Statistical basis: Unless otherwise specified, the price-to-earnings ratio refers to the trailing twelve months PE (PE-TTM); A-shares are denominated in CNY, while US stocks are in USD. Data sources and time points are marked in the tables and are for reference only.
I. Direct Comparison at the Index Level (SSE STAR Market vs. US Stocks)
| Metric | SSE STAR Market/A-shares | PE-TTM (x) | US Counterpart | PE (x) | A-share/US Multiple |
|---|---|---|---|---|---|
| SSE STAR Market Chip Index | STAR Chip (000685.SH) | 137.97 | Philadelphia Semiconductor SOX | 30–36 (TTM) | Approx. 4–4.6x |
| SSE STAR Market Chip Design | STAR Chip Design (950162) | 116–125 | Philadelphia Semiconductor SOX | 30–36 (TTM) | Approx. 3.2–4.2x |
| SSE STAR Market Composite (Semiconductor weight > 83%) | STAR 50 (000688.SH) | 119.2 | NASDAQ 100 | 28.75–30.86 (TTM) | Approx. 3.9–4.1x |
| STAR 50 (Excluding Loss-making Stocks) | 000688.SH | 73.9 | NASDAQ 100 | 28.75–30.86 (TTM) | Approx. 2.4–2.6x |
| All A-share Semiconductors | CSI All Share Semiconductor (H30184.CS) | 80.74 | Philadelphia Semiconductor SOX | 30–36 (TTM) | Approx. 2.2–2.7x |
| All A-share Semiconductors | SW Semiconductor (pt01801081) | 67.52–71.52 | Philadelphia Semiconductor SOX | 30–36 (TTM) | Approx. 1.9–2.4x |
Time points: A-shares as of 2026-10-08 (westock market data); SOX as of 2026-09~10 (Huaxi Securities strategy report); NASDAQ 100 as of 2026-10-06~08 (worldperatio.com / Jiemian News).
Comparison of forward PE basis:
| Metric | SSE STAR Market | US Stocks | Data Time Point | Source |
|---|---|---|---|---|
| Forward PE of Semiconductor Sector | Sell-side estimates dynamic PE for A-share semiconductors corresponding to 2026 performance at approx. 112x | Philadelphia Semiconductor SOX forward PE 17.1–19.98x | 2026-09~10 | East Money Fortune / Scott Rubner Research / DollarLiquidity |
| Forward PE of Tech Composite Index | — | NASDAQ 100 forward PE 21.7x (down 14% from 2026 high) | 2026-10 | Scott Rubner Research |
Supplementary data on forward PE of US semiconductors (DollarLiquidity, 2026-10-07): Forward PE of the semiconductor sector is 19.98x, with an earnings yield of 5.00%, at the 26th percentile over the past 5 years, and a 5-year median of 22.79x. During the same period, the S&P 500 forward PE was 18.94–20.30x—on a forward basis, the valuation of US semiconductors is already lower than the broader S&P 500 market.
II. One-to-One Comparison of Leading Individual Stocks (2026-10-08)
A-share data source: westock market data, 2026-10-08; US stock data source: westock / TradingView / Xueqiu compilation, October 2026.
| Segment | A-share/SSE STAR Market | Ticker | PE-TTM (x) | US Counterpart | Ticker | US PE | Multiple |
|---|---|---|---|---|---|---|---|
| AI Chips/Computing Power | Cambricon | 688256.SH | 185.14 | NVIDIA | NVDA | TTM approx. 30 / Forward 19.93 | Approx. 6x (TTM) / 9x (Forward) |
| AI Chips/Computing Power | Hygon Information | 688041.SH | 163.15 | Broadcom | AVGO | Approx. 44 (TTM) | Approx. 3.7x |
| Wafer Foundry | SMIC | 688981.SH | 127.21 | TSMC | TSM | Approx. 22–37 (TTM) | Approx. 3.4–5.8x |
| Wafer Foundry | Hua Hong Grace | 688347.SH | 542.43 | GlobalFoundries | GFS | Low double digits | Over approx. 30x |
| Semiconductor Equipment | AMEC | 688012.SH | 70.92 | Applied Materials | AMAT | Approx. 46 (TTM) | Approx. 1.5x |
| Memory Interface Chips | Montage Technology | 688008.SH | 78.23 | KLA | KLAC | Approx. 56 (TTM) | Approx. 1.4x |
| Memory | CXMT | 688825.SH | 41.92 (Dynamic 22.10) | Micron | MU | Forward 6.01 | Approx. 3.7x on dynamic basis |
Comparison of A-share dynamic PE (annualized basis of the latest reporting period) and US forward PE:
| A-share Company | Ticker | Dynamic PE (x) | US Counterpart | Forward PE (x) |
|---|---|---|---|---|
| Cambricon | 688256.SH | 133.48 | NVIDIA (NVDA) | 19.93 |
| Hygon Information | 688041.SH | 142.51 | Broadcom (AVGO) | — |
| SMIC | 688981.SH | 102.62 | TSMC (TSM) | — |
| Hua Hong Grace | 688347.SH | 476.78 | GlobalFoundries (GFS) | — |
| AMEC | 688012.SH | 53.10 | Applied Materials (AMAT) | — |
| CXMT | 688825.SH | 22.10 | Micron (MU) | 6.01 |
US stock supplement (TradingView screening data, October 2026, 28 constituent stocks of SOX, ranked by forward PE from low to high): Micron 6.01x, NXP Semiconductors (NXPI) 14.62x, Qualcomm (QCOM) 19.58x, NVIDIA (NVDA) 19.93x, Microchip Technology (MCHP) 20.61x, S&P 500 (SPY) 20.30x. Four SOX constituent stocks have a forward PE lower than the S&P 500.
Raw data of unprofitable targets on the SSE STAR Market (westock, 2026-10-08): MetaX (688802.SH) PE-TTM 21028.25x (due to marginal profit), total market capitalization CNY 187.079 billion; Suiyuan Technology (688801.SH) PE-TTM -154.83x (loss-making), total market capitalization CNY 183.586 billion; SJ Semiconductor (688820.SH) PE-TTM 211.09x, total market capitalization CNY 197.361 billion.
III. Historical Percentiles and Range Data (SSE STAR Market vs. US Stocks Comparison)
• STAR 50: After a single-day increase of 8.41% on 2026-07-09, the PE-TTM reached 241.69x, at the 99.71% historical percentile; it previously reached 259x on 2025-06-30; it fell back to 107.5x on 2026-07-17; and it was 119.2x on 2026-10-08. The average PE since the index's listing is approximately 50x, and the current level is more than twice the average. (Source: Caijing Toutiao / East Money Fortune)
• STAR Chip: In early October 2026, the PE was at the 20th percentile over the past year, with a 1-year historical range of 125–318x. (Source: westock)
• SW Semiconductor Index: As of 2026-06-30, the PE-TTM was 161.68x, at the 99.72% percentile since 2019; sub-industries: IC packaging and testing approx. 120x, digital chip design approx. 137x, semiconductor materials 281x, discrete devices 241x. (Source: East Money Fortune, 2026-07-19)
• Philadelphia Semiconductor Index: On 2026-08-05, the forward PE was 21.7x (79.8th percentile since 2011); on 2026-09-18, it was 20.2x; the long-term average since 2011 is 17.5x, the median is 15.7x, and the cyclical low is 8.8x (2011-08). (Source: historyofmarket.com)
• Philadelphia Semiconductor Index PE-TTM: Reported at 35.95x on 2026-09-21 (Source: Huaxi Securities Overseas Strategy); on 2026-08-31, the SOXQ ETF disclosed a P/E of 38.21x.
• NASDAQ 100: On 2026-10-06, the PE-TTM was 30.86x (5-year average range 27.55–33.44); on 2026-10-08, Fullgoal NASDAQ ETF disclosed its tracked index PE-TTM at 28.75x, at the 11.26% percentile over the past year.
Comprehensive valuation of 13 mainstream semiconductor indexes (Wind, as of 2026-09-01; the start date for percentiles is the listing date of each index):
| Index | PE-TTM (x) | PE Historical Percentile | PB-LF (x) |
|---|---|---|---|
| STAR Semiconductor Materials and Equipment | 179.27 | 84.28% | 10.81 |
| STAR Chip | 154.71 | 58.77% | 10.50 |
| CSI Semiconductor | 147.90 | 93.48% | 10.94 |
| STAR Chip Design | 124.60 | 0.00% (Short listing time, insufficient sample) | 13.32 |
| Semiconductor Materials and Equipment | 132.26 | 90.59% | 10.62 |
| China-South Korea Semiconductor | 108.18 | 97.33% | 6.60 |
| China Semiconductor Chip | 94.10 | 60.46% | 8.33 |
| CSI All Share Semiconductor | 91.26 | 58.36% | 8.41 |
| CNI Chip | 88.58 | 56.53% | 8.96 |
| Chip Industry | 84.91 | 67.85% | 8.42 |
| Integrated Circuit | 84.35 | 12.39% | 7.64 |
| Semiconductor Industry Select | 75.79 | 33.33% | 8.24 |
| Philadelphia Semiconductor Index | 35.87 | 64.47% | 14.11 |
IV. Basis Description
• The SSE STAR Market indexes include loss-making companies in the weighted calculation, which inflates the index PE-TTM; after excluding negative values, the STAR 50 PE is 73.9x (westock, 2026-10-08).
• The "dynamic PE" for individual A-shares is a forecast basis annualized based on the latest reporting period, which differs from the TTM basis; the forward PE for US stocks is the valuation basis used by analysts for expected earnings over the next 12 months. The two forecast bases are presented side by side for comparison without unified adjustment.
• US memory companies (such as Micron) have low forward PEs, corresponding to analysts' valuations of expected earnings over the next 12 months, as their earnings are at a cyclical high.
• The start date for the PE percentiles of each index is the first day of listing for that index; indexes with a short time since publication have insufficient percentile samples and are for reference only.
• The "A-share/US Multiple" column is the direct division result of the two PE columns. Due to differences in data time points (September–October 2026) and sources on both sides, it only represents the order of magnitude.
• The above data comes from different sources and time points, with differences in statistical bases, and no cross-source unified adjustments have been made.
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Data compilation date: 2026-10-09