［6月16日］指数估值数据(1星级大牛市10周年；月薪宝发薪日；黄金星级更新）

Core Viewpoint - The article reflects on the 10th anniversary of the peak of the last major bull market in A-shares, highlighting the market's historical performance and the cyclical nature of stock valuations [5][6][24]. Market Performance - The market opened low but saw an increase by the close, maintaining a 5-star rating, close to 4.9 stars [1]. - Small-cap stocks experienced more significant gains compared to large-cap stocks, with the CSI 300 index showing a slight increase [2]. - Hong Kong stocks opened lower but rebounded by the close, with the Hang Seng Tech index leading the gains [3]. Historical Context - The peak of the last bull market in A-shares occurred on June 15, 2015, when the CSI All Share Index reached 8018 points [6]. - Following this peak, A-shares entered a prolonged bear market, with the index dropping to around 2300 points by 2013 [7][8]. - The market was characterized by low valuations, with the CSI 300 index trading at a price-to-earnings (P/E) ratio of only 8 times in 2014, and many stocks trading at P/E ratios of three to four times [12]. Economic Policies and Market Recovery - In the second half of 2014, a series of economic stimulus policies and interest rate cuts were introduced, leading to a rapid recovery in A-shares [14][15]. - The financial sector, particularly securities firms, benefited significantly from the ensuing bull market, with the CSI All Share Index rising from 2700 points in mid-2014 to 4253 points by the end of the year [16][17]. Market Dynamics - By mid-2015, the CSI All Share Index surged to 8018 points, driven by small-cap stocks which saw even more exaggerated gains [20]. - The average P/E ratio for small-cap stocks reached over 100 times, indicating a bubble [21]. - The market's rapid ascent from a 5-star rating to a 1-star rating occurred in less than a year due to the extreme volatility [22]. Long-term Trends - The article notes that the long-term annualized return for indices typically hovers around 8-10%, with significant fluctuations during bull and bear markets [26]. - The current market environment is described as being at a 5-star rating, suggesting it is a favorable time for investment [44]. Investment Strategies - The article discusses the importance of patience in investing, likening it to nurturing seedlings for long-term growth [49]. - It emphasizes the need for a balanced investment approach, particularly in the context of the recent adjustments to the "Monthly Salary Treasure" investment product, which now has a lower entry threshold and offers a systematic investment plan [38][42].