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万得全A的风险溢价已经近-2倍标准差水平(市盈率标准),或预示着震荡理行情开启
万得全A的风险溢价已经近-2倍标准差水平(市盈率标准),或预示着震荡理行情开启
行业数据
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图片格式:PNG
图片大小:265KB
图片尺寸:2302*971
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所属报告:
宏观策略-2026年度市场策略报告:风生水起乘势而上-251123(44页).pdf
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三星1年预期市盈率(2020–2025)
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2026-04-22
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图表1 - SWX相对于受监管天然气公用事业LDC同行的相对溢价/折扣(财年3市盈率)
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2026-04-20
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图表13:宝丰的预期市盈率(NTMP/E)
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2026-04-20
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图61、市盈率(PE)
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2026-04-10
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工程机械(申万)市盈率TTM
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行业数据
2026-03-26
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展览 2:Compass 估值相对整体指数的滞后在 2026 年 2 月降至 <20%,距 Covid 低点约 10 个百分点,远低于 10 年历史平均水平的 59% 1 年期前市盈率滞后 - CPG LN / Stoxx 欧洲 600 指数
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2026-03-11
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图45: 中国零食/零售商2026年市盈率(倍)与2025-27E净利润年均增长率
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行业数据
2026-03-11
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12个月前瞻市盈率(倍)和每股收益同比增速(%)
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2026-03-09
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自2020年以来的历史市盈率倍数
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2026-02-12
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A股医药行业子版块2025年市盈率情况(TTM)
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2026-01-28
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全球全年龄段奶粉市场规模(亿美元)
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2026-07-30
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2026-07-30
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2026-07-30
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三 短期估值仍待消化,震荡结构更为健康。我们用 1/万得全 A PE-中证 10年期国债 益率来衡量风险溢价(市盈率标准)。从历史来看,当万得全 A 的风险溢价(市盈率标准)回落至-2 倍标准差位置 ,通常对应 市盈率估值处于阶段性偏高阶段,后续通常为震荡或震荡上行阶段, 规律仅 2015年“水牛”行情出现例外。截至 2025年 11月 6 ,万得全 A的风险溢价(市盈率标准)回落至 2.69%,已经 近-2倍标准差位置(2.65%), A股市场市盈率估值阶段性偏高,仍有待业绩增长来消化,参照历史规律,这意味着市场震荡 理行情可能开启。
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宏观策略-2026年度市场策略报告:风生水起乘势而上-251123(44页).pdf
万得全A的盈利预测
2004年以来,A股历史“牛市”高点的证券化率水平统计(%)
2004年以来,A股历史“牛市”的续间及区间涨幅统计
隐含波动率升至异常高位(例如中证1000IV升40点左右),通常对应市场行情的阶段性点
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