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the shanghai composite index hit a new low of 2765 points, just one step away from 2635 points in early february this year. in fact, according to the current market point, the shanghai composite index has fallen below the 20-year line, which is also the strongest support since the opening of the a-share market. this is the first time this year that it has fallen below this strong support position since the opening of the market.

is the level below 2800 a "golden pit" or a downward relay? let's analyze it from several aspects.

from a valuation perspective, as of now, the price-to-earnings ratio of the shanghai composite index is only 11.4 times, the price-to-earnings ratio of the shenzhen component index is only 17.04 times, and the price-to-earnings ratio of the chinext index is only 22.36 times.

analyzing the current p/e ratio of the a-share market, it is basically at a historically low valuation level, and is only one step away from the lowest historical valuation.

let’s take a look at the valuation level of the us stock market.

as of now, the price-to-earnings ratio of the dow jones index is approximately 28.43 times, the price-to-earnings ratio of the nasdaq is approximately 39.4 times, and the price-to-earnings ratio of the s&p 500 is approximately 27.43 times.