This year should be a big box shock. Due to the introduction of stock index futures, institutions can also make profits by shorting, so the gains are not as fierce as last year. According to the valuation and the estimated growth of 30% companies, the peak should be 7800-8000 points, which is 40 times the P/E ratio of the Shanghai and Shenzhen 300 Index, and the position should be 4600-4800, with P/E ratio 15 times. It is a low point, because dividends alone are higher than bank interest, so it is offline, but the chances of individual stocks should be greater than the index. After all, the index only reflects the index of heavyweights, and some small-cap stocks with high gains do not affect the index.