侃股：此4000点非彼4000点

Core Viewpoint - The Shanghai Composite Index has reached the 4000-point mark for the first time in ten years, signaling a shift from speculative trading to a value investment era, supported by the continuous growth of listed companies' performance [1][3]. Group 1: Market Transition - The previous peaks of 6124 and 5178 points were characterized by speculative trading, leading to volatile market conditions and significant investor losses during downturns [1]. - The current 4000-point level is underpinned by solid earnings growth from listed companies, marking a fundamental shift towards value investing [1][2]. Group 2: Value Investment Principles - Value investors are now focusing on the intrinsic value of companies, emphasizing profit growth and core competitiveness rather than short-term stock price fluctuations [2][3]. - The rise of high-performing stocks reflects the deepening acceptance of value investment principles, as these companies prioritize enhancing their core competencies and achieving steady earnings growth [2]. Group 3: Technology Sector Growth - The technology sector is emerging as a key driver of performance, with companies in artificial intelligence, renewable energy, and biomedicine enhancing their competitive edge and contributing to earnings growth [2]. - Investors are optimistic about technology stocks due to their potential for future growth, viewing them as representatives of new productive forces capable of achieving both earnings and stock price breakthroughs [2].