Core Viewpoint - The article emphasizes the importance of focusing on "core assets" in investment strategies, particularly those that leverage China's technological and manufacturing advantages to expand into global markets [3][4]. Group 1: Investment Logic - "Small businesses" do not equate to "small market capitalization"; rather, they refer to business models with weak correlation to national economy and people's livelihood [3]. - Industries such as liquor, beverages, home appliances, building materials, auto parts, new consumption, and cultural media are considered "small businesses" that can still generate large market capitalizations [3]. - The article identifies companies that can showcase China's technological advantages while maintaining a low risk of disruption as a key long-term investment direction [4]. Group 2: Industry Characteristics - Certain industries can effectively utilize China's manufacturing clusters and engineer advantages, with low likelihood of product category disruption or iteration being surpassed [4]. - Leading companies in these sectors have established wide economic moats, benefiting from scale, cost advantages, and continuous incremental innovation [4]. - The current geopolitical context, including the return of core manufacturing to the U.S. and the reduction of trade deficits with developing countries, suggests that China's technological and manufacturing advantages are unlikely to be replaced or surpassed in the next 30 to 50 years [4].