A股市场快照：宽基指数每日投资动态-20260121

• 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 risk premiums[1][2][3] - The turnover rate calculation is based on the formula: $ \text{Turnover Rate} = \frac{\Sigma(\text{Circulating Shares of Constituents} \times \text{Turnover Rate of Constituents})}{\Sigma(\text{Circulating Shares of Constituents})} $ This formula reflects the liquidity and trading activity of the indices[18] - The risk premium is calculated using the yield of 10-year government bonds as the risk-free rate, and the report highlights the relative investment value and deviation of indices based on this metric[27][28] - The PE-TTM metric is used as a valuation reference, with the report observing that indices like CSI 500 and CSI 1000 have high PE-TTM percentiles (99.83% and 99.59%, respectively), indicating elevated valuations compared to historical levels[42][43] - Dividend yield is analyzed as a measure of cash return, with indices like the CSI 500 and CSI 2000 showing relatively low dividend yields (5.95% and 2.4%, respectively), while the ChiNext Index has a higher 5-year historical percentile (58.51%)[51][53][55] - The report also examines the net asset value (NAV) break rate, which reflects the proportion of stocks trading below their book value, with the CSI 500 and CSI 2000 showing lower break rates (10.2% and 2.55%, respectively), suggesting relatively optimistic market sentiment for these indices[57]