Look at a phenomenon and you'll understand. Over the past three years, the market has repeatedly hyped the concept of data elements, leading to a surge in many stocks. But what happened? Most of them reverted to their original state, with only a few related to AI still holding up.

This actually reflects a rule: concept stories are everywhere, but few can truly stand the test. The A-shares market is never short of themes; what’s lacking are companies that can consistently deliver performance.

Short-term pulse-like surges? Easy. Stocks that shoot up like rockets happen every year. But the only ones that can truly sustain a bullish trend are those that can realize their performance data on the books.

In other words, performance is the most long-term and core investment theme.

So I’ve always reminded myself: don’t just play the concept game. Instead of chasing the hot trends, focus on these categories: first, sectors that can explode from zero to one; second, companies with sustainable growth in performance; third, companies that turn around from adversity. They may seem different in classification, but fundamentally they all point to one thing—whether performance can exceed expectations and continue to release value.

There’s a phrase I wrote in my public account: if you could only choose one indicator for stock selection, do you know what it is?