文 | 银行螺丝钉 （转载请注明出处） 有朋友问螺丝钉，能不能针对 全球股票指数、美债指数等 ， 做个估值表。 目前内地能买到的、投资海外市场的基金品种不多。 不过在海外这些品种比较丰富。 可以先从指数估值的角度，了解海外市场不同品种的估值情况。 螺丝钉也做了美股、全球股票指数、美债指数的估值表。见文章下面图片。 每周日会在公众号、以及「 今天几星 」小程序，每周定期更新。 海外市场指数数量很多，后面大家 有希望增加的品种 ，可以反馈给螺丝钉。 目前螺丝钉后台系统，已经覆盖海外主流的几百只指数品种。 1. 本周全球股票市场继续上涨。 全球股票市场上涨超2%。 美股、欧股等整体上涨。 港股本周涨幅比较强势。 恒生指数上涨超2%，恒生科技指数上涨超5%。 在本周上涨后，港股科技、恒生科技等指数也回到正常偏低的估值。 港股本身波动大，4月初下跌的时候跌幅也大，反弹的时候涨幅也大。 盈亏同源。 后面也不会缺少低估机会的。 本周末也是一年一度的巴菲特股东大会。 巴菲特年事已高，今年股东大会，巴菲特也安排好了退休时间。 在股东大会上，巴菲特宣布将于年底卸任CEO，之后由继任者阿贝尔接班。 或许未来，巴菲特出席股东大会就会 ...

▼点击阅读原 文，免费学习大额家庭资产配置课程 文 | 银行螺丝钉 （转载请注明出处） ...

Group 1 - The average returns of enhanced index funds have historically outperformed their corresponding indices in most years [1] - However, there are instances where some funds underperform the index, indicating the importance of careful selection [1] Group 2 - A free course is available that introduces investment methods for enhanced index funds, aimed at helping investors choose high-quality funds [2]

这几期螺丝钉带你读书，介绍的，是一本经典投资好书，《芒格之道》。 这本书汇总了巴菲特的老搭档，查理·芒格，上世纪80年代，到2022年前后，股东会上的讲话 实录。 大家好，我是银行螺丝钉，欢迎来到这期的螺丝钉带你读书。 「螺丝钉带你读书」也陪伴大家度过了三百多期，为大家讲解了很多有趣、经典的书籍和故 事，比如《三十几岁，财务自由》、《如何读一本书》、《战胜拖延症》等等。 还为大家详细介绍了几位投资大师：股神巴菲特、他的好搭档查理芒格和指数基金之父约翰博 格。分享了他们的人生经历、投资生涯和投资的理念。 大家可以点击下面链接查看部分螺丝钉带你读书合集： 《 世界读书日，螺丝钉送你103本私藏经典好书 》 往期回顾 如果人人都买指数基金 在查理·芒格参与股东大会的时候，有人提出过一个很有意思的问题： 如果人人都买指数基金，那指数基金是不是就不灵了？ 收益会降低，但策略不会失效 理论上，如果一个策略的使用者越多，那这个策略的收益也会降低。 对指数基金来说，因为复制的是指数，它最差的情况，就是等同于市场本身的收益，再减去成 本。 所以不管多少人买指数基金，最终这些投资者，还是可以拿到股票市场的平均收益。 只是，此时股 ...

文 | 银行螺丝钉 （转载请注明出处） ▼点击阅读原 文，免费学习大额家庭资产配置课程 ...

Core Viewpoint - The article discusses the discrepancies in the price-to-earnings (P/E) ratios of the China Securities Dividend Index across different platforms, attributing these differences to the weighting methods used in calculating the index [2][4][14]. Group 1: Index Weighting Methods - Different platforms use varying methods for index weighting, leading to different P/E ratios for the same index [2][4]. - Most platforms rely on financial terminal data, which typically uses market capitalization for weighting, meaning larger companies have a higher influence on the index [4]. - In contrast, the Dividend Index uses a dividend yield weighting method, giving more weight to stocks with higher dividend yields [5]. Group 2: Impact of Bank Stocks - The primary difference in P/E ratios arises from the weighting of bank stocks within the indices [6][8]. - For instance, the Industrial and Commercial Bank of China (ICBC) has a weight of approximately 1.2%-1.3% in the Dividend Index based on dividend yield, while its market capitalization accounts for about 12% of the total index [7][8]. - Consequently, when using market capitalization for calculations, the P/E ratio is skewed towards the lower valuation of bank stocks, resulting in a P/E ratio of around 7 times [8][14]. Group 3: Actual Valuation Insights - The actual P/E ratio of the Dividend Index is more accurately reflected at over 9 times when considering the actual holdings rather than market capitalization [8][14]. - The article emphasizes that the historical data and percentiles derived from a market cap-weighted approach can be misleading [14]. - It suggests that for more accurate valuation, calculations should be based on the actual stock holdings within the index [15][16].

Group 1 - The core viewpoint is that investing in active funds essentially means investing in fund managers, highlighting the importance of selecting the right manager in a market with thousands of options [1] Group 2 - There is a limited-time free course offered that introduces investment methods for active funds, indicating an opportunity for investors to enhance their knowledge and skills in this area [2]

Group 1 - QDII funds allow investors to purchase foreign assets such as stocks and bonds without the need for currency exchange, with low investment thresholds starting from as little as 10 or 100 yuan [3] - The "Hong Kong Stock Connect" enables mainland investors to trade Hong Kong stocks using their A-share accounts, leading to the issuance of Hong Kong Stock Connect funds that invest in various indices like technology and dividends [4] - Hong Kong mutual recognition funds are available for sale to mainland investors, with a balanced number of bond and equity funds, and a larger scale in bond funds, primarily focusing on the Greater China region [6] Group 2 - The Hong Kong mutual recognition fund allows for the sale of Hong Kong off-exchange funds in mainland China, while the interconnectivity ETFs represent a similar concept for on-exchange trading, although the number of such ETFs is limited compared to A-shares [7]

Core Viewpoint - The article emphasizes the importance of gathering and summarizing valuable investment knowledge and data-driven insights for better decision-making in the financial markets [2][3]. Summary by Sections Dividend Valuation Table - The article provides a summary of the weekly dividend index valuations and dividend-paying index funds for reference [5]. - Key metrics include: - Shanghai Dividend Index: Earnings Yield 10.20%, P/E 9.80, P/B 0.98, Dividend Yield 6.07% [7]. - CSI Dividend Index: Earnings Yield 10.14%, P/E 9.86, P/B 1.00, Dividend Yield 5.81% [8]. Market Signals and Investment Strategies - The article discusses the current market conditions, indicating that the market is relatively undervalued, suggesting opportunities for active selection and index-enhanced investment strategies [14]. - It highlights the importance of being patient and waiting for the right investment opportunities during market fluctuations [20]. Fund Manager Insights - The article summarizes insights from fund managers based on their 2024 annual reports, focusing on their investment styles and market outlooks [16]. - It notes that different fund managers have varying preferences, such as value-oriented managers favoring undervalued stocks, while growth-oriented managers prioritize growth rates [16]. Index and Investment Tools - The article introduces the "Preferred 300 Index," which selects stocks with high and stable ROE and strong dividend capabilities, indicating a value investment strategy [21]. - It also mentions the development of index funds in the A-share market, predicting a rapid growth trajectory similar to that of overseas markets [15]. Educational Resources - The article promotes a collection of investment literature and resources, including a list of recommended books for enhancing investment knowledge [17]. - It encourages readers to engage with educational content to build their investment acumen [17].

Core Viewpoint - The emergence of fund advisory services aims to address the issue where funds generate profits, but individual investors do not benefit from them [6]. Group 1: Fund Advisory Overview - Fund advisory, as the name suggests, refers to investment consulting services specifically for funds [2]. - Similar to other professional fields, such as medicine and law, fund investment also requires expert guidance [4]. Group 2: Advantages of Fund Advisory - Fund advisory services help investors achieve better returns through a combination of "investment" and "advisory" [7].