[Jiang Chao: Why are we optimistic about the stock market? Cheap is the last word. A-shares are seen at a price-to-earnings ratio. Currently, they are cheaper than the last two rounds of the big bear market, while the valuation of first-tier cities is near the highest point of the past 10 years. From the valuation level alone, at present, among the various assets in China, the “cash bond gold house” is the second most investment value in the stock market, the second in the bond market, the cash and gold, and the housing market has no investment value.