基于对中国经济发展、企业盈利增长、低通胀、人民币升值及资产供需乐观的预期,中国资产牛市由价值回归阶段演变到价值泡沫阶段。但由于中国资本市场并未完全开放,人民币资产的潜在供应量依然较大、股指期货推出等因素存在,这种泡沫还没有脱离理性范畴。 Based on the optimistic expectations of China’s economic development, corporate earnings growth, low inflation, RMB appreciation and asset supply and demand, China’s asset-based bull market has evolved from the value return phase to the value bubble phase. However, due to the fact that China’s capital market is not yet fully liberalized, the potential supply of RMB assets is still large and factors such as the introduction of stock index futures are still present. This bubble has not yet departed from the rational category.