Last year saw both growth and inflation accelerating, leading optimistic investors to assign higher price-to-earnings ratio multiples to stocks and driving prices higher. 去年经济增长和通胀上升的速度双双加快,乐观的投资者因此赋予股市较高的市盈率,物价也因此上涨。
Chinese stocks are cheap compared with their history, too. They are trading at a 27% discount to their historical average price-to-earnings ratio. 中国股市的估值和过去比也算便宜,相对于历史平均市盈率有27%的折价。
The Shanghai Composite index is trading at a one-year forward price-to-earnings ratio of about 9.3, a whisker above its record low. 目前,上证综指未来一年的预期市盈率为9.3倍左右,略高于记录低点。
The Graham-Dodd price-to-earnings ratio is a more conservative valuation metric based on inflation-adjusted earnings over the past 10 years. 格雷厄姆-多德(Graham-Dodd)市盈率是一个更加保守的估值指标,使用的是过去十年经通胀因素调整后的利润。
It is trading on a price-to-earnings ratio of about 9.4, a discount to the Asia-wide average of 12 and much lower than its own long-term average of about 14. 如今恒生指数的市盈率约为9.4倍,不仅低于亚洲股市平均市盈率(12倍),也大大低于该指数自身的历史平均市盈率(约14倍)。
But its price-to-earnings ratio is close to three-year highs. 但其市盈率接近三年高位。