论文部分内容阅读
A股市场在流动性收缩的冲击下,出现了全面的调整。本轮调整的性质更多的是对前期过高预期的修正,而非基本面出现了根本的逆转。经过调整,股市自发性对估值修复、流动性充裕、宏观经济复苏超预期这三大股市大幅反弹的驱动因素进行了集中修正。市盈率大幅缩水,A股市场的估值压力暂时得以宣泄,投资环境相对安全。
A-share market in the impact of liquidity contraction, there has been a comprehensive adjustment. The nature of this round of adjustment is more of an amendment to the previous high expectations, rather than the fundamentals of a fundamental reversal. After adjustment, the stock market spontaneously corrected the driving forces for the substantial rebound of the three major stock markets, including the recovery of valuations, abundant liquidity and the macro-economic recovery. Price-earnings ratio has shrunk dramatically, the pressure on the valuation of A-share market temporarily vent, the investment environment is relatively safe.