［2月5日］指数估值数据(红利、港股上涨；存款会入市吗；投顾四周年成绩单来了）

Core Viewpoint - The article discusses the current market conditions, focusing on the performance of A-shares and Hong Kong stocks, the impact of deposit maturities on the stock market, and the valuation of dividend indices. Market Performance - The overall market experienced a decline, with small and mid-cap stocks falling more than large-cap stocks. The ChiNext and STAR Market indices dropped around 1.5%. However, Hong Kong stocks showed resilience, rebounding in the afternoon and closing higher [2][3]. - The A-share market has seen a 3.4% correction from its peak in this bull market, while the Hong Kong Hang Seng Index has corrected by 4.2%. Since September 2024, both markets have risen by 50-60% [2][3][4]. Deposit Maturities and Market Impact - A significant amount of deposits, approximately 50 trillion yuan, is set to mature between late 2025 and early 2026, with most maturing in the first two quarters of 2026 [4][5][6]. - The current interest rates on deposits are lower than in previous years, leading to speculation about whether these funds will flow into the stock market. However, only a small portion is expected to enter equity assets due to the low-risk appetite of depositors [7][8][9]. Investment Strategies - It is suggested that only 5-10% of the maturing deposit funds may flow into stock markets, translating to several hundred billion to a trillion yuan potentially entering the market, which is seen as a positive but not overwhelmingly large impact [14][15]. - The article emphasizes that new funds and profits taken from the market should consider stable fixed-income strategies rather than aggressive stock investments, especially when the market is rated around 3 stars [21][22][23]. Dividend Indices Valuation - The article provides a valuation table for various dividend indices, highlighting their earnings yield, price-to-earnings ratio, price-to-book ratio, and dividend yield. For instance, the Shanghai Dividend Index has an earnings yield of 9.79% and a P/E ratio of 10.21 [24][25]. - The valuation of dividend indices is crucial as they have been among the fastest-growing index funds in recent years, and the article encourages investors to explore these options [28][30].