侃股：长期投资价值是A股韧性的基础

Core Viewpoint - The resilience of the A-share market is highlighted as it managed to rise despite a significant drop in the Asia-Pacific stock markets, demonstrating its long-term investment value and risk resistance [1][2]. Group 1: Long-term Investment Value - A-shares are supported by investors' recognition of the long-term investment value of listed companies, which is fundamentally linked to future shareholder value expectations [1]. - Companies with stable performance and consistent cash dividends are categorized as cash cows, providing returns that meet or exceed market rates for risk-free financial products, thus attracting long-term investors [1][2]. - High-growth companies, despite not currently meeting cash dividend expectations, are valued for their potential due to industry growth or technological advantages, leading investors to hold these stocks for future performance [2]. Group 2: Market Dynamics - Investor sentiment plays a crucial role in the A-share market, where even during downturns, there is a tendency for investors to seek buying opportunities, which helps stabilize and eventually push stock prices back up [2]. - Historical trends indicate that new upward phases in the market often follow short-term corrections, with value investors entering the market at these low points [2]. Group 3: Exclusions from Long-term Investment - Companies with poor performance, insufficient growth, or those under investigation for financial discrepancies struggle to attract long-term investors, making them more susceptible to market fluctuations [3]. - The best strategy for investors holding underperforming stocks is to switch to quality blue-chip or growth stocks for long-term holding [3].