RBC财富管理：全球透视2025年展望报告：放眼未来（英文版）

The gains posted by the non-U.S. indexes were well above average but more subdued. None contained any of the Magnificent 7 stocks and generally had much less exposure to the Tech sector. Valuations have changed materially as markets have moved higher over two years: the S&P 500 rose by 68 percent but the index earnings per share was up by a comparatively meager 12 percent. That leaves the price-to-earnings (P/E) multiple at 24.7x (trailing 12 months), up by half from the 16.4x at the October 202