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目前极度悲观的市场氛围中,悲观者认为A股虽然市盈率已经基本与历史最低水平接轨,但是按照市净率看,A股市场仍有极大的下跌空间。但从三方面来看,我们认为A股的平均PB与历史最低水平接轨几乎是不可能的。
At present, the extremely pessimistic market atmosphere, the pessimist believes that although the A-share price-earnings ratio has been basically the lowest level with the history of history, but in accordance with the book value-for-money perspective, A-share market still has great room for decline. However, from three perspectives, we think it is almost impossible for the average PB of A-shares to converge with the historical lows.