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截至9月21日,医药板块市盈率为(TTM整体法)32倍,相对全部A股的溢价率达到159%,处于历史高位。很多投资者担心,医药板块存在较高的估值和溢价率压力,在当前的市场环境下,可能会面临阶段性调整压力或存在跑输市场的风险。但高溢价率并不一定就意味着板块或个股的必然调整。就医药板块而言,未来有可能会出现两个方向的走势。悲观的情况:如果政策和周期性行业基本面出现比较明确的转向信号,医药板块溢价率可能出现短暂而迅速的下滑。乐观的情况:如果政策和周期性行业持续缺乏推动市场的理由,医药板块可能在类似前两个月的反复波动中度过
As of September 21, the P / E of the pharmaceutical sector was 32 times (TTM overall approach), with a premium of 159% to all A-shares at historic highs. Many investors are worried that the medical sector will have higher valuation and premium rate pressures. Under the current market environment, it may face periodic adjustment pressure or the risk of losing to the market. However, the high premium rate does not necessarily mean a necessary adjustment of the sector or individual stocks. As far as the medical sector is concerned, there may be two directions in the future. Pessimistic situation: If policy and cyclical industry fundamentals appear more clear turn signal, the medical sector premium rate may be a temporary and rapid decline. Optimistic scenario: If the policy and cyclical sectors continue to lack the market-pushing reasons, the pharmaceutical sector may have to go through similar fluctuations in the first two months