［3月13日］指数估值数据(指数基金会失效吗；港股指数估值表更新；抽奖福利）

Core Viewpoint - The article discusses the recent fluctuations in the stock market, particularly focusing on the impact of rising oil prices and the resilience of Chinese assets amidst global market volatility. It emphasizes the advantages of low-cost index funds and the enduring principles of value investing. Market Overview - The overall market experienced a decline, with large-cap stocks slightly down and small-cap stocks declining more significantly. Both value and growth styles saw decreases, while dividend and other value styles exhibited smaller fluctuations [3]. - Global markets have been volatile due to significant increases in oil prices, with the first wave of price hikes causing larger market reactions last week, followed by a smaller impact from the second wave this week [3]. - A-shares and Hong Kong stocks showed less volatility compared to overseas markets, indicating a strong competitive advantage for Chinese assets due to stable domestic infrastructure and reduced reliance on oil [3]. Index Fund Insights - The increasing popularity of index funds raises questions about their potential effectiveness as more investors adopt them. However, the fundamental principle of index funds is low cost, which allows them to outperform non-index fund investors when considering costs [10][11]. - The article highlights that all stocks are ultimately owned by shareholders, meaning that the average return for shareholders equals the market index return, barring costs. Index funds, being among the lowest-cost market participants, can provide better actual returns [10]. - Despite the growth of index funds, there is no need to worry about them completely dominating the market due to the complexity of human behavior and the challenges many investors face in maintaining patience and discipline [12][13]. Value Investing - Value investing has proven effective in the A-share market over the long term, but only a small portion of investors consistently practice it [14][15]. - Dividend and value index funds have been present in the A-share market for over 20 years, consistently outperforming the broader market. However, as of 2026, the total scale of dividend index funds is expected to be around 200 billion, a small fraction of the overall stock fund market [16][17]. Hong Kong Market Valuation - The article provides a summary of the valuation of various Hong Kong indices, indicating that the Hang Seng Index and other indices have specific price-to-earnings (P/E) and price-to-book (P/B) ratios, which can serve as a reference for investors [21][20]. - The valuation table includes metrics such as dividend yield and return on equity (ROE) for different indices, highlighting the investment landscape in Hong Kong [21]. Personal Pension Investment Guide - A new book titled "Personal Pension Investment Guide" has been released, aimed at helping investors navigate the personal pension system introduced in China. The book has gained popularity, ranking first in sales on major platforms [24][25]. - The guide is designed to be accessible and easy to read, providing practical insights for investors looking to enhance their retirement savings while benefiting from tax deferral [25].