Core Viewpoint - The article discusses the valuation of global stock indices, U.S. Treasury indices, and the performance of various markets, highlighting the recent recovery in global stock markets and the implications for investment strategies. Group 1: Global Stock Market Performance - The global stock market index has returned to 3.3 stars, recovering losses from the tariff crisis in early April and surpassing the beginning of the year levels. However, due to earnings updates, the valuation has decreased compared to the end of last year [1]. - The S&P 500 index in the U.S. rose by 1.5% this week, while non-U.S. global markets increased by 1.6%. The Hong Kong stock market led the gains with the Hang Seng Index up by 2.16% and the Hang Seng Tech Index up by 2.2% [1][2]. - The performance of the Hong Kong stock market is attributed to a recovery in earnings, with a year-on-year growth of 16% in the first quarter, leading to a dual effect of valuation and earnings improvement [1][3]. Group 2: Investment Considerations - Concerns regarding the impact of U.S. delistings of Chinese concept stocks on index funds are addressed, indicating that past delistings have not significantly affected the performance of these stocks when traded on the Hong Kong market [3][4]. - The article emphasizes that the long-term performance of stocks is ultimately driven by earnings, regardless of the market in which they are listed [2][5]. - The availability of global stock index funds in overseas markets is noted, with a suggestion that domestic investors can simulate similar effects through advisory combinations [9][10]. Group 3: Valuation Tables - A detailed valuation table for various indices is provided, including metrics such as price-to-earnings (P/E) ratios, price-to-book (P/B) ratios, dividend yields, and return on equity (ROE) for indices like the Russell 2000 Value and S&P 500 [19][21]. - The table categorizes indices based on their valuation status, with green indicating undervalued, yellow for normal, and red for overvalued, aiding investors in making informed decisions [21][22].

Group 1 - The global stock market indices experienced slight fluctuations, returning to a rating of 3.5 stars this week [3] - The US stock index saw a slight increase, while non-US markets experienced a minor decline [4][5] - The Hong Kong stock market ended a six-week upward trend with a slight decrease this week [6] Group 2 - The global stock market initially rose in the first half of the week but faced a pullback towards the end, primarily due to Trump's tariff policies [7] - A US federal court temporarily blocked the implementation of Trump's tariff policy from April 2, but the Trump administration appealed, leading to a temporary restoration of the tariff increase [8][9] Group 3 - Tariffs are a double-edged sword for the US dollar; higher tariffs may hinder the reduction of dollar inflation, which could slow down the Federal Reserve's rate cuts [10] - The significant dollar debt and high interest expenses put pressure on the dollar [11] - The actual implementation of high tariffs has been limited, serving more as a negotiation tool than a final goal [12][13] Group 4 - A decrease in US dollar interest rates would benefit non-dollar assets; since the Fed's first rate cut in September last year, A-shares and Hong Kong stocks have outperformed the global average [14] - The Hang Seng Index has risen by 16% this year, leading the global stock market [15] - If the tariff crisis subsides and US dollar rates continue to decline, it would be advantageous for both Hong Kong and A-shares [16] Group 5 - The recent performance of the Hong Kong stock market has improved, with many investment options showing more gains than losses compared to previous years [17] - In the past few years, the decline in Hong Kong stock profits was more significant than that of A-shares, with the Hang Seng Index dropping 54% from 2021 to 2022, while A-shares fell by 30-40% [18] - The first quarter of this year saw a 16% year-on-year profit growth for the Hang Seng Index, indicating a recovery [20] Group 6 - The index points can be calculated as valuation multiplied by earnings plus dividends [22] - Good profit growth leads to quicker rebounds from market fluctuations, creating a perception of a more favorable investment environment [23] - A-shares are expected to experience a similar fundamental improvement in the future, leading to potential upward movements [24] Group 7 - A global stock market star rating chart indicates that the market was undervalued at 4-5 stars during previous low phases in 2018, 2020, and 2022 [28] - After a significant drop in early April, the global stock market rebounded to a rating of 3.5 stars [29] Group 8 - There are global stock index funds available in overseas markets, with a total scale exceeding one trillion dollars, but such funds are currently limited in mainland China [31] - The company has launched a "Global Index Advisory Portfolio" that diversifies investments across US, UK, Hong Kong, and A-share indices to track the global stock market [32] Group 9 - The newly translated book "The Long-Term Investment Secret" has been released and topped sales charts, providing insights into long-term stock market investments [37] - The book emphasizes that stocks are the best long-term investment vehicle and suggests that households should allocate a portion of their assets to stocks [38]