［8月18日］指数估值数据(大盘继续上涨，摸到4.4星；这轮上涨跟什么有关；月薪宝发薪日；黄金星级更新）

Core Viewpoint - The article discusses the recent performance of the A-share and Hong Kong stock markets, highlighting the rotation of investment styles and the impact of monetary policy on market dynamics [17][18][19]. Market Performance - The A-share market opened lower but closed higher, reaching a rating of 4.5 stars [1][2]. - Both large and small-cap stocks saw gains, with small-cap stocks outperforming [3]. - Growth styles led the market, particularly with significant increases in indices like the ChiNext [4]. - Value styles remained relatively weak, with indices focused on dividends and free cash flow experiencing slight declines [5][6]. Hong Kong Market Insights - The Hong Kong stock market showed slight declines, although technology stocks experienced minor gains [8]. - Since September of the previous year, the Hong Kong market has seen three waves of increases, outperforming the A-share market by over 10% post-Chinese New Year [9][11]. - The Hong Kong market reached a rating of approximately 3.9 stars [10]. Bond Market Dynamics - The bond market has been relatively sluggish as stock markets continue to rise, with long-term pure bond funds experiencing significant declines [12][13]. - The 30-year government bond index fund fell by over 1%, indicating substantial volatility for bond funds [14]. - Current yields on 10-year government bonds are around 1.77%, with a normal range typically between 2-3% [15][16]. Investment Opportunities - The article notes that the low valuations of A-shares and Hong Kong stocks, which were at 5.9 stars, have improved, yet A-shares still remain below global averages by over 10% [17][18]. - The easing of monetary policy, including interest rate cuts by the Federal Reserve, has contributed to increased liquidity in the market [18][19]. - A significant amount of deposits, which total over 300 trillion yuan, is expected to seek new investment avenues as interest rates decline [20][24][26]. Future Investment Strategies - As the market rises, the investment value of stock funds is decreasing, leading to a potential pause in regular investments in index-enhanced funds until they return to undervalued levels [35][37]. - There are still investment opportunities in underperforming sectors such as value styles and fixed-income products, which remain undervalued [44][46]. - The article suggests that as the market approaches 4.0 stars, some assets may reach overvaluation, presenting opportunities for profit-taking [48][50]. Monthly Investment Product - The "Monthly Treasure" investment product has lowered its minimum investment threshold to 200 yuan and has opened a regular investment feature, catering to those seeking periodic cash flow [54][57]. - This product employs a balanced strategy of 40% equity and 60% debt, aiming for long-term holding and rebalancing to optimize returns [56][58].