Judging from the PE quantile, it is underestimated. Judging from the absolute value of PE of 27. 1, it is overestimated. Why overestimate it? Standard & Poor's 500 Index, Hang Seng Index and Shanghai-Shenzhen 300 Index are typical broad-based indexes, and PE fluctuates between 10~20 for a long time, and between 5~30 in extreme cases.