［6月13日］指数估值数据(下跌的品种，何时迎来右侧上涨呢；港股估值表更新；抽奖福利）

Market Overview - The A-share market experienced slight declines, with large-cap stocks showing minimal volatility while small-cap stocks faced more significant drops [2][5] - The value style demonstrated relative resilience against market downturns [3] - The Hang Seng Index's decline was less severe compared to A-shares, indicating a relatively stable performance [7] Investment Strategy - The article emphasizes the benefits of dollar-cost averaging during bear markets, suggesting that investing during the downturn can lower costs and lead to profits when the market recovers [14][15] - The "smile curve" concept is introduced, illustrating the cyclical nature of market performance, where downturns (left side) can be followed by recoveries (right side) [14][16] Earnings and Valuation Insights - The earnings growth of listed companies is identified as a core driver for long-term index increases, with historical fluctuations in earnings growth noted [21][22] - The article highlights that earnings growth is not uniform, with certain years experiencing slowdowns or negative growth, impacting investor sentiment and valuations [22][24] - The Hang Seng Index's earnings grew by 16% year-on-year in the first quarter, ranking among the top global indices [39] Sector Performance - The technology sector in Hong Kong is noted for its significant recovery, having previously experienced a 60% drop from 2021 to 2022, but is now entering a growth phase [32] - The pharmaceutical index is also recovering, albeit with a two-year lag compared to the technology sector [33] - Consumer sectors are still in a downturn, similar to the pharmaceutical sector two years prior, indicating ongoing challenges [35][36] Valuation Metrics - Various indices are presented with their respective price-to-earnings (P/E) ratios, price-to-book (P/B) ratios, dividend yields, and return on equity (ROE), providing a snapshot of current valuations [44][45] - The article categorizes indices into undervalued (green), fairly valued (yellow), and overvalued (red), aiding investors in decision-making [61] Economic Cycles - The article discusses the cyclical nature of economic conditions, suggesting that periods of low performance can present investment opportunities, while overly optimistic conditions may signal caution [47][51] - Historical patterns indicate that significant market peaks often occur during overheated economic phases, reinforcing the need for strategic investment approaches [51][52]