On October 21, 2026, the Buffett Index (total market capitalization of A-shares/previous year's GDP) was 85.39%, a new low since December 2025; the equity risk premium (ERP) of the CSI 300 Index further rose to 6.14%, a new high since mid-2025. The trends of these two indicators show that the stock market's relative value to the bond market has further improved compared to the previous day.