［8月29日］指数估值数据(A股港股继续上涨；A股港股谁涨的多；港股指数估值表更新；抽奖福利）

Core Viewpoint - The article discusses the recent performance of A-shares and Hong Kong stocks, highlighting the rapid style switching in the market and the potential for A-shares to catch up with Hong Kong stocks in terms of returns [11][12][40]. Market Performance - The overall market showed a slight increase, remaining at 4.3 stars, close to 4.2 stars [1]. - Large, medium, and small-cap stocks all experienced gains, with large-cap stocks rising slightly more [2]. - Both growth and value styles saw increases [3]. - There was significant divergence in performance among different stocks [4]. - The STAR Market 50 index declined, while the ChiNext index saw substantial gains [5]. - Recently lagging sectors like consumer stocks experienced significant rebounds [6]. - Hong Kong stocks also rose overall, with small-cap and dividend stocks leading the gains [7]. Market Trends - The speed of style switching in the market has been very rapid, occurring almost daily [8]. - Each category of undervalued stocks tends to have its performance phase [9]. - Investors are advised to remain patient and avoid chasing trends or frequent trading [10]. A-shares vs. Hong Kong Stocks - A-shares and Hong Kong stocks have historically similar long-term returns, but their phases of increase and decrease differ [11]. - Recently, A-shares have begun to catch up after previously lagging behind Hong Kong stocks [12]. - Both markets were at low valuation levels around September last year, coinciding with the Federal Reserve's first rate cut [13][14]. - The decline in USD interest rates has increased global market liquidity, benefiting non-USD assets [15]. Characteristics of Bull Markets - The bull markets in A-shares and Hong Kong stocks share several characteristics: - Rarely slow bull markets, mostly characterized by rapid increases [17]. - Predominantly structural bull markets, with growth style stocks leading the way [20][21]. - Bull markets often experience intermittent pullbacks, typically following a pattern of "advance three, retreat one" [23]. Recent Performance Analysis - In the past year, A-shares experienced two major upward waves, one in late September last year and another in July-August this year [25]. - After a significant rise at the end of September last year, A-shares remained in a sideways trend for nearly half a year before gradually rising after June this year [25][26]. - Hong Kong stocks exhibited a similar pattern but had an additional upward phase [27]. - As of August 28 this year, the Hang Seng Index had risen 24%, while the CSI 300 Index for A-shares had increased by 13% [29]. - Since the low point in September last year, the Hang Seng Index has surged by 69%, compared to a 43% increase for the CSI 300 Index [30]. Valuation Insights - The article provides a summary of the valuation of various Hong Kong stock indices, indicating that most indices have moved out of undervaluation, with only a few value styles remaining undervalued [34]. - The article also mentions that the valuation table for Hong Kong indices is updated daily in a mini-program for easy access [36]. Conclusion - The article emphasizes the importance of understanding market dynamics and the potential for A-shares to align more closely with the performance of Hong Kong stocks, suggesting a favorable outlook for investors who remain patient and strategic in their approach [40].