文 | 银行螺丝钉 （转载请注明出处） 今天大盘下跌，截止到收盘，回到4.3星。 大中小盘股都下跌，中小盘股下跌多一些。 遇到市场波动，价值风格比较抗跌。 自由现金流指数上涨。目前现金流指数距离正常估值也不远了。 其他红利类品种波动也比较小。 股票部分偏价值风格的月薪宝，也略微上涨。 成长风格指数则普遍下跌。 港股也整体下跌，港股科技股下跌略多。 今天收盘，港股科技、恒生科技也回到了低估，目前处于刚进入低估的位置。 1. 前段时间，大盘到了4000点，有朋友问，还会低于4000点么？ 这几天回调，大盘到了3900点上下，也有朋友问，未来还会不会再站上4000点？ 这是个挺有意思的问题。 先说下答案，两个回答都是肯定的。 大盘指数会在4000点，上上下下几十次。 最终会站稳4000点，之后在5000、6000点···重复类似的过程。 2. 这个4000点说的是上证指数。 主要是上海交易所的股票，没有深交所和创业板的股票。 像今年三季度创业板大幅上涨，上证指数就比较吃亏。 A股规模最大的指数基金，例如沪深300、中证500，都是同时投资沪深两市股票的。 指数点数是长期上涨的。 指数=估值*盈利。 短期里，主要是估 ...

Core Viewpoint - The article discusses the current market trends, focusing on the performance of various stock styles and the recovery of corporate earnings in A-shares and Hong Kong stocks, indicating potential investment opportunities. Group 1: Market Performance - The market experienced slight declines, with the index closing at 4.2 stars [1] - Both large, medium, and small-cap stocks showed minor declines [2] - Value styles remained relatively resilient during market fluctuations [3] - The Shanghai Dividend and CSI 300 Value indices have returned from undervaluation to normal valuation levels [4] - Other indices like the Hong Kong-Shenzhen Dividend and Free Cash Flow are also approaching normal valuation [5] Group 2: Earnings Recovery - The recent quarterly reports indicate a recovery in corporate earnings after a low-performing year [16][17] - Three tiers of earnings recovery are identified: 1. Technology and pharmaceutical stocks in Hong Kong showed significant year-on-year earnings growth, exceeding 100% for some [18][19] 2. Stable earnings growth was observed in consumer sectors and value styles, with A-share pharmaceuticals also recovering [22][24] 3. Some sectors, like A-share consumer and real estate, remain in a low-performing phase with no signs of recovery yet [26][28][29] - The overall economic low point is expected to occur in 2024, followed by a gradual recovery [30] Group 3: Investment Tools and Features - A new feature in the "Today Stars" app allows users to view core data and real-time valuations of mainstream ETFs [31] - The app supports tracking ETF premium/discount rates and historical valuation data [33] - Users are encouraged to provide feedback on additional data or features they would like to see [32]