spanishmackerel| Guo Lei: This year's stock market valuation has been hovering at a low level for a long time due to the low nominal GDP

Theme: 2024 Fund High-Quality Development Conference: Hundreds of big names gathered to discuss new investment opportunities

May 18spanishmackerel, Sina Finance 2024 Fund High-Quality Development Conference grandly kicks off! Regulators, top-class economists, more than 20 public fund leaders, nearly 100 fund managers, and nearly 30 popular financial and financial celebrities gathered in Pengcheng to talk about the development of the fund industry and new opportunities for fund investment!

The theme of this fund's high-quality development conference is "Helping new quality productivity to work together for high-quality development." Under the guidance of the "Nine Principles of New China", the capital market has become a key platform for corporate financing and promoting economic transformation, while new productivity is the core driving force for the economy to develop towards high-quality, efficient, fair, sustainable and safe. At this event, Dou Yuming, Wang Fan, Qi Bin, Wang Yiping and other asset management industry leaders; Liu Yuhui and other top economists; Guo Lei, Liu Chenming and other seller research leaders; Liang Xing, Wang Qunhang, Li Wenliang and other investment research celebrities came to the site, and hundreds of important guests gathered to witness the industry honors, discuss future investment trends, and ponder how to help new quality productivity!

Guo Lei, chief economist and managing director of Guangfa Securities, attended the meeting and delivered a speech. Guo Lei said that the flat low nominal growth rate is also a key factor affecting micro-level perception and asset pricing.

Nominal GDP determines asset pricing, and interest rate trends and nominal GDP are roughly synchronized, but there have been two periods in history with exceptions. One is the bull market in 2014-2015, and the other is the bull market in 2019. During those two periods, the currency was loose. In terms of valuation, the movements of nominal GDP and interest rates in the rest of the period were roughly synchronized. Our valuation is hovering at a low level this year. The important background is that nominal GDP has not increased.