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首先,必须承认相对于实物资产交易来说,股市必有溢价,适量的泡沫是必不可少的。由于股价反映的是实物资产的证券化定价水平,
First of all, we must admit that compared with the physical assets trading, the stock market must have a premium. A proper amount of bubble is essential. Since the stock price reflects the securitization pricing of physical assets,