［5月22日］指数估值数据(固收+创新高，收益来自于哪里；红利专题估值表更新；百分位估值表更新)

Core Viewpoint - The article discusses the recent performance of the stock market, particularly focusing on the rise of "fixed income plus" (固收+) investment products in response to low interest rates in the Chinese economy. Group 1: Market Performance - The overall market experienced a slight decline, remaining at a 5-star rating [1] - Major indices like the CSI 300 saw minor drops, while small-cap stocks that had previously risen significantly faced larger declines [2][3] - Value and dividend indices showed relative strength, with slight increases in the Hong Kong and Shenzhen dividend low volatility and value indices [4] - Growth style stocks experienced a downturn [5] Group 2: Fixed Income Plus (固收+) - The development of fixed income plus products has accelerated over the past two years due to the ultra-low interest rate environment for RMB assets [6][9] - Fixed income plus combines traditional bonds with equities and convertible bonds to enhance long-term returns [8] - The 10-year government bond yield is currently around 1.6-1.7%, with larger deposits yielding even lower returns [10][11] - Traditional fixed income investments are providing diminishing returns, prompting investors to seek higher-yielding assets [13][15] Group 3: Risk and Return Characteristics - The volatility of fixed income plus products varies based on the proportion of equity held; for example, the 365-day product has 15% equity and 85% bonds, while the monthly salary product has 40% equity and 60% bonds [16][17] - Higher equity proportions lead to greater volatility; during a recent bear market, the monthly salary product experienced a maximum drawdown of approximately 9%, while the 365-day product saw about 4% [18] - Despite the inclusion of equities, fixed income plus products tend to recover from drawdowns faster than pure equity funds due to the stability of bonds [21] Group 4: Sources of Returns for Fixed Income Plus - Returns from fixed income plus products come from three main sources: equities, bonds, and rebalancing strategies [25] - The equity portion typically focuses on value stocks, which tend to have lower volatility during bear markets and provide stable dividend yields of around 4-5% annually [26][30] - The bond portion primarily consists of short to medium-term bonds, which offer lower volatility and interest yields of about 1.6-1.7% [31] - Rebalancing strategies allow for buying low and selling high, enhancing returns during market fluctuations [32][36] Group 5: Investment Timing for Fixed Income Plus - Understanding the sources of returns helps determine suitable investment times; if underlying assets are deemed expensive, investment in fixed income plus products may not be advisable [44] - Currently, short-term bonds and value stocks are still considered viable investment options [45][46] Group 6: Valuation Insights - The article includes a valuation table for various dividend indices, providing insights into their earnings yield, price-to-earnings ratio, and other financial metrics [48][49]