邹佩轩 / Zou Peixuan

Overview

Zou Peixuan is presented in the wiki as an investing author and 面基 guest whose framework connects financial statements, valuation, and narrative. In the episode, his central claim is that stock-price level is set by narrative, while stock-price change is driven by changes in narrative.

Current Profile

Zou’s profile in the current wiki is methodological rather than biographical. He defines investment narrative as a logical, falsifiable, and quantifiable market consensus, then grounds that claim in DCF Valuation as Narrative / DCF作为叙事: the current price is a traded expression of future cash flows, discount rate, and terminal value.

His strongest contribution is to pull earnings reports, valuation formulas, and market stories into one workflow. Financial statements verify whether a narrative is being fulfilled, valuation translates operating assumptions into price, and narrative describes the terminal state the market is currently pricing.

He also has a market-structure argument for China equities. In A-Share Auction Pricing / A股拍卖机制, difficult short selling means pessimistic investors have less pricing voice, so stocks with wider expectation dispersion can move more when liquidity is abundant.

Key Characteristics

• He treats “narrative” as quantifiable consensus rather than promotional storytelling.
• He uses DCF as the first-principles bridge between financial reports, valuation multiples, and market consensus.
• He emphasizes terminal business space and discount rate over near-term growth speed.
• He favors logical reasoning and unified explanatory frameworks over loose statistical correlation.
• He treats A-share pricing as partly shaped by market mechanics, especially short-sale limits and liquidity.
• He frames research as a compounding asset through reusable case review and process memory.

Evidence

• Narrative definition and valuation bridge: 财报的根 + 估值的茎 = 叙事的果实 records Zou’s definition of narrative as falsifiable, quantifiable consensus and his view that financial reports verify narrative while valuation connects reports to narrative.
• Terminal-space emphasis: 财报的根 + 估值的茎 = 叙事的果实 gives simplified DCF examples where terminal profit multiple and discount rate drive valuation more than the speed of reaching the terminal state.
• Market-structure emphasis: 财报的根 + 估值的茎 = 叙事的果实 explains A-share auction-like pricing through limited short-sale expression, expectation dispersion, and liquidity.
• Research method: 财报的根 + 估值的茎 = 叙事的果实 presents his case-review practice and “capitalized research” phrase as a way to reuse analyst work across future decisions.

Qualifications

• The current profile rests on one podcast source and should not be treated as a complete biography or independent record of Zou’s investing results.
• The source summarizes several book arguments orally; exact formulas, tables, and full case studies may require the books themselves.
• The A-share market-structure claims are presented as Zou’s framework, not as a universal law for every Chinese listed company or every liquidity regime.
• Discount-rate examples such as A-share 10% and U.S. 8% are source-scoped assumptions, not standing valuation constants.

What Changed

• Established Zou Peixuan as an investing author-guest in the wiki.
• Added his financial-report, valuation, and narrative trilogy as a reusable method branch.
• Added his A-share auction-pricing thesis as a market-structure branch.

Relationships

• 面基 - interview setting for the current wiki evidence.
• 《穿透叙事》 - book whose central argument anchors the source.
• 《穿透估值》 - preceding valuation book summarized as DCF-first-principles context.
• DCF Valuation as Narrative / DCF作为叙事 - method that connects future cash flows, discount rates, and market narrative.
• Terminal Value Narrative / 终局空间叙事 - terminal-space concept emphasized in Zou’s valuation examples.
• A-Share Auction Pricing / A股拍卖机制 - China-market mechanism used to explain liquidity-driven narrative moves.
• Capitalized Research Process / 研究资本化 - research-workflow principle attributed to his review method.