I took a quick look at the A-share market—very healthy! While I’m doing value calibration, some of the “borderline” AI-related consumer electronics and raw materials with relatively low technical content have fallen a lot. Some companies that are truly valuable have started to look a lot more solid and resilient. Now, the market doesn’t just need good taste—you really do have to spend time learning. In the past, you could buy an ETF—it was so simple: one moment a robot, the next an astronaut, then an innovative drug. But the fact is, there aren’t many great A-share companies that can reliably make money with strong moats.