中国改革开放以来不断推进市场经济建设，中国的法制建设日趋完备，基于此我国在2023年全面推进股票注册制，这为投资人在我国证券市场践行价值投资创造了条件，而我国新兴产业的蓬勃发展，也为投资人投资新兴产业提供了广阔的市场。正是在这样的时势下，对新兴产业上市公司的价值投资进行研究也显得格外具有意义。本文的主要内容就是对价值投资在新兴产业上市公司的实践进行探讨研究，文章首先结合渗透率与产业周期的关系对新兴产业市场的发展阶段进行探究，并说明了新兴产业市场不同阶段的市场格局特征，然后介绍了价值投资的基本框架，紧接着文章基于前面的理论对我国的新能源汽车产业进行研究分析，依据目前市场阶段，可以看出我国的新能源汽车市场正经历从早期少数向早期多数转换的关键阶段，对于所有的企业是否能够取得成功，关键看能否在这一市场阶段取得胜利。本文结合新能源汽车市场情况对比亚迪进行了各方面的分析，同时也对比亚迪的未来发展和市场份额等数据做出判断，然后结合价值投资框架对比亚迪进行了价值评估和价值投资分析，包括运用比较分析法对行业公司进行横向对比，并对比亚迪过去几年的数据进行纵向对比，以看出资本市场对其评价。用资产重置法对其进行资产价值重估，判断其最基本的资产价值，然后用FCF法对比亚迪进行估值，并假设了三种情形（正常、乐观和保守）分别进行了估值，基于对比亚迪的估值和分析，就对比亚迪的投资提出了投资建议及策略。最后文章结合前面的理论分析和案例研究，就新兴产业上市公司的价值投资总结了投资研究方法并提出了投资策略，研究的主要方面包括行业周期、商业模式、企业竞争力、价值判断、安全边际和护城河等，投资策略包括自身的能力圈评估和仓位管理，贯穿投前、投中、投后和投资退出等阶段。

Since China‘s reform and opening up, the construction of market economy has been continuously promoted, and China‘s legal system is becoming more and more complete. Based on this, China will fully promote the stock registration system in 2023, which creates conditions for investors to practice value investment in China‘s securities market, and the flourishing development of China‘s emerging industries provides a broad market for investors to invest in the development of emerging industries. It is in this context that the study of value investment in listed companies operating in the emerging industry market is of particular significance. The main content of this article is to explore the practice of value investment in companies conducting business in emerging industries market. The article firstly explores the development stages of emerging industries market by combining the relationship between penetration rate and industry cycle, and explains the characteristics of market pattern in different stages of emerging industries market. Based on the current market stage, it can be seen that China‘s new energy vehicle market is going through a critical stage of conversion from early minority to early majority, and it is crucial for all companies to see whether they can succeed or not to be able to win in this market stage. This paper analyzes various aspects of BYD in the context of the new energy vehicle market situation, and also makes judgments about BYD‘s future development and market share and other data, and then combines the value investment framework to value BYD and value investment analysis, including the use of comparative analysis to make horizontal comparisons of industry companies and vertical comparisons of BYD‘s data over the past few years to see how the capital market evaluation. The asset replacement method was used to revalue its assets and determine its most basic asset value. Then, the FCF method was used to value BYD, and three scenarios (conservative, normal and optimistic) were assumed for each of them, and based on the valuation and analysis of BYD, an investment recommendation strategy was proposed for BYD. Finally, the article summarizes the investment research methods and proposes investment strategies for carrying out value investment in listed companies in emerging industries, combining the previous theoretical analysis and case studies. The main aspects of the research include industry cycle, business model, corporate competitiveness, value judgment, margin of safety and moat, etc. The investment strategy includes its own ability circle assessment and position management, running through pre-investment, investment, post-investment and investment exit, etc. The investment strategy includes assessment of one‘s own ability circle and position management, and runs through pre-investment, investment, post-investment and exit stages.