［2月6日］指数估值数据(港股也有风格轮动吗；港股指数估值表更新；投顾四周年成绩单来了）

Core Viewpoint - The article discusses the recent performance of the Hong Kong stock market, highlighting the rotation between growth and value styles, and the impact of external market fluctuations on local indices [2][8]. Market Performance - The overall market experienced a slight decline, closing at 3.9 stars [1]. - Large-cap stocks fell, while mid and small-cap stocks showed minor fluctuations [2]. - Growth styles, particularly in the ChiNext, initially rose but ended the day lower [2]. Style Rotation - The article notes that the Hong Kong market has seen several style rotations since September 2024, with growth styles being strong from September 2024 to September 2025, where tech stocks' earnings doubled year-on-year, marking the fastest growth in five years [2]. - In contrast, value styles, such as the Hang Seng Dividend Low Volatility Index, saw a more modest increase of around 30% during the same period [2]. - From September 2025 onwards, growth styles faced a correction, with the tech index retreating approximately 19% [2]. Investment Strategy - The article emphasizes the importance of balancing investments between growth and value styles, adjusting allocations based on valuation metrics [10][11]. - It suggests that during periods of market fluctuations, investors should buy undervalued assets and sell overvalued ones, maintaining a patient approach during less volatile times [12][13]. Valuation Insights - The article provides a summary of the valuation metrics for various Hong Kong indices, indicating that the current star rating for the Hong Kong market is around 3 stars [14][16]. - It includes specific valuation data for indices such as the H-share Index and the Hang Seng Index, highlighting their price-to-earnings ratios and dividend yields [15].