［3月15日］美股指数估值数据（全球市场波动，回到3.1星；人民币资产坚挺）

Core Viewpoint - The global stock market experienced a decline this week, with the global stock index rating returning to 3.1 stars, indicating a relatively normal valuation level [1]. Market Performance - The global stock index fell by 1.7% this week [3]. - The U.S. stock market index decreased by 1.59% [4]. - Most markets saw declines, with European stocks experiencing a more significant drop [5][6]. - The Indian market has faced considerable declines this year, with a 20% drop from its historical high in 2024, influenced by the Federal Reserve's interest rate decisions and global market trends [7][8][9]. - A-shares and Hong Kong stocks saw slight declines this week, but their volatility was lower compared to the global market, indicating relative strength [10]. Oil Price Impact - The recent surge in oil prices has caused significant volatility in global markets, with a notable drop of 7% in non-U.S. markets due to inflation concerns [11][12]. - The second wave of oil price increases this week had a reduced impact on the market compared to the previous week [14]. - There is a growing perspective that rising oil prices may enhance the competitive advantage of RMB assets due to lower dependency on oil and stable domestic infrastructure [16][17]. Valuation Insights - Historical data shows that the global stock market reached undervalued stages (4-5 stars) in 2018, 2020, and 2022, with the current rating around 3.1 stars, suggesting that the market is not particularly cheap at this moment [20][21]. - The global stock index can be accessed through various index funds in overseas markets, although there are currently no such funds available in mainland China [23]. Investment Products - The company has launched a "Global Index Advisory Portfolio" that diversifies investments across U.S., UK, Hong Kong, and A-share markets to track global stock market performance [24]. - There are limitations on the purchase amounts for overseas market funds, typically capped at around 100 yuan, with daily maximum purchases set at 50 yuan [26]. New Publication - A new book titled "Personal Pension Investment Guide" has been released, achieving high sales rankings on platforms like JD.com, aimed at addressing common investor questions regarding personal pension systems [29].