Industrial Securities Wang Han: The market capitalization ratio of the Chinese stock market has not yet reached its peak, so there is no need to worry about a bubble

华尔街见闻
2026.01.11 07:47
兴业证券首席经济学家王涵出席 2026 年中国首席经济学家论坛年会并演讲。 王涵指出，观察全球股市市值，会发现大头仍在发达国家。美国 GDP 在全球占比 26%，其股市市值在全球占比 48%。中国 GDP 在全球占比大概为 17%，但 A 股就算加上港股，在全球占比也只有 14%。也就是说，股市市值并未完全反映中国经济在全球中的占比。 “因此从这个角度讲，我们是否需要担心中国股市有泡沫？也许会有泡沫，但市值占比肯定还未到顶。”（新浪）
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