Core Viewpoint - The article emphasizes that despite the volatility in the A-share market over the past four years, there has been a bull market for undervalued, high cash flow, and high dividend stocks, particularly among state-owned enterprises, with 30% of these stocks doubling in value [2][5]. Group 1: Market Performance - Over the past four years, 30% of state-owned enterprise dividend stocks have seen their prices more than double, with 90% reaching new highs since February 2021 [2][6]. - Specific sectors such as ports, highways, publishing, and construction have shown significant growth, with stocks like Tangshan Port increasing by 145% and maintaining a dividend yield of 4.77% [5][6]. Group 2: Investment Strategy - Investors are advised to focus on understanding their companies rather than trying to time the market, as this can lead to missed opportunities and costly mistakes [3][8]. - The article references Graham's perspective that many investors fail to profit because they chase market signals rather than focusing on the fundamentals of the companies they invest in [9][10]. Group 3: Company Analysis - The article highlights that companies with low valuations and strong balance sheets have been successfully identified by the market, leading to substantial price increases [5]. - In the publishing sector, companies like Phoenix Media and Shandong Publishing have also seen their earnings per share rise significantly, with dividend yields above 4% [6].