在将 A 股市场与境外股市的比较过程中,我们首先得做好比较对象的选择。去年以来,A股与H股呈现核心资产“同向互动”、绩差股“双向互动”的运行特征,是估值方法趋同的必然结果,而非估值基准的接轨。从估值基准上看,由于国内股市存在诸多特定的因素,短期内尚难以接轨。 In the process of comparing the A-share market with the overseas stock market, we must first make a comparison of the alternatives. Since last year, A shares and H shares showed core assets “interaction with the same direction”, performance characteristics of “two-way interaction” of the underperform is the inevitable result of the convergence of valuation methods, rather than the valuation basis of convergence. From the valuation point of view, due to the existence of many specific factors in the domestic stock market, it is still difficult in the short term convergence.