.IXIC

<p>U.S. stock valuation: From four perspectives—vertical comparison with historical levels, horizontal comparison with other assets, internal disaggregation of sectors and industries, and dynamic consideration of the interest rate environment—this analysis organizes the current valuation situation of the U.S. stock market through multidimensional sub-indicators</p>

- The article evaluates the current high valuations of the U.S. stock market, particularly after the Nasdaq surpassed 20,000 points, despite concerns over economic stagnation and high valuations.  
- It analyzes historical and comparative metrics, revealing that current valuations are significantly above historical averages, yet dynamic factors like interest rates and growth prospects suggest valuations may not be as extreme as they appear.  
- The article concludes that while expansion potential is limited, earnings will be crucial for future market performance, projecting the S&P 500 index to reach between 6,300 and 6,400 by 2025 under optimistic conditions.

CICC: Are U.S. stock valuations too high?