A股市场快照：宽基指数每日投资动态-20251212

• The report primarily focuses on tracking and analyzing the performance of broad-based indices in the A-share market, including their daily returns, moving averages, turnover rates, and valuation metrics such as PE-TTM and dividend yield[2][3][14] - The turnover rate of the indices is calculated as the weighted average of the turnover rates of their constituent stocks, weighted by the free-float market capitalization of each stock[16] - The risk premium of the indices is measured relative to the yield of 10-year government bonds, serving as a reference for risk-free rates. This metric evaluates the relative investment value and deviation of the indices[26][27][29] - The PE-TTM (Price-to-Earnings Trailing Twelve Months) is used as a valuation reference to assess the investment value of the indices at the current point in time. The report highlights that the PE-TTM percentiles of indices like CSI 1000 (95.7%) and CSI 500 (94.88%) are relatively high, while those of CSI 300 (80.91%) and ChiNext (57.27%) are lower[36][39][40] - Dividend yield is analyzed as a measure of cash return, particularly relevant during market downturns. The report notes that ChiNext (67.6%) and CSI 1000 (49.59%) have relatively high 5-year historical percentiles, while CSI 500 (15.95%) and CSI 2000 (14.79%) are lower[45][49][51] - The report also tracks the percentage of stocks trading below their book value (PB ratio < 1), referred to as the "break-net ratio." This metric reflects market valuation attitudes, with lower ratios potentially indicating optimism about future growth. Current break-net ratios are reported as 20.0% for SSE 50, 15.67% for CSI 300, 11.8% for CSI 500, 8.2% for CSI 1000, 3.4% for CSI 2000, 1.0% for ChiNext, and 6.37% for CSI All Share[50][53]