经过长达4年的惨烈调整,日前中国A股市场已经处于或接近底部.A股市场将重建价值中枢,在价值中枢重建完成、新的比价关系确立后,市场才能真正进入牛市.“,”After a 4-year downturn period, China's stock market plunged to the bottom and most investors have lost their confidence. Future IPOs or secondary financings have been suspended by the regulators. From its peak, the stock price index have fallen 55%. Taken into account the IPO's during the period, the real drop is up to two-thirds. At this time, China's stock market is at the crossroad. People have to consider the question as to how to evaluate the whole market and how to find new investment opportunities in the market. Generally speaking, China's stock market has ended the chaotic pricing structure 4 years ago, and the gross market valuation is nearing the international level. The average P/E ratio of the whole market is approximately 16. Large blue chip companies, such as Sinopec, Baoshan Steel, etc, have begun to offer desirable investment opportunities. Moreover, new measures have been taken to tackle the share split structure, one of the major problems attributable to China's sluggish stock markets. The holders of non-tradable state-owned and legal person shares have to compensate the ordinary investors so as to obtain the right to sell their shares in the market. Besides, the financial assets denominated in Renminbi have been devalued to a certain extent. The appreciation of Renminbi also provides a basis for stock market revaluation.