Articles and Series
Vibe Coding
10
Rock Atlas: A Music Catalog You Can Wander Through
My Family Retirement Cash Flow Calculator
Building an A-Share Industry Knowledge Graph
Simon-GNL Stock-Screening Agent: Day 3
Simon-GNL Stock-Screening Agent: Day 2
Simon-GNL Stock-Screening Agent: Day 1
Designing a Framework for Screening High-Quality Stocks
Running Claude Code Locally on a 128GB Mac Studio
An Open-Source Tool for Large Legacy Code Refactoring
AI Coding Tools: Lessons from a Difficult Task
Technology Notes
46
The Backfire Effect and a Broken Brake Pedal
Beyond the MVP: AI and Experienced B2B Founders
Holiday Reflections I: Disruptive Innovation
Holiday Reading II: The Restless Clock
Holiday Reading I: Finite and Infinite Games
Hidden Knowledge in Enterprise AI: An FDE’s Notes
AI, Statistical Noise, and the Limits of Innovation
Personal Capital and AI in the Kondratiev Cycle
AI and the Price of Work: Protecting Your Skills
AI and the Kondratiev Cycle: The Future of Skilled Work
AI Model Valuations: Business Economics and Reverse DCF
Why the LLM API Business Is Such a Poor Business Model
If OpenAI Has No Innovation, Where Is Kimi K3’s?
AI Does the Homework: How Do Apprentices Learn?
The FDE Trap: AI Software or Staffing Services?
AI Red Teams: One Report, Four Reviewers
Kimi K3: Open Weights, Compute Costs, and Control
Two Meanings of Open Source That Many People Confuse
AI Token Pricing: A Reply to Palantir’s CEO
AI Loops: Token Costs and the Limits of Self-Checking
The Openness Trap in AI Infrastructure
When Every AI Shares the Same Memory of You
AI Access versus Equality: Why Tools Are Not Enough
A CFO’s Question: Can We Trust Experts in the AI Era?
AI Quant Backtests versus Live Trading: What to Verify
Anthropic Fable: Jailbreak Claims and Reports on X
Ontology-Based Agents versus Workflow Agents
AI Compute Valuation: A Review After Subsidies Recede
Habermas, Algorithms, and the Public Sphere
A Counterintuitive Survey of OpenClaw at Work
DeepSeek V4: DualPath and the Bandwidth Bottleneck
AI Workflows: Turning Knowledge into Productivity
Power Games: The Pentagon, Anthropic, OpenAI, and xAI
The Pentagon Finally Bans Anthropic
Anthropic and the Pentagon: Ethics, Business, and Power
Citrini’s AI Doomsday Forecast: A Critique
From DAU to TPD: Attention versus Compute
SaaS, AI, and the Limits of Automating Accountability
AI Valuation and Compute Costs: An Illustrated Guide
AI Valuation: The Physical Limits of Compute Costs
AI Self-Knowledge or an Information Cocoon?
AGI and the End of Human Marginal Productivity?
AI Constitutions: Rules, Evolution, and Power
AI Branding: A Louis Vuitton Bag Analogy
Digital Doubles: AI as a Mirror for Self-Knowledge
AI in the US and China: Productivity versus Attention
Investment Due Diligence
44
SpaceX’s Reported $52B AI Order: A Red-Team Review
Gambol Pet Group: Lessons from Japan’s Deflation
Yifeng Pharmacy: Lessons from Japan’s Deflation
Investment Red Teams: Challenging the Bullish Consensus
Midea Group: Lessons from Japan’s Deflation
Deflation-Era Consumer Comparisons: Proya (603605.SH)
Wanchen Group: Lessons from Japan’s Deflation
Eastroc Beverage: Lessons from Japan’s Deflation
Japan’s Lost Decades: Which A-Shares Deserve Research?
Apple’s $250 Upgrade and Buffett’s Pricing Power
Healthcare Leaders IV: United Imaging (688271.SH)
A-Share Healthcare: Why Sector-Wide Rallies Are Fading
Hengrui Pharma (600276.SH): Key Bull-Bear Disagreements
Healthcare Leaders III: Hengrui Pharma (600276.SH)
Healthcare Leaders II: WuXi AppTec (603259.SH)
Healthcare Leaders I: Mindray (300760.SZ)
Leader Harmonious Drive: Quality versus Valuation
Shuanghuan Driveline: The Full GNL Research Workflow
Simon-GNL: Reverse Screening of Shuanghuan Driveline
Simon-GNL Test: Screening the Robotics Sector
Xingye Silver & Tin: Executive Summary
YOFC (601869.SH / 06869.HK): Due Diligence
YOFC (601869.SH): Technical Outlook — Wait and See
Hengrui Pharma (600276.SH): Watching the Fundamentals
Hengrui Pharma: Bearish Technical View, May 2026
Lingrui Pharma (600285): Bullish Technical View
Lingrui Pharma (600285): Bearish Fundamental View
China Merchants Bank (600036.SH): Executive Summary
China Merchants Bank: Technical Analysis, May 2026
External Variables Affecting Games and G-bits (603444)
Energy Drinks: Policy and External Variables
China’s Energy Drink Industry: In-Depth Research
Eastroc Beverage (605499.SH): Executive Summary
Tayho Advanced Materials (002254.SZ): Executive Summary
Aramid: Competition and Development Trends
China’s Spandex Cycle and Supply-Demand Dynamics
G-bits (603444): Investment Due Diligence
Changshan Pharmaceutical (300255): Executive Summary
Yealink (300628.SZ): Due Diligence Summary
Lingrui Pharma (600285): Due Diligence Summary
Tayho Advanced Materials (002254): Due Diligence
SGIT (600131): Comprehensive Investment Due Diligence
GigaDevice (603986.SH): Investment Due Diligence
G-bits (603444.SH): Due Diligence — Executive Summary
AI Hardware Short Thesis
9
AI Power Limits: Goldman’s Bull Case and My Bear Case
AI Hardware Shorts VII: Servers, Networks, and Summary
AI Hardware Shorts VI: Power Equipment and BBU
AI Hardware Shorts V: Copper Links and Liquid Cooling
AI Hardware Shorts IV: PCB, CCL, and Backplanes
AI Hardware Shorts III: Ratings and Optical Modules
Buffett, A-Shares, and the Lessons of 1999
AI Hardware Shorts II: BOM TAM and 58 A-Share Companies
AI Hardware Shorts I: GPU Supply and Power Limits
Top 24 Low-PEG Stocks · May 31, 2026
49
PEG Study 24: Allist — High Quality, Few Catalysts
PEG Study 24: Allist — Detailed Analysis
PEG Study 23: Northeast Securities — Uncertainty
PEG Study 23: Northeast Securities — Detailed Analysis
PEG Study 22: Sealand Securities — Limited Appeal
PEG Study 22: Sealand Securities — Detailed Analysis
PEG Study 21: Chifeng Gold — Updated Assessment
PEG Study 21: Chifeng Gold — Detailed Analysis
PEG Study 20: Innolight — A Further Downgrade
PEG Study 20: Innolight — Detailed Analysis
PEG Study 19: Batian — Steady Hold
PEG Study 19: Batian — Detailed Analysis
PEG Study 18: Zoli Pharmaceutical — Cautious Hold
PEG Study 18: Zoli Pharmaceutical — Detailed Analysis
PEG Study 17: Zuoli Pharma (300181) — Cautious Hold
PEG Study 17: Zuoli Pharma (300181) — Full Analysis
PEG Study 16: Jiantu Energy — Watch Coal Prices
PEG Study 16: Jiantu Energy — Detailed Analysis
PEG Study 15: Huaneng Power — Watch Coal Prices
PEG Study 15: Huaneng Power — Detailed Analysis
PEG Study 14: Century Huatong — Cautious Hold
PEG Study 14: Century Huatong — Detailed Analysis
PEG Study 13: Sichuan AI-Link Technology — Overvalued
PEG Study 13: Xiechuang Data (300857) — Full Analysis
PEG Study 12: Datang Power — Avoid
PEG Study 12: Datang Power — Detailed Analysis
PEG Study 11: CMOC — Overvalued
PEG Study 11: CMOC — Detailed Analysis
China Tungsten and Hightech: PEG Summary
China Tungsten and Hightech: Full PEG Analysis
PEG Study 9: BeiGene — Policy Risk Comes First
PEG Study 9: BeiGene — Detailed Analysis
PEG Study 8: LiuGong — Cautious Observation
PEG Study 8: LiuGong — Detailed Analysis
PEG Study 7: Shanjin International — Gold Price Risk
PEG Study 7: Shanjin International — Detailed Analysis
PEG Study 6: Tengyuan Cobalt — Deteriorating Cash Flow
PEG Study 6: Tengyuan Cobalt — Detailed Analysis
PEG Study 5: China CSSC — Limited Margin of Safety
PEG Study 5: China CSSC — Detailed Analysis
PEG Study 4: Giant Network — Waiting to Add
PEG Study 4: Giant Network — Detailed Analysis
PEG Study 3: China Southern Airlines — Still Recovering
PEG Study 3: China Southern Airlines — Full Analysis
PEG Study 2: Tongkun Group — Limited Margin of Safety
PEG Study 2: Tongkun Group — Detailed Analysis
PEG Study 1: Zhuzhou Smelter — Low PEG, Limited Appeal
PEG Study 1: Zhuzhou Smelter Group — Detailed Analysis
24 Low-PEG A-Shares: Results and Data to Verify
2026 A-Shares: 72 Companies with ROIC above 20%
73
ROIC Study 71: CFMOTO — Fairly Valued
ROIC Study 72: CCGrass — Fairly Valued to Expensive
ROIC Study 68: Jinbei Automotive — Dependent on BMW
ROIC Study 69: J.S. Machine — Waiting for Recovery
ROIC Study 70: Yunnan Aluminium — Valuation Review
ROIC Study 65: Rich Intelligent — Newly Listed
ROIC Study 66: Hisense Home Appliances — Hold and Wait
ROIC Study 67: Tubao — Waiting for Recovery
ROIC Study 62: Wus Printed Circuit — Already Priced In
ROIC Study 63: Farad Electronics — Expensive
ROIC Study 64: Sund Industrial — Fairly Valued
ROIC Study 59: Shenma Power — Waiting for a Pullback
ROIC Study 60: Sinexcel — Overvalued
ROIC Study 61: UGREEN — Fairly Valued to Expensive
ROIC Study 56: Dahao Technology — Valuation Review
ROIC Study 57: Anker Innovations — Long-Term Hold
ROIC Study 58: Himile — Considering Pullbacks
ROIC Study 53: Sieyuan Electric — Neutral Hold
ROIC Study 54: Lingrui Pharmaceutical — Cautious Hold
ROIC Study 55: Changchuan Technology — Valuation Review
ROIC Study 50: Kingnet Network — Valuation Review
ROIC Study 51: Chifeng Gold — Worth Waiting For
ROIC Study 52: Fostar — Strongly Favored
ROIC Study 47: Proya — Waiting for a Turnaround
ROIC Study 48: Guocheng Mining — Molybdenum Exposure
ROIC Study 49: Zhengdan — Near a Low Point
ROIC Study 44: Meyer Optoelectronic — A Mature Cash Cow
ROIC Study 45: Ninebot — Already Priced In
ROIC Study 46: Gude Electrical Materials — Priced In
ROIC Study 41: WuXi AppTec — Waiting for Recovery
ROIC Study 42: Sinofuse — Overvalued
ROIC Study 43: Gongniu Group — Awaiting Recovery
ROIC Study 38: Rockchip — Worth Considering
ROIC Study 39: Sichuan Gold — Overvalued
ROIC Study 40: Victory Giant Technology — Priced In
ROIC Study 35: Deye — Steady Hold
ROIC Study 36: Sungrow — Steady Hold
ROIC Study 37: Guanghe Technology — Already Priced In
ROIC Study 32: Neway Valve — Relatively Undervalued
ROIC Study 33: Sanmei — A Poor Time to Chase
ROIC Study 34: Zangge Mining — Considering Pullbacks
ROIC Study 29: Yanjin Shop — Waiting for an Entry
ROIC Study 30: Higold Group — Neutral Hold
ROIC Study 31: Hongqiao Holdings — Worth Considering
ROIC Study 26: HeartCare Medical — Already Priced In
ROIC Study 27: Darentang — Waiting for an Entry
ROIC Study 28: Lakala — Limited Upside
ROIC Study 23: Action Education — Growth Limits
ROIC Study 24: Yealink — Undervalued
ROIC Study 25: Bluetrum — Waiting and Watching
ROIC Study 20: Shanxi Fenjiu — Still Waiting
ROIC Study 21: Kweichow Moutai — Value and Patience
ROIC Study 22: Supor — Years of Decline
ROIC Study 17: Ice River Network — Valuation Review
ROIC Study 18: Tebao Biological — Fairly Valued
ROIC Study 19: Shengda Forestry — A Company to Avoid
ROIC Study 14: Yutong Bus — Relatively Undervalued
ROIC Study 15: Allist — Fairly Valued to Undervalued
ROIC Study 16: Hithink RoyalFlush — Valuation Review
ROIC Study 11: TCL Smart Home — Undervalued
ROIC Study 12: Acter — Cautious Avoidance
ROIC Study 13: Eastroc Beverage — Growth Outlook
ROIC Study 8: Innolight — A Market Favorite
ROIC Study 9: Sunshine Guojian — Waiting for Catalysts
ROIC Study 10: G-bits — Undervalued
ROIC Study 5: Wancheng Group — Cautious Observation
ROIC Study 6: Sanrui Intelligent — Newly Listed
ROIC Study 7: TFC Communication — Pending Validation
ROIC Study 2: Chongqing Brewery — Valuation Review
ROIC Study 3: Eoptolink — Fully Priced In
ROIC Study 4: Zhongyida — A Company to Avoid
ROIC Study 1: Tongzhou Electronics — The ROIC Trap
72 High-ROIC A-Share Samples: Methods and Data Limits
Wilderness Expeditions
9
The Ultimate Dream Journey — IX: The Finale
The Ultimate Dream Journey — VIII
The Ultimate Dream Journey — VII
The Ultimate Dream Journey — VI
The Ultimate Dream Journey — V
The Ultimate Dream Journey — IV
The Ultimate Dream Journey — III
The Ultimate Dream Journey — II
The Ultimate Dream Journey — I
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The Backfire Effect and a Broken Brake Pedal
Oct 8, 2026
English version awaiting publication