［7月13日］美股指数估值数据（A股港股还能继续上涨吗；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 potential investment opportunities in overseas markets, particularly focusing on the performance of A-shares and Hong Kong stocks in the context of recent economic trends and interest rate changes [1][2][4]. Group 1: Market Performance - The global stock market experienced a slight decline of 0.42% this week, with the global stock index rating returning to around 3.1 stars [5][6]. - Most global stock markets saw a downturn, while Chinese assets remained relatively strong, with the A-share CSI All Share Index rising by 1.54% and the Hong Kong Hang Seng Index increasing by 0.93%, ranking among the top performers globally [7]. Group 2: Historical Context and Valuation - Since the Federal Reserve's first interest rate cut in September last year, the global stock index has risen approximately 17%, with Chinese assets performing even better: A-shares up over 35% and the Hang Seng Index up 42% [9][10]. - The decline in U.S. dollar interest rates has positively impacted asset valuations, similar to the previous bull market in A-shares and Hong Kong stocks from 2019 to 2021 [11]. - A-shares and Hong Kong stocks were previously undervalued, with ratings dropping to as low as 5.9 stars, which was 50% below the global average valuation, leading to significant valuation recovery and price increases [12][13]. Group 3: Future Outlook - The article raises questions about the continued upward potential of A-shares and Hong Kong stocks, emphasizing that index funds' performance is influenced by valuation, earnings, and dividends [14][15]. - The valuation for Hong Kong stocks has returned to a range of 4.1-4.5 stars, while A-shares have increased from the previous 5.x stars to around 4.8 stars [17][18]. - Although there are still some undervalued stocks, the number has decreased as prices have risen [19]. - Earnings growth from listed companies is expected to contribute to future returns, with signs of stabilization and recovery in earnings observed in early 2024 [22][24]. Group 4: Investment Products - The article mentions the availability of global stock index funds in overseas markets, which total over a trillion dollars, but notes the lack of such funds in mainland China [27]. - The company has introduced a "Global Index Advisory Portfolio" that diversifies investments across U.S., UK, Hong Kong, and A-shares to track global stock market performance [29]. - There are limitations on the purchase amounts for overseas investment funds, with a maximum daily purchase of 350 yuan [31].