［12月4日］指数估值数据(价值投资策略在A股有效吗；红利指数估值表更新；免费领「财富达人」奖章）

Core Viewpoint - The article discusses the performance of various investment strategies in the A-share market, particularly focusing on value and dividend strategies, and their effectiveness compared to growth strategies over different time periods [7][15][22]. Group 1: Market Performance - The overall market showed slight fluctuations, with the CSI All Share Index slightly up, closing at 4.3 stars [1]. - Large and mid-cap stocks experienced minor gains, while small-cap stocks declined [2]. - Value style saw a slight decrease, whereas growth styles, including the ChiNext and STAR Market, experienced gains [3][4]. Group 2: Investment Strategies - The article references Siegel's book, "The Future for Investors," which indicates that high dividend and low P/E strategies can outperform the market index [7]. - In the A-share market, value strategies have shown more effectiveness in recent years compared to the U.S. market, with the CSI 300 Value Index and CSI Dividend Index being notable examples [15][22]. - The CSI 300 Value Index has increased from 1,000 points to 9,147 points (approximately 915% increase) from the end of 2004 to the end of 2024, while the CSI 300 Index rose from 1,000 points to 5,643 points [17][19]. Group 3: Fund Performance and Size - Despite the effectiveness of value strategies, the total scale of corresponding funds in the A-share market remains relatively small, with the CSI 300 Value Index fund only amounting to several billion, compared to over 1 trillion for the CSI 300 [24][25]. - The article notes that value strategies are not always effective, as seen during the growth style dominance from 2019 to 2021, which led to significant fund redemptions [26][27]. Group 4: Investor Behavior and Patience - A long-term effective strategy may not always yield results, as market styles rotate over time, with value styles being strong from 2016-2018, growth styles from 2019-2021, and value styles regaining strength from 2022 onwards [28]. - Many investors lack the patience to wait for a strategy to recover after a downturn, often selling during low periods instead of holding for potential future gains [29].