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政策预期在近一阶段取代了理性估值。如果政策预期不能带来实质的制度变革,就只能影响价格,不能影响估值。当市场对政策预期做出了足够反映后,理性估值必然会重新主导市场的定价水平和长期趋势。
Policy is expected to replace the rational valuation in the recent stage. If the policy is not expected to bring about a real change of the system, it will only affect the price and can not affect the valuation. After the market has adequately reflected the policy expectations, the rational valuation will inevitably lead the pricing and long-term trend of the market again.