［11月18日］指数估值数据(大盘下跌回到4.2星级；螺丝钉定投实盘第390期发车；养老指数估值表更新）

Market Overview - The A-share market experienced a decline, with the CSI All Share Index dropping by approximately 1% [1] - Global stock markets have shown significant volatility, with Japanese and Korean stocks falling over 3% [3][4] - Various asset classes, including gold and cryptocurrencies, also exhibited considerable fluctuations, often linked to liquidity crises [5][6] Federal Reserve Impact - Concerns are rising regarding the Federal Reserve's potential pause on interest rate cuts from December to the first half of next year, which may tighten global market liquidity in the short term [7] - Historically, such liquidity tightening has typically had a short-term impact on markets [8] - The Federal Reserve is expected to enter a phase of interest rate cuts eventually, as the current dollar interest rates remain relatively high, leading to significant interest payment pressures on U.S. Treasury bonds [9][10] A-share Market Dynamics - Large-cap stocks in the A-share market experienced a smaller decline compared to mid and small-cap stocks, which saw more significant drops [11] - Value style stocks exhibited greater volatility today [12] - The low volatility dividend and free cash flow indices in the Shanghai-Hong Kong-Shenzhen market have returned to undervaluation after a decline [13] Investment Strategies - The dividend and free cash flow indices saw a surge in October and November, reaching historical highs, with many stocks moving from undervaluation to normal valuation [14][15] - Currently, these indices are fluctuating around undervaluation and normal valuation levels [16] - The upcoming December index rebalancing will involve selecting a basket of stocks with low valuations, which may lead to a further decrease in valuations [17][18][19] Hong Kong Market Insights - The Hong Kong stock market also faced declines, with greater volatility than the A-share market [20] - Funds containing Hong Kong stocks experienced significant fluctuations today [21] - Technology stocks in Hong Kong fell over 2%, currently positioned at normal to low valuation levels, suggesting a need for patience [22] Investment Recommendations - The index enhancement investment strategy has returned to normal valuation, prompting a pause in dollar-cost averaging while maintaining positions [24] - The actively selected investment strategy continues normal dollar-cost averaging, though it is nearing normal valuation [24] - The monthly salary investment strategy, which consists of 40% stocks and 60% bonds, is recommended for stable market participation with low risk [24] Pension Fund Insights - The pension index fund investment strategy has been ongoing, with a focus on combinations like the CSI A500 and CSI Dividend indices, representing growth and value strategies respectively [40][41] - Both categories have shown strong performance phases this year, with the CSI A500 yielding approximately 22% and the CSI Dividend around 10% [44] - The strategy emphasizes patience for future undervaluation opportunities, reinforcing the notion that long-term investment success relies on capital availability rather than a lack of opportunities [49]