Some people believe that there is no value investment in the A-share market.

I won't argue whether this statement is right or wrong.

Because everyone's understanding of value investment is different.

But even if there is no value investment, it does not mean that there are no good listed companies in the A-share market.

Many people will ask, what are the criteria for a good listed company, a high-quality listed company?

1. Able to make money.

Whether a listed company can make money is the most important criterion to measure whether it is a high-quality listed company.

Although it is not the only standard, it is definitely the top standard.

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What value does a listed company that cannot make money have?

Listed companies that can make money, and those that are capable of making money, are the ones that have so-called fair pricing, so-called value, and so-called valuation.Listed companies should not only be able to make money but also make a lot of money, and increasingly more money.

Therefore, a listed company that can make money is a high-quality company, even if its stock price does not rise.

There are many reasons why the stock price may not rise.

One of the most common reasons is that the stock price has been speculated too high, and the bubble is too large.

Investing in stocks emphasizes good companies and good prices; neither can be absent.

2. Ability to pay dividends.

The ability to pay dividends is also an important criterion for testing whether a company is good or not.

A company that can make money is bound to be able to pay dividends.

However, it is normal for some stages not to pay dividends, after all, the enterprise is still in the development stage and needs money.

But most listed companies have already sold shares and raised funds when they went public.In theory, they are not short of money, and the amount of financing is not small.

So, when they make money, they should give back to those shareholders who spend money to buy their stocks.

Of course, the majority of the dividends still belong to the company's major shareholders, the actual controllers, who hold the highest proportion of shares.

Therefore, dividends should be a normal thing, which is beneficial to all stockholders.

Not paying dividends can only indicate that the company is out of money, or has transferred assets in other ways, which can earn more than dividends.

For example, some listed companies, after continuously reducing their holding ratio, will use affiliated companies to transfer accounts, and distribute profits in another way to their own pockets.

As long as the listed companies that pay dividends regularly are of high quality, even if their net profits do not grow significantly, it does not affect the positive cycle of a listed company in the secondary market.

3. Risk resistance.

High-quality listed companies need to have strong risk resistance.

This risk resistance does not necessarily refer to the stock price risk resistance, but the company's risk resistance.That is, when there is some fluctuation in the market and the industry is on a downward trend, whether there is the ability to resist risks.

Of course, the ability to resist risks will be reflected to some extent in financial indicators.

For example, relatively low debt, sufficient cash reserves, fewer accounts receivable, and no large accumulation of inventory, etc.

High gross profit and net profit represent absolute pricing power in the industry, which is also an important dimension of risk resistance.

The core ability to resist risks of a listed company is partly reflected in financial indicators, and the other part is the company's combat effectiveness and the strategic vision of the helmsman.

Because the market is always changing, no company can be invincible forever, there will always be ups and downs.

The helmsman determines the direction of the company's development, which is also a very key point.

Some companies, due to the sudden departure of the helmsman, start on a path of no return and gradually deviate.

4. Stable growth.

Stable growth refers to a certain degree of stable growth in profits.The essence of this actually depends on the industry track and the comprehensive capabilities of the listed companies within the industry.

The vast majority of listed companies do not have the ability to go against the current.

When the tide of the times begins to eliminate you, there is no way to resist, and the so-called stable growth is very difficult to achieve.

Therefore, a listed company with stable growth is also an important criterion for judging whether a company is of high quality.

In comparison, consumer-oriented listed companies are more likely to achieve stable growth.

However, behind the stable growth, the pricing power and sales channels of the listed companies are key.

Only with sufficient pricing power can sales and net profit growth be achieved without market expansion.

Even with high-quality listed companies, it does not mean that investing in them will definitely make money.

There are many deviations between stock trading and value investment.The majority of the funds are made by speculation, and by profiting from the "mowing of the leeks" (a term used to describe inexperienced investors who are often taken advantage of in the stock market).

A small portion of the funds are earned through value investing, which is the current state of the A-share market.

In mature markets, there is a tendency for capital to cluster around leading stocks because mature markets are not short of capital, but rather high-quality investment targets.

However, the A-share market is actually short of funds.

The more capital is scarce, the more "deformed" the market becomes. Capital does not have much confidence in long-term investments and prefers to speculate on themes and profit from the "mowing of the leeks."

This is further influenced by the fact that the proportion of retail investors remains large, which determines that capital is more inclined to make quick money rather than slow money.

When the market one day liberalizes T+0 and lifts the restrictions on price limits, it will indicate that the market is relatively mature.

This is because the market is no longer worried about drastic fluctuations, and professional institutions will not engage in reckless games that result in giving money to each other.

The current high-quality targets are more akin to cyclical speculation rather than value investing.

At some stage, value investing is also treated as a concept to be speculated upon, being driven from a very low price to a very high position in a short period of time.So, good companies are like gold, buried beneath the sand, and in this market environment, they are hard to be discovered.

Instead of waiting for the value to be promoted, it is better to earn the money at hand, which is what capital thinks and thinks about at the moment.

It is not easy to choose a good company, and it is even more difficult to make money by investing in good companies.

Because human nature itself is greedy, they are eager to buy at the lowest price, eager to rise after buying.

They can't go through the test of three to five years, watching the stock price rise and fall, and the account occasionally appears to be a floating loss.

Capital is profit-seeking, not doing charity, when capital thinks there is no investment value in the short term, they will also abandon those high-quality companies.

So, many people will feel that it is better to focus on studying the timing skills than to work hard to find high-quality companies.

Investment can only be said to vary from person to person, never kill with one stick, or make arbitrary conclusions.

On the road of stock trading, no matter whether you choose to invest or speculate, there is no absolute right or wrong.

In the end, the numbers in the account, that is, the profit and loss ratio, will tell us the answer.Who is superior or inferior, who is better or worse, who is right or wrong?

The charm of the market lies in the ability to make money by buying low and selling high. As for which listed companies to buy, everyone is free to choose.