文 | 银行螺丝钉 （转载请注明出处） 今天大盘整体上涨，截止到收盘，还在4.2星。 大中小盘股都上涨。 小盘股上涨更多一些。 价值风格略微上涨，成长风格上涨多一些。 港股也整体上涨。港股科技等指数上涨略多。 螺丝钉也汇总了港股指数的估值，供参考，见文章下方图片。 1. 做投资，有的投资者是交易的视角，有的投资者是生意的视角。 交易的视角，会习惯短期买卖。 希望捕捉到每一个较短时间里的价格波动。 或者看到短期涨跌就患得患失。 也有的投资者是亏钱的时候比较安心，看到自己赚钱了，就担心受怕，总想着赶紧卖出去。 但市场短期涨跌很难预测，除了极少数的交易员，大多数人很难依靠短线交易获得稳定收益。 从做生意的视角，看待指数基金投资，会更容易。 2. 巴菲特的老师，格雷厄姆，有关于价值投资的几条基础原则。 其中之一，就是买股票就是买公司。 其实指数基金投资也是如此。 指数基金持有用规则选出来的一篮子股票。 买指数基金，就是买了一篮子公司。 这几年红利指数，盈利平均年化提升约6%上下。 假设估值不变的情况下，这个迷你公司，主要的收益就两块： • 分红（取决于买入时的股息率） 我们假设在10倍市盈率，买了一个红利指数基金，1 ...

Core Viewpoint - The article discusses the current market conditions, emphasizing the importance of market valuation levels (star ratings) in guiding investment decisions and identifying potential opportunities and risks. Group 1: Market Overview - The market experienced slight fluctuations, with large-cap stocks showing minimal volatility while small and mid-cap stocks faced more significant declines [2][3]. - Consumer and pharmaceutical sectors saw minor gains, while the Hong Kong stock market, which had previously risen, faced a downturn [4]. - The article reflects on historical market discussions regarding index levels, noting the challenges of reaching significant milestones like 2000 points during bearish phases [5][6]. Group 2: Investment Opportunities by Star Ratings - The star rating system is used to assess market valuation, with 5 stars indicating the best investment opportunities due to low valuations [8][9]. - At 5 stars, the market is often at its most pessimistic, presenting the highest potential for stock and fund investments [10][13]. - A 4-star rating indicates low valuations for some stocks, allowing for selective investment opportunities [15][18]. - A 3-star rating suggests normal valuations, where low-value stocks are scarce, and it may be prudent to pause new investments [20][21]. - Ratings of 2 stars and below indicate a late-stage bull market with most stocks overvalued, where extreme investment opportunities may arise despite general market caution [24][27]. Group 3: Historical Context and Future Projections - Historical data shows that as market profitability increases, index points also rise, with examples from past bull markets illustrating this relationship [32][36]. - The article notes that the current market is at 4.8 stars, with discussions about future index levels potentially reaching 4000 or 5000 points [7][29]. - The star rating system has been consistently updated, reflecting the market's journey from 5.9 stars to 1 star over time [28]. Group 4: Tools and Resources - The article introduces a new version of the "Today’s Star" app, which provides expanded index valuation data and allows users to purchase corresponding index funds [46][47]. - The app includes features for filtering indices by categories, enhancing user experience in identifying investment opportunities [46].