［6月29日］美股指数估值数据（全球股票市场大幅上涨）

Core Viewpoint - The article discusses the valuation of global stock indices and U.S. Treasury indices, highlighting the recent performance of global stock markets and the impact of U.S. interest rates on asset prices [1][10]. Group 1: Global Stock Market Performance - The global stock market saw a significant increase, with indices returning to a rating of 3.2 stars [5][6]. - Major stock markets, including U.S., European, Hong Kong, and Japanese markets, all experienced gains exceeding 3% [7]. - A global stock index combination reached a new high since its inception [8]. Group 2: Factors Influencing Market Movements - The recent rise in global stock markets is attributed to the easing of tariff crises and a decline in U.S. dollar interest rates [10]. - The U.S. 10-year Treasury yield decreased from approximately 4.48% to 4.27% over a few weeks [15]. - Lower interest rates are beneficial for global asset prices, similar to past instances when the Federal Reserve initiated rate cuts [16][17]. Group 3: Impact on A-shares and Hong Kong Stocks - The decline in U.S. interest rates positively affects A-shares and Hong Kong stocks, with A-shares rising over 30% since the Fed's first rate cut last September [20]. - The Hang Seng Index increased by 43%, outperforming the global average [21][23]. - The valuation of A-shares and Hong Kong stocks was significantly lower than the global average, providing a clear valuation advantage [23]. Group 4: Future Outlook - If the Federal Reserve continues to lower interest rates to historical averages (2-3%), it will further benefit A-shares and Hong Kong stocks [26]. - Potential volatility may arise from U.S. tariff actions, similar to the fluctuations seen in early April [27]. Group 5: Investment Opportunities - The article mentions the availability of global stock index funds in overseas markets, which are not yet accessible in mainland China [31]. - A "Global Index Advisory Portfolio" has been introduced, diversifying investments across U.S., UK, Hong Kong, and A-share indices [33]. - Current investment limits for overseas market funds in mainland China are relatively low, with a maximum daily purchase of 350 yuan [35].