Market Overview - Global risk assets rebounded this week amid easing geopolitical tensions and rising expectations for a Federal Reserve rate cut, with the dollar under pressure and non-dollar currencies strengthening [1] - The S&P 500 index rose 3.44% this week, closing at 6173.07 points, surpassing its previous historical closing high from February 19 [1] - The Dow Jones Industrial Average increased by 3.82% to 43819.27 points, while the Nasdaq index gained 4.25% to 20273.46 points, also breaking its historical closing high from December 16, 2024 [1] U.S. Stock Performance - The "Magnificent Seven" tech stocks led the gains in the U.S. market, with Nvidia rising 9.66% to a market capitalization of $3.85 trillion [1] - Other notable tech stocks included META (+7.52%), Google A (+7.14%), Amazon (+6.49%), Microsoft (+3.88%), Tesla (+0.51%), and Apple (+0.04%) [1] European Market Performance - European stock markets mostly rose, with the STOXX 600 index up 1.32%, Germany's DAX 30 up 2.92%, France's CAC 40 up 1.34%, and the UK's FTSE 100 up 0.28% [1] Asia-Pacific Market Performance - The South Korean stock market rose 1.13% for the week, with a year-to-date increase of 27.36% [2] - The Nikkei 225 index surged 4.55%, surpassing 40,000 points for the first time since January 27 [2] - The Indian SENSEX 30 index increased by 2% over the week [2] Currency Market - The U.S. dollar index fell 1.52% to 97.26, marking five consecutive days of decline [2] - Non-dollar currencies rebounded, with the euro rising 1.7% against the dollar, the yen up approximately 1%, and the Swiss franc increasing by 2.3% [2] Commodity Market - Gold prices fell, with spot gold dropping below $3,330 per ounce, a two-week low, down 2.8% for the week [2] - WTI crude oil prices fell significantly, with a weekly decline of 11.88%, dropping below $66 per barrel [2] - Brent crude oil also saw a decline, with a weekly drop of 12.11%, closing at $66.34 per barrel [2] Employment Data Insights - The U.S. non-farm payrolls for May exceeded expectations, with an increase of 139,000 jobs, stabilizing the unemployment rate at 4.2% [4] - Analysts expect June's non-farm payrolls to slow to 120,000, with the unemployment rate projected to rise to 4.3% [4][5] - The job market indicators suggest potential downward trends, with leading indicators pointing towards a possible increase in unemployment rates in the coming years [5] U.S. Stock Market Outlook - The U.S. stock market has rebounded after a period of extreme risk aversion, with July historically being a strong month for stock performance [6] - The S&P 500's earnings per share growth is expected to follow the trend of overall corporate profits, with current EPS growth expectations at 7.5% [6] - However, the market's valuation remains high, with the current price-to-earnings ratio at levels seen in early March, indicating limited potential for further valuation increases [7]

证券研究报告 最新A股、港股、美股估值怎么看？ ——估值周报（0623-0627） 李立峰 SAC NO:S1120520090003 冯逸华 SAC NO:S1120523070007 2025年6月28日 请仔细阅读在本报告尾部的重要法律声明 全球主要指数估值总览 图表1：全球主要指数PE(TTM) 0 20 40 60 80 100 120 140 160 上证指数 创业板指 恒生指数 恒生科技 标普500 纳斯达克指数 道琼斯工业指数 日经225 德国DAX 中位数 最大值 最小值 现值 A股 港股 美股 日股 德股 注：自2010年1月起，截至2025年6月27日 资料来源： wind ，华西证券研究所 2 目录 风险提示 3 一、A股市场估值水平 二、A股行业估值水平 三、部分机构集中持有个股估值水平 四、港股市场估值水平 五、港股行业估值水平 六、美股市场估值水平 七、中概股估值、中美银行股估值比较 1.1 A股绝对估值变化 4 图表6、7：创业板/沪深300相对PE(TTM)、中证500/沪深300相对PE(TTM) 6 6 2.45 1 2 3 4 5 6 7 8 9 2010-07 201 ...

1[Table_Title2] --海外策略周报 分析师 证券分析师：王一棠 [Table_Author] 邮箱：wangyt3@hx168.com.cn SAC NO：S1120521080003 | 全球主要市场表现 | | --- | | [Table_Market1] | | | 周涨 | | --- | --- | --- | --- | | 指数 | 收盘价 | 周涨跌 | 跌幅 | | | | | (%) | | 日经 225 | 40,150.79 | 1,747.56 | 4.55 | | 纳斯达克指数 | 20,273.46 | 826.05 | 4.25 | | 道琼斯工业指数 | 43,819.27 | 1,612.45 | 3.82 | | 标普 500 | 6,173.07 | 205.23 | 3.44 | | 恒生指数 | 24,284.15 | 753.67 | 3.20 | | 德国 DAX | 24,033.22 | 682.67 | 2.92 | | 墨西哥 MXX | 57,474.19 | 1,209.50 | 2.15 | | 富时新加坡海峡指 数 | 3,966 ...

变局加速，机遇涌动！走过充满韧性的 2024 ，中国经济正以"新质生产力"为引擎，在 2025 年深化转型。政策红利持续释放，资本市场改革深化，外资加速回流人工智能、高端制造、绿 色能源等新经济赛道，一场以"新质"为核心的估值重构已然展开。 然而，全球棋局波谲云诡：地缘冲突未息、货币政策分化、供应链重塑承压、多国政治周期叠 加 ……如何在百年大变局的深化期，把握未来航向？ 2025 年下半年，机遇与风险并存，投 资者如何优化策略，行稳致远？ 答案，就在深圳！ 2025 年 7 月 4 日 -5 日，格隆汇 2025 中期策略峰会 将再度点亮鹏城！ 与远见者同行，与担当者共进！ 请注意， 7 月 5 日全天的全球机构投资者思享会为收费活动，前排预留席位金额： 6 88/ 人 （早鸟价，原价 1 088/ 人）， 限额前 7 2 位！已无名额 ！ 这是一场智慧碰撞的盛宴，一次拨云见日的集结！ 普通席位 3 88/ 人（早鸟价，原价 688/ 人） 仅剩 20 席，先到先得！ 请联系专属客服购买票！ 我们力邀顶尖思想领袖与实战精英，为您： 深度剖析全球与中国经济核心变局； 前瞻 "新质生产力"驱动的投资主脉络； 拆 ...

今天大盘整体波动不大，截止到收盘，还在4.9星。 沪深300等大盘股微跌，中证500、中证1000等微涨。 前几天强势上涨的银行指数，今天下跌较多，拖累了大盘股。 消费行业也下跌。 文 | 银行螺丝钉 （转载请注明出处） 科技、医药整体上涨。 港股波动不大。 港股科技指数略微上涨。 1. 有朋友问，前段时间港股医药涨幅比较高，到了正常估值。 最近港股医药回调。 港股的医药指数有哪些？最近港股医药回到低估了么？ 医药是11个一级行业之一。 在医药行业下，有三个比较常见的子行业：医疗、生物科技、创新药。 其实还有其他子行业（例如中医药），只是这三个的基金数量多。 医疗行业， 主要是由医疗服务和医疗器械等构成。 例如，我们平时看的眼科、牙科医院，就是医疗服务；而心脏起搏器、呼吸机、注射器等属于医疗器械。 医疗行业，是目前基金数量非常多的医药子行业，指数基金和主动基金都有不少。 生物科技， 主要是投资四个领域的公司：基因诊断、生物制药、血液制品、人体生物科技。包括疫苗，也在其中。 这个指数长期收益也不错，跟医疗是同一档次的。 本身也有科技属性。像很多科技主题基金中，也有生物科技的公司。 例如港股科技指数，除了互联网， ...

Group 1 - JPMorgan Chase (JPM.US) has seen its stock price surge over 40% since April's low, reaching a historical high, driven by multiple favorable factors [1] - Baird analysts downgraded JPMorgan's rating from "Neutral" to "Underperform," citing that market expectations have become overly inflated and the stock's valuation is overstretched [1] - The analysts acknowledged JPMorgan as the "gold standard" in the industry, with leading market share and a strong balance sheet, but emphasized that market expectations are at excessively high levels [1] Group 2 - The KBW Bank Index has rebounded over 30% since early April, while regional banks have only increased by 18%, remaining below their yearly highs [2] - Baird also downgraded Bank of America (BAC.US) from "Outperform" to "Neutral," stating that its stock price has reached fair value [2] - The Federal Reserve is set to announce the annual bank stress test results, with JPMorgan expected to release its quarterly earnings on July 15 [2]

Core Viewpoint - The S&P 500 index is approaching historical highs but faces significant challenges as the earnings season approaches, with concerns over tariffs impacting growth expectations [1] Earnings Growth - Wall Street anticipates a mere 2.8% year-over-year growth in second-quarter profits for the S&P 500, marking the smallest increase in two years [1] - According to Yardeni Research, only 6 out of 11 sectors are expected to achieve profit growth, the lowest since the first quarter of 2023 [1] Market Valuation - Market observers warn that the current index valuation appears too high, necessitating either a surge in earnings or substantial interest rate cuts to justify the current levels [1] - Technical analysts suggest that without more sectors participating in the upward trend, the index may face declines in the coming months [1] Market Risks - There is a recognized risk in the stock market rebound, with concerns that the deterioration in some sectors may outpace the acceleration in others [1]

变局加速，机遇涌动！走过充满韧性的 2024 ，中国经济正以"新质生产力"为引擎，在 2025 年深化转型。政策红利持续释放，资本市场改革深化，外资加速回流人工智能、高端制造、绿 色能源等新经济赛道，一场以"新质"为核心的估值重构已然展开。 然而，全球棋局波谲云诡：地缘冲突未息、货币政策分化、供应链重塑承压、多国政治周期叠 加 ……如何在百年大变局的深化期，把握未来航向？ 2025 年下半年，机遇与风险并存，投 资者如何优化策略，行稳致远？ 答案，就在深圳！ 深度剖析全球与中国经济核心变局； 前瞻 "新质生产力"驱动的投资主脉络； 拆解复杂环境下的风险与机遇； 共话资本市场改革红利与布局良机； TOP 级机构（合计管理超千亿）分享投资策略和方向。 这是一场智慧碰撞的盛宴，一次拨云见日的集结！ 与远见者同行，与担当者共进！ 2025 年 7 月 4 日 -5 日，格隆汇 2025 中期策略峰会 将再度点亮鹏城！ 我们力邀顶尖思想领袖与实战精英，为您： 请注意， 7 月 5 日全天的全球机构投资者思享会为收费活动，前排预留席位金额： 6 88/ 人 （早鸟价，原价 1 088/ 人）， 限额前 7 2 位！已无名 ...

2024 年，乐自天成旗下产品 GMV 为 9.3 亿元，营业收入为 6.3 亿元，经调整净利润为 0.32 亿元。这家被认为最像泡泡玛特的潮玩企业，实际 GMV 却 不及泡泡玛特的十分之一，甚至与不久前上市的拼搭玩具龙头布鲁可相比，乐自天成的营收体量也存在较大差距。 那么，乐自天成能否成为今年港股另一个新爆点？又是否具有与泡泡玛特掰手腕的实力？ 以下文章来源于36氪财经 ，作者范亮 丁卯 36氪财经 . 36氪旗下官方账号。洞见市场，比99%的投资者更聪明。 赶上了好时候。 文 ｜ 范亮 编辑 ｜ 丁卯 来源｜ 36氪财经（ID：krfinance） 封面来源 ｜ 视觉中国 5 月 22 日， 52TOYS 的母公司乐自天成向港交所递交招股说明书，成为继泡泡玛特、布鲁可、卡游之后第四家冲刺 IPO 的潮玩企业。 定位"多而全" 在基础的品牌理念和品牌定位上，乐自天成与泡泡玛特就存在根本性的差异。 乐自天成的品牌主张是 "玩点有趣的"，品牌愿景是" 做一家伟大的玩具公司 "，强调 玩具与用户的交互 ；泡泡玛特的品牌理念是 "创造潮流，传递美好 " ，愿景是 "成为全球领先的潮流文化娱乐公司"， 强调用户情感层 ...

Group 1 - The market saw a significant increase in trading volume, surpassing 1.6 trillion, with the Shanghai Composite Index reaching a new high of 3450 points for the year [1] - The brokerage sector experienced a substantial rise, driven by the acquisition of a virtual asset license by Guotai Junan International, alongside industry consolidation, regulatory reforms, and low valuations as the main catalysts for the increase [1] - The outlook for the brokerage sector remains positive, with a focus on holding positions after valuations become reasonable [1] Group 2 - Attention is drawn to two key factors: the impending deadline of July 9 for US tariff negotiations, which may impact China based on outcomes with Europe and Japan, and the emphasis on technological independence and domestic demand in the "14th Five-Year Plan" [1] - There are multiple industry news, company earnings, and international developments that warrant attention [1]