A股市场快照：宽基指数每日投资动态2026.01.19-20260119

• 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 using the formula: $ \text{Turnover Rate} = \frac{\Sigma(\text{Circulating Shares of Constituent Stocks} \times \text{Turnover Rate of Constituent Stocks})}{\Sigma(\text{Circulating Shares of Constituent Stocks})} $ This metric reflects the liquidity and trading activity of the indices[18] - Risk premium 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 across indices, with notable volatility observed in indices like CSI 1000 and CSI 2000[27][28] - The PE-TTM (Price-to-Earnings Trailing Twelve Months) ratio is used as a valuation metric. The report notes that indices such as CSI 500 and CSI 1000 have high PE-TTM percentile rankings (99.92%), indicating elevated valuations compared to historical levels[42][43] - Dividend yield is analyzed as a measure of cash return to investors. The report observes that indices like the CSI 500 (6.78%) and CSI 2000 (2.64%) have relatively low 5-year historical percentile rankings, while indices like the ChiNext Index (57.36%) and CSI 300 (37.77%) rank higher[51][53][55] - The net asset ratio (or "break net ratio") is tracked to assess the proportion of stocks trading below their book value. The report highlights that indices such as the CSI 500 (11.0%) and CSI 2000 (2.85%) have relatively low break net ratios, suggesting market optimism for these indices[57]