P/E is a quota which is important but full of quarrelling in the analysis of the market-investment value. At present, there are eight wrong areas in the analysis of P/E. On the basis of analyzing the wrong areas in P/E, this article makes simple judgement to P/E level of china security-market. It considers that the average level of P/E in Shenzhen and Shanghai security-markets is really too high, and analyses the cause of the h...