On October 22, 2026, the Buffett Index (total A-share market capitalization/previous year's GDP) was 83.79%, a new low since the end of November 2025. From a long-term perspective, stock market valuations have returned to a relatively neutral level. The equity risk premium (ERP) of the CSI 300 Index was 6.21%, continuing the upward trend since August and reaching a new high since June 23, 2025. Compared to bonds, the cost-effectiveness of stocks has further increased.