What I am tracking is the flexible allocation of new vitality of Bank of Communications, and the current scale is1609.2 billion yuan.

For example, a company is in its infancy in the first stage, which is like "theme concept" hype. The operation of stock price is more based on information flow or even the flow of news, and the company barrier will not be deep. It is meaningless to look at enterprise valuation at this time.

In the second stage, the theme bubble burst and the dust settled. Then, with the progress of the industry, it entered the third stage, the market demand gradually opened, and the industry gradually matured and stabilized; With profit and valuation, the barriers to enterprise competitiveness become clear, which is a classic growth stock stage that industry researchers dare to start with.

The fourth stage is the maturity of the company, with high barriers to enterprises, stable industries and relatively few changes in market opportunities. Therefore, the first-stage company is not comparable to the fourth-stage company.

Buying growth stocks is to look at the essence of growth stocks:

If it is the theme investment stage, then this time more opportunities come from the industry, and the company has no valuation support. In the fourth stage, when the company matures, it will naturally have performance support. Yang Hao likes to invest in companies in the third and fourth stages, but he will do portfolio management according to the objective situation of the times, and he doesn't have to invest in any stage. It is often difficult for companies in the third stage to meet.