【中文版】

高市净率是指股票的市净率大于1，也就是说，公司的市值高于其账面价值。市净率是评估公司价值的一个指标，它反映的是公司净资产与市值之间的关系。通常情况下，高市净率意味着投资者对公司的未来增长和盈利能力有较高的期望，因此给予公司较高的估值。

高市净率并不一定意味着股价被高估或市场出现泡沫，它只是一个评估公司价值的指标之一。投资者在投资决策时，需要结合其他财务指标和市场信息进行综合分析，以评估公司的真实价值和风险。

需要注意的是，高市净率并不一定能够持续很长时间。一旦市场对公司未来的预期发生变化，或者公司的经营状况出现不利变化，市净率可能会迅速下降，甚至出现“破净”的情况。因此，投资者在投资决策时需要对公司的未来发展和市场情况进行全面评估，以避免盲目追求高市净率而忽略其他风险因素。

总之，高市净率是指股票的市净率大于1，它反映的是投资者对公司的未来增长和盈利能力的期望。投资者在投资决策时需要结合其他指标和市场信息进行综合分析，以评估公司的真实价值和风险。

【英文版】

High price-to-book ratio refers to the stock's price-to-book ratio being greater than 1, meaning that the company's market value is higher than its book value. Price-to-book ratio is an indicator for assessing a company's value, reflecting the relationship between a company's net assets and market value. Typically, a high price-to-book ratio indicates that investors have high expectations for the company's future growth and profitability, thus giving the company a high valuation.

A high price-to-book ratio does not necessarily mean that the stock price is overvalued or that there is a market bubble. It is only one of the indicators for assessing a company's value. Investors need to combine other financial indicators and market information for comprehensive analysis to assess a company's true value and risks.

It should be noted that a high price-to-book ratio cannot last forever. Once market expectations for the company's future change or the company's operating conditions experience adverse changes, the price-to-book ratio may quickly decline, and even experience a "price below book" situation. Therefore, investors need to conduct comprehensive assessments of a company's future development and market conditions when making investment decisions to avoid blindly pursuing high price-to-book ratios while ignoring other risk factors.

In summary, a high price-to-book ratio refers to the stock's price-to-book ratio being greater than 1, reflecting investors' expectations for the company's future growth and profitability. Investors need to combine other indicators and market information for comprehensive analysis when making investment decisions to assess a company's true value and risks.