spark🌟

X万粉博主，正在探索Crypto、AI、美股。

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Changxin Technology's IPO First Day: A Decade-Long Run Comes to Fruition One subscription earned 20,000 yuan instantly! Changxin Technology (688825) officially listed on the Shanghai Stock Exchange STAR Market, stepping onto the spotlight as a money-printing machine. Behind it stands the Hefei state-owned assets. What exactly is the model of the venture capital god Hefei state-owned assets? In 2016, the global DRAM market was controlled by Samsung, SK Hynix, and Micron. Zhu Yiming, founder of GigaDevice, and his team went around with their plan, but no one took the deal. Ultimately, Hefei bet nearly one-third of its fiscal revenue, investing 14.4 billion yuan in the project codenamed “506.” What others dared not take, Hefei took on. Today, Hefei state-owned assets hold about 36% of the shares, worth trillions! Do you know what other companies Hefei state-owned assets have gone all-in on? In 2008, Hefei state-owned assets devoted one-third of its fiscal revenue to fully support BOE Technology. Now Hefei has become the national base for the display industry. In 2020, when NIO was deeply trapped in a cash flow crisis, Hefei made a strategic investment of 7 billion yuan. NIO reciprocated by relocating its headquarters to Hefei. With these two investments, Hefei state-owned assets not only earned over 20 billion yuan but also kept the two most important industries in Hefei. Is Hefei state-owned assets an invincible war god? Actually, no, Hefei state-owned assets are not gods. Rongsheng Heavy Industries, Xin Hao Plasma, Saiwei Photovoltaic, Peking University Weiming’s 20 billion yuan bio demonstration zone, the runaway WM Motor... Hefei state-owned assets, like us, often suffer losses. But they have a "fault tolerance mechanism"—losses do not hold individuals accountable and encourage betting on quality technology and long-cycle projects. Another point worth mentioning is that Hefei’s leadership team has been frequently investigated in recent years. The closer to the money, the more severe the corruption. In May, the newly appointed Party Secretary Fei Gaoyun was suspected of serious disciplinary violations. The Deputy Secretary, Vice Mayor, and High-tech Zone Secretary Song Daojun are among the many leaders who have encountered problems in just two years. Of course, none of the detained officials have been disclosed to have any connection with Hefei’s core domestic tech companies or IPOs, nor would such connections be allowed. ------ The Hefei model reminds me of Jiuding Group, which once suffered a massive loss of 1.5 million yuan. The same investment → IPO → exit capital, but Hefei’s industrial investment content is heavier, while Jiuding went down an irreversible path of illegality. In the future, Hefei might really lead the Pearl River Delta to play together!

Unexpectedly, @misaENFP also has experience as an automotive blogger and is particularly knowledgeable about Tesla's business—truly an all-around expert! Recently, I've been diving deep into Musk's stocks, using this opportunity to talk about $TSLA and $SPCX. A preface first: I seriously suspect that Musk's two companies mapped out their future directions according to the Cash Cow and Dog categories (Boston Matrix) from day one. Tesla: After the Q2 earnings release, revenue exceeded expectations, yet the stock price dropped 17% over two days. Cars are selling so well, so why is the stock falling? The reason is simple: Tesla is using all its revenue to keep burning cash—on Cybercab, Optimus, and AI (FSD and chips, etc.). These three target driverless taxis, future robots, and autonomous driving, respectively, and all have reached the production stage. Among them, driverless taxis have the most promising rapid deployment. What are Tesla's advantages in these three areas? Extremely strong vertical integration, with the entire industry chain integrated in-house; AI data scale advantage is overwhelming, as all Tesla cars equipped with cameras can feed back data; significant cost control advantages. With these data points, Tesla will have the cheapest deployable products under a flywheel effect, which is a necessary condition for feasibility. Investors hope to invest in a stable cash cow company, but unfortunately, that’s not Musk’s style. Musk is focused on building the future world. SpaceX: Recently, there has been intense discussion among investors about whether Starship V3 can fly. After deeply researching the satellite industry a few days ago, I am extremely optimistic about SpaceX’s future. The core reason is simple: the future global communication network will belong to satellite networks. The key is the Starlink V3 satellites launched by the newly flown Starship V3. Simply put, the capacity of Starlink sent up by one Starship V3 launch is 20 times the original... The era of global satellite networks is coming... The low-earth orbit satellite field has already been occupied, conquered, and dominated by SpaceX. In the long term, Starmind will be the largest source of future revenue. Space has absolute advantages like unlimited solar energy and radiation heat dissipation. In the future, Starmind will become the global supply side of computing power! ------ Just felt like sharing all this—don’t underestimate Musk’s intelligence; he’s just outlining the infrastructure of the future world. Of course, these two stocks are long-term holdings, and it’s wise to build positions on dips in the short term.