10% and 11 stocks rising between 5% and 10%. Conversely, 304 stocks closed lower [1] Trading Activity - The distribution of turnover rates shows that 3 stocks had turnover rates exceeding 20%, 7 stocks had rates between 10% and 20%, 32 stocks had rates between 5% and 10%, 69 stocks had rates between 3% and 5%, 275 stocks had rates between 1% and 3%, and 201 stocks had rates below 1% [1] - The stock with the highest turnover rate was Qingyun Technology, which closed up 15.31% with a turnover rate of 38.58% and a transaction amount of 908 million yuan. Other notable stocks included Sailun Biology and Youke Technology, with turnover rates of 27.40% and 22.11%, respectively [1][3] Sector Performance - In terms of industry performance, the pharmaceutical and biotechnology sector had the most stocks with turnover rates exceeding 5%, totaling 11 stocks, followed by machinery and equipment with 6 stocks, and electronics with 5 stocks [2] - Among high turnover stocks, 20 stocks experienced net inflows of main funds, with Youke Technology, Shijia Optics, and Hecuan Technology seeing the largest net inflows of 161 million yuan, 46.85 million yuan, and 46.42 million yuan, respectively [2] Leverage Fund Movements - A total of 25 stocks received net purchases from leveraged funds, with notable increases in financing balances for Zhongyou Technology, Gai Lun Electronics, and Shijia Optics, which increased by 101 million yuan, 80.49 million yuan, and 78.69 million yuan, respectively [2]

百元股作为判定市场热度的信号之一，历来受到投资者关注。证券时报·数据宝统计显示，截至6月6日 收盘，沪指报收3385.36点，上涨0.04%，A股平均股价为11.59元，个股股价分布看，股价超过100元的 有80只，股价在50元至100元的有308只，股价在30元至50元的有669只。 股价超百元个股中，收盘价最高的是贵州茅台，今日报收1506.39元，下跌0.50%，其次是寒武纪、锦波 生物等，最新收盘价分别为610.00元、483.00元。 市场表现方面，收盘股价超百元股中，今日平均下跌0.44%，跑输沪指0.48个百分点。今日上涨的有31 只，涨幅居前的有并行科技、兆易创新等，下跌的有48只，跌幅居前的有万辰集团、思瑞浦等。 以最新收盘价计算，A股平均股价为11.59元，其中股价超过100元的有80只，相比上一个交易日减少7 只。 高价股一览 | 代码 | 简称 | 最新收盘价（元） | 今日涨跌（%） | 换手率（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 600519 | 贵州茅台 | 1506.39 | -0.50 | 0.20 | 食品饮料 ...

6月5日各行业融资余额环比变动 截至6月5日，市场最新融资余额为17995.25亿元，较上个交易日环比增加45.99亿元，分行业统计，申万 所属一级行业有25个行业融资余额增加，医药生物行业融资余额增加最多，较上一日增加8.79亿元；融 资余额增加居前的行业还有汽车、电力设备、计算机等，融资余额分别增加8.17亿元、6.36亿元、5.96 亿元；融资余额减少的行业有6个，非银金融、电子、公用事业等行业融资余额减少较多，分别减少 7.12亿元、2.62亿元、4703.92万元。 以幅度进行统计，纺织服饰行业融资余额增幅最高，最新融资余额为67.32亿元，环比增长2.36%，其次 是美容护理、汽车、银行行业，环比增幅分别为2.12%、0.89%、0.87%；融资余额环比降幅居前的行业 有非银金融、电子、交通运输等，最新融资余额分别有1525.86亿元、2085.00亿元、338.95亿元，分别 下降0.46%、0.13%、0.12%。（数据宝） | 综合 | 31.06 | 0.04 | 0.12 | | --- | --- | --- | --- | | 煤炭 | 157.06 | -0.17 | -0.1 1 ...

两融余额持续回升，最新市场两融余额18116.80亿元，连续3个交易日增加，期间杠杆资金大幅加仓哪 些股票？ 证券时报·数据宝统计显示，截至6月5日，沪深北两融余额为18116.80亿元，较上一交易日增加47.75亿 元，其中融资余额17995.25亿元，较上一日增加45.99亿元。分市场来看，沪市两融余额为9180.29亿 元，较上一日增加21.18亿元，深市两融余额8881.86亿元，较上一日增加25.62亿元。北交所两融余额 54.65亿元，较上一日增加9525.90万元。值得注意的是，这已经是两融余额连续3个交易日持续增加，其 间两融余额合计增加107.33亿元。 分行业看，两融余额连续增加的态势下，申万所属的31个行业中，融资余额增加的共有27个行业，医药 生物行业融资余额增加最多，其间融资余额增加24.50亿元，融资余额增加居前的行业还有计算机、汽 车等；融资余额减少的行业有非银金融、电子等。以幅度进行统计，家用电器行业融资余额增幅最高， 达2.88%，其次是纺织服饰、医药生物，增幅分别为2.62%、1.98%。 融资余额行业变动 | 002657 | 中科金财 | 62396.76 | 42.8 ...