全球资产配置每周聚焦（20250912-20250919）：外资继续流入中国-20250921

Group 1: Monetary Policy and Market Performance - The Federal Reserve lowered interest rates by 25 basis points, marking its first cut in nine months, which aligns with market expectations[4] - The Hang Seng Tech Index led global gains, rising by 5.1% during the week[4] - The 10-year U.S. Treasury yield increased by 8 basis points to 4.14%, while the U.S. dollar index remained stable at 97.7[4] Group 2: Capital Flows and Investment Trends - Domestic and foreign capital significantly flowed into the Chinese stock market, with domestic inflows of $31.03 billion and foreign inflows of $25.70 billion in the past week[19] - Overseas active funds saw a net outflow of $1.30 billion, while passive funds experienced an inflow of $27.00 billion[19] - In the U.S. equity market, there was a notable inflow of $591 billion, with $103.2 billion flowing into fixed income funds[16] Group 3: Valuation Metrics and Risk Assessment - The equity risk premium (ERP) for all A-shares increased from 46% to 47%[4] - The price-to-earnings (PE) ratio for the Shanghai Composite Index is at the 40th percentile historically, indicating potential for valuation recovery[16] - The risk-adjusted return percentile for the Shanghai Composite increased from 79% to 82%, while the S&P 500's decreased from 58% to 52%[4]