中金：A股当前整体估值处于合理区间，并未高估

Group 1 - The core viewpoint of the report indicates that the current valuation of the A-share market, particularly the blue-chip sector, is not significantly overvalued despite having undergone considerable valuation adjustments since 2010, with the dynamic price-to-earnings ratio of the CSI 300 at around 12.2 times, which is at the 69th percentile historically [1] - The total market capitalization of the A-share market has reached approximately 100 trillion yuan, with its ratio to GDP remaining at a relatively low level compared to major global markets [1] - The ratio of total market capitalization to M2 is about 33%, which is at the 60th percentile historically, indicating a moderate liquidity position in the market [1] Group 2 - The current dividend yield of the CSI 300 index is 2.69%, which remains attractive compared to the yield of ten-year government bonds, suggesting that equity assets still hold relative appeal [1] - The report notes that the recent surge in trading volume, with total market trading exceeding 2.8 trillion yuan and turnover rate surpassing 5%, may lead to increased short-term volatility, although this typically does not affect the medium-term market trend [1]