最新报道：According to the news from Bijie.com, on August 19, CICC Research Report stated that "According to Wind statistics, as of the close of August 18, 1) the dynamic price-to-earnings ratio of the CSI 300 was around 12.2 times, and the price-to-earnings ratio was around 69% of the historical percentile since 2010. From a horizontal perspective, the valuation of A-shares is still at a medium level among major global stock markets, indicating that although the overall market, especially the blue-chip sector, has experienced a lot of valuation repairs, it has not yet shown a significant overvaluation. 2) The current market capitalization of A-shares has risen to around 100 trillion yuan, and the ratio to GDP is still at a medium to low position among major global markets. 3) The total market capitalization of the A-share market is about 33% of M2. , at the 60th percentile historically. 4) The current CSI 300 Index dividend yield is 2.69%. Compared to the 10-year Treasury bond yield, equity assets remain relatively attractive. Taking all of the above indicators into account, the overall valuation of A-shares remains within a reasonable range, both horizontally and vertically. However, at this juncture, attention should be paid to the potential for increased short-term volatility due to the rapid increase in trading volume. On August 18th, total market trading volume exceeded 2.8 trillion yuan, and the turnover rate, calculated based on free float market capitalization, exceeded 5%. Historical experience shows that short-term index volatility may increase during this period, but generally does not affect medium-term market trends.