Things will definitely get worse before they get better. In the memories of the future, 2018 may be the worst and darkest moment: de-leverage and strict supervision have aggravated the partial liquidity crisis, IPO has become a narrow door, large shareholders have pledges, and the wealth of investors has shrunk dramatically...

Expanding the horizon: From BAT to MMP, from WTO to the US-Japan-Europe Free Trade Zone, both the industrial competition pattern and the world political and economic situation seem to have reached a turning point. What is even more painful is that a small wave of volatility in macroscopic volatility may be the lifeblood of a person, perhaps the hope of a nation's rise.

In the days of gunfire, survival first: strengthen post-investment management and asset disposal, return cash; reduce earnings expectations and emphasize safety margins.

More importantly, how to start again? Without Normandy, Dunkirk is meaningless.

More important than the Thucydide trap, the trade war, the deleveraging, and the strict supervision, the recovery, prosperity, and recession are slow and recurring. Major technological innovation is an important driving force for human social progress and the fundamental driving force for the long-wave economic cycle. Steam engines, steel and railroads, electrical and heavy chemicals, computers and the Internet dominated the previous rounds of long-wave cycles. So far, the main driving force of this round of long-wave cycle - the Internet and mobile Internet dividend development is nearing the end of the two main battlefields in China and the United States. The fight between the market and capital has entered a fierce battle in the intensive screams of the Hong Kong Stock Exchange. The night and the vibrato have already stared at the last steel shack in the youth of the 18-line town. You can look forward to the new economy. Miracle? Almost in synchrony with this, China's great industrialization and urbanization process has gradually entered a mature stage in the past 40 years of reform and opening up. The traditional cyclical industry and the real estate investment are inevitable. The driving force behind the search for consumption upgrading and industrial transformation has become The second choice.

Research shows that in the coming decades, there will be a burst of technology: black technology in the fields of artificial intelligence, quantum technology, life sciences, aerospace technology, new energy, and new materials will be in algorithms, computing power, spatial scale, and connection methods. The other dimensions jump upwards. Once coupled with huge effective demand, black technology will completely subvert the existing business and social ecology of human beings, automobile newization, intelligent medical, Internet of Things, quantum computing, brain-like computing, quantum communication, 5G communication, genetic technology, civil use. There will be a lot of exciting breakthroughs and investment opportunities in the aerospace and other segments.

As a new technology investment institution with a forward-looking strategic vision, we have been arranging for several years in advance in these areas. We are very happy to share our achievements with our partners in the three perspectives. We will work together to embrace change, forge ahead, and the industry to serve the country in the big change, and benefit the country and the people.

The darkest moment is the best season for planting, overcoming fear, facing the future, and then starting.