A股市场快照：宽基指数每日投资动态-20251230

• 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[1][2][4] - The turnover rate of the indices is calculated using the formula: $ \text{Turnover Rate} = \frac{\Sigma(\text{Component Stock Free Float Shares} \times \text{Component Stock Turnover Rate})}{\Sigma(\text{Component Stock Free Float Shares})} $ This metric reflects the liquidity and trading activity of the indices[19] - The risk premium of the indices is measured relative to the 10-year government bond yield, serving as a benchmark for risk-free rates. The report highlights the mean-reversion behavior of risk premiums and their volatility trends over time[29][30] - The PE-TTM (Price-to-Earnings Trailing Twelve Months) is used as a valuation metric to assess the investment value of indices. The report observes that the PE-TTM values of indices like CSI 500 and CSI All Share are at relatively high historical percentiles, while indices like SSE 50 and ChiNext are at lower percentiles[41][44][45] - Dividend yield is analyzed as a measure of cash return to investors. The report notes that indices such as ChiNext and CSI 300 have relatively high historical percentiles for dividend yield, while CSI 500 and CSI 2000 are at lower percentiles[50][52][56] - The report also tracks the net asset value (NAV) break rate, which indicates the proportion of stocks trading below their book value. A higher break rate suggests undervaluation, while a lower rate may indicate market optimism. Current break rates for indices like SSE 50 and CSI 300 are higher compared to others like CSI 2000 and CSI All Share[57][59]