李迅雷：A股投资者喜欢听故事，不喜欢讲估值

Group 1 - The A-share market is characterized by strong speculation, with the highest turnover rate among major global economies, leading to inflated valuations and difficulty in making profits, resulting in a "long bear, short bull" market dynamic [1] - Investors in the A-share market show a preference for storytelling over valuation, with a significant interest in narratives surrounding small-cap companies, which account for 70% of trading volume despite only representing 10% of total market profits [2] - Large-cap companies, often seen as industry leaders, have less compelling stories to tell, which diminishes their trading volume compared to smaller companies that are perceived to have more growth potential [2]