估值的国际比较是引领市场结构性调整的根本方式,但是,由于与国际接轨的过程是漫长而反复的,从而在看待国际的估值标准的同时也不得不考虑国内的盈利模式。中国市场的不可辩驳的盈利模式就是差价,而产生差价的唯一方式就是波动,寻找波动的理由就是寻找经济增长中的结构性机会, The international comparison of valuation is the basic way to lead the structural adjustment of the market. However, the process of international convergence is long and repetitive, so we have to consider the domestic profit model while looking at the international valuation standards. The irrefutable profit model in the Chinese market is the spread, and the only way to generate the spread is volatility. The reason for looking for volatility is to look for structural opportunities in economic growth,