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上周A股估值水平继续走低,上证综指、MSCIA指数成分股的平均市盈率已经回落到25.5倍左右,与其他市场的估值差距进一步缩小。考虑了A股市场的业绩成长性,我们认为目前A股市场估值已经处于合理甚至偏低的水平。
Last week, the valuation of A shares continued to decline. The average P / E ratio of the constituent stocks of the Shanghai Composite Index and the MSCIA index has dropped to about 25.5 times, further narrowing the valuation gap with other markets. Taking into account the performance of A-share market growth, we think the current A-share market valuation has been at a reasonable or even low level.