Compared with focusing on the quota of stock repurchase and special relending, we pay more attention to the relending interest rate. The bank loan interest rate of special relending is 2.25%, which is very interesting and reflects the official valuation view.
Basically, it has connected the pool of asset returns in the entire capital market and formed a unified market valuation system. Therefore, we can assume the long-term vision of the market:
Government bond interest rate: 2%
Relending interest rate: 2.25%
Stable dividend stock yield: 2.5%
20PE+ for dividend stocks with a 50% payout ratio
This basically matches the market valuation gradient system proposed in "Five Golden Flowers". If there is a bull market, we would like to call it:【Valuation Bull】
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