［7月6日］美股指数估值数据（全球股票指数创点数新高，估值到高位了么）

Core Viewpoint - The article discusses the valuation of global stock indices and U.S. Treasury indices, highlighting the limited availability of investment options in mainland China compared to overseas markets [1][2]. Group 1: Global Stock Market Performance - The global stock market saw an increase of approximately 1.4% this week, with the global stock index star rating returning to around 3.1 stars [4][5][6]. - The global stock index has surpassed last year's levels, reaching a historical high [8]. - Despite the historical high, the current valuations are not as elevated as last year, with the market currently at a normal to slightly high valuation level of around 3.1 stars [10][11]. Group 2: Valuation Insights - The relationship between index points and earnings is explained, indicating that index point fluctuations can be viewed as changes in the market capitalization of listed companies [12]. - The profitability of overseas listed companies has been growing, which has helped to absorb some of the valuation increases [12]. - The article notes that there are currently no global stock index funds available in mainland China, but a combination that tracks global stock indices is being offered [13][14]. Group 3: Investment Opportunities - The article mentions that there are numerous global stock index funds available overseas, with a total scale exceeding one trillion U.S. dollars [9][18]. - A "Global Index Advisory Portfolio" has been introduced, which diversifies investments across various stock markets, including U.S., UK, Hong Kong, and A-shares [20]. - The investment limits for overseas market funds in mainland China are generally low, with a maximum daily purchase limit of 350 yuan [22]. Group 4: Historical Context and Future Outlook - Historical low valuation phases for the global stock market were identified in 2018, 2020, and 2022, with a recent drop in April 2025 bringing the market back to a low valuation phase [16]. - The article emphasizes that investing during periods when the global stock index is rated between 4-5 stars is ideal for maximizing investment value [15].