美股估值偏高，港股处于进一步分化阶段

US Market Insights - The S&P 500 index, Nasdaq, and Dow Jones Industrial Average all increased by 1.5%, 2.18%, and 1.17% respectively this week[2] - The TAMAMA technology index has a P/E ratio of 32.2, indicating it remains in a high valuation zone above 30[1] - The Philadelphia Semiconductor Index's P/E ratio rose to 45.8, also indicating a high valuation above 45[1] - The S&P 500 Shiller P/E ratio increased to 36.91, significantly above historical averages[1] Hong Kong Market Insights - The Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Hong Kong Chinese Enterprises Index rose by 2.16%, 2.34%, and 1.93% respectively this week[2] - The Hang Seng Technology Index increased by 2.25% this week[3] - The market is experiencing further differentiation, with previously overheated assets beginning to cool down[1] - Structural opportunities exist in low-valuation assets with good fundamentals and minimal trade impact[1] Economic Indicators - Eurozone CPI year-on-year growth was 1.9% in May, down from 2.2%[3] - Eurozone core CPI year-on-year growth was 2.3%, down from 2.7%[3] - The US unemployment rate remained stable at 4.2% in May[42]