海外策略周报：美股估值处于历史次高位，港股走势分化-20250809

Global Market Overview - The global markets experienced a rebound this week after a significant pullback last week, with major indices showing recovery [1][9] - The US stock market remains under pressure due to high valuations and uncertainty surrounding economic policies [1][12] US Market Performance - The S&P 500, Nasdaq, and Dow Jones indices increased by 2.43%, 3.87%, and 1.35% respectively this week [2][12] - The Nasdaq index has a high P/E ratio of 40.8, indicating potential valuation risks, while the S&P 500 Shiller P/E ratio rose to 38.45, the second highest historically [1][12] - The technology sector within the S&P 500 saw a notable increase of 4.27%, while the energy sector declined by 0.98% [12][16] Hong Kong Market Performance - The Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Hong Kong Chinese Enterprises Index rose by 1.43%, 1.03%, and 1.84% respectively this week [4][25] - The Hang Seng Technology Index increased by 1.17%, with the materials sector showing the highest growth at 10.98% [25][28] - The market is expected to continue showing divergence, with high-positioned assets likely to face further corrections while undervalued assets may present opportunities [1][39] Economic Data - In June 2025, the Eurozone PPI year-on-year growth was 0.6%, up from 0.3% previously [40][41] - The Eurozone retail sales index showed a month-on-month increase of 0.3%, improving from a previous decline of -0.3% [40][41] - The US ISM Services PMI for July was reported at 50.1, down from 50.8, indicating a slight contraction in the services sector [48][49]