Let's talk about the A-shares market. Recently, the A-shares market has fallen a lot again, but consumer stocks like Moutai have stabilized and even slowly risen. Aside from a small amount of fixed-investment in the STAR Market 50 Index, I haven't bought any other stocks. About a few months ago, a friend brought a friend from a securities firm to my place for tea. This woman strongly believed in the government's strategy of guiding the A-share market into a bull market, hoping it would bring wealth and increase overall consumption levels. I heard this story back in 2015. Those who believed it then went bankrupt. So this woman didn't believe me then, but she probably does now. If she didn't, she'd probably be losing a lot of money. Over the years, things like Cambricon and Zhongxu... Will buying Changxin Technology actually make you money? You need to go back to the original purpose of establishing the A-share market in China. The government established the stock market for "financing." In terms of macro-control, China's capital market prioritizes supporting the government's industrial regulation. I've almost never made big money in A-share tech stocks. The government prioritizes the development of the semiconductor industry. Semiconductors are in international demand, so the government supports its financing and listing, and there are various preferential policies in credit. These are all beneficial to companies, but not necessarily to shareholders. These industries generally develop, but because the government has invested heavily, they are prioritized for exit. For example, state-owned assets will exit first after listing. You might ask, isn't the US stock market the same? The US stock market is different. In the US stock market, the risk and return are all borne by shareholders, with very little influence from state-owned industrial capital. Even companies that don't make money can still list on the US stock market. Survival of the fittest applies to both the profitable and unprofitable companies. When Changxin went public, it was beneficial for the entire industry because seeing Changxin exit would trigger a surge of private capital into the semiconductor sector. Innovative companies struggling to survive suddenly received support. This phenomenon also exists in the US, but the problem is that listing on the US stock market is relatively easy, so there won't be a sudden concentration of investment in semiconductors. Investment in both the primary and secondary markets is based on an understanding of the industry and the company itself. For every leading industry, there's a sacrificed one. For every round of financing, there are those who need to invest. You need to understand that we are definitely the ones chosen to invest. I really admire companies like Moutai and Gree. Moutai only raised a few billion in its IPO but has distributed hundreds of billions in dividends. Gree only raised a few billion in its IPO. Laiyi has distributed hundreds of billions in dividends, not even considering the increase in market capitalization. For the market as a whole, it's not about financing, but about continuous dividend payouts and share buybacks, increasing the company's value through its own profits. That year, I sold my Moutai shares at 1800. There's something else I rarely talk about: the Guizhou State-owned Assets Supervision and Administration Commission (SASAC) made Moutai invest 15 billion in Guizhou Expressway. The SASAC is the major shareholder, but a minor shareholder within the listed company. At the time, this wasn't considered market-based pricing. "I'm a shareholder; you can't donate my money as a minor shareholder unless I agree." You can sell your shares and donate to Guizhou Expressway, but that doesn't mean I'm donating my money. The market reacted very quickly; Moutai started to fall. Later, the SASAC probably realized some problems and subsequently addressed the issues in Guizhou by selling Moutai shares. The internal problem is that Moutai has only just continued to rise to around 2600. Don't look at any information from people like Sun Hongbin and Jia Yueting. You know their nature is inherently bad. They've said many right things and done many seemingly good things, but if you develop even the slightest liking for them, you'll be exploited. The same goes for tech stocks in the A-share market. Don't look at those individual stocks; their nature is to raise funds. All those concepts are ultimately just for ripping off investors. The only thing you can do is buy the index. With 1.4 billion Chinese people, there will always be companies like Moutai and Gree, and there will always be conscientious entrepreneurs like Dong Mingzhu. They create value and profits through their companies, distribute dividends, and buy back their own shares to inflate market capitalization, then enter the index and push up the STAR Market 50 Index. The current STAR Market 50 Index is equivalent to the Nasdaq decades ago. Nasdaq The original constituent stocks of the NASDAQ index when it was first launched on January 31, 1985: Six companies remain in the index today: 1. Apple (AAPL) 2. Intel (INTC) 3. Micron Technology (MU) 4. KLA-Tencor (KLA) 5. PCAR (PACCAR, a truck manufacturer) 6. Costco (formerly Price Club) Over the past forty years, more than 500 companies have been included in the NASDAQ. 100 So even the success rate for US stocks is only around 1%. For the A-share STAR Market, achieving even 1% would be considered very good. Do you think you can pick that 1%? I know I probably won't, so I'm giving up. Just buy STAR 50. The index will naturally weed out the weak and eventually recover, reaching new highs. But picking that big winner, Apple, is incredibly difficult. At least right now, I have absolutely no idea who it will be. Currently, I see DeepSeek as a possibility, but it hasn't IPO'd yet. The history of Nasdaq is the future of the STAR 50, or even the future STAR 100. Learn from this to figure out how to allocate your portfolio today.