文 | 银行螺丝钉 （转载请注明出处） 今天大盘低开高走，整体上涨。 1. 最近红利低波动、自由现金流等指数基金，也创下历史新高。 有朋友问，这些指数基金创下新高，但是估值上，感觉没有太高，是啥原因呢？ 2. 这要回到指数基金的收益公式。 截止到收盘，大盘还在4.1星，距离4.0星很接近了。 大中小盘股都上涨，涨幅差不多。 前几天成长风格连续下跌，价值风格上涨。 红利、现金流等回到了正常估值。 今天变成成长风格上涨较多，价值风格微涨。 市场还是风格轮动的。 港股上午下跌，到下午快速拉涨。 港股医药、港股科技领涨。 最近港股财报陆续更新，港股医药、科技股的盈利同比增长比较良好，带动指数上涨。 指数基金净值=估值*盈利+分红。 对红利指数来说： （1）这几年估值数值略有提升。 像前几年中证红利在8-9倍居多，这两年在9-10倍上下居多。 上半年很多红利指数的估值还更低一些，最近几个月上涨后，估值很多回到了正常偏低。 红利、价值、低波动、现金流等价值风格指数，有一个特点： 通常在调仓的时候，会重新挑选估值较低的一批股票，这会让它们的估值数值降低。 例如红利指数，每年12月份会指数调仓，重新挑选股息率最高的一批股票。 ...

Core Viewpoint - The appointment of Cheng Fei as the new general manager of Dongfang Hong Asset Management is seen as a crucial step in strengthening the company's core competitiveness and accelerating its strategic transformation [2][3]. Group 1: Management Changes - Cheng Fei, former vice president of Guotai Junan Securities, has officially taken over as the general manager of Dongfang Hong Asset Management as of May 9 [3][4]. - The previous chairman, Yang Bin, will no longer act as the general manager, marking a significant leadership transition [2][3]. Group 2: Industry Impact - Cheng Fei's extensive experience in asset management is expected to bring new ideas and innovative concepts to Dongfang Hong Asset Management, enhancing its competitiveness in a challenging market [7]. - His leadership is anticipated to focus on integrating investment research and product management, as well as improving the stability and diversity of funding sources [7]. Group 3: Company Background - Dongfang Hong Asset Management, established in 2010, is the first securities company asset management firm in China and has developed a strong reputation for value investing [9]. - As of December 2024, the total assets under management reached 216.57 billion yuan, with public fund management accounting for 166.17 billion yuan [9]. Group 4: Performance Metrics - Over the past decade, the company's active management return on stock investments has reached 165.10%, ranking first in the industry [10]. - Fixed income funds have achieved an absolute return rate of 36.32% over the past seven years, placing them in the top 30% of the industry [11].