指数从正常估值到高估，会涨多少呢？｜投资小知识

Group 1 - The core viewpoint of the article suggests that while the valuation of indices may increase by 20%-40%, the actual growth in earnings of the underlying listed companies remains unpredictable [2][3] - Earnings growth is identified as a decisive factor for the index's rise, influenced by the strength of each economic cycle, which explains the varying degrees of market rallies in different bull markets such as those in 2007, 2009, and 2015 [3] - There is a potential scenario where the index valuation increases, but earnings decline, leading to a situation where the overall index gain may be less than expected, such as a 20% valuation increase coupled with a 10% earnings decline resulting in a total index increase of less than 100% [3]