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美国从1801年到现在200多年股市的平均市盈率是15倍,股票的年化收益率是6.7%。我国A股的估值历史均值差不多也是这个数。但须知,这个15倍是整个股市的大致合理PE,并不代表任何板块、任何行业以及个股的合理PE应该是15倍。

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