How to de-mystify Tsinghua and Peking University?

Tsinghua and Peking University have always been the "ceiling" in many people's minds.
Their annual funding totals over 70 billion yuan, coming from the tax system, with an extremely high reputation, and their status needs no further explanation.
But the problem is also raised here.
With such large investments, what are the results?
Some might list a string of "zeros": Nobel Prizes, Fields Medals, Turing Awards, Abel Prizes...
Almost none of these top international academic honors are directly reflected in shining achievements.
So doubts arise: where did the money go?
But things are often not that simple.
Because universities are never just "factories for producing awards"; they also undertake a whole system of tasks including scientific research, education, talent selection, and foundational disciplines.
Some achievements are not visible in the short term, and some values are not directly reflected in awards.
But the question still stands—if long-term investments are so huge, yet the "top visible results" in the external world are relatively scarce, discussion becomes inevitable.
Especially when we see the other side: in the international academic system, some people complete their PhD training in their 30s and win a Nobel Prize a few years later, this "achievement speed" makes many find it harder to accept a "lagging explanation."
Thus, the contradiction becomes a clash of two narratives:
One is that "academic evaluation is inherently long-term, complex, and nonlinear";
The other is "since the investment is certain, why are the returns not clear?"
Ultimately, the core issue is not whether there are awards, but:
When resources are continuously and highly concentrated, how do we measure "effectiveness"?
If measured by awards, the results seem somewhat cold;
If not measured by awards, it’s hard to find a unified standard.
That’s why this debate continues endlessly.
Its essence is not whether there are results, but a more practical question:
What standards do we use to evaluate the true long-term systemic returns?