［12月31日］指数估值数据(2025年收官，来年再战；免费领好书福利）

Market Overview - The market opened higher but closed lower, maintaining a rating of 4.1 stars [1] - The CSI 300 index fell by 0.46%, while small-cap stocks experienced a smaller decline [2] - Value style showed little volatility, whereas growth styles like the ChiNext saw more significant declines [3][4] - Hong Kong stocks followed a similar trend, with technology stocks experiencing a larger drop [5] Annual Performance - 2025 marked the best performance year for A-shares and Hong Kong stocks in the last five years [7] - The CSI 300 index increased by 17%, while the CSI 500 index rose by 30%, indicating stronger performance in small-cap stocks compared to large-cap stocks [8][9] - The Hang Seng Index saw a 27% increase, outperforming A-shares this year [12][13] - Several investment portfolios also reached new highs in 2025, with active selections rising by approximately 27% and enhanced indices by around 23% [15][16][17] Year-End Arrangements - The upcoming New Year holiday will see a pause in fund trading, with A-shares closing on Friday while Hong Kong stocks will continue trading [22][24] - After the holiday, adjustments will be made to the "Monthly Salary Treasure" and "Active Selection" portfolios [27] Portfolio Adjustments - The "Monthly Salary Treasure" portfolio, which consists of 40% stocks and 60% bonds, will see a rebalancing to increase stock exposure back to around 40% [29][34] - The "Active Selection" portfolio will also undergo adjustments to reduce overvalued stocks and increase undervalued ones [36][38] - Both portfolios will implement minor adjustments internally, requiring no action from investors [39][40] Additional Features - A new feature in the "Today Star" mini-program allows users to view core data and real-time valuations of mainstream ETFs, including historical valuation data [48][49] Community Engagement - The company is offering a book giveaway to thank supporters, featuring a selection of five-star rated investment books [42][43]