［1月21日］指数估值数据(A股港股继续上涨，海外市场波动；《红利指数基金投资指南》荣登榜首）

Core Viewpoint - The article discusses the current state of the A-share and Hong Kong stock markets, highlighting their resilience amidst global market fluctuations and the potential impact of tariff increases on inflation and interest rates [2][3][4][7]. Market Performance - The A-share and Hong Kong markets showed strength, with the Shanghai Composite Index and the Hang Seng Index experiencing slight increases [2]. - The growth style of stocks outperformed value stocks, which saw a minor decline [2]. - The article notes that the A-share and Hong Kong markets have risen by 50-60% since the Federal Reserve's first interest rate cut in September 2024, significantly outperforming global stock indices [8][10]. Tariff Implications - Recent announcements by former President Trump regarding tariff increases on European countries have caused short-term concerns in the market, leading to declines in major U.S. indices [3][4]. - Historical context is provided, indicating that similar tariff increases in April 2025 led to significant market downturns, but subsequent interest rate cuts by the Federal Reserve resulted in market recoveries [5][6][8]. Economic Recovery - The article emphasizes that the fundamentals of A-share companies have shown recovery, with a year-on-year profit growth of approximately 10% in the third quarter of 2025, marking the best performance in recent years [15][16]. - The recovery in corporate earnings is seen as beneficial for the valuation of RMB assets [17]. Valuation Insights - The current valuation of A-share and Hong Kong stocks has returned to around 3 stars, indicating a less favorable environment for large new investments compared to previous years when valuations were lower [18][20]. - The article suggests that while the market has seen significant gains, the best investment opportunities may have been during the periods of lower valuations [19]. Investment Strategy - The article promotes a cautious approach to investing, suggesting that as the market rises, investors may need to consider rebalancing and taking profits [22]. - It also introduces a new book on dividend index fund investment, aimed at helping investors navigate this investment strategy [23].