［1月6日］指数估值数据(大盘继续上涨，回到3星级；螺丝钉定投实盘第397期发车；养老指数估值表更新）

Core Viewpoint - The overall market has risen, returning to a valuation of 3.9 stars, marking the first time in 2023 that it has reached this level, indicating a potential bullish trend in the market [1]. Group 1: Market Performance - The market has experienced its fourth round of 3-point valuations since 2015, with previous instances in late 2017 and early 2021 lasting several months to half a year [1]. - The Hong Kong stock market entered the 3-point valuation earlier, in Q3 2025, while A-shares experienced a slight pullback in Q4 but have shown strong performance in the last two weeks [1]. - Both large, mid, and small-cap stocks have risen, with value styles also seeing an increase, and the growth style, particularly in the STAR Market, performing strongly [1]. Group 2: Investment Strategy - Following the return to a 3.9-star valuation, the active selection portfolio has returned to normal valuation, leading to a pause in new investments [2]. - The "Yuexinbao" investment strategy remains undervalued but is close to normal valuation, indicating a potential for future growth [3][4]. - If the market continues to rise, it may reach normal valuation, prompting a pause in regular investments [5]. Group 3: Portfolio Adjustments - Recent growth in certain active selection portfolios has led to some assets reaching overvaluation, prompting a reallocation towards undervalued assets [10]. - The index enhancement portfolio may reach overvaluation soon, with a reference PE ratio of approximately 19 times [12]. - Any opportunities for profit-taking will be executed in a phased manner, ensuring a strategic approach to portfolio management [15]. Group 4: Investment Products - The "Yuexinbao" portfolio consists of 40% stocks and 60% bonds, designed for stable market participation with a built-in cash flow distribution feature [17]. - The automatic profit-taking feature has been implemented for the "Ding" series portfolios, allowing for seamless transitions to more stable investment options when necessary [19]. - The personal pension investment strategy includes a focus on classic combinations of growth and value styles, with a current emphasis on waiting for undervalued opportunities [21].