Broker's view:

Since mid-October, the valuation divergence of the CSI 500 Index has hit a record high. We believe that there are two main reasons for differentiation to new highs. First, under the influence of market conditions since October, prices of thermal coal, rebar and other resource products have dropped rapidly in the context of cracking down on price speculation and strengthening overall protection. The low-valuation cycle sector adjusted significantly, while the high-valuation growth sector rebounded. Second, affected by the performance of the third quarter report, the procyclical industry benefited from the surge in economic recovery performance, which led to a further decrease in the valuation of the undervalued sector. Looking forward, high-quality companies with good business performance and broad prospects are expected to receive a valuation premium in the long term. Unless the external environment changes drastically, the relative valuation of the fund's heavy holdings may run at a high level for a long time. Under the long-term goal of promoting high-quality development and promoting common prosperity, there are broad investment opportunities in the fields of "domestic demand, technology, and green". At the current time, it is recommended to pay attention to the consumer and pharmaceutical sectors that have been fully adjusted.

A-shares as a whole: valuation rebounded and differentiation increased.

The overall median valuation of A-shares has rebounded slightly since mid-October. As of November 12, 2021, the median TTM of all A stocks is 35 times (excluding negative values, the same below), which is near the 30% historical quantile since 2000. A. The ratio of the 75th quantile to the 25th quantile of the stock market earnings ratio is 3.2 times, which is near the 81% historical quantile since 2000.

Main index: The differentiation of CSI 500 reached a historical high.

Since mid-October, the degree of differentiation of the CSI 500 Index has rapidly intensified, reaching a historical high. Both the ChiNext Index and the Shanghai-Shenzhen 300 Index have increased their valuation differentiation. After the disclosure of the third quarter report, the heavy holdings of funds continued to switch to high-valued sectors, and the heavy holdings of fund holdings showed a slight rebound. The median price-earnings ratio of the top 100 fund holdings is 56.2, which is at the 83% historical quantile point since 2010, and the relative price-earnings ratio is 1.61 times, which is located at the 95% historical quantile point.

券商观点：

10 月中旬以来，中证 500 指数的估值分化程度创下历史新高。我们认为分化创新高的主要原因有两点：一是受 10 月份以来的市场行情影响，在严打价格投机、增强统筹保障的背景下，动力煤、螺纹钢等资源品价格出现了快速回落，低估值周期板块显著调整，而高估值成长板块出现反弹。二是受三季报业绩的影响，顺周期行业受益于经济复苏业绩暴增从而导致低估值板块的估值进一步降低。往后看，经营良好、前景广阔的优质公司有望长期获得估值溢价，除非外部环境发生巨大变化，基金重仓股相对估值可能长期高位运行。在推动高质量发展，促进共同富裕的长期目标下，“内需、科技、绿色”领域存在广阔投资机会，当前时点建议关注调整较为充分的消费和医药板块。

A 股整体：估值回升，分化加剧
A 股整体估值中位数自 10 月中旬以来小幅回升。截至 2021 年 11 月 12 日，全部 A 股市盈率（TTM）中位数为 35 倍（剔除负值，下同），处于自 2000 年以来的 30%历史分位数附近。A 股市盈率 75 分位数和 25 分位数的比值为 3.2倍，处于自 2000 年以来的 81%历史分位数附近。

主要指数：中证 500 分化程度达历史高位
10 月中旬以来，中证 500 指数的分化程度快速加剧，达到历史高位。创业板指数和沪深 300 指数的估值分化程度均有所提高。三季报后，基金重仓股继续向高估值板块切换，基金重仓股走出一轮小幅反弹行情。前 100 名基金重仓股的市盈率中位数为 56.2，处于 2010 年至今的 83%的历史分位点处，相对市盈率为 1.61 倍，位于 95%的历史分位点。