Archives
All the articles I've archived.
2026237
October4
Holiday Reflections II: The End of the MVP and the Return of Experienced B2B Builders
English version awaiting publicationHoliday Reflections I: Disruptive Innovation
English version awaiting publicationHoliday Reading II: The Restless Clock
English version awaiting publicationHoliday Reading I: Finite and Infinite Games
English version awaiting publication
September5
Tacit Knowledge: Lessons from Building Enterprise AI Knowledge Bases
English version awaiting publicationModels Treat Statistical Deviations as Noise. We May Need to Be Contrary
English version awaiting publicationAfter the Cycle Turns: How Should Personal Capital Follow AI?
English version awaiting publicationAfter the Cycle Turns: Protecting the Price of Your Work
English version awaiting publicationAgainst the Kondratiev Cycle: Perhaps the Last Wave of Highly Paid Human Labor
English version awaiting publication
August2
Model Valuations: A Poor Business Model at an Expensive Price
English version awaiting publicationWhy the LLM API Business Is Such a Poor Business Model
English version awaiting publication
July22
If OpenAI Has No Innovation, Where Is Kimi K3’s?
English version awaiting publicationAn A-Share Knowledge Graph Inspired by Ontology and Graphy
English version awaiting publicationAI Finished the Homework. What Happens to the Apprentice?
English version awaiting publicationThe FDE Trap: Are AI Companies Becoming Staffing Contractors?
English version awaiting publicationRed Teams in Practice: One AI Writes a Report, Four AIs Challenge It
English version awaiting publicationThe Model Arms Race: Kimi K3 and the Marketing of 2.8 Trillion Parameters
English version awaiting publicationSeventeen Days before Unlock: SpaceX and a $52 Billion AI Order
English version awaiting publicationDeflation-Era Consumer Comparisons: Gambol Pet Group (301498.SZ)
English version awaiting publicationDeflation-Era Consumer Comparisons: Yifeng Pharmacy (603939.SH)
English version awaiting publicationEveryone Says Buy, the Stock Halves: Building an Investment Red Team
English version awaiting publicationDeflation-Era Consumer Comparisons: Midea Group (000333.SZ)
English version awaiting publicationDeflation-Era Consumer Comparisons: Proya (603605.SH)
English version awaiting publicationOne Power Bottleneck, Two Opposite Views: Goldman Goes Long, I Go Short
English version awaiting publicationTwo Meanings of Open Source That Many People Confuse
English version awaiting publicationDeflation-Era Consumer Comparisons: Wancheng Group (300972.SZ)
Updated:English version awaiting publicationDeflation-Era Consumer Comparisons: Eastroc Beverage (605499.SH)
English version awaiting publicationA Response to Palantir’s CEO: Does Charging per Token Signal a Lack of Confidence?
English version awaiting publicationJapan’s Lost Decades: Which A-Shares Deserve Research?
English version awaiting publicationLoop: Saving Money by Fooling Yourself, or Paying to Stay Honest
English version awaiting publicationThe Openness Trap in AI Infrastructure
English version awaiting publicationWhen Every AI Shares the Same Memory of You
English version awaiting publicationApple’s $250 Upgrade: What Buffett Means by Pricing Power
English version awaiting publication
June84
AI Equality Is a False Promise: Giving Everyone a Sniper Rifle
English version awaiting publicationA Weekend Conversation with a CFO: Why Published Experts Cannot Always Be Trusted
English version awaiting publicationWhy AI Quant Backtests Shine while Live Trading Loses Money
English version awaiting publicationShorting 58 A-Share AI Hardware Companies VII: Servers, Networks, and Conclusions
English version awaiting publicationShorting 58 A-Share AI Hardware Companies VI: Power Equipment
English version awaiting publicationShorting 58 A-Share AI Hardware Companies V: Copper Links and Liquid Cooling
English version awaiting publicationShorting 58 A-Share AI Hardware Companies IV: PCB, CCL, and Backplanes
English version awaiting publicationShorting 58 A-Share AI Hardware Companies III: Ratings and Optical Modules
English version awaiting publicationBuffett Is Mocked Again: A-Shares, 1999, and a Bird in the Hand
English version awaiting publicationShorting 58 A-Share AI Hardware Companies II: BOM TAM and the Company Universe
English version awaiting publicationShorting 58 A-Share AI Hardware Companies I: Physical Limits
English version awaiting publicationHealthcare Leaders IV: United Imaging (688271.SH)
English version awaiting publicationThe End of Broad Healthcare Rallies: New Industry Economics
English version awaiting publicationHengrui Pharma (600276.SH): Key Bull-Bear Disagreements
English version awaiting publicationHealthcare Leaders III: Hengrui Pharma (600276.SH)
English version awaiting publicationHealthcare Leaders II: WuXi AppTec (603259.SH)
English version awaiting publicationHealthcare Leaders I: Mindray (300760.SZ)
English version awaiting publicationLeader Harmonious Drive (688017.SH): High Quality, High Valuation
English version awaiting publicationShuanghuan Driveline (002472.SZ): Full Research Workflow
English version awaiting publicationSimon-GNL Reverse Screening: Shuanghuan Driveline (002472.SZ)
English version awaiting publicationSimon-GNL Test: Screening the Robotics Sector
English version awaiting publicationWhy Anthropic Fable Was Taken Down: The Story Spreading on X
English version awaiting publicationSimon-GNL Stock-Screening Agent: Day 3
English version awaiting publicationSimon-GNL Stock-Screening Agent: Day 2
English version awaiting publicationWhat Is an Ontology? Ontology-Based Agents versus Workflow-Based Agents
English version awaiting publicationSimon-GNL Stock-Screening Agent: Day 1
English version awaiting publicationDesigning a Framework for Screening High-Quality Stocks
English version awaiting publicationPEG Study 24: Allist — High Quality, Few Catalysts
English version awaiting publicationPEG Study 24: Allist — Detailed Analysis
English version awaiting publicationPEG Study 23: Northeast Securities — Too Many Uncertainties
English version awaiting publicationPEG Study 23: Northeast Securities — Detailed Analysis
English version awaiting publicationPEG Study 22: Sealand Securities — Limited Appeal
English version awaiting publicationPEG Study 22: Sealand Securities — Detailed Analysis
English version awaiting publicationPEG Study 21: Chifeng Gold — An Upgrade from the Previous Review
English version awaiting publicationPEG Study 21: Chifeng Gold — Detailed Analysis
English version awaiting publicationPEG Study 20: Innolight — A Further Downgrade
English version awaiting publicationPEG Study 20: Innolight — Detailed Analysis
English version awaiting publicationPEG Study 19: Batian — Steady Hold
English version awaiting publicationPEG Study 19: Batian — Detailed Analysis
English version awaiting publicationPEG Study 18: Zoli Pharmaceutical — Cautious Hold
English version awaiting publicationPEG Study 18: Zoli Pharmaceutical — Detailed Analysis
English version awaiting publicationPEG Study 17: Songfa / Hengli Heavy Industry — Cautious Assessment
English version awaiting publicationPEG Study 17: Songfa / Hengli Heavy Industry — Detailed Analysis
English version awaiting publicationPEG Study 16: Jiantu Energy — Watch Coal Prices
English version awaiting publicationPEG Study 16: Jiantu Energy — Detailed Analysis
English version awaiting publicationPEG Study 15: Huaneng Power — Watch Coal Prices
English version awaiting publicationPEG Study 15: Huaneng Power — Detailed Analysis
English version awaiting publicationPEG Study 14: Century Huatong — Cautious Hold
English version awaiting publicationPEG Study 14: Century Huatong — Detailed Analysis
English version awaiting publicationPEG Study 13: Sichuan AI-Link Technology — Overvalued
English version awaiting publicationPEG Study 13: Sichuan AI-Link Technology — Detailed Analysis
English version awaiting publicationPEG Study 12: Datang Power — Avoid
English version awaiting publicationPEG Study 12: Datang Power — Detailed Analysis
English version awaiting publicationPEG Study 11: CMOC — Overvalued
English version awaiting publicationPEG Study 11: CMOC — Detailed Analysis
English version awaiting publicationPEG Study 10: China Tungsten and Hightech — Low PEG, Already Overvalued
English version awaiting publicationPEG Study 10: China Tungsten and Hightech — Detailed Analysis
English version awaiting publicationPEG Study 9: BeiGene — Policy Risk Comes First
English version awaiting publicationPEG Study 9: BeiGene — Detailed Analysis
English version awaiting publicationPEG Study 8: LiuGong — Cautious Observation
English version awaiting publicationPEG Study 8: LiuGong — Detailed Analysis
English version awaiting publicationPEG Study 7: Shanjin International — Gold Prices Are the Main Risk
English version awaiting publicationPEG Study 7: Shanjin International — Detailed Analysis
English version awaiting publicationPEG Study 6: Tengyuan Cobalt — Deteriorating Cash Flow
English version awaiting publicationPEG Study 6: Tengyuan Cobalt — Detailed Analysis
English version awaiting publicationPEG Study 5: China CSSC — Limited Margin of Safety
English version awaiting publicationPEG Study 5: China CSSC — Detailed Analysis
English version awaiting publicationPEG Study 4: Giant Network — Waiting to Add
English version awaiting publicationPEG Study 4: Giant Network — Detailed Analysis
English version awaiting publicationROIC Study 71: CFMOTO — Fairly Valued
English version awaiting publicationROIC Study 72: CCGrass — Fairly Valued to Expensive
English version awaiting publicationPEG Study 3: China Southern Airlines — Still Recovering
English version awaiting publicationPEG Study 3: China Southern Airlines — Detailed Analysis
English version awaiting publicationPEG Study 2: Tongkun Group — Limited Margin of Safety
English version awaiting publicationPEG Study 2: Tongkun Group — Detailed Analysis
English version awaiting publicationPEG Study 1: Zhuzhou Smelter Group — Low PEG, Limited Appeal
English version awaiting publicationPEG Study 1: Zhuzhou Smelter Group — Detailed Analysis
English version awaiting publicationROIC Study 68: Jinbei Automotive — Dependent on BMW
English version awaiting publicationROIC Study 69: J.S. Machine — Waiting for Recovery
English version awaiting publicationROIC Study 70: Yunnan Aluminium — Fairly Valued to Expensive
English version awaiting publication24 Low-PEG A-Shares: PEG as Low as 0.02 and P/E below 6
English version awaiting publicationROIC Study 65: Rich Intelligent — A Newly Listed Company
English version awaiting publicationROIC Study 66: Hisense Home Appliances — Holding and Waiting
English version awaiting publicationROIC Study 67: Tubao — Waiting for Recovery
English version awaiting publication
May84
ROIC Study 62: Wus Printed Circuit — Already Priced In
English version awaiting publicationROIC Study 63: Farad Electronics — Expensive
English version awaiting publicationROIC Study 64: Sund Industrial — Fairly Valued
English version awaiting publicationROIC Study 59: Shenma Power — Waiting for a Pullback
English version awaiting publicationROIC Study 60: Sinexcel — Overvalued
English version awaiting publicationROIC Study 61: UGREEN — Fairly Valued to Expensive
English version awaiting publicationROIC Study 56: Dahao Technology — Fairly Valued to Undervalued
English version awaiting publicationROIC Study 57: Anker Innovations — Long-Term Hold
English version awaiting publicationROIC Study 58: Himile — Considering Pullbacks
English version awaiting publicationROIC Study 53: Sieyuan Electric — Neutral Hold
English version awaiting publicationROIC Study 54: Lingrui Pharmaceutical — Cautious Hold
English version awaiting publicationROIC Study 55: Changchuan Technology — Fairly Valued to Expensive
English version awaiting publicationROIC Study 50: Kingnet Network — Fairly Valued to Undervalued
English version awaiting publicationROIC Study 51: Chifeng Gold — Worth Waiting For
English version awaiting publicationROIC Study 52: Fostar — Strongly Favored
English version awaiting publicationROIC Study 47: Proya — Waiting for a Turnaround
English version awaiting publicationROIC Study 48: Guocheng Mining — Tied Closely to Molybdenum Prices
English version awaiting publicationROIC Study 49: Zhengdan — Near a Low Point
English version awaiting publicationROIC Study 44: Meyer Optoelectronic — A Mature Cash Cow
English version awaiting publicationROIC Study 45: Ninebot — Already Priced In
English version awaiting publicationROIC Study 46: Gude Electrical Materials — Already Priced In
English version awaiting publicationROIC Study 41: WuXi AppTec — A Cash Machine Awaiting Recovery
Updated:English version awaiting publicationROIC Study 42: Sinofuse — Overvalued
Updated:English version awaiting publicationROIC Study 43: Gongniu Group — Awaiting Recovery
Updated:English version awaiting publicationROIC Study 38: Rockchip — Worth Considering
Updated:English version awaiting publicationROIC Study 39: Sichuan Gold — Overvalued
Updated:English version awaiting publicationROIC Study 40: Victory Giant Technology — Already Priced In
Updated:English version awaiting publicationROIC Study 35: Deye — Steady Hold
Updated:English version awaiting publicationROIC Study 36: Sungrow — Steady Hold
Updated:English version awaiting publicationROIC Study 37: Guanghe Technology — Already Priced In
Updated:English version awaiting publicationROIC Study 34: Zangge Mining — Considering Pullbacks
Updated:English version awaiting publicationROIC Study 32: Neway Valve — Relatively Undervalued
English version awaiting publicationROIC Study 33: Sanmei — A Poor Time to Chase
English version awaiting publicationROIC Study 29: Yanjin Shop — Waiting for the Right Moment
English version awaiting publicationROIC Study 30: Higold Group — Neutral Hold
English version awaiting publicationROIC Study 31: Hongqiao Holdings — Worth Considering
English version awaiting publicationROIC Study 26: HeartCare Medical — Already Priced In
English version awaiting publicationROIC Study 27: Darentang — Waiting for an Entry Opportunity
English version awaiting publicationROIC Study 28: Lakala — Limited Upside
English version awaiting publicationROIC Study 24: Yealink — Undervalued
Updated:English version awaiting publicationROIC Study 23: Action Education — A Limited Growth Ceiling
English version awaiting publicationROIC Study 25: Bluetrum — Waiting and Watching
English version awaiting publicationROIC Study 20: Shanxi Fenjiu — Still Waiting
English version awaiting publicationROIC Study 21: Kweichow Moutai — Undervalued, but Patience Is Needed
English version awaiting publicationROIC Study 22: Supor — Years of Decline
English version awaiting publicationROIC Study 17: Ice River Network — Significantly Undervalued
English version awaiting publicationROIC Study 18: Tebao Biological — Fairly Valued
English version awaiting publicationROIC Study 19: Shengda Forestry — A Company to Avoid
English version awaiting publicationROIC Study 14: Yutong Bus — Relatively Undervalued
English version awaiting publicationROIC Study 15: Allist — Fairly Valued to Undervalued
English version awaiting publicationROIC Study 16: Hithink RoyalFlush — Fairly Valued to Undervalued
English version awaiting publicationROIC Study 11: TCL Smart Home — Undervalued
English version awaiting publicationROIC Study 12: Acter — Cautious Avoidance
English version awaiting publicationROIC Study 13: Eastroc Beverage — Waiting for a Second Growth Engine
English version awaiting publicationROIC Study 8: Innolight — A Market Favorite
English version awaiting publicationROIC Study 9: Sunshine Guojian — Waiting for Catalysts
English version awaiting publicationROIC Study 10: G-bits — Undervalued
English version awaiting publicationROIC Study 5: Wancheng Group — Cautious Observation
English version awaiting publicationROIC Study 6: Sanrui Intelligent — A Newly Listed Company
English version awaiting publicationROIC Study 7: TFC Communication — Waiting for Validation
English version awaiting publicationROIC Study 2: Chongqing Brewery — Relatively Undervalued
English version awaiting publicationROIC Study 3: Eoptolink — Fully Priced In
English version awaiting publicationROIC Study 4: Zhongyida — A Company to Avoid
English version awaiting publicationROIC Study 1: Tongzhou Electronics — Avoid the ROIC Trap
English version awaiting publication2026 A-Share ROIC above 20%: A 72-Company Research Project
Updated:English version awaiting publicationXingye Silver & Tin: Executive Summary
English version awaiting publicationYOFC (601869.SH / 06869.HK): Comprehensive Due Diligence
English version awaiting publicationYOFC (601869.SH): Technical Outlook — Wait and See
English version awaiting publicationAfter the Subsidies Recede: Revisiting My Compute Valuation Model
English version awaiting publicationRunning Claude Code Locally on a 128GB Mac Studio
English version awaiting publicationHengrui Pharma (600276.SH): Watching the Fundamentals
English version awaiting publicationHengrui Pharma (600276): May 2026 Bearish Technical Outlook
English version awaiting publicationLingrui Pharmaceutical (600285.SH): Bullish Technical Outlook
English version awaiting publicationLingrui Pharmaceutical (600285): A Bearish Fundamental View
English version awaiting publicationChina Merchants Bank (600036.SH): Executive Summary
English version awaiting publicationChina Merchants Bank (600036.SH): May 2026 Technical Analysis
English version awaiting publicationExternal Variables Affecting Games and G-bits (603444)
English version awaiting publicationEnergy Drinks: Policy and External Variables
English version awaiting publicationChina’s Energy Drink Industry: In-Depth Research
English version awaiting publicationEastroc Beverage (605499.SH): Executive Summary
English version awaiting publicationTayho Advanced Materials (002254.SZ): Executive Summary
English version awaiting publicationAramid: Competition and Development Trends
English version awaiting publicationChina’s Spandex Cycle and Supply-Demand Dynamics
English version awaiting publicationG-bits (603444): Investment Due Diligence
English version awaiting publication
April1
An Open-Source Tool for Refactoring Million-Line Legacy Codebases
English version awaiting publication
March15
Lessons from Using AI Coding: Judge the Results, Not the Advertising
English version awaiting publicationThe Ultimate Dream Journey — IX: The Finale
English version awaiting publicationThe Ultimate Dream Journey — VIII
English version awaiting publicationThe Ultimate Dream Journey — VII
English version awaiting publicationThe Ultimate Dream Journey — VI
English version awaiting publicationThe Ultimate Dream Journey — V
English version awaiting publicationThe Ultimate Dream Journey — IV
English version awaiting publicationThe Ultimate Dream Journey — III
English version awaiting publicationThe Ultimate Dream Journey — II
English version awaiting publicationThe Ultimate Dream Journey — I
English version awaiting publicationAfter a Philosopher Leaves, We Finally Ask What Our Products Are Killing
English version awaiting publicationA Counterintuitive Survey of OpenClaw at Work
English version awaiting publicationDeepSeek V4: DualPath and the Bandwidth Bottleneck
English version awaiting publicationHerding Sheep or Chopping Wood? Your Workflow Is Your Pasture
English version awaiting publicationPower Games: The Pentagon, Anthropic, OpenAI, and xAI
English version awaiting publication
February20
The Pentagon Finally Bans Anthropic
English version awaiting publicationAnthropic versus the Pentagon: Moral Scruples or Playing God?
English version awaiting publicationAnother Doomsday Forecast: Citrini Gives an Old Story an AI Makeover
English version awaiting publicationFrom DAU to TPD: Measuring Value through Compute Consumption
English version awaiting publicationChangshan Pharmaceutical (300255): Executive Summary
English version awaiting publicationIs SaaS Finished? Remember the Advantages of Carbon-Based Life
English version awaiting publicationYealink (300628.SZ): Executive Summary and Final Conclusions
English version awaiting publicationA New Anchor for AI Valuations: The Physical Constraints of Compute Costs — Illustrated
English version awaiting publicationA New Anchor for AI Valuations: The Physical Constraints of Compute Costs
English version awaiting publicationLingrui Pharmaceutical (600285): Due Diligence — Executive Summary
English version awaiting publicationTayho Advanced Materials (002254.SZ): Comprehensive Due Diligence
English version awaiting publicationAI and Self-Knowledge: Are We Building Our Own Information Cocoon?
English version awaiting publicationAGI and the End of Human Marginal Productivity?
English version awaiting publicationWriting a Constitution for AI: Competing Logics and the Reshaping of Power
English version awaiting publicationAI: When You Cannot Afford Louis Vuitton, a Bag with Its Label Will Do
English version awaiting publicationThe Digital Double and Knowing Yourself: AI as a Cognitive Mirror
English version awaiting publicationSGIT (600131): Comprehensive Investment Due Diligence
English version awaiting publicationTwo Worlds of Technology: AI for Productivity in America, AI for Attention in China
Updated:English version awaiting publicationGigaDevice (603986.SH): Comprehensive Investment Due Diligence
English version awaiting publicationG-bits (603444.SH): Due Diligence — Executive Summary
English version awaiting publication