大盘节节攀高后市场进入高位振荡,前期“黑马”纷纷落马,涨跌榜个股令人触目。但A股市场经过短期调整后,支持股市上涨的理由仍然存在,投资机会将会更多。虽然企业盈利对市场上涨的驱动力有限,但宏观经济长周期繁荣趋势确立,投资者对中国经济周期性波动风险降低和潜在增长率提高的预期、对上市公司治理水平和盈利能力改善的预期,最终将反映为中国资产估值水平的持续提升,并且有望在未来数年加速上升。而人民币升值将进一步推动市场估值上升甚至最终产生泡沫,因此本轮牛市可望成一轮长期的、全面的“估值驱动型牛市”,其潜在上升空间难以估量。基于行情长期上升空间远超短期调整空间的判断,我们建议投资者挖掘并珍藏越来越少的“稀缺”优质资产,安心静对市场的振荡,等待行情进一步向纵深发展,让利润一路奔跑。 After the market climbing high into the market oscillation, the early “dark horse” have plummeted, up and down list of stocks striking. However, after the short-term adjustment of the A-share market, the reasons for the support of the stock market rise still exist and the investment opportunities will be more. Although corporate earnings have limited driving force for market rally, the long-term macroeconomic boom has been established. Investors’ expectation of lower cyclical volatility and potential growth in China’s economy, expectations for the improvement of corporate governance and profitability of listed companies, This will ultimately be reflected in the continuous improvement of the valuation of assets in China and is expected to accelerate in the coming years. The RMB appreciation will further promote the market valuation and eventually the bubble, so the current round of the bull market is expected to become a long-term, comprehensive “valuation-driven bull market,” and its potential upside is hard to measure. Based on the long-term upside of the market and the short-term adjustment of space, we recommend that investors excavate and treasure less and less “scarce” high-quality assets and ease the market turmoil. They will wait for the market to further develop and make profits run all the time.