全球行业和龙头公司估值对比：从避险到布局关税冲击下的中国资产战略机遇再定价

证券研究报

告从避险到布局：关税冲击下的中国资产战略机遇再定价——全球行业和龙头公司估值对比（20250407）证券研究报告3和欧洲及东南亚水平相当资料来源：Wind、iFind、Bloomberg、申万宏源研究；备注：A股ERP以10年期国债利率计算，其他国家/地区以10年期美债利率计算；数据截止至20250407代码美元指数收盘价2024年底收盘价最新涨跌幅2025至今涨跌幅2024年9月24日以来PE-TTM最新PB最新ERP

股权风险溢价

最新%881001.WI万得全A5,0224,628-8%13%17.01.44.3000001.SH上证指数3,3523,097-8%%13.31.25.9399001.SZ深证成指10,4159,36410%-1%23.12.02.7000016.SH上证502,6852,517-6%%8.2000300.SH沪深3003,9353,589-9%%6.9399006.SZ创业板指2,1421,807-16%2%8177110.211.727.51.11.23.42000688.SH科创50989924-7%39%91.34.2.0-0.525.81.72.2000905.SH399303.SZ中证500国证20005,7267,5335,2876,981-8%-7%13%21%38.72.00.94%17.82.11.6888202.WIHXC.GI万得中概股100纳斯达克中国金龙指数2,4476,7632,5866,8806%2%7%20.41.90.94%8.90.97.2HSI.HIHSTECH.HI恒生指数恒生科技20,0604,46819,8284,402-1%-1%12%18.62.51.4中国台湾TWII.TW台湾加权指数23,03519,232-17%-14%新台币1.3%17.9__N225.GI日经22539,89531,137-22%-18日元-6.3%16.6KOSDAQ.GI韩国KOSDAQ678651-4%-15%%韩元-0.9%89.61.61.6_-2.9PSI.GI马尼拉综指6,5295,823-11%-2210.6_5.4SENSEX.BO印度Sensex3078,13975,365-4%-11_3.6-4.0%%-5%菲律宾比索印度卢比越南盾-2.0%0.1%1.3%4.5VNINDEX.GISTI.GI胡志明指数富时新加坡海峡指数1,2673,7881,2113,826-4%1%6%新加坡元-1.0%11.711.81.5_4.5KLSE.GI富时马来西亚综指1,6421,444-12%-14%马来西亚林吉特-0.7%17.2_1.8-14%-1123.44.3SPX.GIIXIC.GI标普500纳斯达克1005,88219,3115,07415,588-19%-145.38884057.WITAMAMA科技指数17,33313,142-24%-1634.427.410.2-10%-925.97.20.3-1.1-0.4-0.2DJI.GIRTY.GI道琼斯工业指数罗素2000指数42,5442,23038,3151,827-18%-18%%%%%16910.31.8_英镑-2.7%16.01.72.2-3%-4%9%15.916.21.8_2.3_0%18.019.5__1.51.1FTSE.GIFCHI.GIGDAXI.GIBFX.GIAEX.GIIBEX.GI英国富时100法国CAC40德国DAX比利时BFX荷兰AEX西班牙IBEX358,1737,38119,9094,26587911,5958,0557,27520,6424,26091412,422-1%-1%4%0%4%7%1%5%4.9BVLX.GI葡萄牙PSI4,1464,061-2%-13%4.910%11.311.28.8___7.49%3%0%瑞士法郎-4.8%ASE.GISSMI.GIKAX.GI希腊ASE综指瑞士SMI丹麦OMX201,47011,6012,1021,59811,9901,614-23%-38%-4.3%19.318.4__1.21.4OSEAX.GI挪威OSEAX1,6451,607-2%-1%丹麦克朗挪威克朗-5.1%6.7OMXSPI.GI瑞典OMX全指955874-8%-12%瑞典克朗-9.4%9.314.8__2.8PX.GI布拉格综指1,7601,95211%23%捷克克朗-4.7%15.0_2.7DFM.GI阿联酋DFM综指5,1594,951-4%11%SASEIDX.GI沙特全指12,03712,1271%-1%阿联酋迪拉姆沙特里亚尔______127,2566%-4%巴西雷亚尔-5.5%8.5_7.8IBOVESPA.GIAS.GI巴西IBOVESPA指数澳洲标普120,283,,-%..-%16%澳大利亚元智利比索.%-1.6%__IGPA.GIMERV.GI智利综指阿根廷MERV指数33,6842,533,63537,708 12%2,107,816 -17% 19% 阿根廷比索 4.2%__ ___中东南美&澳洲日韩东南亚美国欧洲欧元-5.1%汇率涨跌幅：美元兑本币2025年截至最新A股人民币-0.3%中概股中国香港港币0.1%证券研究报告4净率和市销率衡量，除亏损行业外，港股在市盈率、市净率及市销率均为最低资料来源：Wind、iFind、Bloomberg、申万宏源研究；备注：估值为2025/2/28数据GICS行业市盈率PE_TTM市净率

PB市销率

PS_TTMA股港股美股A股港股美股A股港股美股能源9.86.213.41.00.61.20.60.41.0材料31.214.721.31.30.71.80.90.41.5工业23.18.325.71.20.44.00.80.41.8可选消费23.019.728.52.01.84.31.11.11.6日常消费21.320.927.93.31.85.82.41.21.4医疗保健36.824.052.02.41.43.32.51.01.8金融7.65.813.80.60.5——2.31.65.9信息技术70.722.334.82.9——8.12.41.95.7通讯服务22.713.723.81.51.11.42.01.23.0公用事业16.710.820.31.10.61.71.50.72.2房地产-9.7-4.455.90.30.32.20.50.53.5证券研究报告5龙头估值为七大市场的最低水平，TMT龙头股估值为七大市场中高位水平资料来源：Wind、iFind、Bloomberg、申万宏源研究；龙头股（各行业市值前3名公司）估值平均值备注：计算PE-TTM和PB均值剔除掉小于的样本，下同2025/4/7PE(TTM)PB二级行业

龙头股A股中国香港中国台湾美国日本英国印度A股中国香港中国台湾美国日本英国印度软件与服务206.613.717.021.525.826.823.012.82.55.96.63.26.78.1半导体与半导体生产设备172.888.618.840.318.530.068.621.21.14.114.94.48.55.5医疗保健设备与服务44.87.313.325.226.126.695.46.05.53.05.03.45.210.5媒体Ⅱ45.619.513.525.625.328.040.44.72.01.55.91.66.45.4汽车与汽车零部件23.616.517.259.87.945.621.15.83.02.712.90.85.13.9家庭与个人用品30.318.915.625.326.426.946.64.43.91.7121.92.36.919.4运输15.18.24.919.48.413.4324.11.51.01.14.80.83.419.4制药、生物科技与生命科学33.220.336.053.028.618.943.17.24.47.453.03.56.66.9多元金融23.017.58.926.712.819.025.92.13.01.229.91.920.94.1电信服务Ⅱ18.912.227.017.712.413.637.11.40.93.62.71.32.29.7能源Ⅱ9.66.433.113.27.412.134.41.40.91.01.50.51.73.1食品、饮料与烟草19.518.117.727.528.838.345.36.84.32.811.62.115.433.5零售业34.722.818.323.729.970.799.51.64.16.120.44.113.219.7材料Ⅱ12.57.685.225.412.5458.860.72.31.60.99.51.214.57.0技术硬件与设备18.218.416.922.128.626.349.63.02.72.917.52.616.412.2公用事业Ⅱ18.415.019.221.012.120.046.82.21.53.62.50.82.56.2食品与主要用品零售Ⅱ20.829.125.335.0122.321.2145.34.71.84.18.12.24.611.8保险Ⅱ7.56.410.713.99.215.236.91.31.10.83.11.02.26.2消费者服务Ⅱ88.315.2——31.531.4166.0347.42.26.0——17.54.445.817.5房地产Ⅱ19.718.512.855.513.963.843.10.61.02.111.71.20.65.4商业和专业服务18.28.369.637.420.843.254.33.00.66.511.42.85.710.4资本货物12.57.520.124.215.617.942.31.80.63.66.31.94.48.5银行6.54.813.810.58.713.815.90.70.51.51.30.81.52.5耐用消费品与服装11.011.216.615.314.637.086.12.12.33.84.02.210.023.53.全球龙头股估值对比：三级行业龙头股（各行业市值前3名公司）估值平均值A股相对低估状态：估值处于七大市场中等以下行业2025/4/7PE(TTM)PB三级行业

龙头股A股中国香港中国台湾美国日本英国印度A股中国香港中国台湾美国日本英国印度化工15.89.3225.931.515.891.854.92.00.80.711.31.631.211.8商业服务与用品18.28.316.437.414.141.154.33.00.63.511.41.23.610.4海运Ⅲ8.43.93.532.63.810.028.61.11.20.71.50.61.11.5综合类Ⅲ20.911.216.225.612.546.731.01.20.30.79.91.46.09.2互联网与售货目录零售47.415.029.918.824.370.720.42.32.64.73.95.913.22.6石油、天然气与供消费用燃料9.66.433.113.27.412.134.41.40.91.01.50.51.73.1多元电信服务18.912.225.918.116.413.625.61.40.93.02.12.92.211.7多元化零售19.212.913.714.419.813.5252.11.71.23.83.13.05.214.1医疗保健提供商与服务22.033.826.725.010.230.3108.23.11.12.43.20.82.411.7公路与铁路运输17.910.013.121.211.383.218.91.00.82.04.61.05.52.5航空货运与物流Ⅲ13.023.614.715.322.512.6333.01.51.41.44.51.51.521.3机械18.18.727.917.519.618.136.11.61.04.05.82.04.39.5燃气Ⅲ14.313.821.516.916.117.812.61.71.52.51.90.93.01.8保险Ⅲ7.56.410.713.99.215.236.91.31.10.83.11.02.26.2酒店、餐馆与休闲Ⅲ88.315.214.531.531.4118.7387.52.26.04.117.54.440.310.6饮料19.521.111.161.520.638.397.16.84.71.315.21.315.410.6食品与主要用品零售Ⅲ20.829.125.335.0122.321.2145.34.71.84.18.12.24.611.8电子设备、仪器和元件18.219.416.224.728.625.549.63.01.82.24.62.63.212.2通信设备Ⅲ20.620.424.939.3155.14033.335.14.72.64.98.71.82.98.4水务Ⅲ14.910.714.817.8——48.835.71.10.83.82.0——3.14.3容器与包装12.920.819.930.414.017.236.61.62.11.22.40.81.05.2房地产管理和开发19.718.512.860.313.963.843.10.61.02.14.71.20.65.4贸易公司与工业品经销商Ⅲ11.03.557.425.19.010.742.70.91.72.39.91.22.75.7家庭耐用消费品11.012.213.217.212.011.380.32.12.12.13.51.31.517.6生物科技Ⅲ19.925.941.6158.441.328.633.94.94.97.913.722.810.32.9建筑与工程Ⅲ5.02.915.021.211.363.732.10.50.24.55.01.23.64.6商业银行6.54.813.810.58.713.815.90.70.51.51.30.81.52.5多元金融服务13.1317.47.733.513.917.120.31.09750.51.429.62.020.82.7纺织品、服装与奢侈品13.632.413.517.535.437.076.12.110.62.86.44.410.022.3证券研究报告资料来源：Wind、iFind、Bloomberg、申万宏源研究63.全球龙头股估值对比：三级行业（续）龙头股（各行业市值前3名公司）估值平均值A股相对持平或高估状态：估值处于七大市场中等偏上行业2025/4/7PE(TTM)PB三级行业

龙头股A股中国香港中国台湾美国日本英国印度A股中国香港中国台湾美国日本英国印度航空Ⅲ——5.99.78.49.315.053.23.51.32.71.91.14.417.6半导体产品与半导体设备172.888.618.840.318.530.068.621.21.14.114.94.48.55.5办公电子设备Ⅲ34.6————————————3.0——————————0.4专业服务115.410.767.4100.024.425.421.113.12.16.1136.36.46.64.5软件206.624.023.849.033.431.934.112.82.98.112.17.512.910.0汽车零配件25.610.214.88.012.710.337.14.51.62.11.40.81.58.4制药44.726.013.753.028.618.925.49.15.16.353.03.56.64.3媒体Ⅲ45.619.513.525.625.328.040.44.72.01.55.91.66.45.4信息技术服务104.613.214.929.923.518.223.04.45.41.812.43.93.98.1汽车23.616.510.759.87.144.221.15.83.02.212.90.84.43.9互联网软件与服务Ⅲ36.413.721.918.722.719.145.35.82.55.36.03.36.12.9综合消费者服务Ⅲ40.518.216.677.720.580.0344.914.71.61.78.22.87.317.5家庭用品Ⅲ37.84.513.523.024.125.953.84.41.61.6137.62.3120.96.7医疗保健设备与用品42.011.013.237.226.124.2284.95.920.72.06.53.46.05.0纸与林木产品25.710.026.636.012.917.115.01.80.20.72.90.60.92.4复合型公用事业Ⅲ18.98.2——21.30.313.6260.01.50.6——1.51.11.43.6能源设备与服务14.08.5——10.77.315.248.21.50.7——1.80.91.35.0建材Ⅲ16.314.013.621.29.413.744.11.40.61.13.10.91.93.4交通基础设施21.47.123.415.713.512.612.31.40.81.56.71.22.02.5电气设备25.730.523.825.216.123.074.14.70.78.85.11.73.316.1航空航天与国防Ⅲ156.812.576.027.319.337.869.33.30.43.54.63.35.816.1建筑产品Ⅲ28.8190.59.824.518.517.446.52.912.61.112.61.82.44.6专营零售65.119.220.323.327.517.166.83.43.22.934.67.712.621.3电脑与外围设备32.411.920.016.116.719.644.14.25.33.742.41.215.18.4生命科学工具和服务Ⅲ45.824.629.023.112.67991.361.92.61.63.54.22.32.06.9金属、非金属与采矿12.97.669.912.612.4438.752.51.91.61.43.50.514.69.6电力Ⅲ18.215.017.321.04.420.060.62.21.21.32.50.42.53.7独立电力生产商与能源贸易商Ⅲ18.07.922.014.611.358.851.22.00.82.08.12.00.96.0资本市场23.010.913.526.17.449.643.12.10.91.27.20.78.94.8个人用品Ⅲ30.319.315.67337.232.827.051.34.45.51.74.32.018.531.9医疗保健技术Ⅲ51.488.4119.848.224.246.522.72.92.06.148.52.23.83.8消费品经销商Ⅲ32.218.423.720.312.84.758.30.82.41.44.91.40.73.0休闲设备与用品85.719.722.570.218.815.4140.52.75.32.83.82.46.73.2食品20.3215.817.724.522.939.456.34.42.42.81.82.52.733.3证券研究报告资料来源：Wind、iFind、Bloomberg、申万宏源研究74.各细分领域龙头股估值对比：金融地产金融&地产A股港股中国台湾美国日本英国印度主要行业TOP

3PE_TTMPBTOP

3PE_TTMPBTOP

3PE_TTMPBTOP

3PE_TTMPBTOP

3PE_TTMPBTOP

3PE_TTMPBTOP

3PE_TTMPB房地产保利发展万科A招商蛇口18.9-1.620.40.50.40.8新鸿基地产贝壳-W华润置地11.538.06.10.32.20.6润泰创新兴富发樱花建设5.512.920.00.91.54.0安博(PROLOGIS)美国电塔(AMERICAN

TOWER)WELLTOWER信托24.445.696.61.730.42.9三井不动产大和房屋工业三菱房地产17.69.814.21.21.21.2CASTELLUMHUFVUDSTADENSERIESA

ORDSHSHONGKONGLAND-2.663.8-16.20.40.80.6DLFMACROTECH

DEVELOPERSGODREJ

PROPERTIES40.447.041.84.06.55.7保险中国人寿中国平安中国太保9.27.06.21.91.01.0中国平安友邦保险中国人寿5.410.63.10.71.80.7国泰金新光金三商美邦7.49.814.80.90.70.8伯克希尔(BERKSHIRE)-B伯克希尔(BERKSHIRE)-A前进保险(THE

PROGRESSIVE)12.012.017.81.61.65.9东京海上控股MS&AD

INSURANCE日本邮政8.15.813.61.81.00.4伯克希尔哈撒韦伯克希尔哈撒韦-BALLIANZ13.012.320.31.81.73.0LIFE

INSURANCEBAJAJ

FINSERVSBILIFEINSURANCE

COMPANY12.135.662.95.14.59.1多元金融服务中油资本越秀资本江苏金租16.212.810.30.71.01.2香港交易所ESR山高控股28.9-9.4605.97.01.029,243.5富邦金中租-KY钻石生技7.18.3-8.31.21.12.0VISA万事达卡(MASTERCARD)标普全球(S&P

GLOBAL)29.134.736.815.668.94.3欧力士日本交易所三菱日联租赁7.723.810.20.74.50.7VISA万事达卡INDUSTRIVARDENSERIES

AORDSHS20.525.65.310.750.81.0科塔克银行INDIANRAILWAY

FINANCEBAJAJHOLDINGS&

INVESTMENT19.025.017.02.93.12.1资本市场中信证券东方财富国泰君安16.431.820.91.43.81.1中信证券国泰君安招商证券10.912.69.00.91.00.8元大金群益证国票金控11.210.319.11.31.21.0摩根士丹利(MORGAN

STANLEY)黑石集团(BLACKSTONE)高盛集团(GOLDMANSACHS)12.654.910.81.718.61.3野村控股大和证券SBI6.97.87.40.60.80.7高盛集团富途德意志银行10.9128.39.61.224.90.5JIOFINANCIAL

SERVICESPOWERFINANCECORPORATIONHDFCASSET

MANAGEMENT87.96.035.31.01.212.3商业银行工商银行建设银行农业银行6.66.66.20.70.70.7工商银行建设银行农业银行4.74.45.20.50.50.5中信金兆丰金玉山金控9.915.216.21.51.41.7摩根大通(JPMORGAN

CHASE)美国银行(BANK

OF

AMERICA)富国银行(WELLS

FARGO)10.310.310.81.81.01.2三菱日联金融三井住友金融集团瑞穗金融集团9.38.58.20.90.70.7摩根大通DNBSKANDINAVISKA

ENSKILDABANKENSERIESA

O10.522.88.21.71.61.3HDFC

BANK印度工业信贷投资银行印度国家银行20.019.28.62.83.21.4证券研究报告资料来源：Wind、iFind、Bloomberg、申万宏源研究84.各细分领域龙头股估值对比：可选消费可选消费主要行业TOP

3PE_TTMPBTOP

3PE_TTMPBTOP

3PE_TTM

PBTOP

3PE_TTMPBTOP

3PE_TTMPBTOP

3PE_TTMPBTOP

3PE_TTM

PB供销大集-20.8

2.8名创优品12.93.3宝雅16.46.4

塔吉特(TARGET)10.73.0PANPACIFICINTERNATIONAL

26.44.3NEXT17.29.3AVENUE

SUPERMARTS96.613.1王府井28.90.7WINGON

CO-3.60.2全家便利11.14.1

达乐(DOLLARGENERAL)18.12.7良品计划23.93.6马莎百货14.82.5SAPPHIREFOODSINDIA477.47.0重庆百货9.5

1.7利福中国-40.50.1远百13.61.0

美元树(DOLLARTREE)-4.83.7三越伊势丹9.31.1B&M

EUROPEAN8.53.7SHOPPERS

STOP182.422.3南极电商104.1

1.9阿里巴巴-W14.91.8富邦媒23.48.1

亚马逊(AMAZON)30.66.3乐天集团-9.41.7阿里巴巴131.915.7BRAINBEES

SOLUTIONS-111.7

3.9赛维时代23.0

2.9美团-W21.24.4腾云36.53.8

阿里巴巴16.62.0ZOZO25.813.9

亚马逊32.66.8ELECTRONICSMART

INDIA28.03.2致欧科技15.1

1.9京东集团-SW9.01.6创业家-6.82.2

拼多多9.33.3TRIAL22.92.0拼多多47.617.1INTRASOFT

TECHNOLOGIES12.80.7辽宁成大42.1

0.5

绿源集团控股23.81.9特力30.11.4

通用配件(GENUINEPARTS)17.93.7CANONMARKETING

JAPAN12.91.3SMITHS

NEWS4.8-36.9KOKUYO

CAMLIN87.63.5东方创业22.2

0.7敏捷控股24.43.8高林实28.60.9

POOL27.59.3PALTAC10.40.8HEADLAM-2.70.410.60.3汇鸿集团-23.7

1.1

艾德韦宣集团6.91.6满心12.21.9

LKQ15.51.8HAPPINET15.12.0ULTIMATE

PRODUCTS4.51.1INDIAMOTORPARTS

&ACCESSORIESSWISSMILITARYCONSUMERGOODS76.75.0ST易购27.31.3FASTRETAIL-DRS

32.46.0和泰汽车15.03.9

家得宝(HOMEDEPOT)23.853.0

迅销33.56.2HENNES&MAURITZBORDSHS15.63.9TRENT102.342.3国机汽车115.0

0.8周大福17.73.1泛德永业11.51.7

TJX公司(TJX)28.116.3

三丽鸥38.915.3

家得宝12.026.7DOMS

INDUSTRIES81.117.9博士眼镜53.1

8.2中升控股7.60.5北基34.43.2

劳氏(LOWE'S)18.0-8.8

光通信10.01.7INDUSTRIADEDISENOTEXTIL

23.77.1SHRIRAMPISTONS&

RINGS16.93.7分众传媒17.9

5.9腾讯音乐-SW22.12.2钱柜企业13.51.6

奈飞(NETFLIX)42.014.8

东宝26.12.9奈飞43.315.2SUNTVNETWORK14.32.2光线传媒103.9

6.0云音乐16.82.6台数科11.21.2

迪士尼(WALTDISNEY)26.91.5电通集团-3.91.1康卡斯特13.42.5AFFLE58.47.9芒果超媒15.0

2.2阅文集团-103.0

1.2大丰电15.71.8

康卡斯特(COMCAST)7.81.5NIPPON

TELEVISION24.50.7迪士尼27.41.5SAREGAMA

INDIA48.76.2华利集团15.2

3.3安踏体育12.63.2儒鸿16.33.8耐克(NIKE)18.76.0ASICS30.88.4LVMH集团21.34.0TITAN84.428.1海澜之家15.0

2.2普拉达16.83.2丰泰企业18.34.0

露露乐蒙(LULULEMON)16.87.0GOLDWIN14.73.4爱马仕国际52.413.9

SRF73.87.1老铺黄金67.825.5宝成工业5.80.7

DECKERS

OUTDOOR17.16.1WACOAL60.81.3耐克37.312.0PAGE

INDUSTRIES70.131.7美的集团13.4

2.4美的集团11.82.1亿丰15.13.8

索尼18.42.5索尼16.32.3HUSQVARNABORD

SHS11.81.1DIXONTECHNOLOGIES

(INDIA)100.235.5海尔智家11.8

2.0海尔智家9.21.5大同6.01.3

开利全球(CARRIERGLOBAL)8.83.5松下10.40.7ELECTROLUX-15.42.210.6格力电器7.9

1.9创科实业15.52.7金宝电子18.41.3佳明(GARMIN)24.34.4积水房屋9.11.0SEBORD

SHS10.71.3ELECTRICALSAMBERENTERPRISES

INDIA 100.4CROMPTONGREAVESCONSUMER

40.46.8奥飞娱乐149.5

3.7泡泡玛特50.514.8乔山健康24.34.9

亚玛芬体育181.02.6万代南梦宫17.13.5GAMES

WORKSHOP24.815.0IKIO

LIGHTING43.93.4浙江永强15.3

1.7德林国际4.20.8巨大机械20.71.5孩之宝(HASBRO)19.56.5禧玛诺23.92.1MEGROUPINTERNATIONAL

12.53.8LINCPEN&

PLASTICS16.32.9上海凤凰92.2

2.6好孩子国际4.50.3美利达-59.72.2

美泰(MATTEL)10.02.4世嘉飒美控股15.51.6CHARACTER8.91.3OKPLAY

INDIA361.43.2比亚迪24.3

5.7比亚迪股份22.15.2鸿华先进-创

-31.94.0

特斯拉(TESLA)108.610.6

丰田汽车7.01.0丰田汽车7.51.1MAHINDRA&

MAHINDRA31.45.5长城汽车15.2

2.4理想汽车-W19.82.2三阳工业11.02.1

丰田汽车7.61.1本田汽车6.10.5特斯拉120.511.7

玛鲁蒂铃木公司24.84.1赛力斯31.3

9.1吉利汽车7.51.4裕隆汽车10.50.6

法拉利63.127.2

铃木汽车8.11.0DAIMLERORD

SHS4.60.5塔塔汽车7.12.2福耀玻璃18.7

3.9福耀玻璃15.03.2正新18.41.6

RIVIAN

AUTOMOTIVE-2.71.9日本电装10.60.9AUTOLIVINC

DEPOSITORYRECEIPT8.72.5EICHER

MOTORS32.47.6拓普集团31.8

4.2信义玻璃8.30.8东阳16.02.5安波福(APTIV)6.81.4普利司通13.21.0MICHELIN11.81.2CUMMINS

INDIA39.211.3德赛西威26.5

5.5敏实集团7.20.8南港轮胎9.92.2

曼格纳国际9.10.8丰田工业14.20.6CONTINENTAL10.30.8BOSCH39.76.3中国中免27.4

2.1百胜中国19.03.0复盛应用11.83.1

麦当劳(MCDONALD'S)26.1-56.5

东方乐园44.85.5麦当劳26.8-58.1INDIANHOTELS

CO63.111.2锦江酒店28.2

1.7银河娱乐13.21.5晶华酒店18.45.4

星巴克(STARBUCKS)26.5-12.5ZENSHO

HOLDINGS26.24.7华住288.872.3

EIH32.35.6宋城演艺209.3

2.9

金沙中国有限公司13.313.5王品13.43.8

墨式烧烤(CHIPOTLE)41.817.5

MCDONALD23.32.9金巴斯集团40.68.3DEVYANI

INTERNATIONAL1067.115.0中公教育-.

.新东方-S. . 龙岩. .

DUOLINGO.

.

JP-HOLDINGS. .新东方.

.MVARDHANA

MOTHERSONINTERNATIONAL. .豆神教育.

.

中国东方教育. .汇侨设计. .SERVICECORP

INTERNATIONAL. .NAGASE

BROTHERS. .好未来. .FSN

E-COMMERCE

VENTURES

.

.学大教育28.3

8.1福寿园19.4

1.3旅天下21.5 2.2

好未来62.1

2.0RISO

KYOIKU21.4

3.4SERCO37.2

2.0TBO

TEK55.6

11.3综合消费者服务纺织品、服装与奢侈品家庭耐用消费品休闲设备与用品汽车汽车零配件酒店、餐馆与休闲中国台湾多元化零售互联网与售货目录零售消费品经销商专营零售媒体A股港股美国日本英国印度证券研究报告资料来源：Wind、iFind、Bloomberg、申万宏源研究94.各细分领域龙头股估值对比：日常消费日常消费A股港股中国台湾美国日本英国印度主要行业TOP

3PE_TTMPBTOP

3PE_TTMPBTOP

3PE_TTMPBTOP

3PE_TTMPBTOP

3PE_TTMPBTOP

3PE_TTMPBTOP

3PE_TTMPB个人用品珀莱雅贝泰妮丸美股份20.928.141.86.32.84.1巨子生物恒安国际上美股份28.39.420.18.21.07.2葡萄王大江生医中天12.219.0-13.21.82.01.4联合利华(UNILEVER)雅诗兰黛(ESTEE

LAUDER)科蒂集团(COTY)25.0-27.214649.57.24.61.2花王资生堂KOBAYASHI

PHARMACEUTICAL26.4-83.239.22.71.41.8L'OREALORD

SHS联合利华(英国)THG29.324.7-176.35.77.142.9DABUR

INDIACOLGATE

PALMOLIVEPROCTER&GAMBLE

HYGIENEHEALTH

CARE&45.545.163.47.939.948.0家庭用品百亚股份中顺洁柔登康口腔35.435.442.77.01.54.6蓝月亮集团卡罗特旷世芳香-27.55.33.72.41.50.8永丰实花仙子康那香14.312.8-8.51.81.61.2宝洁公司(PROCTER

&

GAMBLE)高露洁(COLGATE)金佰利(KIMBERLY

CLARK)25.325.718.07.6350.954.5尤妮佳LIONPIGEON26.422.323.52.81.62.4宝洁SVENSKACELLULOSASERIESCOLGATE-PALMOLIVE26.725.026.07.90.9353.9印度联合利华CELLOWORLDEPACK

DURABLE49.134.777.810.45.93.9食品海天味业牧原股份伊利股份34.411.814.77.13.03.1万洲国际蒙牛乳业康师傅控股6.8623.217.21.01.64.5统一康师傅-DR联华实业20.514.218.53.13.71.5亿滋国际(MONDELEZINTL)CORTEVA卡夫亨氏(KRAFT

HEINZ)18.642.012.93.21.60.7味之素龟甲万YAKULT

HONSHA28.821.118.83.32.51.7ORKLACLASSAORD

SHSMARINE

HARVESTGROUPE

DANONE18.876.123.22.43.22.6雀巢印度BRITANNIAINDUSTRIESPATANJALIFOODS54.556.158.455.937.76.2饮料贵州茅台五粮液山西汾酒21.915.221.48.13.98.6农夫山泉百威亚太华润啤酒27.919.715.610.51.42.3黑松生合大饮15.616.21.40.82.21.0可口可乐(COCA

COLA)百事(PEPSICO)可口可乐凡萨瓶装28.321.0135.112.111.122.4朝日麒麟三得利14.631.615.51.11.61.2可口可乐DIAGEO百事28.764.821.212.322.711.3UNITED

SPIRITSTATACONSUMERPRODUCTSUNITED

BREWERIES74.093.5123.713.65.612.4食品与主要用品零售永辉超市益丰药房大参林-32.220.421.28.13.22.9高鑫零售茶百道十月稻田-14.820.337.90.72.52.2统一超大树医药台湾农林21.329.3-73.55.85.51.0沃尔玛(WALMART)开市客(COSTCO)西维斯健康(CVSHEALTH)34.353.417.47.315.91.1SEVEN&

I日本永旺MATSUKIYOCOCOKARA45.4302.519.11.33.32.0沃尔玛NESTLE特易购24.621.617.55.26.62.0ZOMATOVARUNBEVERAGESTORRENT

PHARMACEUTICALS306.469.859.79.510.914.8证券研究报告资料来源：Wind、iFind、Bloomberg、申万宏源研究104.各细分领域龙头股估值对比：材料&能源材料&能源A股港股中国台湾美国日本英国印度主要行业TOP

3PE_TTMPBTOP

3PE_TTMPBTOP

3PE_TTMPBTOP

3PE_TTMPBTOP

3PE_TTMPBTOP

3PE_TTMPBTOP

3PE_TTMPB化工万华化学恒力石化宝丰能源14.316.516.52.01.72.4东岳集团阜丰集团中化化肥15.25.77.01.00.70.7南亚塑料台塑台化67.2-177.8384.70.60.80.6LINDE宣伟(SHERWIN-WILLIAMS)艺康化工(ECOLAB)31.531.131.95.420.67.7信越化学工业日本涂料日本酸素控股12.918.216.11.61.51.8NOVOZYMESB

ORDPJSC

PHOSAGRO液化空气集团73.9171.130.52.087.83.8亚洲涂料PIDILITEINDUSTRIESCOROMANDEL

INTERNATIONAL53.475.336.112.516.95.8建材海螺水泥中国巨石北新建材16.319.613.10.71.61.9海螺水泥中国建材福莱特玻璃12.310.918.90.50.30.9台泥亚泥国产20.011.19.70.90.81.7CRH水泥火神材料(VULCAN)马丁-玛丽埃塔(MARTIN

MARIETTA)15.733.414.42.53.83.0太平洋水泥MITANI

SEKISAN住友大阪水泥6.111.510.70.71.30.6CRHCRH水泥HEIDELBGCEMENTORDSHS15.510.615.12.51.71.4ULTRATECH

CEMENTGRASIM

INDUSTRIES安比嘉水泥54.347.530.55.52.02.6金属、非金属与采矿紫金矿业洛阳钼业宝钢股份12.810.315.53.02.00.7紫金矿业中国宏桥洛阳钼业11.04.87.12.61.01.4中钢大成钢东和钢铁168.430.710.61.11.61.4必和必拓(BHP)力拓南方铜业(SOUTHERNCOPPER)13.55.918.52.41.26.8日本制铁日本钢铁工程控股住友金属矿山6.37.423.60.60.40.4TATA

STEELSTEELAUTHORITYOFINDIA必和必拓(BHP)627.9674.613.519.022.42.4JSW

STEELHINDUSTANZINC塔塔钢铁74.519.263.83.123.71.9容器与包装裕同科技紫江企业12.611.71.81.5中粮包装纷美包装嘉耀控股15.512.434.71.31.03.9宏全正隆大华金14.531.713.42.10.60.8SMURFIT

WESTROCK美国包装波尔(BALL)67.220.63.41.23.72.3东洋制罐集团控股FPRENGO15.419.57.10.61.60.4MONDIMAYRMELNHOF

KARTONMACFARLANE25.416.29.91.10.71.3TUBEINVESTMENTSOF

INDIATIME

TECHNOPLASTEPL62.824.422.69.63.42.7纸与林木产品太阳纸业海南橡胶仙鹤股份12.252.112.81.32.11.8玖龙纸业理文造纸晨鸣纸业13.56.5-0.20.30.30.2永丰余华纸荣成26.6-61.2-34.10.71.00.6国际纸业(INTERNATIONAL

PAPER)惠好(WEYERHAEUSER)路易斯安那太平洋(LOUISIANA-PACIFI)45.548.114.33.12.03.6王子控股HOKUETSUDAIO

PAPER9.915.8-33.10.50.80.5UPMKYMMENE

OYJSTORAENSO

SERIESM-REALCLASS

B28.7-47.65.51.10.60.9JKPAPERGREENPLY

INDUSTRIESNAVNEET

EDUCATION8.832.63.61.04.51.7能源设备与服务中海油服海油发展杰瑞股份19.29.812.91.41.41.6中海油田服务中石化炼化工程中集安瑞科7.48.29.80.50.60.9斯伦贝谢(SCHLUMBERGER)贝克休斯(BAKER

HUGHES)泰纳瑞斯钢铁10.611.89.62.22.11.2MODECRAIZNEXTTOYOKANETSUK.K.6.310.35.21.20.90.7SUBSEA

7泰纳瑞斯钢铁BW

OFFSHORE22.09.514.11.01.21.6印度石油AZAD

ENGINEERINGJINDALDRILLINGAND

INDUSTRIES17.3109.118.21.012.31.6石油、天然气与供消费用燃料中国石油中国海油中国神华8.28.012.60.91.51.7中国石油股份中国海洋石油中国神华5.55.08.80.60.91.3台塑石化汇侨54.212.11.11.0埃克森美孚(EXXON

MOBIL)雪佛龙(CHEVRON)壳牌13.414.312.01.71.71.1国际石油开发帝石ENEOS出光兴产5.07.49.80.40.60.6EQUINOR

ASA埃克森美孚雪佛龙8.213.814.51.71.81.7信实工业印度石油天然气ADANI

ENTERPRISES23.17.372.81.90.86.4证券研究报告资料来源：Wind、iFind、Bloomberg、申万宏源研究114.各细分领域龙头股估值对比：电信及信息技术电信与信息技术主要行业TOP

3PE_TTMPBTOP

3PE_TTMPBTOP

3PE_TTMPBTOP

3PE_TTMPBTOP

3PE_TTMPBTOP

3PE_TTMPBTOP

3中国移动16.9

1.7中国移动11.41.1

中华电25.82.5

美国电话电报(AT&T)17.81.8日本电报电话11.21.2TELENORASA

TELENOR10.92.6INDUS

TOWERS中国电信21.8

1.6中国电信14.41.1

永道-KY19.12.4

威瑞森电信(VERIZON)10.31.8软银公司18.23.6美国电话电报19.02.0TATA

COMM中国联通18.0

1.0中国联通10.90.6

现观科32.84.1

中华电信26.12.5MERCARI19.74.0威瑞森电信10.81.9中芯国际181.3

4.5中芯国际78.71.9

台积电18.75.1

英伟达(NVIDIA)31.629.0TOKYO

ELECTRON15.34.5阿斯麦30.4海光信息164.3

15.7

华虹半导体98.50.9

联发科19.55.2

台积电20.95.7ADVANTEST28.37.8ASML寒武纪-U-532.3

43.4协鑫科技-4.10.5日月光投控

18.31.8博通(BROADCOM)68.39.9瑞萨电子11.81.0英特尔(INTEL)办公电子设备中船汉光34.6

3.0中科曙光45.5

4.3联想集团7.92.2

广达13.63.6

苹果(APPLE)29.442.4日本电气19.51浪潮信息30.2

3.5珩湾科技19.012.8

华硕12.91.5

戴尔科技(DELLTECHNOLOGIES)10.9-33.7

富士胶片控股安克创新21.6

4.9栢能集团8.80.8

研华33.75.9

惠普(HP)7.8-19.9

理光集团工业富联14.7

2.4

舜宇光学科技20.82.3

鸿海12.61.2安费诺(AMPHENOL)29.57.3日立立讯精密18.3

3.6瑞声科技20.41.6

台达电24.63.8泰科电子(TECONNECTIVITY)19.02.9海康威视21.5

3.2建滔积层板17.11.5

大立光11.41.6

阿美特克(AMETEK)25中兴通讯17.8

2.1小米集团-W37.04.6

智邦科技24.88.2

思科(CISCO)传音控股16.5

4.6中兴通讯10.21.2

达发32.54.7

高通(QUALCOMM新易盛27.6

7.4比亚迪电子14.11.9

启碁科技17.51.9

PALO润泽科技40.1

9.9腾讯控股19.13.8

纬颖12.8紫光股份32.6

5.2网易-S13.52.9

是方三六零-92.92.2百度集团-SW8.30.7同花顺72.6

20.8快手-W11.9金山办公79.0

11.4BOSS直聘-W科大讯飞468.26.1

商软通动力177中控技术日本英国印度中国台湾多元电信服务半导体产品与半导体设备A股港股美国电脑与外围设备电子设备、仪器和元件通信设备互联网软件与服务软件信息技术服务证券研究报告资料来源：Wind、iFind、Bloomberg、申万宏源研究124.各细分领域龙头股估值对比：公用事业公用事业A股港股中国台湾美国日本英国印度主要行业TOP

3PE_TTMPBTOP

3PE_TTMPBTOP

3PE_TTMPBTOP