“老登股”与“小登股”之争，你站那一边？

Group 1 - The A-share market is currently experiencing a bull market, with the Shanghai Composite Index having 28 trading days above 3,800 points in 2025, a significant indicator of market strength [1] - The debate between "Old Deng stocks" and "Young Deng stocks" reflects extreme market differentiation, with "Young Deng stocks" representing technology growth sectors like AI and semiconductors, while "Old Deng stocks" include traditional industries such as liquor and real estate [1][2] - The performance of "Young Deng stocks" has been remarkable, with companies like "Yizhongtian" in the optical module sector seeing significant price increases, while traditional sectors like liquor have faced declines, as evidenced by a 5% drop in the Wande Liquor Index in 2025 [2] Group 2 - The divergence in market performance is attributed to fundamental differences in investment philosophy, with "Old Deng" investors favoring value investing principles, while "Young Deng" investors lean towards growth investing [3] - Macro and industry trends are driving this market split, with technological advancements and domestic substitution creating a favorable narrative for tech growth sectors, while traditional industries face structural challenges [4] - The self-reinforcing nature of capital flows is exacerbating market polarization, as rising prices in "Young Deng stocks" attract more short-term investors, while "Old Deng stocks" suffer from a lack of attention and declining prices [4] Group 3 - The technology growth sectors represented by "Young Deng stocks" are seen as critical for economic transformation and future development, with significant potential for world-class companies to emerge [5] - A diversified investment approach is recommended, considering the potential of both "Young Deng stocks" and quality assets within "Old Deng stocks" to capture long-term value [6] - The market's focus may shift back to undervalued "Old Deng stocks" as the bull market progresses, highlighting the importance of maintaining a long-term perspective on investment choices [6]