Why is this round of market worth looking forward to? The logic is actually not complicated.

The current price-to-earnings ratio of the CSI 300 is at 15 times, which is relatively low compared to the peaks of previous bull markets. In simple terms, there is still room for growth.

Since September, the A-shares have indeed risen significantly. However, even with this increase, valuations have not reached historical highs. What does this mean? It means there is still a cushion below.

The "margin of safety" often mentioned in the market refers to this. It doesn't mean that you will definitely make a profit, but rather that even if the market adjusts, your risks are relatively well protected. From this perspective, the current position does indeed have its appeal.

Of course, past highs are not necessarily the ceiling for the future; the market is always variable. But using valuation as a measure gives you at least a baseline to work with.