我们做什么，不做什么

Core Viewpoint - The article discusses the current macroeconomic environment and its impact on various markets, highlighting the challenges faced by Chinese assets and the importance of long-term investment strategies [2][3]. Macroeconomic Overview - The macroeconomic landscape is described as volatile, with U.S. stocks fluctuating based on political developments, while Hong Kong stocks are experiencing rapid changes similar to A-shares, leading to valuation bubbles and rare A-H share price discrepancies [2]. - The overall microeconomic situation remains stagnant, with a resurgence in certain industries and a decline in real estate, contributing to a spiral of consumption deflation [2]. Investment Strategy - The company emphasizes a cautious approach to investing in assets perceived to be in a bubble, avoiding leveraged business models even if they show short-term gains [3]. - The quality of assets in sectors like banking is declining, yet insurance companies continue to buy shares, creating a disconnect between stock prices and fundamentals [3]. - The company prioritizes long-term investment principles over short-term market fluctuations, focusing on businesses that demonstrate resilience and market share growth during downturns [3][4]. Industry Insights - The e-commerce sector is highlighted as a potential area for growth, despite previous market leaders losing market share; the current environment may present new opportunities for focused players [4]. - The company is optimistic about the potential of the trendy toy market, despite short-term challenges, as it continues to show strong performance metrics [4]. Investment Philosophy - The company advocates for a long-term investment perspective, urging investors to focus on the integrity and correctness of investment decisions rather than short-term net asset value fluctuations [4][5]. - The "three-point method" of investment is introduced, emphasizing diversification across assets, markets, and timing to achieve long-term returns and risk mitigation [5].