每逢市场好转，总会出现一波"消灭低价股"的行情。但实际上，这样的投资逻辑并不理性，股价低并不 等于安全边际高。相反，较普通的股票，低价股的投资风险会更高。 一方面，低价股中存在部分问题股，或被ST或被*ST，它们的公司基本面很差，头顶还悬着退市预警的 达摩克利斯之剑。另一方面，低价股更容易触发面值退市的风险。一旦利空进一步发酵，或者出现新的 黑天鹅事件，很可能拉响退市警报。 低价股的流动性风险也值得警惕。由于并非主流的投资品种，低价股的交投活跃度比一般股票要低得 多。以*ST阳光为例，8月11日的日成交额仅为1365万元。流动性差则可能引发一系列的连锁反应。包 括市场定价扭曲、容易被操纵股价，尤其在面对突发利空时，更容易出现连续跌停的极端现象，投资风 险会显著放大。 低价股数量的减少，并不意味着其投资价值的普遍提升。实际上，低价股数量的减少最直接的原因可以 定义为跟风式上涨，若从涨幅来看，多数低价股的累计涨幅跑输大盘，与绩优的核心资产相比更是有着 天壤之别。因此，从投资收益率的角度来看，市场行情向好的时候，抄底低价股并非理性的交易策略。 当然，低价股中并非毫无投资机会。曾几何时，部分银行股也是低价股成员，但如 ...

低价股的流动性风险也值得警惕。由于并非主流的投资品种，低价股的交投活跃度比一般股票要低得 多。以*ST阳光为例，8月11日的日成交额仅为1365万元。流动性越差则可能引发一系列的连锁反应。 包括市场定价扭曲、容易被操纵股价，尤其在面对突发利空时，更容易出现连续跌停的极端现象，投资 风险会显著放大。 低价股数量的减少，并不意味着其投资价值的普遍提升。实际上，低价股数量的减少最直接的原因可以 定义为跟风式上涨，若从涨幅来看，多数低价股的累计涨幅跑输大盘，与绩优的核心资产相比更是有着 天壤之别。因此，从投资收益率的角度来看，市场行情向好的时候，抄底低价股并非理性的交易策略。 低价股数量减少，与市场表现持续回暖有直接关系。但当前的A股市场更注重价值投资，低价股并不意 味着安全边际更高，反而在一定程度上，低价股暗藏的投资风险较大，投资者对于低价股还需理性看 待。 注册制改革全面实施之后，价值投资理念成为主流，市场的价值发现功能不断优化着资源配置，导致的 结果就是个股行情走势分化，核心资产持续走高，投资价值较差的个股则向下价值回归。 整体来看，绝大多数低价股缺乏业绩支撑，亏损的业绩注定其投资价值较弱，即便随着大盘走强股价 ...

Core Viewpoint - The article highlights the emergence of a notable individual investor, Zhang Sufen, in the A-share market, who has made significant investments in multiple listed companies, positioning herself among the top shareholders of 15 companies as of the first quarter of 2025 [1][2][3]. Group 1: Investment Profile - Zhang Sufen holds substantial shares in various companies, with a total holding of 349.66 million shares across 15 listed companies, making her the second-largest shareholder in Electronic City and the fourth-largest in Shaanxi Guotou A [3][4]. - Her investment strategy appears to focus on low-priced stocks, with most of her holdings priced below 10 yuan, indicating a preference for undervalued assets [7][8]. - The total market value of her holdings exceeds 1.38 billion yuan, with five stocks valued over 100 million yuan each [8]. Group 2: Performance and Strategy - Zhang's investments have shown mixed results, with the highest floating profit being 26.81% from Liugang Co., while the largest loss is 13.62% from Shaanxi Construction [3][4]. - She has demonstrated a long-term investment approach, often increasing her holdings over several quarters, as seen in her continuous accumulation of shares in low-performing stocks like New Star Foundry [6][7]. - Despite her success, she has also faced significant losses, such as a 30% loss in Yibai Pharmaceutical, highlighting the risks associated with her investment choices [8][9]. Group 3: Market Impact and Perception - Zhang Sufen's investment activities have drawn attention in the market, with speculation about her potential connections to larger investment networks, suggesting that her strategies may not be typical of individual investors [7][8]. - Her approach to investing, characterized by a focus on low-priced stocks and a willingness to endure volatility, positions her as a unique figure in the A-share market, comparable to institutional investors [6][7].