Core Insights - The article emphasizes the importance of storytelling in capital markets, suggesting that a compelling narrative can be more valuable than a good product when traditional metrics like PE ratios fail [1][12] - The concept of "Market Dream Rate" (市梦率) emerges as a new dimension for evaluating investments, driven by capital expectations and the ability to tell a convincing story [1][12] Group 1: Market Dream Rate - "Market Dream Rate" reflects the pricing logic driven by future expectations, where the ability to narrate a story effectively can lead to market favor [1][4] - The phenomenon is illustrated through a case of a solar inverter company that, despite stagnant performance, saw its stock price surge after announcing ambitious plans in satellite internet and energy IoT, showcasing the power of "dream premium" [4][12] Group 2: Key Variables of Market Dream Rate - Three core variables underpinning "Market Dream Rate" are identified: completeness of the story, verifiability of the path, and capital participation [4][5] - Completeness involves presenting a comprehensive narrative that answers why the company can succeed and how it stands out from competitors [5] - Verifiability emphasizes the need for credible stories, as unsupported claims can lead to failed investments and regulatory scrutiny [5][10] - Capital participation highlights the necessity of having a clear path for capital entry and exit, ensuring that the story is not just theoretical [5] Group 3: Storytelling Techniques - Common techniques for crafting compelling narratives include borrowing concepts from trending topics, creating unique labels through certifications, and establishing credible team backgrounds [6][7] - Clear pathways for future financing and growth milestones are essential to assure investors of potential returns [8] - Leaving hints or open-ended information can stimulate investor imagination and interest [9] Group 4: Regulatory Considerations - The article notes that regulatory bodies are increasingly vigilant about the storytelling phenomenon in capital markets, emphasizing that narratives must align with fundamental realities and avoid deceptive packaging [10] - Compliance in storytelling is portrayed as both an art and a technical skill, essential for maintaining credibility [10] Group 5: Future Outlook - The article raises questions about the sustainability of "Market Dream Rate" in a future characterized by stricter regulations and more discerning investors, suggesting that the ability to tell a credible story will become a competitive advantage [13]