国泰海通｜金工：解码企业生命周期——股票投资的新范式探索

Core Viewpoint - The article discusses the classification of publicly listed companies in China into four lifecycle stages: startup, growth, maturity, and consolidation, based on cash flow and listing time adjustments [1]. Group 1: Lifecycle Stage Classification - Companies are categorized into four stages: startup, growth, maturity, and consolidation, using a cash flow classification method with slight adjustments based on listing time [1]. - The performance characteristics and factor behaviors of stock pools vary across different lifecycle stages [1]. Group 2: Performance Characteristics - Mature companies exhibit more stable stock price performance and better defensive characteristics, leading to the highest cumulative returns over time [1]. - There are slight differences in factor performance among stock pools in different lifecycle stages [1]. Group 3: Preferred Combinations - From January 2016 to February 2026, the annualized returns for the preferred combinations in the four stages are 13.5%, 20.7%, 19.5%, and 13.5% respectively [2].