Core Viewpoint - The article discusses the valuation of global stock indices and U.S. Treasury indices, highlighting the recent performance of global stock markets and the impact of U.S. interest rates on asset prices [1][10]. Group 1: Global Stock Market Performance - The global stock market saw a significant increase, with indices returning to a rating of 3.2 stars [5][6]. - Major stock markets, including U.S., European, Hong Kong, and Japanese markets, all experienced gains exceeding 3% [7]. - A global stock index combination reached a new high since its inception [8]. Group 2: Factors Influencing Market Movements - The recent rise in global stock markets is attributed to the easing of tariff crises and a decline in U.S. dollar interest rates [10]. - The U.S. 10-year Treasury yield decreased from approximately 4.48% to 4.27% over a few weeks [15]. - Lower interest rates are beneficial for global asset prices, similar to past instances when the Federal Reserve initiated rate cuts [16][17]. Group 3: Impact on A-shares and Hong Kong Stocks - The decline in U.S. interest rates positively affects A-shares and Hong Kong stocks, with A-shares rising over 30% since the Fed's first rate cut last September [20]. - The Hang Seng Index increased by 43%, outperforming the global average [21][23]. - The valuation of A-shares and Hong Kong stocks was significantly lower than the global average, providing a clear valuation advantage [23]. Group 4: Future Outlook - If the Federal Reserve continues to lower interest rates to historical averages (2-3%), it will further benefit A-shares and Hong Kong stocks [26]. - Potential volatility may arise from U.S. tariff actions, similar to the fluctuations seen in early April [27]. Group 5: Investment Opportunities - The article mentions the availability of global stock index funds in overseas markets, which are not yet accessible in mainland China [31]. - A "Global Index Advisory Portfolio" has been introduced, diversifying investments across U.S., UK, Hong Kong, and A-share indices [33]. - Current investment limits for overseas market funds in mainland China are relatively low, with a maximum daily purchase of 350 yuan [35].

Group 1 - The 2025 Berkshire Hathaway annual meeting has concluded, with Warren Buffett hinting at succession plans, marking a significant moment as it may be his last meeting as the main speaker [1] - The article highlights the importance of understanding Greg Abel, Buffett's designated successor, as he will officially take over by the end of the year [1] - A recommended reading discusses Buffett's insights on how to make significant profits in the stock market, emphasizing the value of his teachings [1] Group 2 - Howard Marks provides timeless advice for ordinary investors, emphasizing the importance of recognizing one's limitations and staying in the market in a sustainable manner [2] - The article mentions that stock assets are currently a favorable choice, with two main investment themes worth attention [2] - The latest insights from Novo Nordisk's CEO focus on selectively building core competencies, particularly targeting advancements in the insulin sector [2]