A股市场快照：宽基指数每日投资动态-20251229

• The report primarily focuses on tracking and analyzing the performance of broad-based indices in the A-share market, including metrics such as daily returns, moving averages, turnover rates, risk premiums, PE-TTM, dividend yields, and net asset ratios [1][3][4] - The turnover rate of indices is calculated as the weighted average of the turnover rates of constituent stocks, with weights based on the free-float market capitalization of each stock [17] - Risk premium is measured relative to the yield of 10-year government bonds, providing insights into the relative investment value and deviation of indices. The report highlights that indices like CSI 1000 and CSI 2000 exhibit higher volatility in risk premiums compared to others [27][28][31] - PE-TTM (Price-to-Earnings Trailing Twelve Months) is used as a valuation metric to assess the investment value of indices. The report notes that indices such as CSI 500 and CSI All Share have relatively high PE-TTM percentiles over the past five years, while indices like SSE 50 and ChiNext have lower percentiles [37][41][42] - Dividend yield is analyzed as a measure of cash return to investors, with indices like ChiNext and CSI 300 showing higher historical percentiles, while CSI 500 and CSI 2000 exhibit lower percentiles [46][51][53] - The net asset ratio (percentage of stocks trading below their book value) is used to gauge market valuation attitudes. The report observes that indices like SSE 50 and CSI 300 have higher net asset ratios compared to others, indicating relatively lower undervaluation [52][55]