［12月16日］指数估值数据(螺丝钉定投实盘第394期发车；养老指数估值表更新）

Market Overview - The overall market has declined, returning to a rating of 4.3 stars [1] - Large, medium, and small-cap stocks have all experienced declines, with small-cap stocks declining slightly more [2] - Value style stocks have shown relatively smaller fluctuations, with banks and dividend indices slightly down [3] - Growth style stocks have experienced larger fluctuations, with the ChiNext and STAR Market down over 2% [4] - The characteristics of the Hong Kong stock market are similar to those of the A-share market [5] - Dividend stocks in the Hong Kong market have shown relatively smaller fluctuations, while technology and growth stocks have declined significantly [6] - After recent corrections, Hong Kong technology indices have returned to undervalued levels [7] Economic Factors - As the year-end approaches, there are concerns about the slowing pace of US dollar interest rate cuts, coupled with yen interest rate hikes, leading to tightened market liquidity [8] - Stock markets in the Asia-Pacific region, as well as long-term pure debt assets, have shown volatility [9] A-share Market Dynamics - The A-share market index is approaching levels seen in November [10] - From the peak in October to the current close, the CSI All Share Index has corrected approximately 5.1% [11] - In a bull market, market increases are not always smooth, often experiencing fluctuations [12] - Over the past year, A-shares have seen three corrections exceeding 10%, occurring in October last year, January this year, and April this year [13] - In bull markets, there are often several months between increases [14] - For example, a significant increase in A-shares in September 2024 was followed by the next major increase in the third quarter of 2025 [15] Investment Strategy - Patience is essential for investors to wait for the next market upturn, as investing is a game of transferring assets from the impatient to the patient [16] - The investment strategy includes a regular investment plan with a focus on various combinations of indices and funds [17] - The index enhancement portfolio has returned to normal valuation, prompting a pause in regular investments while continuing to hold [17] - The actively selected portfolio is still in normal investment mode, while the monthly salary investment portfolio, which consists of 40% stocks and 60% bonds, is recommended for stable market participation [17] - The monthly salary investment strategy includes a "buy low, sell high" rebalancing strategy, which inherently reduces volatility risk [17] Personal Pension Investment - The personal pension investment plan includes regular investments in the CSI A50 and the 300 Dividend Low Volatility funds [22] - The pension index fund is a relatively new product, with the first increase in the personal pension account scheduled for December 2024 [24] - The annual investment limit is set at 12,000 yuan [25] - The investment strategy includes classic combinations such as CSI A500/A50 with CSI Dividend or CSI 300 with CSI 500 [27] - Both growth and value strategies have shown strong performance phases this year [29] - The current market does not present as many undervalued opportunities as in previous years, necessitating patience [32] - Long-term investment opportunities are abundant, but capital is often the limiting factor [34]