Let's look at a set of valuation data comparisons for the A-shares.

As of now, the total market capitalization of A-shares is about 107 trillion yuan. If we isolate the banking sector's 15 trillion yuan, the remaining sectors' market value is roughly 92 trillion yuan. This difference is quite significant—because in the profit structure of A-shares, banks contribute the majority. For example, Industrial and Commercial Bank of China's annual net profit alone reaches 350 billion yuan, and after excluding banks, the combined annual net profit of all other sectors is only 3.08 trillion yuan.

Looking at it from another perspective: if we treat the entire stock market as a business, what do we see? A company with an annual revenue of 3.08 trillion yuan, but requiring 91.55 trillion yuan to buy. The relationship between this price and earnings is already quite ahead of its time.

Using simple investment logic to reverse-engineer, what does such a valuation correspond to? If acquired at this price, it would take nearly 30 years to recoup the investment through profits. This means the market has already priced in growth for the next 30 years, but whether that growth can actually be realized remains uncertain. Of course, the situation in A-shares is much more complex, but this calculation is definitely worth pondering—especially when choosing the right timing to get in.