This factor reflects the rate of expansion of a company's book value in a quarter. A higher single-quarter book value growth rate usually indicates that the company has achieved better operating results in the short term and is able to effectively use its assets to create value, resulting in an increase in shareholders' equity. However, investors need to note that high growth rates in the short term may not always be sustainable and may be affected by factors such as accounting treatment and asset revaluation. In addition, the relationship between this factor and future earnings may be different under different time spans. In China's A-share market, empirical studies have found that when the statistical interval is longer (such as five years), this factor is negatively correlated with future earnings, which may reflect the market's overly optimistic expectations for long-term growth or concerns about the sustainability of growth; when the statistical interval is quarterly or annual, this factor is positively correlated with future earnings, indicating that short-term growth may be seen as a positive signal by the market. Therefore, when using this factor, it is necessary to conduct a comprehensive analysis in combination with other financial indicators and the market environment.