出海杀估值的严肃讨论，家电化试金石

Summary of Conference Call Company/Industry Involved - The conference call pertains to 招商证券 (China Merchants Securities) Core Points and Arguments - The content shared during the call represents personal opinions of the speakers and does not constitute investment advice [1] - Any recording, reproduction, or distribution of the information without prior written consent from 招商证券 is prohibited [1] - 招商证券 reserves all legal rights in case of violations regarding the dissemination of the information [1] Other Important but Possibly Overlooked Content - The call emphasizes the importance of understanding that the views expressed are individual and should not be taken as formal investment recommendations [1]