［3月20日］指数估值数据(大盘下跌，回到4.1星；主动和指数组合何时会打开申购；抽奖福利）

Core Viewpoint - The overall market has experienced a decline, with the CSI All Share Index dropping by 1.2%, returning to a rating of 4.1 stars, indicating a potential investment opportunity as the market adjusts [1][25]. Market Performance - Large, medium, and small-cap stocks have all seen declines, with small-cap stocks, particularly the CSI 2000, dropping over 2% [2][3]. - Last year was characterized by a bull market led by small-cap stocks, which are now experiencing significant corrections [4][5]. - Value-oriented stocks have shown relative stability amidst market fluctuations, while dividend indices have remained less volatile [6][7]. Investment Strategy - The company has paused subscriptions for actively managed and index-enhanced funds during periods of high market enthusiasm to prevent investors from chasing prices [11][17]. - In early January, when the market sentiment was particularly high, the company decided to halt subscriptions to protect investor interests, resulting in most investors remaining profitable despite recent market corrections [20][21]. - Active selection and index-enhanced strategies have outperformed the index this year, with the active selection strategy beating the CSI 300 by approximately 3-4% over the past two months [22][24]. Future Actions - The company plans to reopen subscriptions for actively managed and index-enhanced funds when the market rating returns to 4.1 stars, and will close subscriptions again if the rating rises to the 3.x star range [26][27]. - The investment philosophy emphasizes the combination of good products, good prices, and long-term holding for favorable returns, while also addressing the emotional challenges investors face during market volatility [28][29]. Hong Kong Market Insights - The company has compiled valuation data for Hong Kong indices, which can be accessed through their mini-program for daily updates [10][37]. - Currently, the Hong Kong market is rated at 3.x stars, reflecting its valuation status [34].