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图7、各顺周期行业估值近五年分位数VS2026E净利润增速_第1页
<|begin_of_box|>| 行业名称       | PE近五年分位数（%） | 2026E净利润增速（经对数处理） | 景气状态   |
|----------------|--------------------|-------------------------------|------------|
| 航空机场       | 50                 | 2.00                          | 景气加速   |
| 种植业         | 55                 | 1.70                          | 景气加速   |
| 互联网电商     | 60                 | 1.50                          | 景气加速   |
| 休闲食品       | 62                 | 1.40                          | 困境反转   |
| 非金属材料II   | 63                 | 1.45                          | 景气加速   |
| 能源金属       | 68                 | 1.80                          | 景气降速   |
| 玻璃玻纤       | 75                 | 1.50                          | 景气加速   |
| 塑料           | 85                 | 1.50                          | 景气加速   |
| 化学纤维       | 88                 | 1.50                          | 困境反转   |
| 专业连锁II     | 90                 | 1.50                          | 困境反转   |
| 橡胶           | 92                 | 1.45                          | 困境反转   |
| 金属新材料     | 88                 | 1.45                          | 景气加速   |
| 环保设备II     | 90                 | 1.45                          | 困境反转   |
| 装修建材       | 95                 | 1.35                          | 困境反转   |
| 多元金融       | 92                 | 1.30                          | 困境反转   |
| 照明设备II     | 93                 | 1.25                          | 困境反转   |
| 环境治理       | 94                 | 1.20                          | 困境反转   |
| 煤炭开采       | 95                 | 1.15                          | 困境反转   |
| 冶钢原料       | 96                 | 1.10                          | 困境反转   |
| 炼化及贸易     | 97                 | 1.05                          | 困境反转   |
| 工程咨询服务II | 98                 | 0.90                          | 困境反转   |
| 房屋建设II     | 99                 | 0.80                          | 困境反转   |
| 国有大型银行II | 100                | 0.40                          | 景气加速   |
| 贵金属         | 5                  | 1.50                          | 景气降速   |
| 证券II         | 12                 | 1.00                          | 景气降速   |
| 非白酒         | 8                  | 1.00                          | 景气加速   |
| 白酒II         | 18                 | 0.80                          | 困境反转   |
| 调味发酵品II   | 22                 | 1.10                          | 景气加速   |
| 专业服务       | 23                 | 1.20                          | 景气降速   |
| 房地产服务     | 28                 | 1.10                          | 困境反转   |
| 化妆品         | 28                 | 1.30                          | 困境反转   |
| 酒店餐饮       | 30                 | 1.40                          | 困境反转   |
| 饲料           | 32                 | 1.40                          | 困境反转   |
| 养殖业         | 35                 | 1.60                          | 景气加速   |
| 农产品加工     | 42                 | 1.45                          | 景气降速   |
| 旅游及景区     | 48                 | 1.30                          | 困境反转   |
| 教育培训       | 52                 | 1.45                          | 景气加速   |
| 动物保健II     | 58                 | 1.40                          | 景气降速   |
| 小家电         | 62                 | 1.30                          | 困境反转   |
| 黑色家电       | 64                 | 1.30                          | 困境反转   |
| 特钢II         | 65                 | 1.35                          | 景气加速   |
| 工业金属       | 66                 | 1.35                          | 景气加速   |
| 包装印刷       | 67                 | 1.35                          | 景气加速   |
| 家电零部件II   | 68                 | 1.35                          | 景气加速   |
| 文娱用品       | 64                 | 1.35                          | 困境反转   |
| 厨卫电器       | 56                 | 1.30                          | 困境反转   |
| 饮料乳品       | 67                 | 1.35                          | 景气加速   |
| 化学制品       | 72                 | 1.40                          | 景气降速   |
| 小金属         | 73                 | 1.40                          | 景气降速   |
| 个护用品       | 74                 | 1.35                          | 景气加速   |
| 水泥           | 76                 | 1.35                          | 景气降速   |
| 农化制品       | 77                 | 1.35                          | 困境反转   |
| 纺织制造       | 78                 | 1.35                          | 困境反转   |
| 造纸           | 80                 | 1.35                          | 困境反转   |
| 化学原料       | 82                 | 1.35                          | 困境反转   |
| 物流           | 83                 | 1.30                          | 困境反转   |
| 饰品           | 84                 | 1.30                          | 困境反转   |
| 燃气II         | 85                 | 1.25                          | 困境反转   |
| 专业工程       | 87                 | 1.20                          | 困境反转   |
| 贸易II         | 89                 | 1.20                          | 景气降速   |
| 服装家纺       | 78                 | 1.20                          | 困境反转   |
| 油服工程       | 38                 | 1.20                          | 景气加速   |
| 食品加工       | 50                 | 1.30                          | 困境反转   |
| 电力           | 48                 | 0.90                          | 景气加速   |
| 白色家电       | 22                 | 0.90                          | 景气降速   |
| 城商行II       | 62                 | 0.90                          | 景气加速   |
| 农商行II       | 58                 | 0.80                          | 景气加速   |
| 铁路公路       | 60                 | 0.80                          | 困境反转   |
| 基础建设       | 82                 | 0.80                          | 困境反转   |
| 股份制银行II   | 70                 | 0.60                          | 困境反转   |
| 保险II         | 5                  | 0.50                          | 景气降速   |

数据来源：Wind，兴业证券经济与金融研究院整理<|end_of_box|>
图7、各顺周期行业估值近五年分位数VS2026E净利润增速_第2页
<|begin_of_box|>| 行业名称       | PE近五年分位数（%） | 2026E净利润增速（经对数处理） | 景气状态   |
|----------------|--------------------|-------------------------------|------------|
| 航空机场       | 50                 | 2.00                          | 景气加速   |
| 种植业         | 55                 | 1.70                          | 景气加速   |
| 互联网电商     | 60                 | 1.50                          | 景气加速   |
| 休闲食品       | 62                 | 1.40                          | 困境反转   |
| 非金属材料II   | 63                 | 1.45                          | 景气加速   |
| 能源金属       | 68                 | 1.80                          | 景气降速   |
| 玻璃玻纤       | 75                 | 1.50                          | 景气加速   |
| 塑料           | 85                 | 1.50                          | 景气加速   |
| 化学纤维       | 88                 | 1.50                          | 困境反转   |
| 专业连锁II     | 90                 | 1.50                          | 困境反转   |
| 橡胶           | 92                 | 1.45                          | 困境反转   |
| 金属新材料     | 88                 | 1.45                          | 景气加速   |
| 环保设备II     | 90                 | 1.45                          | 困境反转   |
| 装修建材       | 95                 | 1.35                          | 困境反转   |
| 多元金融       | 92                 | 1.30                          | 困境反转   |
| 照明设备II     | 93                 | 1.25                          | 困境反转   |
| 环境治理       | 94                 | 1.20                          | 困境反转   |
| 煤炭开采       | 95                 | 1.15                          | 困境反转   |
| 冶钢原料       | 96                 | 1.10                          | 困境反转   |
| 炼化及贸易     | 97                 | 1.05                          | 困境反转   |
| 工程咨询服务II | 98                 | 0.90                          | 困境反转   |
| 房屋建设II     | 99                 | 0.80                          | 困境反转   |
| 国有大型银行II | 100                | 0.40                          | 景气加速   |
| 贵金属         | 5                  | 1.50                          | 景气降速   |
| 证券II         | 12                 | 1.00                          | 景气降速   |
| 非白酒         | 8                  | 1.00                          | 景气加速   |
| 白酒II         | 18                 | 0.80                          | 困境反转   |
| 调味发酵品II   | 22                 | 1.10                          | 景气加速   |
| 专业服务       | 23                 | 1.20                          | 景气降速   |
| 房地产服务     | 28                 | 1.10                          | 困境反转   |
| 化妆品         | 28                 | 1.30                          | 困境反转   |
| 酒店餐饮       | 30                 | 1.40                          | 困境反转   |
| 饲料           | 32                 | 1.40                          | 困境反转   |
| 养殖业         | 35                 | 1.60                          | 景气加速   |
| 农产品加工     | 42                 | 1.45                          | 景气降速   |
| 旅游及景区     | 48                 | 1.30                          | 困境反转   |
| 教育培训       | 52                 | 1.45                          | 景气加速   |
| 动物保健II     | 58                 | 1.40                          | 景气降速   |
| 小家电         | 62                 | 1.30                          | 困境反转   |
| 黑色家电       | 64                 | 1.30                          | 困境反转   |
| 特钢II         | 65                 | 1.35                          | 景气加速   |
| 工业金属       | 66                 | 1.35                          | 景气加速   |
| 包装印刷       | 67                 | 1.35                          | 景气加速   |
| 家电零部件II   | 68                 | 1.35                          | 景气加速   |
| 文娱用品       | 64                 | 1.35                          | 困境反转   |
| 厨卫电器       | 56                 | 1.30                          | 困境反转   |
| 饮料乳品       | 67                 | 1.35                          | 景气加速   |
| 化学制品       | 72                 | 1.40                          | 景气降速   |
| 小金属         | 73                 | 1.40                          | 景气降速   |
| 个护用品       | 74                 | 1.35                          | 景气加速   |
| 水泥           | 76                 | 1.35                          | 景气降速   |
| 农化制品       | 77                 | 1.35                          | 困境反转   |
| 纺织制造       | 78                 | 1.35                          | 困境反转   |
| 造纸           | 80                 | 1.35                          | 困境反转   |
| 化学原料       | 82                 | 1.35                          | 困境反转   |
| 物流           | 83                 | 1.30                          | 困境反转   |
| 饰品           | 84                 | 1.30                          | 困境反转   |
| 燃气II         | 85                 | 1.25                          | 困境反转   |
| 专业工程       | 87                 | 1.20                          | 困境反转   |
| 贸易II         | 89                 | 1.20                          | 景气降速   |
| 服装家纺       | 78                 | 1.20                          | 困境反转   |
| 油服工程       | 38                 | 1.20                          | 景气加速   |
| 食品加工       | 50                 | 1.30                          | 困境反转   |
| 电力           | 48                 | 0.90                          | 景气加速   |
| 白色家电       | 22                 | 0.90                          | 景气降速   |
| 城商行II       | 62                 | 0.90                          | 景气加速   |
| 农商行II       | 58                 | 0.80                          | 景气加速   |
| 铁路公路       | 60                 | 0.80                          | 困境反转   |
| 基础建设       | 82                 | 0.80                          | 困境反转   |
| 股份制银行II   | 70                 | 0.60                          | 困境反转   |
| 保险II         | 5                  | 0.50                          | 景气降速   |

数据来源：Wind，兴业证券经济与金融研究院整理<|end_of_box|>
图7、各顺周期行业估值近五年分位数VS2026E净利润增速_第3页
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图7、各顺周期行业估值近五年分位数VS2026E净利润增速_第4页
图7、各顺周期行业估值近五年分位数VS2026E净利润增速_第5页
所属报告: 宏观策略-中国资产有望迎来修复-251123(9页).pdf
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