［8月21日］指数估值数据(想稳健参与市场，买点啥好；红利指数估值表更新；指数日报更新）

Core Viewpoint - The market is experiencing fluctuations, with value styles showing relative strength during these times, indicating potential investment opportunities in value-oriented stocks and funds [3][4][10]. Market Overview - The overall market slightly declined, with the CSI All Share Index down by 0.13% [1]. - Large-cap stocks saw slight gains, while small-cap stocks experienced more significant declines [2]. - The pharmaceutical sector showed overall gains, contrasting with the slight decline in consumer stocks that had previously risen [5][6]. Investment Strategies - In the current market environment, it is advised to maintain a steady position and avoid frequent trading to prevent losses [8][11]. - The recent market behavior resembles the trends observed between 2013 and 2017, suggesting that undervalued stocks across various categories will eventually have their performance phases [9][10]. Value Style Performance - Value styles, including dividend and free cash flow stocks, have seen an increase, although the overall rise has been modest this year [4][18][19]. - The A-share CSI Dividend Index showed a slight decline from the beginning of the year until August 21, while the Hong Kong dividend stocks have seen some gains, albeit limited [20][21]. Fund Performance and Strategies - The "Monthly Salary Treasure" strategy is currently undervalued, with 40% of its portfolio in value-oriented stocks [17]. - The bond portion of the "Monthly Salary Treasure" strategy is focused on medium to short-term bonds, which are currently more favorable compared to long-term bonds that have seen significant declines this year [28][30]. - The strategy includes an automatic rebalancing feature to optimize returns by adjusting the stock and bond allocations based on market movements [28][30]. Valuation Insights - A valuation table for dividend indices has been created for reference, highlighting various metrics such as earnings yield, price-to-earnings ratio, and return on equity [22][41]. - The current valuation of value styles has not improved significantly since the beginning of the year, indicating potential for future appreciation as market conditions evolve [27]. Upcoming Events - A live session is scheduled to discuss historical bull and bear market characteristics and current market stages, providing insights for investors [4].