文 | 银行螺丝钉 （转载请注明出处） 螺丝钉也做了美股、全球股票指数、美债指数的估值表。见文章下面图片。 每周日会在公众号、以及「 今天几星 」小程序，每周定期更新。 有朋友问螺丝钉，能不能针对 全球股票指数、美债指数等 ， 做个估值表。 目前内地能买到的、投资海外市场的基金品种不多。 不过在海外这些品种比较丰富。 可以先从指数估值的角度，了解海外市场不同品种的估值情况。 海外市场指数数量很多，后面大家 有希望增加的品种 ，可以反馈给螺丝钉。 目前螺丝钉后台系统，已经覆盖海外主流的几百只指数品种。 1. 本周全球股票市场，周一到周四下跌，到了周五大幅上涨，一周下来整体上涨。 全球股票市场指数，上涨0.8%。 全球股票指数星级，也回到了3.0星。 全美股市场指数略微上涨0.54%。 非美股市场上涨更多一些。 人民币市场本周领涨全球。 港股略微上涨，本周回到3.8-3.9星。 A股大幅上涨，中证全指本周上涨超3%，回到4.3星。 2. 本周全球股票市场，先跌后反弹，也跟近期美联储对降息的观点有关。 今年全球股票市场整体上涨，一个很重要的原因，就是美元进入到降息周期。 随着利率下降，全球流动性充裕，对股票等风险资 ...

Group 1 - The article discusses the valuation of global stock indices, US Treasury indices, and the limited availability of investment funds in mainland China for overseas markets [2][3][4]. - The author has created valuation tables for US stocks, global stock indices, and US Treasury indices, which will be updated weekly [5][6]. - The global stock market saw an overall increase of 1.19% this week, with European and Asia-Pacific regions experiencing higher gains compared to the US stock market [9][11][12]. Group 2 - The A-share CSI All Share Index increased by approximately 13.92% this year, while the Hang Seng Index rose by 25.97% [15][18]. - The article notes that the Hang Seng Index has outperformed the A-share market due to additional upward movements after the Spring Festival [21][22]. - The article highlights that the valuation of A-shares and Hong Kong stocks is lower than the average valuation of overseas markets, which may benefit from the US interest rate cut cycle [33][34]. Group 3 - The article provides a star rating system for global stock indices, indicating that the global stock market is currently at 3.0 stars, with previous low valuation phases occurring in 2018, 2020, and 2022 [10][40]. - The author mentions that there are no global stock index funds available in mainland China, but a simulated global index investment can be achieved through a diversified investment advisory portfolio [43][44]. - The article introduces a new book titled "The Long-Term Investment Treasure," which has gained significant popularity and provides insights into long-term stock market investments [49][50].

Core Viewpoint - The article discusses the recent performance of global stock markets, the impact of U.S. economic data on market sentiment, and the implications for investment strategies, particularly in relation to U.S. dollar bonds and Chinese assets. Group 1: Market Performance - Global stock markets experienced a significant decline, with a drop of over 2.7%, leading to a rating of 3.1 stars for the global stock market index [9][12]. - European stock markets fell more than 3%, marking the largest weekly decline since the tariff crisis in early April [10]. - The A-share market ended a five-week upward trend, with the CSI All Share Index dropping by 1.15%, which is a smaller decline compared to the global market [12][13]. Group 2: Economic Data Impact - The decline in global stock markets was influenced by disappointing U.S. non-farm employment data for July, which showed an increase of only 73,000 jobs, significantly below the expected 104,000 [14]. - The downward revision of previous employment data for May and June raised concerns about the stability of U.S. economic data, with May's figures revised from 144,000 to 19,000 and June's from 147,000 to 14,000 [18][19]. Group 3: Investment Implications - Disappointing economic data typically favors a decrease in U.S. dollar interest rates, which could lead to a continuation of the Federal Reserve's rate-cutting cycle [20][21]. - A low economic growth scenario would generally benefit U.S. dollar bonds, as interest rates on bonds tend to decrease to stimulate the economy [25][27]. - The decline in U.S. dollar interest rates is also favorable for Chinese assets, with Chinese assets showing an overall increase of more than the global market since the Fed's first rate cut in September last year [31][33]. Group 4: Investment Opportunities - The article highlights the availability of global stock index funds in overseas markets, which are substantial in scale, reaching over a trillion dollars, while such options are limited in mainland China [42]. - The company has introduced a "Global Index Advisory Portfolio" that diversifies investments across U.S., UK, Hong Kong, and A-share indices to track the global stock market [43]. - The article also mentions the launch of a new edition of the book "The Long-Term Investment Guide," which has gained significant popularity and provides insights into long-term stock market investments [47][50].

Core Viewpoint - The article discusses the valuation of global stock indices and U.S. Treasury indices, highlighting the performance of various markets and the impact of currency fluctuations on investment opportunities. Group 1: Market Performance - The global stock market experienced an overall increase this week, with the Asia-Pacific region leading the gains [4][5]. - The A-share market has risen for five consecutive weeks, with the CSI All Share Index increasing by over 2% this week [5]. - The Hong Kong stock market has also seen a rise of over 2% for two consecutive weeks [5]. - The U.S. and European markets also showed overall increases [6]. - The global stock market index has returned to a 3.0 star rating [7]. Group 2: Currency Impact - Renminbi-denominated assets have performed well globally this year, partly due to the appreciation of the renminbi against the U.S. dollar, which has risen by 3% since April [8][9]. - Historical trends indicate that bull markets in A-shares and Hong Kong stocks often coincide with periods of renminbi appreciation, such as the 2020-2021 bull market [10][16]. - The current dollar interest rate cut cycle, which began in September 2024, has led to a depreciation of the dollar, benefiting A-shares and Hong Kong stocks [18]. - Currency fluctuations are not a long-term influencing factor but can create short-term investment opportunities [19][21]. Group 3: Investment Opportunities - The article mentions the availability of global stock index funds in overseas markets, which total over a trillion dollars, but notes the limited options for such funds in mainland China [29]. - The company has launched a "Global Index Advisory Portfolio" that diversifies investments across U.S., UK, Hong Kong, and A-share indices to track global stock market performance [31]. - There are current purchase limits for mainland investors in overseas markets, with a maximum daily purchase of 350 yuan [33].

Core Viewpoint - The article discusses the valuation of global stock indices, U.S. Treasury indices, and the investment landscape for overseas markets, highlighting the limited options available for domestic investors and the potential for growth in overseas index funds [1][2]. Group 1: Market Overview - Global stock markets experienced slight fluctuations this week, with minimal volatility [4]. - Most European and Asia-Pacific markets saw minor declines, while Chinese assets, particularly the Renminbi, surged significantly. The Hang Seng Index rose by 2.84%, and tech stocks in Hong Kong increased by 6%, leading global gains. The A-share CSI All Share Index rose by 1.28%, marking four consecutive weeks of growth [5]. Group 2: Hong Kong Market Dynamics - The Hong Kong market has seen a more significant decline than the A-share market in recent years, but its rebound over the past two years has been more pronounced [6][7]. - Various sectors in the Hong Kong market have shown strength this year, including internet companies, consumer goods, and healthcare indices, indicating a phase of recovery and growth [8]. Group 3: Taxation on Investments - There are concerns regarding potential taxation on profits from Hong Kong stock investments. The article outlines two main types of taxes related to stock investments: dividend tax and capital gains tax [10][15]. - Dividend tax rates for Hong Kong stocks are higher than those for A-shares, with rates of 20% for H-shares and 28% for red-chip stocks. This tax consideration is factored into the valuation of Hong Kong indices [13][14]. - Capital gains from stock trading are generally exempt from personal income tax in mainland China, but investors with overseas accounts may be subject to a 20% tax on profits [21]. Group 4: Global Index Valuation - The article presents a star rating system for global stock markets, indicating periods of undervaluation. Recent data shows the global stock market rating at approximately 3.1 stars, down from 4.1-4.2 stars after a significant drop in April 2025 [22]. - There is a notable absence of global stock index funds available for domestic investors, despite the existence of a vast market for such funds overseas, amounting to trillions of dollars [24]. Group 5: Investment Products - The company has developed a "Global Index Advisory Portfolio" that diversifies investments across U.S., UK, Hong Kong, and A-share indices to track global stock market performance [26]. - Current investment limits for overseas market funds are relatively low, with a maximum daily purchase limit of 350 yuan [28].

Core Viewpoint - The article discusses the valuation of global stock indices, U.S. Treasury indices, and the potential investment opportunities in overseas markets, particularly focusing on the performance of A-shares and Hong Kong stocks in the context of recent economic trends and interest rate changes [1][2][4]. Group 1: Market Performance - The global stock market experienced a slight decline of 0.42% this week, with the global stock index rating returning to around 3.1 stars [5][6]. - Most global stock markets saw a downturn, while Chinese assets remained relatively strong, with the A-share CSI All Share Index rising by 1.54% and the Hong Kong Hang Seng Index increasing by 0.93%, ranking among the top performers globally [7]. Group 2: Historical Context and Valuation - Since the Federal Reserve's first interest rate cut in September last year, the global stock index has risen approximately 17%, with Chinese assets performing even better: A-shares up over 35% and the Hang Seng Index up 42% [9][10]. - The decline in U.S. dollar interest rates has positively impacted asset valuations, similar to the previous bull market in A-shares and Hong Kong stocks from 2019 to 2021 [11]. - A-shares and Hong Kong stocks were previously undervalued, with ratings dropping to as low as 5.9 stars, which was 50% below the global average valuation, leading to significant valuation recovery and price increases [12][13]. Group 3: Future Outlook - The article raises questions about the continued upward potential of A-shares and Hong Kong stocks, emphasizing that index funds' performance is influenced by valuation, earnings, and dividends [14][15]. - The valuation for Hong Kong stocks has returned to a range of 4.1-4.5 stars, while A-shares have increased from the previous 5.x stars to around 4.8 stars [17][18]. - Although there are still some undervalued stocks, the number has decreased as prices have risen [19]. - Earnings growth from listed companies is expected to contribute to future returns, with signs of stabilization and recovery in earnings observed in early 2024 [22][24]. Group 4: Investment Products - The article mentions the availability of global stock index funds in overseas markets, which total over a trillion dollars, but notes the lack of such funds in mainland China [27]. - The company has introduced a "Global Index Advisory Portfolio" that diversifies investments across U.S., UK, Hong Kong, and A-shares to track global stock market performance [29]. - There are limitations on the purchase amounts for overseas investment funds, with a maximum daily purchase of 350 yuan [31].

Core Viewpoint - The article discusses the valuation of global stock indices and U.S. Treasury indices, highlighting the limited availability of investment options in mainland China compared to overseas markets [1][2]. Group 1: Global Stock Market Performance - The global stock market saw an increase of approximately 1.4% this week, with the global stock index star rating returning to around 3.1 stars [4][5][6]. - The global stock index has surpassed last year's levels, reaching a historical high [8]. - Despite the historical high, the current valuations are not as elevated as last year, with the market currently at a normal to slightly high valuation level of around 3.1 stars [10][11]. Group 2: Valuation Insights - The relationship between index points and earnings is explained, indicating that index point fluctuations can be viewed as changes in the market capitalization of listed companies [12]. - The profitability of overseas listed companies has been growing, which has helped to absorb some of the valuation increases [12]. - The article notes that there are currently no global stock index funds available in mainland China, but a combination that tracks global stock indices is being offered [13][14]. Group 3: Investment Opportunities - The article mentions that there are numerous global stock index funds available overseas, with a total scale exceeding one trillion U.S. dollars [9][18]. - A "Global Index Advisory Portfolio" has been introduced, which diversifies investments across various stock markets, including U.S., UK, Hong Kong, and A-shares [20]. - The investment limits for overseas market funds in mainland China are generally low, with a maximum daily purchase limit of 350 yuan [22]. Group 4: Historical Context and Future Outlook - Historical low valuation phases for the global stock market were identified in 2018, 2020, and 2022, with a recent drop in April 2025 bringing the market back to a low valuation phase [16]. - The article emphasizes that investing during periods when the global stock index is rated between 4-5 stars is ideal for maximizing investment value [15].

Core Viewpoint - The article emphasizes the importance of continuous learning and investment awareness, particularly for young adults transitioning from high school to university, and highlights various investment opportunities and strategies in the current market environment [4][6][12]. Group 1: Investment Strategies and Market Insights - The article discusses the recognition of Dongfang Securities as a leading investment advisory institution, receiving the "Golden Bull Award" for three consecutive years, indicating strong performance in the investment sector [4]. - It highlights the current market conditions, suggesting that the market remains undervalued, making it a suitable time for active selection and index-enhanced investment strategies [9]. - The article introduces the "Screw Nail Gold Star Rating" and "Screw Nail Gold Bull and Bear Signal Board," which provide insights into gold pricing, historical ratings, and the relationship between gold and real interest rates [10]. Group 2: Personal Finance and Investment Education - The article provides advice for university students, emphasizing the importance of developing investment awareness and good financial habits during their college years [6][8]. - It outlines four essential habits for financial management: limiting the amount of living expenses given at once, maintaining a budget, keeping track of expenses, and trying out investment opportunities [8]. - The article discusses the significance of financial education for children, suggesting a structured approach to teaching financial literacy based on developmental stages [22]. Group 3: Economic Trends and Financial Products - The article notes that the decline in bank deposit rates may lead to a shift in investment towards bonds, high-dividend index funds, and REITs, as investors seek better returns [15]. - It mentions the performance of Hong Kong-listed companies, with a reported year-on-year profit growth of 16.32% in Q1 2025, indicating a positive trend in corporate earnings [14]. - The article explains the concept of "stablecoins," their advantages for retail giants in reducing supply chain costs, and the current regulatory landscape regarding their issuance in mainland China [31].

Core Viewpoint - The article discusses the valuation of global stock indices, U.S. Treasury indices, and the performance of dividend indices in different markets, highlighting the differences in investment opportunities and risks between domestic and overseas markets. Group 1: Global Stock Market Overview - The global stock market experienced an overall decline this week, with European stocks dropping more than 1% and Asian markets, including Hong Kong stocks, also facing downturns after previous gains [4][5]. - The fluctuations in the global market are primarily attributed to regional conflicts, which have a short-term impact on investor sentiment but are not expected to significantly affect the operations of listed companies [5]. Group 2: Dividend Performance Comparison - A-shares and Hong Kong stocks have shown strong dividend performance, while U.S. dividend indices have underperformed compared to the S&P 500 in recent years [6][11]. - The strong performance of A-shares and Hong Kong stocks is linked to the declining interest rates in RMB, making dividend-paying stocks more attractive compared to low-yielding bonds [13]. Group 3: U.S. Dividend Indices - U.S. dividend indices include various categories such as dividend aristocrats and shareholder return indices, which focus on companies with a history of increasing dividends or high share buybacks [8][10]. - The current yield of U.S. dividend indices is around 3-4%, which is less attractive compared to the yields available from U.S. dollar deposits and bonds [16]. Group 4: Investment Opportunities - There are currently no global stock index funds available in mainland China, but there are significant opportunities in overseas markets with global stock index funds totaling over a trillion dollars [20]. - The company has introduced a "Global Index Advisory Portfolio" that diversifies investments across multiple stock markets, including U.S., UK, Hong Kong, and A-shares [22]. Group 5: Valuation Data - The article provides a valuation table for various indices, including P/E ratios, P/B ratios, and dividend yields, indicating which indices are undervalued or overvalued [38][39]. - Indices highlighted as undervalued are suitable for regular investment, while those marked as overvalued should be approached with caution [41].

Core Viewpoint - The article discusses the valuation of global stock indices, U.S. Treasury indices, and the performance of dividend indices, particularly in the Hong Kong market, highlighting recent trends and potential investment opportunities. Group 1: Global Stock Market Overview - The global stock market experienced minor fluctuations this week, with the global stock market index returning to 3.2 stars. European markets saw slight declines, while the Asia-Pacific markets remained stable. Recent regional conflicts caused short-term volatility but are not expected to significantly impact corporate operations [3][4]. - The Hong Kong stock market experienced a pullback on Thursday and Friday, but overall, it showed slight gains from Monday to Wednesday. The A-share market also exhibited minimal fluctuations [5]. Group 2: Dividend Indices Performance - Despite recent global stock market volatility, Hong Kong's dividend indices have reached historical highs, with three main indices: Hong Kong Dividend, Hang Seng Dividend Low Volatility, and Shanghai-Hong Kong-Shenzhen Dividend Low Volatility [6][7]. - The article provides detailed valuation tables for various dividend indices, including metrics such as earnings yield, price-to-earnings ratio, and dividend yield [9][10][11][12]. Group 3: Investment Trends and Valuation Insights - The rise in dividend indices is attributed to the decline in deposit rates over the past two years, leading to a shift of funds from deposits and bonds into dividend-paying assets and REITs [17]. - The valuation of dividend indices remains relatively low, with adjustments made during index rebalancing that typically lower valuations by selecting stocks with lower price-to-earnings ratios [19][20]. - The article notes that the global stock index can be accessed through various overseas funds, although domestic options are limited. A global index advisory portfolio has been introduced to simulate similar investment effects [27][29]. Group 4: New Book Release - The article mentions the release of a new edition of "The Long-Term Investment Guide," which has gained significant attention and sales, emphasizing its historical impact and updated data over the past 30 years [34][36].