A股、港股、美股近20年指数收益大PK

Core Viewpoint - The article provides a comparative analysis of key indices from A-shares, H-shares, and US stocks over the past 20 years, highlighting their performance and characteristics to assist investors in understanding current market conditions [5][6]. Group 1: Performance Comparison of Indices - The analysis includes major indices such as the CSI All Share, CSI 300, CSI 500, CSI 1000, and ChiNext for A-shares, the Hang Seng Index and Hang Seng Tech Index for H-shares, and the S&P 500 and NASDAQ 100 for US stocks [5][6]. - Over the past 20 years, NASDAQ has ranked first five times, followed by ChiNext with four, and Hang Seng Tech with three [10]. - In the last decade, the Hang Seng Index has ranked at the bottom three times, indicating its underperformance compared to other indices [11]. Group 2: Characteristics of Specific Indices - The CSI 300 serves as a benchmark for A-shares, often ranking in the middle, and is considered less volatile, making it easier for long-term holding [12]. - The CSI 500 and CSI 1000 have seen their styles converge, leading to potential misinterpretations of diversification among investors [12]. - ChiNext is characterized by high volatility, performing well in bull markets but suffering significant declines in bear markets, necessitating careful consideration of safety margins [12][13]. - The CSI Dividend Index has shown strong defensive characteristics during market downturns, outperforming other indices in bear markets [12][13]. - The Hang Seng Tech Index shares similarities with ChiNext, exhibiting high growth and volatility, which can lead to substantial drawdowns [13]. Group 3: Investment Insights - The article suggests that high-volatility indices like ChiNext and Hang Seng Tech can achieve high returns but are also prone to extended periods of underperformance during market downturns [14]. - Combining the CSI Dividend Index with ChiNext can provide a complementary investment strategy, balancing risk and potential returns [14]. - US indices like the S&P 500 and NASDAQ tend to exhibit smoother volatility patterns, making them potentially more stable investments compared to their counterparts [14].