Core Viewpoint - The core of investment lies in valuation and cost-effectiveness, rather than merely identifying good companies or stocks [1] Market Comparison - Compared to the bull market ten years ago, the current A-share market shows significant differences, with the index currently around 3700 points, while it peaked at 5178.19 points a decade ago [2] - The overall economic and market fundamentals have improved significantly over the past ten years, suggesting that if valuation levels remained constant, the index should be much higher [2] - Regulatory environments have changed, with stricter controls on credit funds entering the market, leading to a more stable and sustainable "slow bull" market rather than a "crazy bull" [2] Valuation Levels - The overall valuation of the A-share market is not considered expensive, with major indices like CSI 300 and SSE 50 having dynamic P/E ratios around ten times, which is relatively low compared to global markets [3] - There is significant divergence in individual stock valuations, with some stocks having P/E ratios in the tens or even hundreds, while others, especially in the Hong Kong market, have P/E ratios as low as six or seven times [3][6] Influencing Factors - Various factors such as U.S.-China relations, real estate trends, and financial risk management will influence market fluctuations, and the current macroeconomic context is markedly different from ten years ago [4] - Investors often base their decisions on qualitative assessments of a bull market, which may lack rigorous logic, leading to potential misjudgments [4] Investment Strategy - The focus should be on large-cap companies due to their better transparency, lower risk of "black swan" events, and more favorable valuations compared to small-cap stocks [5][6] - The investment strategy should prioritize valuation and cost-effectiveness, rather than following popular trends or sectors that may be overvalued [9] Recommendations for Investors - Investors should adopt a mindset focused on calculating real returns from their investments, rather than speculating on short-term market movements [10] - A comprehensive view of all assets as a single entity can help in assessing overall profitability and health, leading to clearer investment decisions [10]

连日来，上证指数连续突破3600点、3700点关口，且一度破十年前高点，8月20日，市场主要指数持续走强，上证指数涨1.04%报3766.21点，北证50再次刷 新历史纪录。市场情绪持续高涨，"牛市"之声再起。 站在当前这个关键节点，A股下一步将何去何从？面对如此行情，普通投资者又该如何应对？新京报贝壳财经第一时间围绕相关热点话题直播连线九圜青泉 科技首席投资官陈嘉禾进行深度解读。 陈嘉禾认为，相比十年前，行业逻辑和宏观背景发生了深刻改变，因此不应简单以"牛市思维"来投资决策。而且投资者需要学会算账，即摒弃猜测市场短期 涨跌的思维，转而关注所投资产能带来的真实回报率。 all should 2 17 12 1 1972 Transa Program the program te for The State States of Catalog 在线上 The Californial College of the Property 2017 and 九圜青泉科技首席投资官陈嘉禾。受访者供图 一方面，十年前市场从2000点左右起步，最高涨到5178.19点，而目前才处于3700多点附近。而且十年间我国GDP总量、货 ...