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 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]

Core Viewpoint - The article discusses the valuation of global stock indices, U.S. Treasury indices, and the limited availability of investment options in mainland China for overseas markets, while highlighting the potential for investment through various funds available abroad [1][4]. Group 1: Global Stock Market Overview - The global stock market has seen a decline, with the overall index rating dropping to 3.6 stars, and the U.S. stock market index falling by 2.5% this week [5][26]. - Hong Kong stocks have outperformed globally, with the Hang Seng Index rising by 1% and the Hong Kong Dividend Index increasing by over 2% [7][8][9]. - The Hong Kong dividend stocks have shown a strong performance, continuing to rise for six consecutive weeks since early April [10]. Group 2: Dividend Yield and Tax Implications - The default dividend yield for Hong Kong dividend stocks is relatively high, reaching 6-7% in some cases, but investors face a 20% withholding tax on H-shares and 28% on red-chip stocks when investing through the Stock Connect [14][15]. - The article notes that the dividend yields presented in the valuation table have already accounted for these withholding taxes [17]. Group 3: Impact of Tariffs on U.S. Markets - Recent fluctuations in the U.S. stock market are attributed to tariff announcements by former President Trump, which may lead to increased inflation and affect the Federal Reserve's interest rate decisions [18][23]. - The article suggests that higher tariffs are primarily a negotiation tool rather than a fundamental objective, indicating that there is no need for excessive concern [25]. Group 4: Investment Opportunities - There are currently no global stock index funds available in mainland China, but there are substantial global stock index funds abroad, amounting to over a trillion dollars [28]. - The company has introduced a "Global Index Advisory Portfolio" that diversifies investments across U.S., UK, Hong Kong, and A-shares to track the global stock market [29]. Group 5: Book Promotion - The article promotes the newly released sixth edition of "The Long-Term Investment Guide," which has gained significant popularity, ranking first in sales on major platforms [31][32]. - The book provides updated data and insights on various asset classes, emphasizing that stocks are the best long-term investment for wealth accumulation [34][35].

文 | 银行螺丝钉 （转载请注明出处） 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。 港股科技指数比较强势，本周上涨5.5%。 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。 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。 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. 本周特朗普对关税言论缓和，全球股票市场短期恐慌情绪缓解，出现反弹。 美股前几周回调比较多，本周上涨也比较多。标普500本周上涨超4%。 欧洲、亚太地区也普遍上涨，涨幅多在2-4%上下。 港股也出现比较大涨幅。 恒生指数连续两周上涨，本周恒生指数上涨2.7%。 前段时间A股下跌幅度比全球市场小，本周A股上涨幅度也弱一些。 中证全指本周上涨1.1%。 A股港股涨跌经常同向。 不过港股的涨跌波动更大一些。 例如前几周市场回调，港股恒生指数最大下跌达到22%，同期沪深300 ...

文 | 银行螺丝钉 （转载请注明出处） 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。 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。 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。 螺丝钉也做了一个全球股票市场的星级走势图。 在2018年、2020年、2022年，是前几次全球股票市场4-5星的低估阶段。 前两周全球股票市场大跌后，回到了4.1-4.2星上下的水平； 最近全球股票市场反弹，回到了3.9星上下。 1. 这周出差到大湾区，顺便去香港办点事情。 上次去香港还是几年前了。 相比上次去香港，电子支付普及率大幅提高。 前几年还得用八达通卡。 现在坐地铁、便利店支付、住酒店、大多数商场、以及部分餐馆，都可以用微信和支付宝直接支付了。 甚至需要临时换钱，也可以用支付宝和微信直接取现金（就是直接 ...