［11月20日］指数估值数据(红利类指数基金如何止盈；红利指数估值表更新；免费领福利）

Core Viewpoint - The article discusses the recent market trends, highlighting the rapid style switching between value and growth stocks, and provides insights on dividend index funds and their investment strategies. Group 1: Market Trends - The market experienced a slight decline, closing at a 4.2 star rating [1] - Both large-cap and small-cap stocks saw similar declines [2] - Value style showed strong performance with lower volatility [3] - Growth style continued to decline, particularly in the ChiNext and STAR Market [4] - The market has been switching styles rapidly this year [5] - In Q2, value style was strong, with the bank index reaching overvalued levels by late June and early July, followed by a correction [6] - In Q3, growth style outperformed, with the ChiNext achieving its largest quarterly gain in a decade, while value style significantly underperformed [6] - By Q4, growth style saw considerable declines, while value style overall increased [7] - Hong Kong stocks remained more resilient compared to A-shares [8] - The Hang Seng Index and Hang Seng Dividend Index showed slight increases with low volatility [9] Group 2: Dividend Index Funds - Dividend index funds can be sold when they reach overvalued levels, similar to other index funds [12][13] - Historically, dividend index funds have rarely reached overvalued levels, with notable exceptions during major bull markets in 2007, 2009, and 2015 [14][15] - Dividend indices typically exhibit lower volatility, around 60-70% of the overall A-share market [16] - Annual rebalancing of dividend indices tends to include undervalued stocks, which lowers the overall valuation [18] - The strategy of buying undervalued dividend indices and holding for dividends is also effective [25] - Investors in Hong Kong often focus on high dividend yield stocks for long-term holding and dividend collection [26] - The performance of the沪港深红利低波动 index shows consistent growth, with a cumulative increase of 77% since 2019 [32] - The net value of dividend index funds is derived from valuation, earnings, and dividends, with average annual earnings growth of 6-7% and a dividend yield of 4-5% [35][36] Group 3: Valuation Insights - A valuation table for various dividend indices is provided for reference, showing metrics such as yield, ROE, and historical percentiles [42] - The article emphasizes the importance of understanding the valuation of dividend and cash flow indices for investment decisions [43]