春晚科技掀热潮，看估值高低就进坑里了

Group 1 - The core viewpoint of the article emphasizes that stock selection should not solely rely on valuation metrics like price-to-earnings (P/E) ratios, as this can lead to misconceptions about investment safety and potential returns [1][3] - The article highlights two common valuation logics: "valuation repair," where stocks aim to return to previously high valuations, and "valuation compression," where current high valuations may normalize over time [3] - It stresses that the key to understanding stock price movements lies in the participation of institutional investors, as they hold the pricing power in the market [3][7] Group 2 - The concept of "institutional inventory" is introduced as a crucial quantitative data tool that reflects the trading activity of institutional investors, serving as a visible indicator of their market engagement [7][10] - The article illustrates that a stock with a high P/E ratio can perform well if institutional investors are actively involved, while a low P/E stock may struggle without such participation [10][13] - It concludes that new investors should focus on the active participation of institutional funds, represented by "institutional inventory," rather than fixating on valuation alone, to make more informed investment decisions [16]