The stock market continues to strengthenJackpotcharmInvestors' performance standard model for value investment can be appropriately relaxed, stocks previously understood as average performance can also be bought appropriately, the momentum is heavy when rising, and the disclosure of superimposed annual reports has been completed. Investors can not pay too much attention to the performance level of listed companies, and a steady rise can also be a reason to buy stocks.

Value investment, but also have to be flexible, corporate performance is not the only value standard. Growth will change because of investors' expectations, and stocks that are not worth buying in a volatile market may have a reason to buy in a rising market.

Take brokerage stocks as an example, when the stock market is in a volatile market, investors expect the future performance of brokerage stocks is still mediocre, so the stock price performance of brokerage stocks is mediocre. However, once the stock market changes from a volatile city to a strong one, investors first expect that the trading volume of the stock market will continue to enlarge and the index will continue to rise, then the performance of brokerage stocks will also continue to improve, superimposed by the upward valuation caused by the upward shift of the value center. Brokerage stocks will also become an eye-catching sector.

If you look at some companies with mediocre performance, these companies do not have much investment value in the concussion city, but in the rising stage of the stock market, the share prices of high-quality stocks are getting higher and higher, and a large amount of new capital will flow into the stock market. These new funds are not willing to catch up with the high-quality blue chips whose share prices have risen greatly, and they may choose to tap the investment opportunities in the performance-flat stocks. At this time, the original average performance of the company, may have a higher performance-to-price ratio.

For example, in a volatile market, stocks with a price-to-earnings ratio of about 50 times earnings are not very cost-effective compared with blue chip stocks with a price-to-earnings ratio of 10 times 20 times. But in a rising market, blue chip stocks with low price-to-earnings ratios continue to rise. The corresponding price-to-earnings ratio could rise to 30 times 50 times earnings, when the value of those parity stocks that would have been about 50 times earnings would become apparent, after all, they are more guaranteed than the average stock, and the share price is not rising significantly.

The growth of listed companies is changing at any time. As long as the market environment requires, ordinary companies can also evolve into blue chip stocks with good performance. In fact, a lot of angel investment and venture capital are also supporting the development and listing of companies with the power of capital. this way of cultivation is effective not only for companies before listing, but also for companies after listing.

As the stock proverb goes, it is important when it goes up and quality when it goes down. If investors agree that the current stock market has changed from a volatile city to a rising market, then the investment strategy should be changed accordingly, and the stock selection model should be updated with the times.

The superimposed annual report has been disclosed, the mine risk of individual performance has been released, and investors' expectations for "Red May" can be appropriately raised. After all, after the annual report, investors do not need to worry too much about the risk of thunderstorms in the performance of listed companies in the short term, which is also the realistic reason for the existence of the term "Red May".

In a rising market, investors can weaken the weight of performance factors, a slightly higher price-to-earnings ratio is not too big a problem, the upward trend is very important. In any market, the performance standard model is not immutable, with the rise and fall of the market, the model factors are constantly changing, investors choose the time to adapt will have a wonderful effect.

Zhou Kejing, commentator of Beijing Business Daily