时隔十年之久，沪指重新站上4000点整数大关，但是这次的4000点，不是新瓶装旧酒，而是新桃换旧 符。如今的A股市场，价值投资理念才是长期盈利的最大倚仗。 以前的4000点，投机炒作氛围浓厚，指数容易暴涨暴跌。不管是6124点，还是5178点，哪一个高点之后 都是"多杀多"的踩踏，市场上涨主要依赖投机炒作与资金推动，指数如击鼓传花般攀升，缺乏坚实的业 绩支撑。投资者盲目跟风，追逐短期利益，市场情绪主导着股价的涨跌。非理性的投机炒作背后，隐藏 着巨大的投资风险。一旦资金撤离，市场信心崩塌，"多杀多"的踩踏行情便接踵而至，指数急转直下， 众多投资者损失惨重。 现在的4000点则大不相同。这次是A股进入价值投资时代以来第一次站上4000点，是依靠上市公司业绩 不断增长推动的估值提升，是价值投资者依据上市公司价值判断作出的长期投资决策，根基扎实。 沪指重上4000点，是A股市场发展的一个新起点。从投机炒作到价值投资，市场的转变有目共睹。价值 投资已经成为A股市场的主流，为投资者带来更加稳健的长期回报，这才是投资者心目中的理想投资场 所。 北京商报评论员 周科竞 如今，价值投资者摒弃了短期的投机思维，依据上市公司的内在 ...

Core Viewpoint - The Shanghai Composite Index has reached the 4000-point mark for the first time in ten years, signaling a shift from speculative trading to a value investment era, supported by the continuous growth of listed companies' performance [1][3]. Group 1: Market Transition - The previous peaks of 6124 and 5178 points were characterized by speculative trading, leading to volatile market conditions and significant investor losses during downturns [1]. - The current 4000-point level is underpinned by solid earnings growth from listed companies, marking a fundamental shift towards value investing [1][2]. Group 2: Value Investment Principles - Value investors are now focusing on the intrinsic value of companies, emphasizing profit growth and core competitiveness rather than short-term stock price fluctuations [2][3]. - The rise of high-performing stocks reflects the deepening acceptance of value investment principles, as these companies prioritize enhancing their core competencies and achieving steady earnings growth [2]. Group 3: Technology Sector Growth - The technology sector is emerging as a key driver of performance, with companies in artificial intelligence, renewable energy, and biomedicine enhancing their competitive edge and contributing to earnings growth [2]. - Investors are optimistic about technology stocks due to their potential for future growth, viewing them as representatives of new productive forces capable of achieving both earnings and stock price breakthroughs [2].

Core Viewpoint - The phenomenon of stocks under delisting risk being heavily speculated in the market raises questions about the effectiveness of the delisting risk warning system, as investors seem to ignore the risks associated with these stocks [1] Group 1: Market Behavior - Multiple stocks under delisting risk warnings, such as *ST Yazhen and *ST Hengjiu, have experienced significant price increases despite ongoing losses and risk warnings [1] - The paradox of "the stricter the risk warning, the stronger the stock price surge" suggests that the current risk warning system is ineffective [1] - Speculative trading is overshadowing value discovery, eroding the foundation of healthy capital market development [1] Group 2: Recommendations for Improvement - It is suggested to optimize the suspension and review system, focusing on the actual trading behaviors rather than just compliance checks by listed companies [1] - Exchanges should enhance the investigation of abnormal price fluctuations by establishing a real-time tracking system for account associations and identifying the true operators behind large accounts [2] - The delisting rules should be improved to prevent excessive speculation on stocks at risk of delisting, potentially introducing a new delisting threshold based on market valuation metrics [2] Group 3: Investor Protection and Education - Increasing the asset threshold for participating in delisting risk stocks from 500,000 to 1,000,000 yuan is recommended to limit speculative participation [3] - Strengthening the regulation of intermediary institutions that serve *ST stocks is crucial, with penalties for non-compliance or negligence [3] - Enhancing investor education and protection mechanisms is essential, including risk awareness campaigns and establishing efficient compensation channels for investors suffering losses due to speculative activities [4]