Haitong Securities(SH:600837) 国泰海通证券研究·2025-09-20 00:05Group 1 - The core viewpoint emphasizes the dual opportunities of macro and micro drivers, focusing on both beta and alpha in investment strategies [4][7]. - The report titled "Decoding Corporate Life Cycle: Exploring a New Paradigm for Stock Investment" was authored by Zheng Yabin and published on June 9, 2025 [7]. - The research framework aims to provide insights into value creation and future collaboration [6]. Group 2 - The analysis is based on quantifying corporate life cycle stages using data such as cash flow and listing time, which serves as a reference for investment decisions [7]. - The quantitative model is constructed from historical data, acknowledging potential risks related to the failure of historical statistical patterns and model mis-specification [7].