Securities Times: Cultivating long-term bull stocks requires hard work.

Looking back at the history of A-shares, the characteristics of the market show obvious cyclical and structural differentiation. In recent years, with the rise of institutional investors and the strengthening of market supervision, the market has gradually moved closer to value investment. The scarcity of long-term bull stocks is becoming more prominent in this context. According to statistics, as of the close of June 13, a total of 127 stocks have increased by more than 5 times since 2015, accounting for a small proportion in the entire A-share market. In 2015, the overall non-diluted ROE of the aforementioned 127 long-term bull stocks was 13.18%, 4.6 percentage points higher than the A-share level at the time; by 2024, this difference further widened, with the overall non-diluted ROE of long-term bull stocks reaching 16.23% in 2024, 9.72 percentage points higher than the A-share level at the time. "If you want to become a long-term bull stock, you cannot rely solely on short-term valuation increases, but should focus on improving your own business capabilities, ensuring the sustainability of the business, and achieving long-term stable return on net assets. This means that companies need to continuously strive in areas such as technological innovation, product quality, market expansion, and management efficiency, to build core competitiveness to support their long-term excellent performance," said Chen Jiahe, Chief Investment Officer of Beijing Jiuyuan Qingquan Technology Co., Ltd.