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

華爾街見聞
2025.08.28 05:14
中金公司首席策略師繆延亮在最新的報告中指出，全球貨幣秩序重構仍在演繹初期，中國資產中期重估仍有空間。站在當前上證指數臨近 10 年新高的位置，判斷行情是否結束的關鍵在於底層邏輯是否動搖，底層邏輯若未改變，即使回調也是買入機會。目前中國股票市場在全球估值仍然較低，截至 8 月 27 日，滬深 300 的市盈率 TTM 為 13.9 倍，恒生指數市盈率 TTM 僅 11.5 倍，相比美股均存在 40% 以上的折價，也低於日本、歐洲等市場。從海外投資者的視角，國內股票市場至少遠未到泡沫化階段，資產重估的趨勢仍有空間。
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