综合以上分析并两相比较，我们发现相对港股市场，A股市场生物医药行业的股

Based on the above analysis and comparing the two, we find that compared with the Hong Kong stock market, the price-earnings ratio of stocks in the bio-pharmaceutical industry in the A-share market has generally had a higher valuation in the past 5 years, but the price-earnings ratio has clearly returned to a relatively high level. Within a reasonable range, it is only a matter of whether it can really stabilize at this point, and it will be further tested by time. The phenomenon of using capital stocks to sit in the A-share market has rarely happened. In terms of the impact of the same valuation indicators on the price-earnings ratio, investors in the A-share market pay more attention to the company's net assets and the Hong Kong stock market pays more attention to the company's main income. This is a more dynamic and realistic indicator. There are differences between the two. Finally, in terms of the impact of the macro economy on stock valuations, we clearly find that the Hong Kong stock market is more stable and the investment environment is more rational, and will not fluctuate due to short-term economic changes. It also reflects that investors in the Hong Kong stock market have long-term Investment habits and concepts have a strong sense of risk; the valuation and investment of the A-share market reflect more immature investment methods such as following the general trend and short-term speculation, and still need to be further improved as the market continues to improve.

Combined with the above analysis and two comparisons, we found that relative to the Hong Kong stock market, the A-share market biopharmaceutical industry's stock price-earnings ratio in the past 5 years overall still has a higher valuation, but the price-earnings ratio has obviously returned to a more reasonable range, but whether it can really stabilize here, still need to be further tested. The use of equity sitting in the A-share market has also rarely happened. On the impact of the same valuation index on the price-earnings ratio, A-share market investors are more concerned about the net assets of enterprises and the Hong Kong stock market and the main income of enterprises is a more dynamic and realistic indicator, there are differences between the two. Finally, on the impact of macro-economy on stock valuation, we obviously find that the Hong Kong stock market is more stable, more rational investment environment, will not be caused by short-term economic changes, but also reflects the Hong Kong stock market investors have long-term investment habits and ideas, risk awareness is strong;

Based on the above analysis and comparison, we find that compared with Hong Kong stock market, the P / E ratio of biomedical stocks in A-share market has a high valuation in the past five years, but it has obviously returned to a more reasonable range, only whether it can be truly stable here remains to be tested further. In A-share market, the phenomenon of using capital stock to run a business is rare. In terms of the impact of the same valuation indicators on the P / E ratio, investors in the A-share market pay more attention to the net assets of enterprises, while investors in the Hong Kong stock market pay more attention to the main business income of enterprises, which is a more dynamic and realistic indicator. There are some differences between them. Finally, in terms of the impact of macro-economy on stock valuation, we find that the Hong Kong stock market is more stable and the investment environment is more rational, which will not fluctuate due to changes in the short-term economy. At the same time, it also reflects that investors in the Hong Kong stock market have long-term investment habits and ideas, and have a strong sense of risk. The valuation and investment of the A-share market more reflect following the general trend Short term speculation, such an immature investment method, still needs to be further improved with the continuous improvement of the market.<br>