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美股行业估值的分化程度(行业PE分位数的标准差,MA12个月)
美股行业估值的分化程度(行业PE分位数的标准差,MA12个月)
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| 日期       | 硬件与设备 | 软件和计算机服务 | 电子电器设备 | 一般零售业 | 传媒 | 电信 | 金融 | 休闲旅游 | 卫生保健 | 工业工程 | 石油和天然气 | 个人物品 | 汽车及零部件 | 航空和国防 | 工业运输 | 化学品 | 建筑和建材 | 食品饮料 | 基本资源 | 电力 |
|------------|------------|------------------|--------------|------------|------|------|------|----------|----------|----------|--------------|----------|--------------|------------|----------|--------|------------|----------|----------|------|
| Q1 1995    | 5          | 4                | 13           | 11         | 14   | 18   | 6    | 2        | 10       | 12       | 8            | 16       | 19           | 7          | 1        | 9      | 3          | 15       | 17       | 20   |
| Q2 1995    | 1          | 2                | 14           | 18         | 12   | 17   | 6    | 19       | 8        | 3        | 20           | 9        | 13           | 4          | 15       | 10     | 16         | 5        | 7        | 11   |
| Q3 1995    | 5          | 13               | 6            | 20         | 9    | 1    | 2    | 17       | 4        | 19       | 16           | 10       | 15           | 7          | 3        | 14     | 11         | 8        | 18       | 12   |
| Q4 1995    | 20         | 11               | 2            | 18         | 12   | 10   | 13   | 17       | 3        | 9        | 5            | 6        | 14           | 4          | 16       | 15     | 1          | 7        | 19       | 8    |
| Q1 1996    | 15         | 5                | 9            | 3          | 12   | 19   | 13   | 10       | 16       | 2        | 11           | 17       | 6            | 4          | 8        | 1      | 18         | 14       | 7        | 20   |
| Q2 1996    | 4          | 2                | 6            | 3          | 8    | 10   | 16   | 13       | 7        | 11       | 9            | 5        | 19           | 14         | 15       | 18     | 17         | 1        | 20       | 12   |
| Q3 1996    | 1          | 2                | 9            | 11         | 14   | 20   | 6    | 13       | 10       | 7        | 12           | 4        | 18           | 3          | 15       | 5      | 17         | 16       | 8        | 19   |
| Q4 1996    | 1          | 17               | 6            | 20         | 16   | 4    | 2    | 19       | 10       | 14       | 3            | 5        | 8            | 11         | 12       | 15     | 9          | 7        | 18       | 13   |
| Q1 1997    | 13         | 17               | 12           | 1          | 9    | 19   | 5    | 7        | 4        | 11       | 2            | 8        | 18           | 14         | 10       | 6      | 16         | 3        | 15       | 20   |
| Q2 1997    | 7          | 1                | 2            | 8          | 11   | 17   | 6    | 19       | 5        | 3        | 18           | 4        | 16           | 13         | 9        | 15     | 14         | 10       | 12       | 20   |
| Q3 1997    | 1          | 13               | 14           | 4          | 10   | 12   | 5    | 11       | 18       | 9        | 3            | 20       | 2            | 16         | 8        | 17     | 6          | 19       | 7        | 15   |
| Q4 1997    | 19         | 14               | 11           | 9          | 4    | 1    | 7    | 3        | 6        | 15       | 17           | 5        | 16           | 18         | 10       | 13     | 12         | 8        | 20       | 2    |
| Q1 1998    | 8          | 1                | 6            | 2          | 7    | 5    | 11   | 9        | 10       | 17       | 20           | 16       | 3            | 13         | 14       | 12     | 4          | 18       | 15       | 19   |
| Q2 1998    | 4          | 2                | 8            | 1          | 5    | 17   | 7    | 15       | 6        | 19       | 14           | 9        | 3            | 16         | 18       | 10     | 11         | 12       | 20       | 13   |
| Q3 1998    | 3          | 4                | 9            | 12         | 8    | 2    | 18   | 17       | 6        | 20       | 5            | 19       | 16           | 11         | 13       | 15     | 14         | 10       | 7        | 1    |
| Q4 1998    | 2          | 3                | 7            | 1          | 10   | 6    | 11   | 4        | 13       | 12       | 20           | 5        | 8            | 16         | 15       | 19     | 9          | 14       | 17       | 18   |
| Q1 1999    | 7          | 1                | 4            | 2          | 3    | 11   | 9    | 5        | 17       | 13       | 10           | 6        | 14           | 8          | 12       | 15     | 18         | 19       | 16       | 20   |
| Q2 1999    | 4          | 17               | 10           | 15         | 8    | 6    | 13   | 16       | 18       | 2        | 7            | 20       | 19           | 3          | 12       | 5      | 9          | 14       | 1        | 11   |
| Q3 1999    | 1          | 3                | 2            | 10         | 4    | 8    | 19   | 16       | 12       | 7        | 5            | 11       | 14           | 15         | 20       | 17     | 13         | 18       | 9        | 6    |
| Q4 1999    | 3          | 1                | 2            | 4          | 5    | 6    | 11   | 8        | 12       | 17       | 15           | 7        | 13           | 20         | 14       | 10     | 18         | 16       | 9        | 19   |
| Q1 2000    | 1          | 9                | 2            | 13         | 16   | 10   | 6    | 3        | 12       | 5        | 4            | 20       | 8            | 14         | 11       | 15     | 17         | 18       | 19       | 7    |
| Q2 2000    | 11         | 19               | 6            | 17         | 12   | 16   | 8    | 10       | 2        | 9        | 5            | 4        | 18           | 13         | 7        | 15     | 14         | 1        | 20       | 3    |
| Q3 2000    | 18         | 16               | 6            | 15         | 19   | 20   | 3    | 13       | 11       | 8        | 4            | 12       | 5            | 2          | 7        | 17     | 10         | 9        | 14       | 1    |
| Q4 2000    | 19         | 20               | 16           | 13         | 14   | 17   | 10   | 18       | 9        | 5        | 12           | 4        | 15           | 8          | 7        | 2      | 6          | 3        | 1        | 11   |

数据来源：Wind，广发证券发展研究中心
<table border="1" cellspacing="0" cellpadding="5">
    <caption>美股行业估值分化，在“熊市收敛”之后的行业表现（两次典型的“熊市收敛”）</caption>
    <thead>
        <tr>
            <th rowspan="2">估值分化峰值之后的行业涨幅</th>
            <th colspan="5">1980/12</th>
            <th rowspan="2"></th>
            <th colspan="5">2000/03</th>
        </tr>
        <tr>
            <th>PE分位数<br>(排序)</th>
            <th colspan="4">涨幅</th>
            <th>PE分位数<br>(排序)</th>
            <th colspan="4">涨幅</th>
        </tr>
        <tr>
            <th></th>
            <th></th>
            <th>+1个月</th>
            <th>+3个月</th>
            <th>+6个月</th>
            <th>+12个月</th>
            <th></th>
            <th></th>
            <th>+1个月</th>
            <th>+3个月</th>
            <th>+6个月</th>
            <th>+12个月</th>
        </tr>
    </thead>
    <tbody>
        <tr>
            <td>汽车及零部件</td>
            <td>97.8%</td>
            <td>1.4%</td>
            <td>4.1%</td>
            <td>9.7%</td>
            <td>-14.5%</td>
            <td></td>
            <td>电子电器设备</td>
            <td>100.0%</td>
            <td>5.4%</td>
            <td>6.2%</td>
            <td>17.4%</td>
            <td>-12.8%</td>
        </tr>
        <tr>
            <td>建筑和建材</td>
            <td>89.4%</td>
            <td>-7.2%</td>
            <td>-11.3%</td>
            <td>-23.5%</td>
            <td>-34.0%</td>
            <td></td>
            <td>硬件与设备</td>
            <td>100.0%</td>
            <td>1.4%</td>
            <td>-2.1%</td>
            <td>7.2%</td>
            <td>-55.3%</td>
        </tr>
        <tr>
            <td>工业工程</td>
            <td>77.8%</td>
            <td>-4.8%</td>
            <td>-3.1%</td>
            <td>2.8%</td>
            <td>-16.2%</td>
            <td></td>
            <td>软件和计算机服务</td>
            <td>99.6%</td>
            <td>-2.7%</td>
            <td>-15.6%</td>
            <td>-10.5%</td>
            <td>-52.1%</td>
        </tr>
        <tr>
            <td>航空和国防</td>
            <td>76.8%</td>
            <td>6.9%</td>
            <td>-8.1%</td>
            <td>-7.9%</td>
            <td>-25.1%</td>
            <td></td>
            <td>电信</td>
            <td>97.5%</td>
            <td>2.0%</td>
            <td>-11.7%</td>
            <td>-20.5%</td>
            <td>-38.8%</td>
        </tr>
        <tr>
            <td>工业运输</td>
            <td>66.3%</td>
            <td>-3.7%</td>
            <td>-7.3%</td>
            <td>-10.0%</td>
            <td>-13.9%</td>
            <td></td>
            <td>休闲旅游</td>
            <td>97.2%</td>
            <td>10.9%</td>
            <td>11.2%</td>
            <td>12.0%</td>
            <td>-10.8%</td>
        </tr>
        <tr>
            <td>石油和天然气</td>
            <td>56.8%</td>
            <td>-6.7%</td>
            <td>-16.2%</td>
            <td>-32.2%</td>
            <td>-28.9%</td>
            <td></td>
            <td>石油和天然气</td>
            <td>96.3%</td>
            <td>9.6%</td>
            <td>9.3%</td>
            <td>16.6%</td>
            <td>17.1%</td>
        </tr>
        <tr>
            <td>休闲旅游</td>
            <td>38.9%</td>
            <td>6.9%</td>
            <td>13.1%</td>
            <td>29.7%</td>
            <td>17.2%</td>
            <td></td>
            <td>化学品</td>
            <td>90.4%</td>
            <td>22.9%</td>
            <td>15.9%</td>
            <td>1.3%</td>
            <td>13.6%</td>
        </tr>
        <tr>
            <td>化学品</td>
            <td>36.8%</td>
            <td>-0.7%</td>
            <td>10.0%</td>
            <td>7.9%</td>
            <td>-7.0%</td>
            <td></td>
            <td>一般零售业</td>
            <td>89.5%</td>
            <td>21.2%</td>
            <td>7.3%</td>
            <td>-8.3%</td>
            <td>-11.9%</td>
        </tr>
        <tr>
            <td>电子电器设备</td>
            <td>34.7%</td>
            <td>2.4%</td>
            <td>1.9%</td>
            <td>7.0%</td>
            <td>-5.3%</td>
            <td></td>
            <td>个人物品</td>
            <td>85.8%</td>
            <td>-8.4%</td>
            <td>-7.2%</td>
            <td>-13.5%</td>
            <td>-3.5%</td>
        </tr>
        <tr>
            <td>休闲用品</td>
            <td>32.6%</td>
            <td>-1.2%</td>
            <td>3.2%</td>
            <td>15.4%</td>
            <td>8.7%</td>
            <td></td>
            <td>卫生保健</td>
            <td>84.9%</td>
            <td>6.2%</td>
            <td>9.4%</td>
            <td>17.1%</td>
            <td>22.4%</td>
        </tr>
        <tr>
            <td>基本资源</td>
            <td>30.5%</td>
            <td>-3.8%</td>
            <td>0.8%</td>
            <td>5.9%</td>
            <td>-15.1%</td>
            <td></td>
            <td>食品饮料</td>
            <td>81.2%</td>
            <td>8.0%</td>
            <td>18.2%</td>
            <td>21.7%</td>
            <td>46.0%</td>
        </tr>
        <tr>
            <td>一般零售业</td>
            <td>28.4%</td>
            <td>5.9%</td>
            <td>7.5%</td>
            <td>37.1%</td>
            <td>23.4%</td>
            <td></td>
            <td>金融</td>
            <td>79.1%</td>
            <td>21.1%</td>
            <td>26.8%</td>
            <td>34.0%</td>
            <td>31.8%</td>
        </tr>
        <tr>
            <td>食品和药品零售</td>
            <td>26.3%</td>
            <td>1.8%</td>
            <td>8.2%</td>
            <td>14.0%</td>
            <td>13.8%</td>
            <td></td>
            <td>传媒</td>
            <td>78.8%</td>
            <td>2.6%</td>
            <td>-5.0%</td>
            <td>-6.5%</td>
            <td>-16.0%</td>
        </tr>
        <tr>
            <td>传媒</td>
            <td>20.0%</td>
            <td>3.1%</td>
            <td>10.1%</td>
            <td>16.9%</td>
            <td>9.0%</td>
            <td></td>
            <td>航空和国防</td>
            <td>75.7%</td>
            <td>14.6%</td>
            <td>23.6%</td>
            <td>24.6%</td>
            <td>41.9%</td>
        </tr>
        <tr>
            <td>金融</td>
            <td>17.8%</td>
            <td>6.2%</td>
            <td>7.3%</td>
            <td>20.5%</td>
            <td>20.7%</td>
            <td></td>
            <td>食品和药品零售</td>
            <td>75.7%</td>
            <td>0.6%</td>
            <td>4.2%</td>
            <td>2.5%</td>
            <td>19.9%</td>
        </tr>
        <tr>
            <td>硬件与设备</td>
            <td>14.7%</td>
            <td>-0.8%</td>
            <td>-8.7%</td>
            <td>-8.8%</td>
            <td>-23.8%</td>
            <td></td>
            <td>基本资源</td>
            <td>65.9%</td>
            <td>13.8%</td>
            <td>1.9%</td>
            <td>-2.0%</td>
            <td>11.5%</td>
        </tr>
        <tr>
            <td>卫生保健</td>
            <td>6.3%</td>
            <td>7.2%</td>
            <td>10.6%</td>
            <td>17.3%</td>
            <td>14.0%</td>
            <td></td>
            <td>电力</td>
            <td>64.1%</td>
            <td>4.5%</td>
            <td>17.3%</td>
            <td>35.7%</td>
            <td>43.1%</td>
        </tr>
        <tr>
            <td>软件和计算机服务</td>
            <td>5.2%</td>
            <td>3.5%</td>
            <td>-0.4%</td>
            <td>7.2%</td>
            <td>-2.5%</td>
            <td></td>
            <td>工业工程</td>
            <td>53.9%</td>
            <td>9.8%</td>
            <td>12.6%</td>
            <td>11.7%</td>
            <td>19.6%</td>
        </tr>
        <tr>
            <td>食品饮料</td>
            <td>1.0%</td>
            <td>6.6%</td>
            <td>13.2%</td>
            <td>20.0%</td>
            <td>19.9%</td>
            <td></td>
            <td>休闲用品</td>
            <td>43.8%</td>
            <td>16.2%</td>
            <td>25.1%</td>
            <td>9.3%</td>
            <td>25.0%</td>
        </tr>
        <tr>
            <td>个人物品</td>
            <td>1.0%</td>
            <td>1.8%</td>
            <td>5.9%</td>
            <td>11.1%</td>
            <td>11.1%</td>
            <td></td>
            <td>汽车及零部件</td>
            <td>28.2%</td>
            <td>14.1%</td>
            <td>6.8%</td>
            <td>4.8%</td>
            <td>0.9%</td>
        </tr>
        <tr>
            <td>电力</td>
            <td>1.0%</td>
            <td>5.8%</td>
            <td>2.5%</td>
            <td>7.2%</td>
            <td>16.5%</td>
            <td></td>
            <td>工业运输</td>
            <td>26.9%</td>
            <td>11.2%</td>
            <td>14.9%</td>
            <td>14.9%</td>
            <td>30.5%</td>
        </tr>
        <tr>
            <td>电信</td>
            <td>0.0%</td>
            <td>4.0%</td>
            <td>6.5%</td>
            <td>18.5%</td>
            <td>23.3%</td>
            <td></td>
            <td>建筑和建材</td>
            <td>11.3%</td>
            <td>22.7%</td>
            <td>21.5%</td>
            <td>10.3%</td>
            <td>17.9%</td>
        </tr>
        <tr>
            <td style="background-color: #f5e6d3;">估值前10平均涨幅</td>
            <td style="background-color: #f5e6d3;">-</td>
            <td style="background-color: #f5e6d3;">-1.5%</td>
            <td style="background-color: #f5e6d3;">-5.2%</td>
            <td style="background-color: #f5e6d3;">-5.8%</td>
            <td style="background-color: #f5e6d3;">-20.8%</td>
            <td></td>
            <td style="background-color: #f5e6d3;">估值前10平均涨幅</td>
            <td style="background-color: #f5e6d3;">-</td>
            <td style="background-color: #f5e6d3;">3.4%</td>
            <td style="background-color: #f5e6d3;">-2.4%</td>
            <td style="background-color: #f5e6d3;">1.1%</td>
            <td style="background-color: #f5e6d3;">-33.9%</td>
        </tr>
        <tr>
            <td style="background-color: #e6f2ff;">估值后10平均涨幅</td>
            <td style="background-color: #e6f2ff;">-</td>
            <td style="background-color: #e6f2ff;">4.3%</td>
            <td style="background-color: #e6f2ff;">5.6%</td>
            <td style="background-color: #e6f2ff;">12.8%</td>
            <td style="background-color: #e6f2ff;">13.7%</td>
            <td></td>
            <td style="background-color: #e6f2ff;">估值后10平均涨幅</td>
            <td style="background-color: #e6f2ff;">-</td>
            <td style="background-color: #e6f2ff;">14.8%</td>
            <td style="background-color: #e6f2ff;">16.2%</td>
            <td style="background-color: #e6f2ff;">10.2%</td>
            <td style="background-color: #e6f2ff;">18.8%</td>
        </tr>
    </tbody>
</table>
<p>数据来源：Wind，广发证券发展研究中心</p>
所属报告:
主题策略-2026年定价逻辑前瞻:“弹簧”未到极限时-260104(25页).pdf
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2018-2025年中美大型券商各杜邦分析指标均值及标准差
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行业数据
2026-04-28
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欧洲汽车零部件价格指数(2011–2026)及标准差波动
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行业数据
2026-04-22
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全球汽车零部件PE指数(2013–2026)及标准差区间
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行业数据
2026-04-22
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2007年以来各类底层资产J-REIT年化回报率以及标准差
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行业数据
2026-01-14
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1994-2024年各类底层资产REITs平均年化回报及标准差
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行业数据
2026-01-14
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美股行业涨幅的分化程度(行业月度涨幅前3-涨幅后3,MA12)
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行业数据
2026-01-07
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2008年至今申万家电股债收益差(均值和标准差采用三年滚动周期;
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行业数据
2025-12-15
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多邻国当前市盈率30倍,接近-1标准差
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行业数据
2025-12-12
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MSCI中国医药卫生指数前瞻市盈率低于五年平均0.3个标准差
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行业数据
2025-12-05
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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
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行业数据
2025-11-27
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“万得全AP/E-名义GDP增速”处于滚动五年的+1.61倍标准差
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行业数据
2025-11-26
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“万得全AP/E-名义GDP增速”处于滚动五年的+1.64倍标准差
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行业数据
2025-11-24
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2022年以来平均值为22.8倍/标准差8.1倍
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行业数据
2025-11-19
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2023年以来平均25.7倍/标准差7.4倍
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行业数据
2025-11-19
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(4)历史上,也仅有两次典型的熊市收敛,一次是在 1981 年、一次是在2000 年,其余 12 次均是牛市收敛。
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