Lates News

date
02/09/2025
Ethereum dropped to $4300 per coin, down 2.18% on the day.
Latest
4 m ago
Galaxy Securities research report states that the current valuation level of A-shares is generally matched with overall performance, but there are significant differences between different industries. Overall, the valuation of A-shares is still within a reasonable range in the market, with some industries being overvalued and others undervalued, but with significant profit improvement. 1. Overview: The market is still on the way. The mid-year performance report of 2025 shows that the overall net profit attributable to shareholders of A-share companies increased by 2.45% year-on-year, with the non-financial sector's net profit increasing by 1.04% year-on-year. Although the growth rate has slowed compared to the first quarter, the overall positive growth indicates that the overall quality of corporate profits is generally stable. At the industry level, the net profit growth since 2025 has been relatively stable, and the current price-to-book ratio is within a reasonable range, indicating a good match between valuation and performance. 2. Horizontal comparison: There is still room for improvement. Looking at the valuation level, A-shares' absolute valuation is still lower than that of US stocks, leaving room for significant improvement. US stocks, especially in the technology sector, are at historical high valuations, with price-to-book ratios generally exceeding 90%, indicating that valuation expansion may be nearing its end. Some industries in the A-share market, such as finance and transportation infrastructure, still have valuation advantages and present structural opportunities. 3. Expectations for performance improvement: "Anti-cyclicality".
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