A股动静框架之静态指标：1月，应对特朗普冲击

Group 1: Asset Linkage Indicators - The equity risk premium (ERP) is currently at 3.72%, above one standard deviation, indicating a high relative value of stocks compared to bonds[21] - The "holding stock-bond yield difference" is 1.50%, suggesting that over the past decade, holding stocks has yielded an average of 1.50% more than bonds, which is relatively low historically[20] - The overall stock-bond relative yield is at a historical high, with values of 1.35% and 0.58% for the two calculation methods, indicating a strong preference for equities[18] Group 2: Market Configuration Indicators - The valuation of the Wind All A index is at 18.5, with most broad indices below the historical median of 50%, indicating moderate valuation levels[48] - The valuation dispersion coefficient is at 0.867, which is above the historical median of 0.791, suggesting a high level of valuation dispersion in the market[51] - The turnover rate for December is reported at 2.05%, showing a slight decline but remaining high compared to historical averages[52] Group 3: Investor Behavior - In December, net selling amounted to 19.932 billion yuan, a decrease compared to previous months, but still low relative to the 2020-2023 period[13] - The scale of stock repurchases in December was stable at 8.502 billion yuan, indicating a cautious approach by companies in the current market environment[63] - The funding flow indicator for the three main capital subjects is at 0.38, reflecting a decrease from the previous month, primarily due to foreign capital and financing balance pressures[67]