Global Market Overview - The report indicates that due to escalating geopolitical issues in the Middle East, most global markets experienced a significant pullback this week. However, these geopolitical tensions are seen as a trigger rather than the root cause of the market decline, with valuation, stock price deviations from fundamentals, profit-taking, and policies from the Trump era being more critical factors [1][20]. - The S&P 500 Energy Index saw a slight increase, while the S&P 500 Materials Index experienced the largest decline this week [1][20]. - The report notes that the TAMAMA Technology Index has been in a downtrend for nearly five months, with a current P/E ratio of 32.49, indicating that tech stocks may still be overvalued [1][20]. - The Philadelphia Semiconductor Index fell by 7.21% this week, with a P/E ratio of 41.84, suggesting continued pressure on semiconductor stocks [1][20]. - The report anticipates a potential short-term rebound in U.S. tech stocks due to recent declines, but medium-term adjustments are still expected due to high valuations and inflationary pressures from rising oil prices [1][20]. U.S. Market Performance - The S&P 500, Nasdaq, and Dow Jones Industrial Average all recorded declines of 2.02%, 1.24%, and 3.01% respectively this week [4][13]. - The report highlights that the S&P 500 Energy sector was the only one to post gains, while the Materials sector faced the largest losses, down 7.15% [13][20]. - The report also mentions that the performance of U.S. tech stocks remains under pressure due to high valuations and potential inflation risks [1][20]. European Market Performance - Most European markets experienced significant declines, with the German DAX, French CAC40, and UK FTSE 100 indices showing notable drops of 6.70%, 6.84%, and 5.74% respectively [10][12]. - The report suggests that the economic fundamentals in Europe are under pressure, and many key market indices are trading at high P/B ratios, indicating potential for further volatility [1][20]. Asian Market Performance - The Nikkei 225 index saw a substantial decline of 5.49%, with a current P/B ratio of 2.47, indicating high valuation levels [1][20]. - The report notes that the Japanese economy is facing liquidity constraints and pressure, suggesting that the Nikkei 225 may continue to experience downward pressure in the medium term [1][20]. Emerging Markets - Emerging markets in Latin America and Southeast Asia also faced significant pullbacks, with the Brazilian IBOVESPA and Indian SENSEX30 indices down 4.99% and 10.56% respectively [12][12]. - The report indicates that these markets are likely to experience volatility due to economic conditions and uncertainties surrounding U.S. trade and foreign policies [1][20]. Hong Kong Market Performance - The Hang Seng Index and other major indices in Hong Kong experienced declines, with the Hang Seng Index down 3.28% this week [25][31]. - The report highlights that there may be structural opportunities in the Hong Kong market for assets with resilient fundamentals, despite the overall market pullback [1][20].

证券研究报告|海外策略周报 [Table_Date] 2026 年 2 月 22 日 [Table_Title] 本周亚太市场震荡较多 全球主要市场表现 | [Table_Market1] 指数 | 收盘价 | 周涨跌 | 周涨跌 | | --- | --- | --- | --- | | | | | 幅(%) | | 韩国综合指数 | 5,808.53 | 301.52 | 5.48 | | 胡志明指数 | 1,824.09 | 68.60 | 3.91 | | 法国 CAC40 | 8,515.49 | 203.75 | 2.45 | | 欧元区 STOXX50(欧元) | 6,131.31 | 146.08 | 2.44 | | 英国富时 100 | 10,686.89 | 240.54 | 2.30 | | 加拿大 S&P/TSX 综合 | 33,817.51 | 743.80 | 2.25 | | 巴西 IBOVESPA 指数 | 190,534.42 | 4,070.12 | 2.18 | | 富时新加坡海峡指数 | 5,017.60 | 79.82 | 1.62 | | 纳斯达克指数 | 22, ...

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 ...