［7月30日］指数估值数据(大盘回调；观察市场涨跌，看上证还是中证指数呢）

Core Viewpoint - The article discusses the current state of the A-share market, highlighting the rotation between growth and value styles, and the performance of different indices over recent years, emphasizing the importance of using the CSI indices for a more stable market observation [4][21][25]. Market Performance - The overall market saw a decline today, with the CSI All Share Index down by 0.4% [1]. - Large-cap stocks in the CSI 300 experienced slight declines, while small-cap stocks faced more significant drops [3]. - There was a notable shift in market style, with value stocks showing strength today, contrasting with the previous days when growth stocks were performing better [4]. Index Analysis - The CSI All Share Index rose approximately 80% from 2019 to 2021, reaching over 6000 points at its peak [21]. - The article notes that the Shanghai Composite Index has a different composition than the Shenzhen Composite Index, which has led to varying performance during bull and bear markets [12][13]. - The maximum drawdowns from 2021 to 2024 were significant, with the Shanghai Composite Index down about 29.4%, while the Shenzhen Composite Index and the ChiNext Index saw larger declines of approximately 52.9% and 58.6%, respectively [14]. Investment Strategy - The article emphasizes the importance of understanding the characteristics of both the Shanghai and Shenzhen markets, as they each represent about half of the A-share market [19]. - It suggests that experienced investors should not rely solely on the Shanghai Composite Index to gauge market performance, advocating for a broader view that includes the CSI indices [19][20]. - The article introduces a new feature in the "Today Star" app that allows users to view real-time ETF valuations and identify undervalued ETFs, enhancing investment decision-making [26][35].