中国A 股市盈率的制度性高估似乎成了牛市中途夭折的内在原因。但如果我们接受这样的判断，那就意味着“熊市”的终结将遥遥无期——事实上，这个讨论混淆了概念，把市场的价值发现和估值标准混为一谈。 The systematic overestimation of the price-earnings ratio of China’s A-shares seems to be the underlying reason for the downturn in the bull market. But if we accept that judgment, that means the “bear market” will end in the foreseeable future - in fact, the discussion confuses the concept and mixes the market’s value discovery with the valuation criteria.