［1月5日］指数估值数据(A股大涨，迎来开门红；免费领好书福利）

Core Viewpoint - The A-share and Hong Kong stock markets experienced significant gains at the beginning of 2026, indicating a positive market sentiment and potential investment opportunities [1][17]. Group 1: Market Performance - The A-share market overall rose, achieving a rating around 4.0 stars, with all market caps (large, medium, and small) showing upward movement [2][3]. - Growth style stocks saw a more substantial increase compared to value style stocks, which experienced slight gains [4]. - The Hong Kong stock market, including indices like the Hang Seng Index and Hang Seng Tech Index, also rose, returning to normal valuation levels [5][11]. Group 2: Valuation Trends - As the markets rose, the green rate of the valuation table gradually decreased, indicating a shift in market sentiment [6]. - The AH share premium index, which measures the price difference between A-shares and H-shares of the same companies, has fluctuated between 120-140 in recent years, suggesting that A-shares are typically priced higher due to various costs associated with H-shares [27][28]. Group 3: Future Outlook - The recovery in A-share company earnings is expected to continue, with a slight decline in 2024 followed by a recovery in 2025, which could positively impact both A-shares and Hong Kong stocks [40][41]. - The anticipated continuation of the US Federal Reserve's interest rate cuts and the recovery of A-share earnings could further support the upward trend in both markets [43]. Group 4: Investment Strategies - The article emphasizes a strategy of buying during market dips and selling during peaks, while maintaining patience during stable periods [45]. - The importance of continuous learning and reading in investment practices is highlighted, suggesting that knowledge can translate into better investment decisions [54].