［7月23日］指数估值数据(回本了，要不要卖掉呢）

Core Viewpoint - The article discusses the current market trends, investor behavior, and the importance of rational decision-making in investment strategies, particularly focusing on the "break-even" effect in fund investments. Market Trends - The market experienced a brief rise, approaching a rating of 4.6 stars, but closed down with the CSI All Share Index falling by 0.29%, remaining at 4.7 stars [1][2]. - Both large and small-cap stocks showed slight fluctuations, with value styles experiencing a slight increase while growth styles saw a minor decline [3][4][5]. - Hong Kong stocks outperformed A-shares, with technology stocks leading the gains [6][7]. Investor Behavior - The article highlights the "disposition effect," where investors prefer to wait until they break even before selling their investments, which is a common behavioral finance phenomenon [9][10]. - Investors often exhibit loss aversion, leading them to avoid selling at a loss and instead wait for a return to their original investment price [11]. - The article notes that this behavior is irrational, as investment decisions should be based on the intrinsic value of the assets rather than personal cost bases [12]. Historical Context - The article references a previous market cycle in early 2019, where many investors redeemed their funds as the market rebounded, despite having initially invested during a downturn [13][14][17]. - It emphasizes that the "break-even" selling strategy can lead to missed opportunities for further gains in the market [19][21]. Investment Strategy - The article argues that investing in stocks and funds should not be solely about breaking even, but rather about long-term value appreciation [24]. - It suggests that investors should consider strategies for profit-taking and emphasizes the importance of not making decisions based on emotional responses [25][27]. - The article introduces a new feature in the "Today Stars" app that provides expanded index valuation data, allowing investors to make more informed decisions [28][29][30]. Investor Insights - The article concludes with a reminder that investing is inherently volatile, and patience combined with a disciplined investment strategy can yield positive results over time [33][34].