全球资产配置每周聚焦（20250905-20250912）：全球资金大幅流出美国股市，恒科领涨全球资产-20250914

Economic Indicators - The US CPI data met expectations while PPI unexpectedly weakened, reinforcing Fed rate cut expectations[3] - The unemployment rate in the US rose to 4.3% in August, with non-farm payrolls adding only 22,000 jobs, significantly below the expected 75,000[3] Market Performance - The Hang Seng Technology Index surged by 5.3%, leading global stock markets[3] - The S&P 500 closed at 6584.29, showing a weekly increase of 1.59%[8] Fund Flows - Over the past week, domestic funds significantly flowed into the Chinese stock market, with a net inflow of $8.32 million, while foreign funds saw a net outflow of $0.14 million[19] - US equity markets experienced a notable outflow of $172 billion, while US government bonds saw an inflow of $129.2 billion[16] Valuation Metrics - The Shanghai Composite Index's PE ratio has dropped to the historical 39th percentile, indicating potential undervaluation compared to US markets[3] - The PE ratio percentiles for the S&P 500 and DAX are at 93.2% and 90.7% respectively, suggesting high valuations in developed markets[3] Risk Sentiment - The put-call ratio for the S&P 500 increased to 1.13, indicating a more cautious market sentiment[3] - The implied volatility for the CSI 300 options has shown a significant decline, reflecting reduced optimism for upward movement[3]