A股市场快照：宽基指数每日投资动态2026.01.05-20260105

• 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, turnover rates, risk premiums, PE-TTM, dividend yields, and net asset break rates[1][2][3] - Risk Premium Analysis: The risk premium is calculated using the yield of 10-year government bonds as the risk-free rate. The report highlights that indices like CSI 500 (52.54%) and CSI 2000 (48.73%) have relatively high 5-year percentile values, while indices like SSE 50 (30.87%) and ChiNext (19.05%) are lower. The risk premium for CSI 500 and CSI 2000 shows higher volatility compared to other indices[29][31][33] - PE-TTM Analysis: The PE-TTM values are used as a valuation reference. CSI 500 (97.6%) and CSI All Share (96.28%) have high 5-year percentile values, while SSE 50 (85.7%) and ChiNext (58.43%) are relatively lower. The report notes that the valuation levels of most indices have been on an upward trend since late 2024, with a turning point observed in September 2025[41][44][45] - Dividend Yield Analysis: Dividend yield is analyzed as a measure of cash return. ChiNext (61.57%) and CSI 1000 (35.79%) are at relatively high 5-year historical percentiles, while CSI 500 (15.62%) and CSI 2000 (12.81%) are lower. The report emphasizes the importance of high dividend yields during periods of market downturns and declining interest rates[50][55][57] - Net Asset Break Rate: The net asset break rate, which reflects the proportion of stocks trading below their net asset value, is used as a market valuation indicator. Current break rates are reported as SSE 50 (22.0%), CSI 500 (11.2%), CSI 1000 (8.1%), and CSI 2000 (3.55%), among others. A lower break rate may indicate market optimism about future growth[56][59][61]