CICC: The domestic stock market is at least far from the bubble stage; in the short term, pay attention to the "animal spirit" of individual investors and guard against excessive emotions

CICC's chief strategist Miao Yanliang pointed out in the latest report that the reconstruction of the global monetary order is still in its early stages, and there is still room for mid-term revaluation of Chinese assets. Standing at the current position where the SSE Index is approaching a 10-year high, the key to determining whether the market has ended lies in whether the underlying logic has been shaken. If the underlying logic remains unchanged, even a pullback is a buying opportunity. Currently, the Chinese stock market is still relatively undervalued globally. As of August 27, the TTM price-to-earnings ratio of the CSI 300 is 13.9 times, and the TTM price-to-earnings ratio of the Hang Seng Index is only 11.5 times, representing a discount of over 40% compared to U.S. stocks, and it is also lower than markets in Japan and Europe. From the perspective of overseas investors, the domestic stock market is at least far from the bubble stage, and the trend of asset revaluation still has room to grow