侃股：绩优股屡创新高会是常态

Core Viewpoint - The continuous improvement in the performance of high-quality stocks leads to rising valuations and attracts new investors, creating a virtuous cycle that supports stock price increases, embodying the essence of value investing [1][2]. Group 1: Performance Improvement - The sustained performance enhancement of high-quality stocks is fundamental to their virtuous cycle [1]. - Companies that excel in management, innovation, and market trend analysis are more likely to become high-quality stocks [1]. - Performance growth can stem from optimizing internal processes, increasing production efficiency, and investing in R&D to meet market demands [1]. Group 2: Valuation and Investor Participation - As performance improves, the valuations of high-quality stocks naturally rise, reflecting optimistic market expectations for future growth [1][2]. - The influx of new investors, attracted by strong performance and rising valuations, brings significant capital, further driving stock price increases [2]. - The rise in stock prices is not merely speculative but is supported by solid performance fundamentals, ensuring sustainability [2]. Group 3: Value Investing Philosophy - The virtuous cycle of performance improvement, valuation increase, new investor participation, and stock price growth is expected to become the norm for high-quality stocks [2]. - Value investing emphasizes uncovering a company's intrinsic value and pursuing long-term stable returns, aligning perfectly with the dynamics of high-quality stocks [2][3].