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随着指数上涨,A股估值水涨船高。与基金经理对外全力唱多不同,众多基金实际上只唱多不做多,全面转入战术防御阶段。由于世界主要经济体陷入衰退,中国的复苏之路比较漫长。目前市场乐观情绪和盈利效应持续对指数短期表现构成一定支持,但以当前的宏观经济环境和上市公司基本面判断,15%的业绩增长预期显得过分乐观,A股估值已不再便宜。
As the index rose, A-share valuations soared. And the fund manager sing more fully different from outside, many funds actually only sing do not do more, fully into the tactical defense stage. As the world’s major economies have plunged into recession, the road to recovery in China is relatively long. The optimism and profitability of the market continue to support the short-term performance of the index. Judging from the current macroeconomic environment and the fundamentals of listed companies, the 15% growth performance is over-optimistic. The valuation of A-shares is no longer cheap.