大部分机构都认为A股估值水平已经偏高,透支了未来的盈利增长。市场估值水平在短期来看进一步的提升的动力不足,但支撑A股市场的中长期表现的重要因素,包括中国经济高增长、人民币升值、制度变革等因素仍未改变,所以中长期仍可乐观。 Most institutions think the valuation of A shares is already high, overdraft of future earnings growth. However, the key factors that support the mid- and long-term performance of the A-share market, including the high growth of China’s economy, the appreciation of the renminbi, the institutional reform and other factors, remain unchanged in the medium and long term optimism.