［6月8日］美股指数估值数据（全球股市继续上涨；美股中概退市对指数基金有影响吗；全球指数星级更新）

Core Viewpoint - The article discusses the valuation of global stock indices, U.S. Treasury indices, and the performance of various markets, highlighting the recent recovery in global stock markets and the implications for investment strategies. Group 1: Global Stock Market Performance - The global stock market index has returned to 3.3 stars, recovering losses from the tariff crisis in early April and surpassing the beginning of the year levels. However, due to earnings updates, the valuation has decreased compared to the end of last year [1]. - The S&P 500 index in the U.S. rose by 1.5% this week, while non-U.S. global markets increased by 1.6%. The Hong Kong stock market led the gains with the Hang Seng Index up by 2.16% and the Hang Seng Tech Index up by 2.2% [1][2]. - The performance of the Hong Kong stock market is attributed to a recovery in earnings, with a year-on-year growth of 16% in the first quarter, leading to a dual effect of valuation and earnings improvement [1][3]. Group 2: Investment Considerations - Concerns regarding the impact of U.S. delistings of Chinese concept stocks on index funds are addressed, indicating that past delistings have not significantly affected the performance of these stocks when traded on the Hong Kong market [3][4]. - The article emphasizes that the long-term performance of stocks is ultimately driven by earnings, regardless of the market in which they are listed [2][5]. - The availability of global stock index funds in overseas markets is noted, with a suggestion that domestic investors can simulate similar effects through advisory combinations [9][10]. Group 3: Valuation Tables - A detailed valuation table for various indices is provided, including metrics such as price-to-earnings (P/E) ratios, price-to-book (P/B) ratios, dividend yields, and return on equity (ROE) for indices like the Russell 2000 Value and S&P 500 [19][21]. - The table categorizes indices based on their valuation status, with green indicating undervalued, yellow for normal, and red for overvalued, aiding investors in making informed decisions [21][22].