［3月4日］指数估值数据(全球市场波动，该怎么办；主动优选、指数增强回低估了么；《个人养老金投资指南》新书预告）

Core Viewpoint - The overall market has experienced a decline, with the A-share market dropping to 3.9 stars, indicating a bearish sentiment across large, medium, and small-cap stocks [1][2][3]. Market Performance - All market segments, including large, medium, and small-cap stocks, have seen declines, with large-cap stocks experiencing a more significant drop compared to small-cap stocks [2][3]. - Both value and growth styles have also faced downturns [4]. - The Hong Kong stock market has mirrored this downward trend [5]. Global Market Influences - Recent global market volatility has impacted both A-shares and Hong Kong stocks, primarily due to regional conflicts and the Federal Reserve's interest rate policies [6][8]. - Historical patterns show that regional conflicts often lead to investor panic, causing simultaneous fluctuations across various stock markets [11]. - Since the Fed's first rate cut in September 2024, a bull market has emerged globally, benefiting non-US stock markets due to declining dollar interest rates and exchange rates [12][13]. Market Valuation and Corrections - The A-share market has corrected by 4.1% from its peak, while the global non-US stock market has seen a 5.7% correction [22][23]. - Markets with high valuations have experienced more severe corrections, such as the South Korean market, which has dropped by 19%, and the Japanese market, which has fallen by 11% [25]. - Despite these corrections, the A-share market has not yet returned to undervalued levels, remaining around 3 stars [27]. Future Market Outlook - The volatility caused by regional conflicts is typically short-lived, with the more significant influence on global market fluctuations stemming from changes in US dollar interest rates and exchange rates [27]. - The Fed's interest rate decisions will be crucial in determining the future trajectory of the global stock market [27]. Investment Strategies - There is interest in investing in actively managed and index-enhanced funds during market downturns; however, these funds are currently in a paused subscription state [28][29]. - The active selection and index enhancement strategies have shown a 6% increase since the beginning of the year, indicating they are still at normal valuation levels [31][32]. - Investors are advised to remain patient and wait for better opportunities, as current market conditions do not yet warrant a return to undervalued status [33]. Upcoming Publications - A new book titled "Personal Pension Investment Guide" is set to be released, aimed at helping investors navigate the personal pension system introduced in November 2022 [37]. - This book is part of a series designed to simplify investment concepts for readers [38].