［1月25日］美股指数估值数据（全球中小资产狂欢，原因为何）

Core Viewpoint - The article discusses the recent trends in global stock markets, highlighting a significant rise in small-cap assets and the implications of liquidity conditions on asset valuations [3][7][19]. Group 1: Market Performance - Global stock markets experienced slight increases, with the US stock market showing a minor decline [3]. - Non-US markets overall saw an uptick, while A-shares demonstrated strong performance, marking the best start in recent years [5][6]. - The A-share CSI 500 index rose by 4.34%, indicating a near overvaluation, with small-cap stocks significantly outperforming [7]. Group 2: Asset Trends - A global "small asset frenzy" has emerged, with notable increases in various regions: South Korea's stock market rose by 3% this week, and Brazil's stock market surged by 8% [8][9]. - The commodity market mirrored these trends, with gold prices rising significantly, and silver prices increasing by 14% [11]. Group 3: Liquidity and Valuation - The article emphasizes that during a US dollar interest rate cut cycle, liquidity increases, benefiting various asset classes and leading to higher valuations [16][18]. - Small assets, such as small-cap stocks and smaller countries' equities, tend to experience substantial price increases with minor capital inflows due to this liquidity [19]. Group 4: Historical Context and Future Outlook - The article notes that significant increases in small-cap stocks are rare, with the last occurrence in the A-share market being in 2015 [15]. - It warns that during a liquidity-rich environment, overvaluation opportunities may arise, as seen in the current market conditions [21][22]. - The article also discusses the potential for undervaluation opportunities during tightening cycles, referencing the significant declines in markets during the 2021-2022 Federal Reserve rate hikes [24][25]. Group 5: Investment Strategies - The article mentions the absence of global stock index funds in mainland China, despite their availability in overseas markets, and suggests that a simulated approach through advisory combinations can achieve similar effects [28]. - A new "Global Index Advisory Combination" has been introduced, diversifying investments across multiple stock markets [29]. Group 6: Publications and Resources - The article announces the release of a new book titled "Dividend Index Fund Investment Guide," which aims to address common investor questions regarding dividend products [34][35].