How to find these hidden values varies with different levels of personal analysis. First of all, the fixed assets and inventories that are easy to realize in the balance sheet of listed companies' financial statements suddenly become larger, or the accumulated amount is particularly huge. We can analyze whether the value of these assets has the potential of rapid appreciation and the nature of futures. Or the maximum impairment of these relatively large-value liquid assets is artificially accrued, resulting in a large book loss and seriously affecting the stock price. For example, Yunnan Copper accumulated a large amount of inventory in 2008. Later, affected by the financial crisis, the international copper price plummeted, and huge asset impairment was accrued. However, this part of the inventory still exists, and asset impairment is only a floating loss, which is a game on the books. Now, according to the financial statements of listed companies, Yunnan counterparts continue to hoard stocks. If the copper futures price rises at the arrival of another business cycle, there may be a big profit, and the stock price will rise accordingly. Another example is that the company holds a large number of trading financial assets, such as futures, and the impact of these assets on the company will also affect the stock price. For example, China Eastern Airlines bet on jet fuel futures with Goldman Sachs in 2008. Later, oil prices plummeted and lost a lot, but 20 10 rose again. If the oil price continues to rise in the future, and the aviation industry with a large proportion of oil costs in operating costs will have the advantage of lower jet fuel contract price. Secondly, the cash flow statement in the financial statements of listed companies can analyze whether the company has other undisclosed major information from the expenditure of abnormal investment activities, and so on. Cash flow analysis should be regarded as the most important analysis in financial statement analysis of listed companies, because compared with balance sheet and income statement, cash flow statement is more reliable and true, and it also reflects the richest information, so it is of greater significance to value investment. For example, cash flow can be compared with related and different indicators to calculate the correlation ratio. These correlation ratios mainly include the ratio of cash flow to current liabilities, the ratio of cash flow to total liabilities, cash flow per share, dividend payment rate, cash flow ratio of sales and operating activities, operating index and depreciation influence coefficient. The analysis of value investment on the financial situation and operating results of enterprises is mainly realized through the ratio analysis in the financial statements of listed companies. The commonly used financial ratio measures the situation of an enterprise from three aspects, namely, solvency, operational ability and profitability. The analysis of cash flow is the most important, so try to make a detailed analysis. The core analysis requires evaluating the cash flow of an enterprise from both the quantity and quality of cash flow, and judging its ability to generate future cash flow accordingly. Financial ratio analysis and cash flow analysis have different functions and cannot be replaced. All the above analysis and findings depend on the accumulated financial analysis literacy, which is very important for value investment and needs constant analysis and judgment.