Group 1 - The overall valuation of A-shares is currently within a reasonable range, with long-term bull markets relying on continuous growth in listed company performance [1] - The core driver of A-share growth this year has been the decline in interest rates and the influx of external funds into the market, with household deposits exceeding 160 trillion yuan [1][2] - The current market heat is at a moderate level, with no significant bubbles observed, as the price-to-earnings ratios of major indices are near historical averages [2] Group 2 - The growth potential of listed companies is crucial for the long-term market trend, with China's manufacturing sector holding nearly one-third of the global market share [2] - There is a structural disparity in the A-share market, with the ChiNext index showing a price-to-earnings ratio exceeding 170, indicating potential valuation risks [2] - The current economic environment necessitates increased fiscal and monetary policy efforts to stimulate demand, particularly in light of the ongoing real estate downturn and demographic challenges [3] Group 3 - The call for balanced IPO advancement and investor interests is essential for enhancing market inclusivity and attractiveness, while also improving corporate governance [3] - The policy toolbox remains sufficiently equipped to maintain cautious optimism in the market, focusing on sectors with genuine growth potential [3]
中泰国际首席经济学家李迅雷：A股整体估值处于合理区间 长期行情需业绩支撑
Zheng Quan Shi Bao·2025-10-09 18:20