［1月8日］指数估值数据(投资中的两重考验；红利指数估值表更新；指数日报更新）

Core Viewpoint - The article discusses the current state of the A-share market, highlighting the recent recovery of the market rating to 3.9 stars, which is significant as it marks the first time in recent years that the market has reached this level after a prolonged bear market period [9][10]. Group 1: Market Performance - The overall market has seen slight fluctuations, with the Shanghai and Shenzhen 300 index experiencing more significant declines due to the drop in the securities index [2][6]. - Small-cap stocks have shown a slight increase, while the CSI 1000 and CSI 2000 indices have reached overvalued levels and continued to rise [3][4]. - The dividend indices have experienced minor declines, indicating a relatively stable performance in that segment [6]. Group 2: Investment Strategies - The company plans to gradually take profits from the CSI 1000 index fund if it remains overvalued next week, reflecting a cautious approach to investment in high-valuation environments [5]. - The article emphasizes the importance of patience and the ability to withstand market fluctuations, as many investors struggle to hold onto their investments during downturns and often sell prematurely when they return to profitability [22][28]. Group 3: Investor Sentiment and Behavior - There has been a noticeable reduction in pessimistic comments from investors as the market has improved from a low of 5.9 stars to the current 3.9 stars [19][20]. - The article notes that a significant portion of fund investors (36.6%) were still experiencing losses even during the market's rise, highlighting the challenges of emotional trading behaviors such as chasing gains and frequent trading [30][32]. Group 4: Valuation Insights - The article provides a detailed valuation table for various dividend indices, including metrics such as earnings yield, price-to-earnings ratio, and dividend yield, which serve as a reference for investors [38][51]. - The valuation insights indicate that certain indices are currently overvalued, while others may present investment opportunities, depending on their respective metrics [55].