这就有个矛盾，股权收益率很高，而市盈率偏低。
There is a contradiction between very high return on equity and relatively low multiple of earning.
在以前日子最好的时候，银行的股权收益率达20%甚至更多，而同期大多数大银行的市盈率都在10%左右。
At the peak of the euphoric period, Banks had return on equity of 20% or more and multiple of earning for most big Banks was in the vicinity of 10%.
然而随着收益率走低，投资者们还会继续追捧(长期)国债吗，还是会转而关注其他股权类资产呢？
But with lower yields, will investors continue to dabble in bonds, or will they switch their attention to other equity-like assets?
在中国的股票市场中，特殊的股权结构和收益率使得投资者只能着眼于股票的价差收益。
The investors have to focus on the return of stock price spread because of special ownership structure and return rate in China's security market.
截至2005年6月30日的10年间，该指数年收益率为9.9%，而主动管理型股权基金的年平收益率为9.6%，我们落后30个基点。
For the ten years ended June 30, 2005, it returned 9.9% per year and then the average return for the actively managed equity fund was 9.6% per year, so we're back to that thirty basis points.
截至2005年6月30日的10年间，该指数年收益率为9.9%，而主动管理型股权基金的年平收益率为9.6%，我们落后30个基点。
For the ten years ended June 30, 2005, it returned 9.9% per year and then the average return for the actively managed equity fund was 9.6% per year, so we're back to that thirty basis points.
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